HomeMy WebLinkAbout5.12 Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2023 and Supplemental Reports Completed by the City’s Independent Auditors 2 Agenda Item 5. 12
Ile STAFF REPORT
DUBLIN CITY COUNCIL
CALIFORNIA
DATE: December 19, 2023
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
SU B.ECT: Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal
Year Ending June 30, 2023 and Supplemental Reports Completed by the
City's Independent Auditors
Prepared by.• Wendy Lam,Accounting Manager
EXECUTIVE SUMMARY:
The City Council will receive the Annual Comprehensive Financial Report (ACFR) for the Fiscal
Year ending June 30, 2023. This report includes financial statements prepared by Staff along with
the audit prepared by Badawi and Associates,the independent auditors selected by the City
Council. The ACFR is a report which encompasses information beyond minimum financial
reporting requirements. The auditors have provided a "clean opinion" based on their review.
The auditors have also completed the following supplemental reports: 1) a compliance audit of
Alameda County Transportation Commission Measure B Funds; 2) a compliance audit of Alameda
County Transportation Commission Measure BB Funds; 3) a compliance audit of Alameda County
Transportation Commission Measure F Fund Vehicle Registration Fee Program; 4) a single audit
report related to Federal Grant Expenditures; and 5) a review of the City's Annual Appropriations
Limit Calculation.
The reports have been reviewed by the City Council Ad-Hoc Audit Subcommittee.
STAFF RECOMMENDATION :
Receive the reports.
FINANCIAL IMPACT:
Summarized financial information is discussed in this Staff Report, and Attachment 1 provides a
guide to key information found in the ACFR. The full ACFR is included as Attachment 2.All other
audit reports are included as Attachments 3-8.
Page 1 of 6
1
DESCRIPTION :
The City of Dublin has prepared its Annual Comprehensive Financial Report (ACFR) for the Fiscal
Year (FY) ending June 30, 2023. The ACFR (Attachment 2) includes audited financial statements
reviewed by Badawi and Associates, the independent auditors selected by the City Council.
Ad-Hoc Audit Committee Review
The auditors met with the City Council Ad-Hoc Audit Committee, composed of Mayor Hernandez
and Councilmember Qaadri,to review the results of the audit. The interaction of the auditors
directly with representatives of the elected body is a key component to audit standards and
provides the Committee an opportunity to discuss the report and ask questions of the auditors.
Based on their testing and review,the auditors granted the City a "clean opinion" (see ACFR pages
1-4), meaning that the financial statements present fairly, in all material respects,the financial
position of the City.
The compliance audits for the additional reports found that, based on the information reviewed
and presented, expenditures were materially in compliance with the program requirements
(Attachments 4 -7).
Financial Overview
Attachment 1 provides a guide to key elements contained in the ACFR. Some of the important
financial results include an increase of$32.7 million in net position, as shown in Table 1 below.
This change is on an entity-wide basis and includes both capital assets as well as restricted funds.
Included in the Management Discussion and Analysis section of the ACFR is a discussion of the
changes in Net Assets (ACFR page 6 and 7). It is important to note that the amount reported as
Total Net Assets includes:
1. $545.1 million (59% of total net assets) in investments in capital assets (e.g. land,
infrastructure,buildings, and equipment).
2. $115.5 million (13% of total net assets) that is subject to external restrictions on how it can
be used, such as development impact fee funds.
3. $261.8 million (28% of total net assets) in net assets that are unrestricted.
Page 2 of 6
2
TABLE 1: SUMMARY OF NET POSITION
June 30, 2023 and 2022
Governmental Activities
June 30,2022
June 30,2023 (as restated) $Change % Change
Item
Current and Other Assets $ 406,803,601 $ 384,956,065 $ 21,847,536 5.7%
Notes Receivable (Note 5) 14,541,072 14,549,568 (8,496) -0.1%
Leases Receivable(Note 6) 3,050,260 3,181,762 (131,502) 100.0%
OPEB Asset(Note 13) 2,865,050 9,048,738 (6,183,688) -68.3%
Capital Assets (Note 7) 568,081,126 556,079,985 12,001,141 2.2%
Total Assets 995,341,109 967,816,118 27,524,991 2.8%
Deferred Outflows of Resources 12,331,418 4,137,105 8,194,313 198.07%
Current Liabilities 38,087,433 34,016,977 4,070,456 12.0%
Noncurrent Liabilities 40,984,861 30,584,652 10,400,209 34.0%
Total Liabilities 79,072,294 64,601,629 14,470,665 22.4%
Deferred Inflows of Resources 6,199,022 17,633,393 (11,434,371) -64.8%
Net Investment in Capital Assets 545,146,807 554,600,284 (9,453,477) -1.7%
Restricted 115,479,147 118,161,236 (2,682,089) -2.3%
Unrestricted 261,775,257 216,956,681 44,818,576 20.7%
Total Net Position $922,401,211 $889,718,201 $ 32,683,010 3.7%
Auditors' Communication (Governance Letter) (Attachment 3)
The Governance Letter includes a report on the City's accounting and reporting procedures, as
well as recommendations for process improvements. The report includes the implementation of
GASB Statement 96, Subscription-Based Information Technology Arrangements and the correction
of prior year recognized leases receivable and related deferred inflow of resources,which resulted
in the restatement of June 30, 2022 balances. These adjustments had no net impact on beginning
fund balance or net position. Overall,the report does not note any issues for Fiscal Year 2022-23.
Designation of Fund Balances
The City's Fund Balance and Reserves Policy conforms to required standards enacted by the
Governmental Accounting Standards Board (GASB).A listing of the Fiscal Year 2022-23 year-end
major fund reserves established in accordance with this policy is shown on ACFR page 13. The
following table summarizes the fund balances for all City funds:
Page 3 of 6
3
TABLE 2: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2023 and 2022
June 30,2023 June 30,2022 $Change % Change
General Fund $ 249,736,610 $ 223,857,506 $ 25,879,104 11.6%
Affordable Housing Fund 30,243,024 29,913,316 329,708 1.1%
Capital Improvement Funds 58,331,196 63,139,381 (4,808,185) -7.6%
Other Governmental Funds 21,704,791 29,010,964 (7,306,173) -25.2%
Total Governmental Funds $360,015,621 $345,921,167 $ 14,094,454 4.1%
As shown above, General Fund Reserves totaled $249.7 million as of June 30, 2023. Of that
amount, $58.4 million is available for cash flow purposes, equating to approximately 7.0 months of
budgeted operating expenditures in Fiscal Year 2023-24. This exceeds the target as guided by the
policy, which sets the cash flow goal at between two and four months of the next year's budget.
Additional Reports Prepared by Auditors
In addition to the audit of the financial statements,the audit engagement also included the
completion of specialized reports. The five supplemental reports include:
1. A compliance audit of Alameda County Transportation Commission (ACTC) Measure B
Funds
2. A compliance audit of the ACTC Measure BB Funds
3. A compliance audit of the ACTC Vehicle Registration Fee (Measure F) Program
4. A single audit report related to Federal Grant Expenditures
5. A review of the City's Annual Appropriations Limit Calculation
ACTC Measure B Funds Report (Attachment 4)
ACTC provides local funding via two local programs: 1) Local Street Improvements; and 2) Bicycle
and Pedestrian Improvements.
As of June 30, 2023, the Local Streets fund balance of$98,984 is assigned to a Capital Reserve for
continued street improvement projects, and the Bike/Pedestrian fund balance of$68,179 is
restricted to appropriate bike and pedestrian program improvements. During Fiscal Year 2022-
23,the following projects were funded by Measure B:
• Annual Street Resurfacing
• Iron Horse Trail Bridge
• Dublin Boulevard Pavement Rehabilitation
• Citywide Bicycle &Pedestrian Improvements
• Citywide Signal Communication Upgrade
ACTC Measure BB Funds Report Attachment 5)
Alameda County Measure BB was approved by the voters in November 2014 with 70% of the
vote. The fee is expected to generate about$8 billion over 30 years funded by an additional
half-cent sales tax to be used for transportation related expenditures. The program includes four
Page 4 of 6
4
categories of projects: 1) Transit; 2) Affordable Transit for Seniors and People with
Disabilities; 3) Local Streets and Roads; and 4) Bicycle and Pedestrian Path and Safety.
As of June 30, 2023, the Measure BB Fund had a restricted fund balance of$1,368,977 for Local
Streets and Roads, and $662,809 restricted for Bicycle and Pedestrian improvements. During
Fiscal Year 2022-23,the following projects were funded by Measure BB:
• Annual Street Resurfacing
• Iron Horse Trail Bridge
• Local Roadway Safety Plan
• Citywide Bicycle and Pedestrian Improvements
• Citywide Signal Communication Upgrade
• Traffic Signal Re-Lamping
ACTC Vehicle Registration Fee (Measure F) Report (Attachment 6)
The City of Dublin uses a Special Revenue Fund to account for money collected through the ACTC's
Vehicle Registration Fee. The goal of the program is to sustain the County's transportation
network through a distribution of the funds throughout the County on successive five-year cycles.
As of June 30, 2023, the ACTC VRF Measure F Fund had a balance of$289,211 in restricted funds.
During Fiscal Year 2022-23,the following projects were funded by Measure F:
• Citywide Bicycle and Pedestrian Improvements
• Citywide Signal Communication Upgrade
• Intelligent Transportation System Upgrades
Single Audit Report for Federal Grant Expenditures (Attachment 7)
The City is required to obtain a Single Audit if annual expenditures of Federal Funds exceed
$750,000. In FY 2022-23 the City had $2,803,774 in expenditures of Federal Funds,which
included $307,566 in Community Development Block Grant/Entitlement Grants, $777 in
Coronavirus Relief fund, $1,445,728 in American Rescue Plan Act funds, $661,000 in SAFETEA-LU
fund and $389,480 in Congressional Directives Federal Grants. The audit includes a Report on
Internal Controls and Compliance,which reported no findings relative to the federal programs
reported by the City.
Appropriation Limit Schedule Report (Attachment 8)
State law requires the adoption of an Appropriations Limit which must be included in the budget
document. The City Council adopts the Limit by resolution, and it is adjusted annually based on
factors establish in State Law. The Limit applies only to appropriations that are funded by
proceeds of taxes. The Limit for Dublin is substantially more than the amount of revenue
generated from taxes. The auditors reviewed the calculation used to develop the $468,263,521
limit as presented in the Fiscal Year 2023-24 Budget, and there were no exceptions noted in the
findings.
Page 5 of 6
5
STRATEGIC PLAN INITIATIVE:
None.
NOTICING REQUIREMENTS/PUBLIC OUTREACH :
The City Council Agenda was posted.
ATTACHMENTS:
1) Summary- Key Information
2) Annual Comprehensive Financial Report Fiscal Year 2022-23
3) Fiscal Year 2022-23 Auditors' Communication with Those Charged with Governance
4) Fiscal Year 2022-23 Measure B Report
5) Fiscal Year 2022-23 Measure BB Report
6) Fiscal Year 2022-23 Measure F Report
7) Fiscal Year 2022-23 Single Audit Report
8) Appropriations Limit Fiscal Year 2023-24
Page 6 of 6
6
Attachment 1
SUMMARY- KEY INFORMATION
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDING JUNE 30, 2023
City Council Meeting December 19, 2023
1. Includes audited financial statements reviewed by the City's audit firm,
Badawi &Associates.
2. The auditors' opinion is that the City's financial statements fairly represent the
City's financial position.
3. The ACFR format will allow the City to apply for a Certificate of Achievement
from the Government Finance Officers Association (GFOA). The goal is to
provide financial information of the highest quality, in a transparent manner.
4. ORGANIZATION OF REPORT:
a. Transmittal letter (pages v-xv): provides a general overview of economic
and budgetary factors that impact the City.
b. Opinion (pages 1-4): issued by the Independent Auditor on the City's
financial position and compliant with accounting principles generally
accepted in the United States of America.
c. Management Discussion and Analysis (MD&A) (pages 5-20):provides an
overview of the financial activities, with a focus on significant trends, as
well as major changes associated with the City's major funds (i.e. General
Fund and Impact Fee funds).
d. Financial Statements: a significant portion of the ACFR includes financial
statements and schedules for the various funds used to account for the
City's revenue and expenditures. Pages 24-26 present the Government-
Wide Statement of Net Position presents financial statements similar to
those used by private corporations. That section is followed by financial
statements for each fund.
e. Statistical Section (pages 187-end): the unaudited statistical section
of the ACFR includes relevant historical data.
5. Fund Balances -A complete listing of fund reserves and designations for all
major funds is shown on page 78 of the report.
6. Audit Recommendations / Disclosures - As part of the Audit Review the
independent auditors can present recommendations for consideration by the
City. The process allows the Auditors to disclose their observations on certain
practices and policies that need improvement. The report for FY 2022-23 does
7
Attachment 1
not note any findings. This information is presented as a separate document and
is included as Attachment 3.
8
.', ,.rt, gt
ii" IM
fit. �,,• ','�. _� ,J l I`
lIot►A ' ' ,► ri •� j1►
-
p' jT
.1 .
.� AQ
1'.4;;D �� yin T h
'�'`MAIn�° ' �
•.;�:r.� .vim" n�� r . 1
!
(III( 1
` - - 82
°V
.
1 1
- . . - 1 1
10
C1'O
of
Dubll* n
Dublin, California
Annual Comprehensive Financial Report
For the year ended June 30, 2023
Prepared by:
Finance Department
11
12
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30,2023
Table of Contents
Page
INTRODUCTORY SECTION
Tableof Contents............................................................................................................................................................i
Letterof Transmittal......................................................................................................................................................v
PrincipalOfficers ......................................................................................................................................................xvii
OrganizationalChart...............................................................................................................................................xviii
GFOA Certificate of Excellence in Financial Reporting........................................................................................xix
FINANCIAL SECTION
IndependentAuditor's Report...................................................................................................................................1
Management's Discussion and Analysis..................................................................................................................5
Basic Financial Statements:
Government-Wide Financial Statements:
Government-Wide Statement of Net Position...................................................................................................24
Government-Wide Statement of Activities........................................................................................................26
Fund Financial Statements:
Governmental Fund Financial Statements:
BalanceSheet......................................................................................................................................................30
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position.................................................................................33
Statement of Revenues,Expenditures and Changes in Fund Balances......................................................34
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Government-Wide
Statementof Activities...................................................................................................................................37
Statement of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual:
GeneralFund...................................................................................................................................................39
Affordable Housing Special Revenue Fund................................................................................................40
Proprietary Fund Financial Statements:
Statementof Net Position.................................................................................................................................42
Statement of Revenues,Expenses and Changes in Fund Net Position......................................................43
Statementof Cash Flows...................................................................................................................................44
13
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30,2023
Table of Contents, Continued
Page
FINANCIAL SECTION,Continued
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position................................................................................................................46
Statement of Changes in Fiduciary Net Position...........................................................................................47
Notes to Basic Financial Statements.......................................................................................................................51
Required Supplementary Information (Unaudited):
Defined Benefit Pension Plan
Schedule of the City's Proportionate Share of the Net Pension Liability-Last 10 Years...........................97
Schedule of Contributions -Last 10 Years ........................................................................................................98
Other Post Employment Benefits (OPEB)
City Retiree Health Plan-Schedule of Changes in Net OPEB Liability and
Related Ratios during the Measurement Period-Last 10 Years................................................................99
Schedule of City Retiree Health Plan Contributions-Last 10 Years...........................................................100
Supplementary Information:
General Fund-Budget Versus Actual
Schedule of Budget Versus Actual Revenue by Sources...............................................................................103
Schedule of Budget Versus Actual Departmental Expenditures..................................................................104
Budgeted Major Governmental Funds Other than General Fund and Special Revenue Funds:
Schedule of Revenues,Expenditures and Changes in Fund Balance-Budget and Actual:
General Improvements Projects Capital Projects Fund..............................................................................108
Parks Projects Capital Projects Fund.............................................................................................................109
Streets Projects Capital Projects Fund...........................................................................................................110
Public Art Capital Projects Fund...................................................................................................................111
Public Facilities Impact Fees Capital Projects Fund....................................................................................112
Fire Impact Fees Capital Projects Fund.........................................................................................................113
Traffic Impact Fees Capital Projects Fund....................................................................................................114
Dublin Crossing Contribution Capital Projects Fund.................................................................................115
II 14
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30,2023
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Non-Major Governmental Funds:
CombiningBalance Sheet...................................................................................................................................120
Combining Statement of Revenues, Expenditures and Changes in Fund Balances..................................128
Schedules of Revenues, Expenditures and Changes in Fund Balances -Budget and Actual..................136
Internal Service Funds:
Combining Statement of Net Position..............................................................................................................176
Combining Statement of Revenues, Expenses and Changes in Net Position.............................................178
Combining Statement of Cash Flows...............................................................................................................180
Custodial Funds:
Combining Statement of Fiduciary Net Position............................................................................................184
Combining Statement of Changes in Fiduciary Net Position.......................................................................185
STATISTICAL SECTION (Unaudited)
NetPosition by Component.....................................................................................................................................188
Changesin Net Position............................................................................................................................................190
Fund Balances of Governmental Funds..................................................................................................................192
Changes in Fund Balances of Governmental Funds.............................................................................................194
Assessed Value of Taxable Property.......................................................................................................................196
Direct and Overlapping Property Tax Rates..........................................................................................................198
PrincipalProperty Taxpayers ..................................................................................................................................200
Property Tax Levies and Collections ......................................................................................................................201
Directand Overlapping Debt...................................................................................................................................202
LegalDebt Margin Information...............................................................................................................................204
Demographic and Economic Statistics....................................................................................................................206
Property Value, Construction, and Bank Deposits...............................................................................................207
PrincipalEmployers..................................................................................................................................................208
Full-Time Equivalent City Employees by Department........................................................................................212
Operating Indicators by Function/Program..........................................................................................................214
Capital Asset Statistics by Function/Program......................................................................................................216
Top25 Sales Tax Producers......................................................................................................................................218
Miscellaneous Statistical Data..................................................................................................................................219
15
111
This page intentionally left blank
16
WMDecember 2023
l 19,
DUBLINHonorable Mayor and Members of the City Council and Citizens:
CALIFORNIA
THE NEW Presented with this letter is the City of Dublin (City) Annual Comprehensive Financial
AMERICAN BACKYARD Report(ACFR)for the year ended June 30, 2023.The information in this Report is
prepared in accordance with Generally Accepted Accounting Principles (GAAP) as
established by the Governmental Accounting Standards Board (GASB).
The responsibility for the accuracy and fairness of this report rests with the City.
Management Staff are responsible for preparing a complete report which is based
upon reliable information. Management has established a comprehensive internal
control framework that is designed both to protect the City's assets from loss,theft or
misuse and to compile sufficient reliable information for the preparation of the City's
financial statements. Management is committed to maintaining the City's internal
controls to safeguard assets; and provide reasonable assurances of proper recording
of financial transactions. All disclosures necessary to enable the reader to gain an
understanding of the City's financial activities have been included and Badawi &
Associates, a firm of licensed public accountants, has issued an unmodified ("clean")
opinion on the City of Dublin's financial statements for the year ended June 30, 2023.
The independent auditor's report has been included in this Annual Comprehensive
Financial Report.
This letter of transmittal is designed to assist with an individual's review of the City's
financial statements. Specifically, it is intended to offer the reader useful information
in assessing the economic conditions impacting the City of Dublin. It also
complements the separate Management's Discussion and Analysis (MD&A) narrative
section,which provides financial highlights of the City and additional analysis of trends
reported as part of the financial statements.The MD&A is located immediately
following the report of the independent auditors.
City Council
925.833.6650 CITY PROFILE
City Manager The City of Dublin was incorporated in 1982 and is located in the East Bay of the San
925.833.6650
Community Development Francisco Bay Area and is approximately 30 miles east of San Francisco and 30 miles
925.833.6610 northeast of the Silicon Valley. In 2011 Dublin was named an "All-America City" by the
Economic Development National Civic League, and in 2018 it was named one of the best places to live in the
925.833.6650 United States, according to Money Magazine.
Finance/IT
925.833.6640 The City provided for a permanent staffing level of approximately 102 full-time
Fire Prevention equivalent City employees in FY 2022-23, in addition to temporary and contract
925.833.6606
personnel.According to the California Department of Finance as of January 2023,the
Human Resources
925.833.6605 City of Dublin serves a population of 71,750, and covers 15.23 square miles. The City's
Parks&Community Services strategic location offers opportunities for employers, retailers, and high-quality
925.833.6645 residential and transit-oriented neighborhoods.
Police
925.833.6670 The City operates under the Council-Manager form of government. Policy-making and
Public Works legislative authority are vested in the City Council,which is responsible for the City's
925.833.6630
ordinances, operating resolutions, adoption of the annual budget, hiring of the City
Manager and City Attorney, and confirming the appointments made by the Mayor to
100 Civic Plaza commissions and committees.The City Council currently consists of a directly elected
Dublin,CA 94568 Mayor, who serves a two-year term, and four at-large Councilmembers each elected
P 925.833.6650 to a four-year term. In September 2022 the City Council amended the Dublin
F 925.833.6651
www.dublin.ca.gov
17
Municipal Code to establish district-based elections, beginning with the 2024 election.The City
Manager is responsible for implementing the policies, ordinances, and directives of the City Council,
overseeing the day-to-day operations of the City, and hiring City staff.The City Attorney provides legal
counsel regarding City business, drafts and reviews ordinances, resolutions, and contracts, and
represents the City in certain litigation.
The City's biennial budget serves as the foundation for the City's financial planning and control. The
operating budget is adopted by the City Council on an annual basis prior to July 1 of each year. During
mid-cycle, a review and update are prepared and presented to the City Council for the adoption of the
second year's budget. The City Council exercises budgetary control at the fund level, and budgeted
funds are adopted on a basis consistent with Generally Accepted Accounting Principles (GAAP) in the
United States. Expenditures may not legally exceed budgeted appropriations at the fund level, and
Management does not have the authority to increase the budget without the approval of the City
Council. However,the City Manager may authorize budgetary transfers from one account to another
within the same fund, appropriate funds from Committed and Assigned fund balances that have been
approved by the City Council for specific purposes, and appropriate funds for asset replacement funded
by the City's Internal Services Funds.
Current City services include the City Manager's Office (General Administration, Human Resources/Risk
Management, Communications, City Clerk/Records, Disaster Preparedness, Information Systems, and
Economic Development), Finance, City Attorney, Police Services, Fire Services, Community
Development(Building/Planning/Housing), Parks and Community Services, and Public Works
(Engineering/Capital Improvement Program/Transportation/Maintenance/Environmental
Sustainability/Special Districts).The City contracts with public agencies and private firms to provide a
variety of key services including Building Inspection, Fire Services, Police Services, and Maintenance. A
total of 159.46 FTE contract employees were included in the City budget in FY 2022-23.
HIGHLIGHTS
Dublin, California has long been known as the "crossroads" of the Bay Area. Dublin sits at the
intersection of two major highways: Interstate 580 and Interstate 680.The City delivers a broad range
of community services and has a wide range of housing types available to meet the demands of various
employers throughout the region. Over the past several years,the City has added new housing options
including a mix of transit-oriented developments adjacent to the City's two Bay Area Rapid Transit
(BART) stations, as well as single family homes and condominium/townhome developments. The
proximity to additional job centers and colleges and universities in the Bay Area creates an attractive
environment.
Much of the recent growth in the community, which is now in its final phases of completion, was
planned in the voter-approved 1994 Eastern Dublin Specific Plan.This vision has allowed a strong
foundation and quality neighborhoods and public facilities to be built citywide. New developments in
the Downtown Dublin Specific Plan area, specifically in the Transit District, have provided housing
opportunities as well as retail space that will support a high quality of life in Dublin. In addition,the
City's aquatics complex,The Wave, offers residents and visitors a recreation destination with pools,
slides, and play structures situated in the center of the community.
Development over the past decade has had positive budgetary impacts, allowing the City to make
significant investment in our community-serving facilities, such as parks. While careful financial
stewardship has put Dublin in a strong fiscal position, it is important to ensure the stability of the
community's long-term fiscal health to continue to provide high-quality services as the City reaches
build-out.
18
vi
Key City activities and accomplishments during FY 2022-23 include the following:
Economic Development
Business Recovery Playbook
In Fiscal Year 2022-23 the City continued implementation of its Business Recovery Playbook: A Post-
Pandemic Strategic Action Plan with the ongoing objective to provide support and resources towards
offsetting the negative effects of COVID-19 and helping businesses be successful in the post-pandemic
"new normal."Specifically,the City was able to complete and continue the remaining items of the
Playbook's business recovery efforts:
• Business Spotlight Series, a video series featuring Dublin small businesses.
• Small Business Navigator Program, providing small businesses in Dublin with access to free,
timely,technical support in key functional areas via qualified service providers.
• Dublin Business Corner, providing a free online small business training resource for Dublin
business owners.
• Continuation of a Small Business Webinar Series, providing additional free educational
webinars.
As part of the Business Recovery Playbook,the City Council supported a loyalty rewards program,the
"Dublin Marketplace," designed to boost local commerce and small business activity.The program was
launched in March 2023 and now has more than 850 users.
The City's notable Business Concierge Program continued in FY 2022-23 helping businesses open new
locations in Dublin, expand current locations, or relocate to a new space in Dublin. In addition, this
Program assisted more than three dozen businesses through the business license, planning, and
building permitting processes.
Business retention and attraction efforts also continued and were supported by the various business
services, programs, and incentives, including those of the Business Recovery Playbook. Programs in the
Playbook reached more than 4,000 businesses, and directly assisted more than 400 businesses, helping
93% of them remain in operation. For example, the Mobile Text Communication Program for small
businesses created another form of communication between the City and business owners to discuss
programs and services that could be of assistance.The provision of education and resources in the
forms of webinars,tutorials, and on-demand access assisted business with staffing challenges,funding
opportunities, supply chain challenges, marketing, social media support, and more.
The City hosted several industry-specific and general Business Roundtables, including in the areas of
Fitness, Retail, Medical, Education and Recreation, Personal Services, Food and Beverage, and
Manufacturing.These Roundtables provided business owners the opportunity to discuss their thoughts
and concerns with Staff, connect with fellow businesses, and learn about the City's programs and
services.
New/Expanded Businesses
The City welcomed multiple new businesses to Dublin in the dining, services, and retail sectors
including Wine Storage Dublin, Sleep Number, Luxe Barber Studio, Satvik Eggless Bakery, SavvyMoney,
Two Hands Fresh Corn Dogs,Teaspoon, Stratford School, PGA Tour Superstore, Komyo Sushi,Ari Sushi
and Tendon, Grose Noir Tattoo Studio, Grand Cafe, BBQ 85, Mao Izakaya &Sushi, Silver oven &Grill,
Feng Cha Teahouse, Building Kidz of Dublin,Tailored Shared Services,Titlian by Mani Singh, Angus the
Butcher Shop, Hot Pho, FitMealz, Dave's Hot Chicken, Pizza My Heart, Serendipity Labs,Turmeric Indian
Supermarket, Hong Kong Cafe, and Dublin Infiniti.
19
vii
In addition, Snowflake Inc., a data cloud company, expanded its footprint in Dublin by signing a long-
term lease at the Dublin Corporate Center campus. Several other companies also signed new leases
including Grocery Outlet at Shamrock Village, North Emergency Services at Sierra Trinity Business Park,
Tailored Brands, Inc. on Arnold Road, and SavvyMoney at Dublin Corporate Center.
Additional Programs and Events
• The Inaugural Holiday Gift Guide provided an opportunity for businesses to advertise at a
reduced rate.The Gift Guide sold out within two days of the initial offering.
• New Village Parkway Street Banners were installed between Dublin Boulevard and Amador
Valley Boulevard with the goal of creating a sense of space within "The Village," a
neighborhood shopping area containing a mixed variety of food and beverage establishments,
retail stores, and service providers.
• The Taste the World in Dublin Passport Campaign was extended offering residents additional
time to participate in the exploration of Dublin's wide range of culinary options and a chance to
win a $25 gift card to a Dublin restaurant.
• The City partnered with the Tri-Valley Career Center for the fall Job Fair& Career Expo.
• The Business Visitation Program was relaunched, providing an opportunity for business owners,
City officials, and Staff to have direct conversations about the businesses' challenges and
opportunities.
• The City again partnered with Visit Tri-Valley, along with 12 Dublin restaurants,to participate in
the Taste Tri-Valley Restaurant Week.
• Staff co-hosted a Startup Tri-Valley podcast that featured Saurabh Kumar, CEO and Co-founder
of Rezolve.ai, a Dublin-headquartered, generative Al-powered employee services desk that
integrates with Microsoft Teams.
• Twenty-five Dublin businesses participated in the City of Dublin Poetry Walk 2023 by displaying
poems at their establishments in celebration of National Poetry Month.
Community Development
Housing Element Update
In Fiscal Year 2022-23 the City Council adopted the State mandated Housing Element Update for the
2023-2031 Planning Period. In accordance with State requirements,the Housing Element Update
includes policies to accommodate the City's Regional Housing Needs Allocation (RHNA), which is 3,719
units for the period.The City submitted the draft Housing Element Update to the California
Department of Housing and Community Development(HCD) and is working with HCD staff toward
certification.
Affordable Housing
The City has continued to make a number of efforts to further the City Council's strategic goal to
facilitate the production of affordable housing.
The City continues to work with Eden Housing to implement their 113-unit Dublin Family Affordable
Apartments, an affordable housing project for seniors.This includes implementation of a $3.3 million
Local Housing Trust Fund Grant the City secured from the State of California for this project.This grant
is in addition to the City's dedication of the site to Eden Housing and $5 million the City allocated from
its share of the Alameda County Measure A-1 Bond Funds to the project.The developer is currently
pursuing their building permit while finalizing the project funding.
The City continued its work on the 300-unit Amador Station affordable housing development, entering
into an Affordable Housing Assistance Agreement and a $4.3 million Predevelopment Loan Agreement
with the developer.The City is also continuing to implement this project, including the administration
of a $3.3 million Local Housing Trust Fund Grant from the State of California.This grant is in addition to
20
viii
the $7.1 million from the City's Affordable Housing Fund and $2.9 million of the Alameda County
Measure A-1 Bond Fund that the City allocated to this project.
City staff continue to work with the Alameda County Surplus Property Authority to acquire an
approximately two-acre site near the East Dublin BART Station.The acquisition would be at low/no cost
to an affordable housing developer to facilitate the creation of an affordable housing development on
the site. Staff is working with Eden Housing on a proposal to construct approximately 100 units of
workforce housing that would be affordable to lower income households.
Lastly, the City Council approved an Affordable Housing Agreement with an affiliate of Trumark Homes
associated with the development of the East Ranch project.The East Ranch project is the development
of a 165.5-acre site with a 573-unit residential.The agreement requires the developer to make a
payment of$6,528,275 to the City's Affordable Housing Fund, dedicate a two-acre site for a future
affordable housing project affordable to low-income and special needs households, construction of 18
homes that will be affordable to moderate-income households, and construction of 50 accessory
dwelling units that will be affordable to low-income households.
At Dublin Project
The At Dublin project is located on approximately 76 acres of land in eastern Dublin that is largely
surrounded by development.The City completed a yearlong community outreach process to gain
community feedback about the future land use plan for this site. In November 2022,the City Council
approved a development plan for the At Dublin project which allows development of up to 650
residential units and up to 265,000 square feet of retail commercial development.
Public Safety
Dublin Police Services(DPS) continued its crime enforcement and community policing programs during
Fiscal Year 2022-23, including the National Drug"Take-Back Initiative" event to collect prescription
drugs, community engagement events such as National Night Out, Coffee with a Cop, and Curry with
the Captain, as well as Tobacco Permit Compliance Operations to ensure businesses are not selling
tobacco products to minors. In addition, DPS expanded the community outreach by partnering with
local business to have Mother's Day and Father's Day giveaways as well as an Easter Egg Extravaganza
which encouraged citizens to visit numerous Dublin businesses and report back to the Police Station for
a prize.
Dublin Police Services continued to incorporate new technology, such as Situational Awareness
cameras as well as adding additional License Plate Reader cameras,to enhance the ability for officers to
investigate crimes throughout the City. Dublin Police Services was awarded a $81,000 grant from the
California Office of Traffic Safety(OTS)for a year-long program of special enforcement and public
awareness efforts to prevent traffic-related deaths and injuries. Dublin also continued to utilize the
$870,000 grant from the California Department of Justice for a three-year tobacco enforcement and
education program. The tobacco grant funds the salary and benefits for a third School Resource Officer
and costs related to enhancing the enforcement of the illegal use of tobacco at schools and
surrounding areas.
Finally,the Behavior Health Unit celebrated its one-year anniversary with DPS and has proven to be a
vital resource for the community by filling in some previously identified gaps in service. The Unit
consists of two clinicians and a supervisor who serve as victim advocates, assist in obtaining services for
the unhoused, and assist families with special needs juveniles.
21
ix
Public Works
Intergovernmental Relations
The City continued to provide janitorial, pest management, and solid waste and recycling services on
Parks Reserve Forces Training Area (Camp Parks)through the Intergovernmental Support Agreement
(IGSA)for Municipal Services with U.S. Army Garrison Fort Hunter Liggett.The IGSA term runs from
2019 through December 2028.The City also continued to provide Dublin San Ramon Services District
(DSRSD) landscape maintenance and weed abatement services through the Tri-Valley
Intergovernmental Reciprocal Services Master Agreement.
Environmental Sustainability
The City Council adopted the "City of Dublin Climate Action Plan 2030 and Beyond" (CAP) on
September 15, 2020.The CAP provides the foundation to achieve greenhouse gas reduction targets for
2030 and reach carbon neutrality by 2045. As part of the efforts,the City replaced nine existing gas
water heaters with electric heat pump water heaters in six municipal buildings.The City also installed
two new, dual-port Level-2 electric vehicle charging stations on Donlon Way near Heritage Park.
A pilot project was initiated to determine how compost application on urban turf fields impacts carbon
sequestration.The pilot project is a partnership with StopWaste and the University of California
Merced.The first round of sampling and analysis occurred and is expected to continue for one more
year. If the analysis shows positive results for carbon sequestration, compost application on turf fields
throughout Dublin will also help the City meet its State organic products procurement requirements.
Dublin Bicycle and Pedestrian Plan
The City Council adopted the "Dublin Bicycle and Pedestrian Plan" on January 10, 2023.The Plan is a
critical planning, policy, and implementation document that supports the City's efforts to improve the
safety and attractiveness of biking and walking as a means of transportation and recreation.The Plan
includes assessments of existing system conditions through an inventory of infrastructure, programs,
and policies related to biking and walking, analysis of bicycle level of traffic stress, evaluation of
collision data, estimation of bicycle and pedestrian access and demand, and public input.The Plan also
includes a recommended biking and walking network and a prioritized list of projects to support biking
and walking in Dublin.
Local Roadway Safety Plan
The City Council adopted the "Local Roadway Safety Plan" (LRSP) on January 10, 2023.The LRSP uses
historical collision data and an understanding of local context to assess existing roadway safety
conditions in Dublin, identify areas for improvement, and provide recommended actions with an
implementation plan.The LRSP creates a data-driven decision-making framework to reduce the
number of fatal and severe injury collisions on local roadways. It recommends site-specific as well as
systemic safety improvements that can be applied citywide.
Infrastructure and Capital Improvement Projects
The following major capital improvement projects were completed during FY 2022-23:
Citywide Signal Communications Upgrade—Conduit Installation
The project provided for the design and installation of a three-inch conduit on Dublin Boulevard
between the Civic Plaza and San Ramon Road. In a future phase,fiber optic lines will be installed in
the conduit, and all intersections along Dublin Blvd between Civic Center and San Ramon Rd will
be upgraded to a faster, more reliable, and higher bandwidth network connection.
22
X
Dublin Boulevard Pavement Rehabilitation
The project provided for the design and construction of pavement repairs, full-width asphalt
concrete overlay, and other roadway improvements on Dublin Boulevard between Hacienda Drive
and Scarlett Drive.
Fallon Sports Park Phase 3
The project is the final 14-acre phase of construction for the 60-acre sports complex. Phase 3
opened to the public in October 2022 and includes a cricket field, lighted batting cages,four
volleyball courts, play area, and two little league baseball fields.
The City has also undertaken or continued work on the following major capital improvement projects in
FY 2022-23:
Citywide Energy, Resiliency,and Disaster Preparedness Improvements
The project provides for an investment grade audit, design, and construction of various energy
upgrades, efficiency measures, and resiliency improvements, including solar photovoltaic and
energy storage systems, back-up generators, and advanced control systems.The Disaster
Preparedness Improvements portion of the project allows for the design and repair of seven
damaged sites throughout the City resulting from the January 2023 storms.
Cultural Arts Center
The project will design and construct a 13,000-square-foot Cultural Arts Center on the first floor of
the former Dublin Police Services Building at the Civic Center and will renovate the second-floor
space to accommodate offices for the Parks and Community Services Department.
Don Biddle Community Park
The project will construct a 30-acre community park in the Boulevard Development. Amenities
include tennis courts, basketball courts, a picnic and barbeque area,two restroom buildings,two
parking lots totaling a great lawn (multi-use lawn area), playgrounds, parent paddock, and
community garden.
Dublin Boulevard Extension—Fallon Road to North Canyons Parkway
The project will design the future 1.5-mile extension of Dublin Boulevard through unincorporated
Alameda County to North Canyons Parkway in Livermore. The project is a joint effort of the City of
Dublin,the City of Livermore, and the Alameda County Transportation Commission.
Iron Horse Nature Park and Open Space—Phase 1
The project will design and construct a 12.13-acre nature park and open space adjacent to the Iron
Horse Trail,from the northern City limit to the confluence of the Alamo and South San Ramon
Creeks. The Phase 1 design includes approximately 2,000 linear feet of new trail, soil remediation,
new gathering spaces, benches, and interpretive signs, as well as a trail connection to and shade
structure in Stagecoach Park.
Iron Horse Trail Bridge at Dublin Boulevard
The project will construct a 230-foot free-span pedestrian and bicycle bridge for the Iron Horse
Trail over Dublin Boulevard.
23
Xi
Wallis Ranch Community Park
The project will design and construct an 8.75-acre community park which will include a 0.9-acre
dog park, lighted pickleball,tennis, and basketball courts, 25 stall parking lot, picnic areas,two
playground areas, large turf area, landscaping, and pathways for circulation.
Tassajara Road Improvements—North Dublin Ranch Drive to Quarry Lane School
The project will design and construct street improvements for Tassajara Road to a four-lane
arterial standard with bike lanes, sidewalks, landscaped median, and stormwater treatment areas.
Tassajara Road Realignment and Widening—Fallon Road to North City Limit
The project will design and construct street improvements for a realigned Tassajara Road to a
four-lane arterial standard with bike lanes, sidewalks, landscaped median, and stormwater
treatment areas. This project is a joint effort with Contra Costa County.
Parks&Community Services
In Fiscal Year 2022-2023,the Parks and Community Services Department continued to provide the
community with a robust array of services, including 250+contract classes, 30,000+ hours of field and
shelter rentals, 60,000+visits to The Wave for recreation swimming,4,000+swim lesson participants,
and 25,000+senior lunches served at the Open Heart Kitchen.These offerings contribute to a vibrant
and inclusive community experience.
A number of Public Art projects were completed, including the installation of"Crossroads" at Don
Biddle Community Park, and the completion of"Picture This," a temporary art project coordinated in
collaboration with the cities of Danville, Dublin, Livermore, Pleasanton, and San Ramon. Planning and
selecting the next round of Utility Box Art, which included 10 utility boxes,was completed. In
partnership with the Dublin Arts Collective,the "High Life" student art show took place at Splatter, and
the annual Nature in Your Backyard Photo Contest took place as part of Dublin Pride Week.The
selection and approval of the Heritage Park Public Art project of a memorial sculpture and artistic park
features were completed.
Park dedications and grand openings, included:
• Don Biddle Community Park
• Fallon Sports Park Phase III which included a cricket field, two little league fields, multi-use batting
cages and sand volleyball courts
The planning and design process for several projects also continued:
• Wallis Ranch Community Park
• Jordan Ranch Neighborhood Square
• Iron Horse Nature Trail and Park
The 2023 Dublin Arts Center Operations Guide was completed and recommended to the City Council by
the Heritage and Cultural Arts Commission.This document aims to outline guiding principles,
strategies, and programming for the Dublin Arts Center(DAC), assist Staff in maximizing the utilization
of spaces, and guide the operations of an efficient facility that minimizes general fund subsidies.
The Parks and Community Services Department had a bustling year marked by the 40th anniversary
celebration of the city in August through the Ruby Affair. It successfully organized crowd-drawing
events like Splatter and St. Pat's celebrations, collectively attracting over 100,000 attendees.
Additionally, innovative community events such as the Floating Pumpkin Patch at The Wave and a
Backyard Block Party with a kickball tournament were introduced. It was a dynamic and eventful year
24
X11
for the Parks and Community Services Department, setting the stage for anticipations of future
endeavors.
FINANCIAL OUTLOOK AND GENERAL FUND SUMMARY
Fiscal Year 2022-23
In Fiscal Year 2022-23 the City experienced a full year of a return to normalcy following the impacts of
the COVID-19 pandemic,with strong performance in all revenue categories. Property Tax revenue
increased by$3.8 million as housing prices remained strong despite the increases in interest rates, with
an increase in net taxable assessed valuation of$1.2 billion (6.1%) over the prior year. Property Tax
revenues have continued to increase as home values have remained stable and new developments
have come online within the City. There were no significant delinquencies in the fiscal year.
Sales Tax came in $2.5 million (9.5%) higher than Fiscal Year 2021-22, as household spending continued
to increase, despite warning signs identified by the City's economic consultants. City staff had originally
projected Sales Tax to remain flat on a year-over-year due to inflation and the uncertainty of interest
rates, especially in the last two quarters of the fiscal year, but strong sales in the Autos and
Transportation sector resulted in revenue exceeding the updated mid-year projections.
Development-related revenue is the third largest City revenue stream, making up 6.9%of total General
Fund revenues in Fiscal Year 2022-23.Year-end development revenue came in at$8.6 million, a
decrease of$1.2 million (-12.4%)from the prior year, but an increase of$1.2 million (16.5%) from the
Fiscal Year 2022-23 Amended Budget.These results are attributed to a decrease in development
activities in the first part of the year, which then increased faster than anticipated in the latter part of
the year. Development revenue can significantly vary year to year based on development project
timelines, so Staff budgets this source conservatively.The City also maintains a Service Continuity
Reserve in the General Fund to ensure there are future funds to cover expenditures when development
activity slows.
Lastly, revenue from Charges for Service increased as Parks and Community Services classes and
activities continued to see high demand,further signaling a robust recovery from the pandemic-related
impacts.
Moving forward, Staff is cautiously optimistic. While it was originally anticipated that the economy
would start to see a slowdown in 2023, it remained resilient despite the rapid pace of interest rate
increases made by the Federal Reserve Bank. Staff will continue monitoring for any signs of an
economic slowdown, carefully following discussions on inflation, interest rates, and the uncertainty of
the economy's reaction to world affairs.
10-Year Forecast
While Fiscal Year 2022-23 finished with a General Fund surplus of approximately$25.9 million including
transfers, long-term fiscal sustainability remains at the forefront of budget discussions. Despite the
continued growth in Property Tax, declining and/or levelling of Sales Tax and Development Revenues,
the rising costs of contracted services, and the potential for an economic downturn in the next few
years could result in the City facing a deficit beginning in Fiscal Year 2030-31 as illustrated in the 10-
Year Forecast (Figure 1).The projected deficit will guide the use of reserves and decisions made in the
next operating budget cycle.
25
Xiii
Figure 1. 10-Year Forecast
180,000
Property Taxes Sales Tax Development
Other Taxes r_Licenses&Permits Fines
Interest Rentals&Leases Intergovernmental
160,000 Charges for Svcs ttttt�Other —Total Expenditures
140,000
r
120,000 ' jt100,000
iiiii
80,000
60,000
40,000
20,000
23-24 24-25 25-26 26-27 27-28 28-29 29-30 30-31 31-32 32-33
FINANCIAL PLANNING AND POLICIES
In May of 2023,the City Council adopted the City's Fiscal Year 2023-24 Budget, as in previous years,the
primary goals addressed in this budget cycle are: 1)fully fund current City operations; 2)fund future
capital endeavors now through the setting aside of specific reserves; and 3) maintain adequate
operating reserves over the long term. In addition,the Two-Year Strategic Plan includes a focus on
infrastructure maintenance and reinvestment and organizational health, both of which have budget
implications.
The City adopts a balanced operational budget in accordance with City policies and uses a two-year
budget format.The City Council adopts a final budget and appropriates funds in advance of the July 1st
start of the new Fiscal Year. In terms of major capital investments constructed with Impact Fees,the
City has historically operated utilizing a pay-as-you-go philosophy.The City has typically operated with
little to no debt financing, but due to the historically low interest environment that was taking place in
the first quarter of Fiscal Year 2021-22,the City Council authorized the sale and issuance of 25-year
lease revenue bonds to finance the Energy Efficiency Improvements project, which includes
construction of various energy upgrades, efficiency improvements, lighting upgrades, energy
generation, solar photovoltaic (PV) systems, and energy storage projects at facilities, parks, street
rights-of-way, and other City-owned property. Renewable, resiliency, and disaster preparedness
improvements to prepare for future PG&E Public Safety Power Shutoff events and other emergency
events will be provided with back-up generators at City facilities. The City has established a reserve to
fund future bond payments or to pay off the bonds early, should the opportunity or necessity occur.
The financial policies currently used for budgeting also provide for the use of Internal Service Funds to
ensure resources are available to finance the replacement of public safety vehicles and apparatus,
computer systems, and certain building components.The City has also proactively financed
contributions to fund both pension and retiree health liabilities.This reflects the City's practice of being
prepared to address long-term needs.
26
Xiv
GFOA AWARD
The Government Finance Officers Association (GFOA) has recognized the City of Dublin for its Annual
Comprehensive Financial Report covering the period ending June 30, 2022. A copy of the award from
this entity is included in this report. This award represents the 32nd consecutive year that the City's
report was recognized by the GFOA. In order to be recognized,the City was required to produce an
easily readable and efficiently organized report. The report must also meet the standard for generally
accepted accounting principles and legal requirements.
ACKNOWLEDGEMENTS
The preparation of this report was made possible by the collaborative efforts of Staff in the Finance
Department and other departments, as well as the City's audit firm, Badawi &Associates.A special
thanks and acknowledgement to Stephanie Tsoi, Senior Accountant, and Wendy Lam,Accounting
Manager,for their work managing the audit process. We would also like to recognize the Mayor and
City Council for their guidance and support in the City's pursuit of excellence in financial reporting.
Sincerely,
Linda Smith Jay Baksa
City Manager Finance Director
27
XV
This page intentionally left blank
28
xvi
CITY OF DUBLIN
PRINCIPAL OFFICERS
Fiscal Year 2022/2023
Mayor
Melissa Hernandez
Vice Mayor Councilmember
Michael McCorriston Sherry Hu
Councilmember Councilmember
Jean Josey Kashef Qaadri
ADMINISTRATION PERSONNEL
City Manager Linda Smith
Assistant City Manager Colleen Tribby
Deputy City Manager Hazel Wetherford
City Attorney John Bakker
Finance Director Jay Baksa
City Clerk Marsha Moore
Chief of Police Nate Schmidt
Community Development Director Jeff Baker
Fire Marshal Bonnie Terra
Human Resources Director Sarah Monnastes
Parks & Community Services Director Jackie Dwyer
Public Works Director Andrew Russell
29
xvii
Organizational Chart
Citizens of Dublin
City Council
City Attorney City Manager
Assistant City
Manager
Non-
Departmental J
Finance
Parks and
Public Works Community
Services
Police Services Office of the
City Manager
F Economic Fire Services
Development
Community
Development
30
Xviii
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Dublin
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2022
c4cLA .� P )*i t(
Executive Director/CEO
31
XiX
This page intentionally left blank
xx
32
toy I BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin,California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of Dublin (City), as of and for the year ended June 30, 2023, and the
respective budgetary comparisons for the General Fund and the Affordable Housing Special Revenue Fund,
and the related notes to the financial statements, which collectively comprise City's basic financial
statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective
financial position of the governmental activities, each major fund, and the aggregate remaining fund
information of the City, as of June 30, 2023, and the respective changes in financial position and, where
applicable, cash flows thereof, and the respective budgetary comparisons for the General Fund and the
Affordable Housing Special Revenue Fund for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The City's management is responsible for the preparation and fair presentation of the financial statements
in accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement,whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Address:2855 Telegraph Avenue,Suite 312 Berkeley,CA 94705 •Phone:510.768.8251 •Fax 510.768.8249
1 33
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin,California
Page 2
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore
is not a guarantee that an audit conducted in accordance with GAAS will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with GAAS,we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control. Accordingly,no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether,in our judgment,there are conditions or events,considered in the aggregate,that
raise substantial doubt about the City's ability to continue as a going concern for a reasonable period
of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, and the required pension and OPEB schedules on pages 5-20 and 97-100 be
presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have applied
certain limited procedures to the required supplementary information in accordance with auditing
standards generally accepted in the United States of America, which consisted of inquiries of management
about the methods of preparing the information and comparing the information for consistency with
2 34
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin,California
Page 3
management's responses to our inquiries, the basic financial statements, and other knowledge we obtained
during our audit of the basic financial statements. We do not express an opinion or provide any assurance
on the information because the limited procedures do not provide us with sufficient evidence to express an
opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The combining and individual nonmajor fund statements
and the budgetary comparison schedules for the major capital project funds and nonmajor governmental
funds are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The combining and individual nonmajor fund statements and the budgetary comparison schedules for the
major capital project funds and nonmajor governmental funds are the responsibility of management and
were derived from and relates directly to the underlying accounting and other records used to prepare the
basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining and individual nonmajor fund statements and the budgetary comparison schedules for the
major capital project funds and nonmajor governmental funds are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial
report. The other information comprises the information included in the annual comprehensive financial
report but does not include the financial statements and our auditor's report thereon. Our opinions on the
financial statements do not cover the other information, and we do not express an opinion or any form of
assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the
other information and consider whether a material inconsistency exists between the other information and
the financial statements, or the other information otherwise appears to be materially misstated. If, based on
the work performed, we conclude that an uncorrected material misstatement of the other information
exists,we are required to describe it in our report.
3 35
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin,California
Page 4
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 12, 2023
on our consideration of the City's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the City's internal control
over financial reporting and compliance.
v?
Badawi&Associates, CPAs
Berkeley, California
December 12,2023
4 36
Management's Discussion and Analysis (MDA) June 30, 2023
As management of the City of Dublin, we offer readers of the City's financial statements this narrative
overview and analysis of the financial activities of the City for the Fiscal Year(FY) ended June 30, 2023.
Please read this overview in conjunction with the accompanying letter of transmittal and the accompanying
basic financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City's basic financial statements,
which comprise three components:
• Government-wide Financial Statements — These include the Statement of Net Position and
Statement of Activities. These statements provide information about the activities of the City as a
whole and about the overall financial condition of the City in a manner similar to a private-sector
business.
• Fund Financial Statements — These statements provide additional information about the City's
major funds, including how services were financed in the short term and fund balances available
for financing future projects.
• Notes to the Financial Statements — The notes provide additional detail that is essential to a full
understanding of the information provided in the Government-wide and Fund Financial Statements.
In addition to the basic financial statements and accompanying notes, this report also presents certain
required supplementary information concerning the City's progress in funding its obligation to provide
pension benefits to its employees.
GOVERNMENT-WIDE FINANCIAL STATEMENTS-DESCRIPTION
These statements include all assets and liabilities of the City using the accrual basis of accounting, which
is similar to the accounting used by most private sector companies.All current year's revenues and expenses
are accounted for regardless of when the cash is paid or received.
These statements report the City's net position and changes to the net position during the FY.Net position
- the difference between assets and liabilities - is one way to measure the City's financial position. Over
time, increases or decreases in the net position are among indicators used to assess whether the financial
condition of the City is improving or deteriorating. However, it is also important to consider other
nonfinancial factors, such as: changes in the City's property tax values, sales tax outlets, and the condition
of the City's infrastructure(i.e.parks and streets),to accurately assess the overall health of the City.
The Government-wide statements present information about the City's activities, all of which are
considered governmental in nature. These include services provided for police, fire, community
development, streets, and recreation. These services are funded from monies received from property, sales
and other taxes,direct charges for services provided,grants, contributions from other agencies,and impact
fees collected from new development.
5 37
GOVERNMENT-WIDE FINANCIAL STATEMENTS-ANALYSIS
Table 1 provides an analysis summarizing the year-to-year change in the Government-Wide net position
reported for the City of Dublin. The"net position"is represented as the difference between total assets and
total liabilities.
TABLE 1: SUMMARY OF NET POSITION
June 30, 2023 and 2022
Governmental Activities
June 30,2022
June 30,2023 (as restated) $ Change % Change
Item
Current and Other Assets $ 406,803,601 $ 384,956,065 $ 21,847,536 5.7%
Notes Receivable (Note 5) 14,541,072 14,549,568 (8,496) -0.1%
Leases Receivable (Note 6) 3,050,260 3,181,762 (131,502) 100.0%
OPEB Asset(Note 13) 2,865,050 9,048,738 (6,183,688) -68.3%
Capital Assets (Note 7) 568,081,126 556,079,985 12,001,141 2.2%
Total Assets 995,341,109 967,816,118 27,524,991 2.8%
Deferred Outflows of Resources 12,331,418 4,137,105 8,194,313 198.07%
Current Liabilities 38,087,433 34,016,977 4,070,456 12.0%
Noncurrent Liabilities 40,984,861 30,584,652 10,400,209 34.0%
Total Liabilities 79,072,294 64,601,629 14,470,665 22.4%
Deferred Inflows of Resources 6,199,022 17,633,393 (11,434,371) -64.8%
Net Investment in Capital Assets 545,146,807 554,600,284 (9,453,477) -1.7%
Restricted 115,479,147 118,161,236 (2,682,089) -2.3%
Unrestricted 261,775,257 216,956,681 44,818,576 20.7%
Total Net Position $922,401,211 $889,718,201 $ 32,683,010 3.7%
As illustrated in the above table,the City's net position increased by$32.7 million(3.7%)during FY 2022-
23. This is due to the following:
• Total assets increased$27.5 million, due primarily to increases in cash and investments which are part
of current assets and capital assets. Cash and investments increased by$21.8 million which was mostly
derived from the net revenue over expenditures for the fiscal year. Capital assets increased by $12.0
million due to the progression of capital projects during the year(e.g.,$7.5 million on Citywide Energy
Improvements and $6.2 million on Iron Horse Trail Bridge Project). These increases were offset by a
$6.2 million decrease in OPEB Assets, which were a result of investments underperforming and a
change to a more conservative investment strategy as the OPEB Plan continues to be super-funded(i.e.,
assets are larger than anticipated liabilities).
• Total liabilities increased$14.5 million in FY 2022-23 from the prior year. Current liabilities primarily
represent obligations outstanding for current operations (accounts payable), capital projects (such as
retention payable), deferred revenue, and deposits held. The noncurrent liabilities increased $10.4
million mainly due to an increase in net pension liability, resulting from the CalPERS pension fund
returns underperforming the annual benchmark.
6 38
• The City's $545.1 million in net investment in capital assets represents 59.1% of total reported net
position.Capital asset investments include the City's investments in land,infrastructure,buildings,and
equipment. As the City uses these capital assets to provide current services to residents,the assets are
not available for future spending. The change in annual capital assets reflects the addition of capital
assets(including Construction in Progress)less accumulated depreciation.
• Restricted net positions, including a portion of restricted net positions in the General Fund,Affordable
Housing Fund, Impact Fee Funds, and Grant Funds, are resources that have external restrictions on
their use. In FY 2022-23,the City's restricted net positions decreased by a net$2.7 million, due to the
expenditure of Public Facilities Impact Fees on Capital projects. Approximately$261.8 million of the
City's total assets(an increase of$44.8 million over the prior year)are unrestricted and may be used to
meet the City's ongoing obligations to the community and to creditors. The bulk of unrestricted assets
in the General Fund are already placed in committed and assigned reserves for specific purposes, in
accordance with the City's Fund Balance and Reserves Policy.
• As part of implementing GASB Statement 96, Subscription-Based Information Technology
Arrangements and correcting prior year recognized leases receivable and related deferred inflow of
resources,the City adjusted the FY 2021-22 assets and liabilities.There was no net impact on beginning
fund balance or net position as a result of the prior period adjustments (see Note 9 to the financial
statements for a summary of the restatement).
39
GOVERNMENTAL ACTIVITIES
Table 2 below provides a summary of major program expense categories, program revenues used to fund
specific expenses, and general City revenues available for funding all City programs. The information
presented here provides detail behind the numbers shown in the Summary of Net Position(Table 1).
TABLE 2: SUMMARY OF CHANGES IN NET POSITION
June 30,2023 and 2022
June 30,2023 June 30,2022 $Change % Change
Revenues
Program Revenues
Charges for Services $ 27,548,071 $ 27,660,672 $ (112,601) -0.4%
Operating Contributions and Grants 11,046,967 7,273,101 3,773,866 51.9%
Capital Grants and Contributions 7,033,281 16,457,860 (9,424,579) -57.3%
Total Program Revenue 45,628,319 51,391,633 (5,763,314) -11.2%
General Revenues
Property Taxes 59,056,139 55,186,388 3,869,751 7.0%
Special Assessments Taxes 1,607,028 1,527,036 79,992 5.2%
Sales Taxes 30,541,735 27,935,894 2,605,841 9.3%
Other Taxes 8,729,684 8,281,142 448,542 5.4%
Investment Income,Unrestricted 2,759,385 (12,803,156) 15,562,541 121.6%
Intergovernmental,Unrestricted 305,729 324,519 (18,790) -5.8%
Other General Revenues 4,355,226 8,277,075 (3,921,849) -47.4%
Total General Revenue 107,354,926 88,728,898 18,626,028 21.0%
Total Revenues 152,983,245 140,120,531 12,862,714 9.2%
Expenses
Governmental Activities:
General Government 27,027,922 23,516,577 3,511,345 14.9%
Police 27,849,316 24,439,146 3,410,170 14.0%
Fire 16,308,574 14,657,052 1,651,522 11.3%
Public Works and Transportation 30,353,850 25,252,334 5,101,516 20.2%
Park and Community Services 11,207,229 11,745,611 (538,382) -4.6%
Community Development 6,969,557 6,777,210 192,347 3.6%
Interest on Long-Term Debt 583,787 336,950 246,837 100.0%
Total Governmental Activities 120,300,235 106,724,880 13,575,355 12.7%
Total Expenses 120,300,235 106,724,880 13,575,355 12.7%
Increase In Net Position 32,683,010 33,395,651 (712,641) -2.1%
Net Position-Beginning of Year 889,718,201 856,322,550 33,395,651 3.9%
Net Position-End of Year $922,401,211 $889,718,201 $32,683,010 3.7%
As shown in Table 2,revenues from all sources totaled$153.0 million and expenses for all City programs
totaled$120.3 million in FY 2022-23. The City's net position increased$32.7 million.
8 40
Revenues
Total revenues increased$12.9 million,or 9.2%,in FY 2022-23 from the prior year.Details of changes are
as follows:
• Investment Income increased $15.6 million from FY 2021-22. This change is attributed to
accounting for unrealized losses on investments at year end. In FY 2021-22, due to rapidly raising
interest rates,the city incurred an unrealized loss on investments of$15.5 million. In FY 2022-23
this loss was $3.1 million. In addition,the actual Interest revenue earned on investments increased
$3.1 million in FY 2022-23, from FY 2021-22.
• Capital Grants and Contributions revenue decreased by $9.4 million, primarily due to the receipt
of$10.8 million in impact fees received in FY 2021-22 for a five-story apartment building project,
as well as the receipt of three final map fees for neighborhoods in the Dublin Crossing project
during FY 2021-22. Due to variations in project construction, it is typical for the receipt of impact
fee revenue to fluctuate year over year.
• Property Taxes increased$3.9 million, due to an increase in net assessed valuation of$1.2 billion
over the prior year. In addition to the increase in net assessed valuation,the supplemental property
tax payments and prior period payments received were $1.7 million over the final budget.
• Operating Contributions and Grants increased $3.8 million due to a $2.2 million increase in
Measure BB grants that will be used to support various transportation projects.
• Sales Taxes increased $2.6 million as the economy remained strong and household spending
continued to increase, despite inflation and the multiple interest rate hikes that occurred during the
year.
• Other General Revenue decreased $3.9 million due to a $5.0 million loan repayment to the
Affordable Housing Fund that was received in FY 2021-22 for the Regional Street site acquisition.
Expenses
Total expenses increased$13.6 million,or 12.7%,in FY 2022-23 compared to the prior year.The following
factors contributed to the increase:
• General Government expenses increased$3.5 million due to a one-time additional payment of$3.5
million towards the Dougherty Regional Fire Authority(DRFA)unfunded pension liability.DRFA
provided fire services to the cities of Dublin and San Ramon prior to the City's contracting with
the Alameda County Fire Department.
• Police Services expenses increased $3.4 million mainly due to cost-of-living adjustments in the
Police contract and the use of various grant funds.
• Fire Services expenses increased $1.7 million due to cost-of-living adjustments and benefit
increases provided for in the Fire contract.
• Public Works expenses increased $5.1 million due to increased costs in contracted services for
Streets and Maintenance, as the budget for all building maintenance costs was shifted from Parks
and Community Services to Public Works. In addition, Public Works had increased expenditures
on projects utilizing grants and special revenue funds.
9 41
Revenues and Expenses by Category
The following chart presents the Government-Wide FY 2022-23 revenues. Approximately 76.6% of the
total revenue is from three sources: 1) Property taxes, 38.6%; 2) Sales Taxes, 20.0%; and 3) Charges for
Services, 18.0%. This is relatively consistent with the prior year.
Other Taxes
Sales Taxes 8,729,684 Investment Income,Unrestricted
2,759,385
30,541,735 5.7%
20.0% I 1.8%
Intergovernmental,Unrestricted
305,729
Special Assessments 0.2%
1,607,028 Other General Revenues
1.1% 4,355,226
2.8%
Charges for Services
27,548,071
18.0%
Property Taxes Operating Contributions&
59,056,13 Grants
38.6% 11,046,967
7.2%
Capital Grants&Contributions
7,033,281
4.6%
10 42
The following chart demonstrates the allocation of Government-Wide expenses in FY 2022-23. Of the
$120.3 million in total expenses,Public Safety(Police and Fire Services),Public Works,and Transportation
are the largest program costs,making up a combined 61.9%of the total, followed by General Government
and Parks and Community Services, at 22.5% and 9.3%,respectively.
Community Development Interest on Long-Term
$6,969,557 Debt$583,787
5.8% 0.5%
Parks&Community-
Services$11,207,229 General Government
9.3% $27,027,922
22.5%
Public Works and
Transportation
$30,353,850
25.2%
Police $27,849,316
23.1%
Fire Services—
$16,308,574
13.6%
FUND FINANCIAL STATEMENTS
These statements provide more detailed information about the City's major funds. A fund is a grouping of
related accounts that is used to maintain control over resources that have been segregated for specific
activities or objectives. The City, like other state and local governments, uses fund accounting to ensure
and demonstrate compliance with finance-related legal requirements. All of the funds of the City can be
divided into three categories: Governmental funds,Proprietary funds, and Fiduciary funds.
Governmental funds: Governmental funds are used to account for essentially the same functions reported
as governmental activities in the Government-wide financial statements.However,unlike the Government-
wide financial statements,Governmental fund financial statements focus on near-term inflows and outflows
of spendable resources, as well as on balances of spendable resources available at the end of the FY. Such
information may be useful in evaluating a government's near-term financing requirements.
Because the focus of Governmental funds is narrower than that of the Government-wide financial
statements, it is useful to compare the information presented for Governmental funds with similar
information presented for governmental activities in the Government-wide financial statements. By doing
so,readers may better understand the long-term impact of the government's near-term financing decisions.
Both the Governmental fund balance sheet and Governmental fund statement of revenues, expenditures,
and changes in fund balances provide a reconciliation to facilitate this comparison between Governmental
funds and governmental activities.
11 43
The City maintains 85 individual Governmental funds. Information is presented separately in the
Governmental fund balance sheet and in the Governmental fund statement of revenues, expenditures, and
changes in fund balances for the following 10 funds: General Fund;Affordable Housing Fund;four Capital
Project Funds(General Improvement Projects;Parks Projects;Streets Projects;Public Art);and four Impact
Fee Funds (Public Facilities Impact Fees, Fire Impact Fees, Traffic Impact Fees, and Dublin Crossings
Fund).These funds either qualify as,or the City requested them to be classified as,major funds due to their
significance in the financing of new capital assets. Data from the other 75 Governmental funds are
combined into a single aggregated presentation, labeled as Non-Major Governmental Funds. Individual
fund data for each of these non-major governmental funds is provided in the form of combining statements
elsewhere in this report.
The City adopts an annual appropriated budget for each of its Governmental funds.A budgetary comparison
statement has been provided for each Governmental fund to demonstrate compliance with this budget.
Proprietary funds: The City maintains one type of Proprietary fund,the internal service fund(ISF),which
is an accounting device used to accumulate and allocate costs internally among the City's various functions
and to build up reserves for future replacement of capital assets. The City uses five ISFs to account for its
fleet of vehicles, equipment, improvements to City buildings, computer systems and certain retiree costs.
Because these services solely benefit the governmental function, they have been included within
governmental activities in the Government-wide financial statements.
Proprietary fund financial statements provide the same type of information as the Government-wide
financial statements,only in more detail.All five ISF's are combined into a single,aggregated presentation
in the Proprietary fund financial statements. Individual fund data for the ISF's is provided in the form of
combining statements elsewhere in this report.
Fiduciary funds: The Fiduciary fund section consists of the City's five Custodial Funds. The Community
Facilities District (CFD) No. 2015-1 "Dublin Crossing" Improvement Area No. 1, 2, 3 and 4 is an
improvement district with outstanding bonds. The City's role is that of a trustee, or fiduciary, in collecting
assessments and remitting bond payments. The City has no legal, contingent or moral obligation for the
repayment of this debt and merely ensures that the assets received are used for their intended purposes.The
City also provides a similar role for four Geologic Hazard Abatement Districts.California Public Resources
Code section 25670 establishes that these Districts are a political subdivision of the State and not an agency
or instrumentality of a local agency. The City contractually provides support to collect funds in a fiduciary
capacity and may also arrange for activities funded by the Districts.
These fiduciary activities are excluded from the City's fund financial statements because these assets cannot
be used to finance City operations. The activity for these funds, however, is provided for in a separate
combining statement contained elsewhere in this report.
12 44
FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
As of June 30, 2023, the City's governmental funds reported combined ending fund balances of$360
million, an increase of$14.1 million from the prior year. Table 3 below illustrates the net change in fund
balances over the prior year for these funds. A discussion of the changes follows the table; individual and
non-major funds may be found in the Supplemental.
TABLE 3: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2023 and 2022
June 30,2023 June 30,2022 $Change % Change
General Fund $ 249,736,610 $ 223,857,506 $ 25,879,104 11.6%
Affordable Housing Fund 30,243,024 29,913,316 329,708 1.1%
Capital Improvement Funds 58,331,196 63,139,381 (4,808,185) -7.6%
Other Governmental Funds 21,704,791 29,010,964 (7,306,173) -25.2%
Total Governmental Funds $360,015,621 $345,921,167 $ 14,094,454 4.1%
GENERAL FUND
The General Fund is the chief operating fund of the City.At the end of FY 2022-23,total fund balance was
$249.7 million. The unassigned amount of$44.3 million reflects an amount calculated for the unrealized
gain on investments combined with the cashflow amount for ongoing operations. The undesignated cash
flow reserve was $58.4 million, representing approximately 7.0 months of budgeted FY 2023-24
expenditures. The remaining balances are committed or assigned in accordance with the policy adopted by
the City Council as discussed in Note 10 to the financial statements.
During FY 2022-23,General Fund revenues exceeded expenditures by$32.9 million,before transfers in/out
and recognition of unrealized loss. Compared to the prior year, General Fund operating revenues came in
$10.1 million higher,from$114.8 million in FY 2021-22 to$124.9 million in FY 2022-23. Total revenues,
including a negative unrealized gain adjustment of$3.1 million, are $121.8 million, an increase of$22.5
million from the prior year.
Operating expenditures in General Fund departments totaled$92.0 million in FY 2022-23,which was $9.6
million under the final budget (not including transfers out) and $11.1 million higher than actual
expenditures in the prior year. The increase was primarily due to planned increases in Police Services,Fire
Services, and maintenance contract costs; an increase in internal service charges for the City's new
Enterprise Resource Planning system; an increase in Information Services staffing; and an increase in
seasonal salaries due to growth in recreation activities.
AFFORDABLE HOUSING FUND
The Affordable Housing Fund is a special revenue fund which accounts for funds associated with affordable
housing programs. The fund balance totaled $30.2 million as of June 30, 2023, an increase of$330,000
over the prior year, due to an increase in interest income.
13 45
CAPITAL IMPROVEMENTS FUNDS
As previously described,the City has included eight specific capital funds in the information presented as
part of the governmental funds. Four of the funds are used to capture expenditures related to active capital
projects that are underway. The four funds are: General Improvement Projects, Parks Projects, Streets
Projects and Public Art Projects. Public Art Capital Projects Fund is created in FY 2022-23 to accounts for
promoting the public interest and general welfare through the acquisition, installation, maintenance, and
promotion of public art.Funding for the expenditures in these funds occurs via transfers in from other funds.
The following Capital Impact Fee Funds are also reported:
Public Facilities Fee Fund: This fund includes developer fees collected to develop parks and other public
facilities. Total revenue collected in FY 2022-23 was $1.9 million (including interest earned), a decrease
of$8 million from the prior year. FY 2021-22 was higher due to the receipt of$3.9 million from final map
fees from the Avalon West Dublin.This revenue is collected when developers process final maps,resulting
in payments of parkland in-lieu fees. Due to variations in project construction and acquisition timelines,
expenditure patterns will fluctuate. The balance is designated as restricted because there are legal
restrictions on its use, and it is not available for general purposes.
Fire Impact Fees: This fund accounts for fees collected from new development to pay for the capital cost
associated with the provision of Fire Services. Total revenue collected in FY 2022-23 was approximately
$77,000 (including interest earned), about $95,000 lower than was collected in the prior year, due to
decrease in developer contributions.With all impact fees revenue collections will fluctuate with the normal
variations in development activity. The balance is designated as restricted because there are legal
restrictions on its use, and it is not available for general purposes.
Traffic Impact Fee (TIF) Funds: These funds account for fees collected to construct major traffic
improvements necessary to facilitate development. Fees are levied and collected on development in
proportion to its impact on the transportation needs. Revenue collected in FY 2022-23 totaled$2.7 million
(including interest earned),approximately$500,000 higher than was collected in the prior year.The balance
is designated as restricted because there are legal restrictions on its use, and it is not available for general
purposes.
Dublin Crossing Fund: This fund accounts for the Development Agreement fee, including Community
Benefit payments collected from the Dublin Crossing project. Revenue collected in FY 2022-23 totaled
$252,000 (including interest earned), $3.2 million lower than was collected in the prior year. Revenue
collected in FY 2021-22 was higher due to the $3.6 million payment of the Development Agreement fees
from Dublin Crossing, LLC.
14 46
NON-MAJOR FUNDS
The City's non-major funds, which are Special Revenue Funds and Energy Improvement Lease Revenue
Bond Capital Projects Fund, are presented in the basic financial statements in the aggregate. Total fund
balance decreased$7.3 million in these funds.Based on the designated use of the funds they can be arranged
by function as shown in Table 4 below:
TABLE 4: ANALYSIS OF FUND BALANCES-
NON-MAJOR GOVERNMENTAL FUNDS, ARRANGED BY FUNCTION
June 30, 2023 and 2022
June 30,2023 June 30,2022 $Change % Change
SPECIAL REVENUE FUNDS:
Public Safety $ 1,260,237 $ 890,825 $ 369,412 41.5%
Transportation 8,335,750 8,992,430 (656,680) -7.3%
Environmental 1,616,697 1,674,520 (57,823) -3.5%
Parks,Culture,Arts 3,481,832 4,386,681 (904,849) -20.6%
Health& Welfare 132,694 11,396 121,298 1064.4%
Maintenance Districts 4,034,536 4,015,196 19,340 0.5%
CAPITAL PROJECTS FUND:
Energy Improvement Lease Bond 2,843,045 9,039,916 (6,196,871) -68.6%
TOTAL FUND BALANCE $21,704,791 $29,010,964 $ (7,306,173) -25.2%
The full fund balances of these Special Revenue Funds are legally restricted to use under the programs
indicated in the table above and are not available for general purposes. The Energy Improvement Lease
Revenue Bond Fund accounts for the proceeds from the City's issuance of lease revenue bonds and their
use on energy efficiency capital projects.More information about these aggregated non-major funds can be
found in the combining statements following the required supplementary information.
15 47
GENERAL FUND BUDGETARY HIGHLIGHTS
A summary of the budgetary comparison schedule for the General Fund is shown in Table 5 below. The
complete schedule, as required, is included in the supplementary information following the notes to the
financial statements.
TABLE 5: SUMMARY OF GENERAL FUND ORIGINAL AND FINAL BUDGET AND ACTUAL
Period Ending June 30, 2023
Budget Amounts Actual Variance from
Original Final Amount Final Budget
REVENUE
Taxes $ 89,117,445 $ 91,417,445 $ 96,366,138 $ 4,948,693
Intergovernmental 290,000 336,436 352,165 15,729
Licenses and Permits 351,373 351,373 323,098 (28,275)
Charges for Services 6,496,124 6,950,194 8,648,315 1,698,121
Use of Money and Property 2,987,330 3,963,427 4,503,860 540,433
Fines and Forfeitures 85,000 65,000 80,117 15,117
Development Revenue 7,702,334 7,538,555 8,588,005 1,049,450
Other Revenue 1,758,056 1,944,639 2,951,647 1,007,008
Total Revenue 108,787,662 112,567,069 121,813,345 9,246,276
EXPENDITURE
General Government 19,370,611 20,542,477 16,486,507 4,055,970
Police 27,575,941 27,393,215 26,394,595 998,620
Fire 16,277,425 16,424,919 16,116,319 308,600
Public Works 19,299,085 20,724,733 18,129,060 2,595,673
Park and Community Services 8,453,835 8,684,114 8,262,422 421,692
Community Development 6,168,900 6,487,512 5,261,850 1,225,662
Debt Principal 655,000 655,000 655,000 -
Interest and Fiscal Charges 678,050 678,050 678,050 -
Total Expenditure 98,478,847 101,590,020 91,983,803 9,606,217
OTHER FINANCING SOURCES(USES)
Transfer In - 43,700 29,383 (14,317)
Transfer Out (6,607,815) (36,794,681) (3,979,821) 32,814,860
Total Other Financing Sources (Uses) (6,607,815) (36,750,981) (3,950,438) 32,800,543
NET CHANGE IN FUND BALANCE $ 3,701,000 $(25,773,932) $25,879,104 $ 51,653,036
Over the course of the year, revisions were made to the City budget with adjustments that generally fall
into one of the following three categories:
• Adjustments to carry over operating budgets from the prior year.
• Adjustments to carry over capital expenditure budgets, typically in the form of transfers out to
capital improvement funds, from the prior year.
• Adjustments to revenue and expenditure budgets based on current economic conditions, new
revenue sources, and/or operational spending needs after the original budget was adopted.
16 48
In the General Fund total revenues was $9.2 million higher than the final budget as of June 30, 2023, due
mainly to the following factors:
• Taxes: $4.9 million higher than budget- Property Tax revenue was $2.6 million over budget in
FY 2022-23 due to increase in net assessed valuation of$1.2 billion over the prior year. While
current property tax revenue was in line with the final budget,supplemental property tax payments
and prior period payments were $1.7 million over the final budget. Sale tax revenue was $1.5
million over budget due continued strong household spending, despite the fears of inflation and
higher interest rates.
• Charges for Services: $1.7 million higher than budget—This change is attributed primarily to a
significant increase in Parks and Recreation programming. In addition, the annual Santa Rita
Services payment was approximately $700k higher than the final budget. This revenue is a
reimbursement for the cost of Alameda County Fire's response to service calls from the Santa Rita
jail.
• Development Revenue: $1.0 million higher than budget — This category includes revenues
associated with permits for new development as well as tenant improvements on current structures.
It also includes fees for City services for zoning and plan checking services. The actual amount is
higher than budget due to a higher level of activity on development projects than originally
anticipated.
General Fund expenditures came in $9.6 million lower than the final budget, reflecting overall savings
across departments. The following is a discussion of the changes.
• General Government: $4.1 million lower than budget. Budget savings were a result of savings
in contract services and salaries and benefits. Contract Services expenditures came in lower in FY
2022-23 including library, legal, and multiple other professional services Salary and Benefit
savings, were due to City staff vacancies throughout the year; and the extra unfunded liability
contribution to CalPERS being unspent and set aside in a General Fund designated reserve,which
has become the City's practice over the past several years.
• Public Works: $2.6 million lower than budget. Budget savings resulted from savings in contract
services related to the timing of projects, underspending of utilities due to utilization of less
recycled water than anticipated due to the wet and rainy winter and lower than expected increase
in electricity charges, and lastly, Public Works had savings due to a number of vacant positions
and the corresponding timing of hirings.
• Community Development: $1.2 million lower than budget. The primary driver of the budget
savings for Community Development was lower than expected contract service expenses related to
development. These costs fluctuate with the City's development activities and with the timelines
for projects and are routinely carried over to the next budget year until the projects are closed.
Planning staffing costs came in lower than budgeted due to a number of vacant positions and the
timing of hiring.
17 49
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City's investment in capital assets for its governmental activities as of June 30,2023 amounts to$568.1
million (net of accumulated depreciation). These capital assets include land and streets right-of-way,
buildings, park and roadway improvements, vehicles and other equipment, Construction in Progress, and
subscription based I.T. agreements, as summarized in Table 6 below. During FY 2022-23, the City's
investment in capital assets increased by approximately$12.0 million(2.2%),due primarily to additions to
Construction in Progress net of the accumulated depreciation, as the City is currently undertaking multiple
large Capital Improvement Projects.
TABLE 6:SUMMARY OF INVESTMENT IN CAPITAL ASSETS
June 30, 2023 and 2022
Governmental Activities
June 30, 2022
June 30, 2023 (as restated) $ Change % Change
Land $ 182,170,145 $ 182,170,145 $ - 0.0%
Streets Right of Way 37,760,857 37,760,857 - 0.0%
Construction in Progress 114,604,256 87,822,285 26,781,971 30.5%
Infrastructure 448,086,898 448,086,898 - 0.0%
Buildings and Improvements 118,093,759 118,068,799 24,960 0.0%
Machinery and Equipment 25,709,973 24,837,789 872,184 3.5%
Subscription Based I.T. Agreements 1,479,702 1,479,702 - 0.0%
Subtotal 927,905,590 900,226,475 27,679,115 3.1%
Less:Accumulated Depreciation (359,824,464) (344,146,490) (15,677,974) 4.6%
Total Net of Depreciation $ 568,081,126 $ 556,079,985 $ 12,001,142 2.2%
The City continued its active Capital Improvement Program with significant progress made on a variety of
community assets. A comprehensive list of all CIP expenditures during FY 2022-23 is presented in Table
7 below (this includes project costs that may not have any impact on changes to capital assets, such as
repairs or planning costs). For more detailed information of capital assets balances, see Note 7 to the
financial statements.
18 50
TABLE 7: SUMMARY OF CAPITAL IMPROVEMENT PROJECT ACTIVITY
As of June 30,2023
PROJECT NAME ACTUAL STATUS
FY 2022/23
GENERAL IMPROVEMENTS 11,829,805
Police Services Building 86,178 In Progress
Civic Center HVAC and Roof Replacement 37,852 In Progress
Cultural Arts Center 3,419,306 In Progress
Citywide Energy Improvements 7,521,059 In Progress
Civic Center Rehabilitation 267,580 In Progress
Dublin Standard Plans Update 54,866 In Progress
EV Charging Stations 161,609 In Progress
Resiliency and Disaster Preparedness 34,567 In Progress
Exterior Painting 113 In Progress
Financial System Replacement 237,594 In Progress
Audio Visual System Upgrade 8,749 In Progress
Library Tenant Improvements 333 In Progress
PARKS 4,539,778
Emerald Glen Park Recre &Aquatic 3,056 In Progress
Don Biddle Community Park 2,286,703 In Progress
Fallon Sports Park Phase 3 1,264,855 In Progress
Alamo Creek Pk and Assmt Dist Fence Repl 26,610 In Progress
Persimmon Dr Ped Path Rehab 72 In Progress
Dublin Heritage Park Cemetery Phase 18,231 In Progress
Jordan Ranch Neighborhood Square 207,406 In Progress
Wallis Ranch Community Park 175,103 In Progress
Iron Horse Nature Park and Open Space 557,154 In Progress
Imagine Playground at Dublin Sports 587 In Progress
PUBLIC ART 474,814
Camp Parks Sign 101,503 In Progress
Don Biddle Community Park 157,954 In Progress
Heritage Park 215,358 In Progress
STREETS 13,053,219
Tassajara Road Realignment and Design 83,457 In Progress
Annual Street Resurfacing 3,115,651 In Progress
Iron Horse Trail Bridge at Dublin Blvd 6,182,007 In Progress
Tassajara Rd Impro-N Dublin to Quarry 426,079 In Progress
Dublin Blvd Pavement Rehabilitation 737,000 In Progress
Green Stormwater Infrastructure 307,646 In Progress
Local Roadway Safety Plan 55,599 In Progress
Dublin Blvd Extension 905,195 In Progress
Downtown Dublin Street Grid Network 557 In Progress
Traffic Signal Re-Lamping 98 In Progress
Village Parkway Reconstruction 99,844 In Progress
Dublin Ranch Street Light Improvements 40 In Progress
Citywide Bicycle& Pedestrian Improvements 127,202 In Progress
Intelligent Trans Sys Upgrade 32,752 In Progress
Citywide Signal Comm. Upgrade 980,092 In Progress
TOTAL 29,897,617
19 51
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
Fiscal Year 2022-23 marked a full year of a return to normalcy following the impacts of the worldwide
COVID-19 pandemic. The City saw strong results in all revenue categories, particularly in Property Tax
and Sales Tax with home prices continuing to remain strong in the East Bay, despite rising interest rates as
well as robust household spending. Charges for Services revenue also increased in FY 2022-23 to exceed
pre-pandemic levels as recreational classes and activities continued to see strong demand. In the upcoming
budget, Staff believe that there will be slight growth in Property Tax and that Sales Tax will level off and
possibly decrease slightly before slowly growing again. Given the continued strong demand for Parks and
Community Services classes and activities,Charges for Services are projected to continue the growth trend.
On the expenditure side, contracted services costs (Police, Fire, and Maintenance) are anticipated to rise
between 5-6% in FY 2024-25 and personnel costs (salaries and benefits) are anticipated to increase a
combined 11.5%.
The City finished FY 2022-23 with a General Fund surplus and is projecting a surplus in the FY 2023-24
budget,but it is the long-term fiscal sustainability of the City that continues to be at the forefront of budget
discussions. Based on conservative estimates,the City is projecting an operating deficit of in FY 2030-31
as the community reaches build-out. Accordingly, in the next budget cycle the City will focus not only on
continuing to provide a high level of community services and maintain top-notch facilities, but also on
considering long-term budget-balancing solutions and shoring up contingency reserves.
Copies of the adopted Budget and Financial Plan are available online at www.dublin.ca.gov.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the financial position of the City for all
those with an interest in the government's finances. Questions concerning any of the information provided
in this report or requests for additional financial information should be addressed to the following address:
City of Dublin,Finance Department, 100 Civic Plaza,Dublin,CA 94568. A copy of this financial report is
also located at the City's website—www.dublin.ca.gov.
20 52
BASIC
FINANCIAL STATEMENTS
21 53
This page intentionally left blank
22 54
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
23 55
City of Dublin
Government-Wide Statement of Net Position
June 30, 2023
Primary Government
Governmental
Activities
ASSETS
Current assets:
Cash and investments(Note 3) $ 390,207,264
Accounts receivable 14,626,738
Accrued interest receivable 1,613,583
Prepaids 356,016
Total current assets 406,803,601
Noncurrent assets:
Notes receivable(Note 5) 14,541,072
Leases receivable(Note 6) 3,050,260
Net OPEB asset-City of Dublin(Note 13) 2,865,050
Capital assets(non-depreciable) (Note 7):
Land 182,170,145
Streets right of way 37,760,857
Construction in progress 114,604,256
Capital assets(depreciable):
Infrastructures 448,086,898
Building and improvements 118,093,759
Vehicles and equipment 25,709,973
Subscription based I.T.agreements 1,479,702
less accumulated depreciation (359,824,464)
Total capital assets 568,081,126
Total noncurrent assets 588,537,508
Total assets 995,341,109
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pension(Note 12) 9,202,203
Deferred outflows of resources related to OPEB-City of Dublin(Note 13) 3,129,215
Total deferred outflows of resources 12,331,418
See accompanying Notes to Basic Financial Statements 24 56
City of Dublin
Government-Wide Statement of Net Position (Continued)
June 30, 2023
Primary Government
Governmental
Activities
LIABILITIES
Current liabilities:
Accounts payable 22,158,375
Accrued wages and other payroll liabilities 686,335
Deposits payable 5,471,125
Contract retention payable 2,037,552
Other payables 350,000
Unearned revenue 5,229,156
Compensated absences-due within one year 1,093,265
Long-term debt-due within one year(Note 8) 1,061,625
Total current liabilities 38,087,433
Noncurrent liabilities:
Claims payable 310,965
Compensated absences-due in more than one year 208,238
Long-term debt-due in more than one year(Note 8) 19,835,142
Net pension liability(Note 12) 20,630,516
Total noncurrent liabilities 40,984,861
Total liabilities 79,072,294
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases(Note 6) 2,806,542
Deferred inflows of resources related to pension(Note 12) 2,017,827
Deferred inflows of resources related to OPEB-City of Dublin(Note 13) 1,374,653
Total deferred inflows of resources 6,199,022
NET POSITION
Net investment in capital assets 545,146,807
Restricted for:
Public safety 1,260,237
Impact fee projects 66,222,371
Highways and streets 13,049,920
Health and welfare 31,312,765
Culture and leisure 1,688,722
Pension 1,945,132
Total restricted 115,479,147
Unrestricted 261,775,257
Total net position $ 922,401,211
See accompanying Notes to Basic Financial Statements 25 57
City of Dublin
Government-Wide Statement of Activities
For the year ended June 30, 2023
Net(Expense)
Revenue and
Changes in Net
Program Revenues Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Total Activities
Governmental activities:
General government $ 27,027,922 $ 10,855,746 $ 878,802 $ 600,000 $ 12,334,548 $ (14,693,374)
Police 27,849,316 253,956 1,178,968 - 1,432,924 (26,416,392)
Fire 16,308,574 2,147,455 - - 2,147,455 (14,161,119)
Public works and transportation 30,353,850 2,606,030 8,601,066 5,722,988 16,930,084 (13,423,766)
Park and community services 11,207,229 5,495,143 80,647 - 5,575,790 (5,631,439)
Community development 6,969,557 6,189,741 307,484 710,293 7,207,518 237,961
Interest on long-term debt 583,787 - - - - (583,787)
Total governmental activities $ 120,300,235 $ 27,548,071 $ 11,046,967 $ 7,033,281 $ 45,628,319 (74,671,916)
General revenues:
Taxes:
Property taxes 59,056,139
Special assessment taxes 1,607,028
Sales tax 30,541,735
Other taxes 8,729,684
Total taxes 99,934,586
Intergovernmental,unrestricted 305,729
Miscellaneous 4,355,226
Unrestricted investment earnings 2,759,385
Total general revenues 107,354,926
Change in net position 32,683,010
Net position-beginning of year 889,718,201
Net position-end of year $ 922,401,211
See accompanying Notes to Basic Financial Statements 26 58
FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
27 59
This page intentionally left blank
28 60
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The funds described below were determined to be Major Funds by the City. Individual non-major funds may be found in
the supplemental.
The General Fund- is the governments primary operating fund. It accounts for all financial resources of the City, except
those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund- is used to account for in-lieu fees received from developers of properties,
which can only be used for the design, development, and construction of citywide affordable housing projects and/or
support of affordable housing programs.
The General Improvements Projects Capital Projects Fund- is used to manage the programming of funds and activities
associated with major Capital Improvements Projects.The fund accumulates resources for capital expenditures and utilizes
those resources to support projects that are general in nature and are not Streets, Parks, or Community Improvements
Projects.
The Parks Projects Capital Projects Fund- is used to manage the programming of funds and activities associated with
major Capital Improvements Projects.The fund Accumulates resources for capital expenditures and utilizes those resources
to support projects that would construct,improve or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund- is used to manage the programming of fund and activities associated with
major Capital Improvements Projects.The fund accumulates resources for capital expenditures and utilizes those resources
to support projects that would construct,improve,or enhance the City's trails,highways,streets,roads,bridges,as well as
street lighting and drain systems.
The Public Art Capital Projects Fund- The Public Art Fund was created following the adoption of Dublin Municipal Code
8.58 "Public Art Program Contribution." The purpose of the adoption of the ordinance, and Public Art Fund fund is to:
promote the public interest and general welfare through the acquisition,installation,maintenance and promotion of public
art; establish requirements and procedures for developer contributions to public art; provide funding to support the
acquisition,installation,maintenance and promotion of public art;and implement the goals of the Public Art Master Plan.
Bi-Annually Staff identifies and develops Public Art projects that will be funded utilizing the Public Art Fund. These
projects are included in the City's Capital Improvement Program and subject to City Council approval. Since inception,the
Public Art Fund has been funded entirely by developer contributions that are subject to the Public Art Program
Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund -is used to account for fees received from developers of properties,
which can only be used for the design,development and construction of new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties,
which can only be used for the design,development and construction of fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund -is used to account for impact fees received from developers of properties,
which can only be used for the design,development and construction of street and highway projects which serve as part of
the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund -accounts for community benefit payments specific to the Dublin
Crossing Project,separate from any developer impact fees generated by the project.
29 61
City of Dublin
Balance Sheet
Governmental Funds
June 30, 2023
Special
Revenue Fund Capital Project Funds
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
ASSETS
Cash and investments $ 234,690,307 $ 15,672,303 $ 3,944,145 $ 816,630 $ 2,119,877
Accounts receivable 11,760,829 165,655 - - -
Accrued interest receivable 1,613,583 - - - -
Due from other funds 22,640,194 - - - -
Notes receivable - 14,454,615 - - -
Leases receivable 3,050,260 - - - -
Advances to other funds 858,747 - - - -
Prepaids 4,859 - - - -
Total assets $ 274,618,779 $ 30,292,573 $ 3,944,145 $ 816,630 $ 2,119,877
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES
Liabilities:
Accounts payable $ 15,353,648 $ 38,147 $ 2,614,015 $ 598,864 $ 1,618,960
Accrued wages and other payroll liabilities 650,016 11,402 4,400 7,258 7,135
Deposits payable 4,108,502 - - - -
Contract retention payable - - 1,325,730 210,508 493,782
Other payables 350,000 - - - -
Unearned revenue 1,613,461 - - - -
Due to other funds - - - - -
Advances from other funds - - - - -
Total liabilities 22,075,627 49,549 3,944,145 816,630 2,119,877
Deferred inflows of resources:
Related to leases 2,806,542 - - - -
Total deferred inflows of resources 2,806,542 - - - -
Fund Balances:
Nonspendable 4,859 - - - -
Restricted 4,324,132 30,243,024 - - -
Committed 76,016,419 - - - -
Assigned 125,043,298 - - - -
Unassigned 44,347,902 - - - -
Total fund balances 249,736,610 30,243,024 - - -
Total liabilities,deferred inflows of
resources,and fund balances $ 274,618,779 $ 30,292,573 $ 3,944,145 $ 816,630 $ 2,119,877
See accompanying Notes to Basic Financial Statements 30 62
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Capital Project Funds
Public Dublin
Facilities Fire Impact Traffic Impact Crossing
Public Art Impact Fees Fees Fees Contribution
ASSETS
Cash and investments $ 31,715 $ 36,980,037 $ 134,609 $ 30,653,918 $ 12,192,262
Accounts receivable - - - 181,110 -
Accrued interest receivable - - - - -
Due from other funds - - - - -
Notes receivable - - - - -
Leases receivable - - - - -
Advances to other funds - - - - -
Prepaids - - - - -
Total assets $ 31,715 $ 36,980,037 $ 134,609 $ 30,835,028 $ 12,192,262
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES
Liabilities:
Accounts payable $ 31,572 $ 2,140 $ - $ 704,404 $ -
Accrued wages and other payroll liabilities 143 - - - -
Deposits payable - - - 248 6,427
Contract retention payable - - - - -
Other payables - - - - -
Unearned revenue - - - - -
Due to other funds - 20,238,774 - - -
Advances from other funds - 858,747 - - -
Total liabilities 31,715 21,099,661 - 704,652 6,427
Deferred inflows of resources:
Related to leases - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted - 15,880,376 134,609 30,130,376 12,185,835
Committed - - - - -
Assigned - - - - -
Unassigned - - - - -
Total fund balances - 15,880,376 134,609 30,130,376 12,185,835
Total liabilities,deferred inflows of
resources,and fund balances $ 31,715 $ 36,980,037 $ 134,609 $ 30,835,028 $ 12,192,262
See accompanying Notes to Basic Financial Statements 31 63
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Other Total
Governmental Governmental
Funds Funds
ASSETS
Cash and investments $ 27,096,047 $ 364,331,850
Accounts receivable 1,937,481 14,045,075
Accrued interest receivable - 1,613,583
Due from other funds - 22,640,194
Notes receivable 86,457 14,541,072
Leases receivable - 3,050,260
Advances to other funds - 858,747
Prepaids - 4,859
Total assets $ 29,119,985 $ 421,085,640
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES,AND FUND BALANCES
Liabilities:
Accounts payable $ 755,710 $ 21,717,460
Accrued wages and other payroll liabilities 5,981 686,335
Deposits payable 1,355,948 5,471,125
Contract retention payable 7,532 2,037,552
Other payables - 350,000
Unearned revenue 3,615,695 5,229,156
Due to other funds 1,674,328 21,913,102
Advances from other funds - 858,747
Total liabilities 7,415,194 58,263,477
Deferred inflows of resources:
Related to leases - 2,806,542
Total deferred inflows of resources - 2,806,542
Fund Balances:
Nonspendable - 4,859
Restricted 22,580,795 115,479,147
Committed - 76,016,419
Assigned - 125,043,298
Unassigned (876,004) 43,471,898
Total fund balances 21,704,791 360,015,621
Total liabilities,deferred inflows of
resources,and fund balances $ 29,119,985 $ 421,085,640
See accompanying Notes to Basic Financial Statements 32 64
City of Dublin
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2023
Total Fund Balances-Total Governmental Funds $ 360,015,621
Amounts reported for governmental activities in the Statement of Net Position were
different from those reported in the Governmental Funds above because of the
following:
Capital assets used in governmental activities were not current financial resources.
Therefore,they were not reported in the Governmental Funds Balance Sheet. Except Government-
for the internal service funds reported below, the capital assets were adjusted as Wide Statement Internal Service
follows: of Net Position Funds Total
Non-depreciable $ 334,535,258 $ (18,132,978) 316,402,280
Depreciable,net 233,545,868 (23,277,775) 210,268,093
Total capital assets $ 568,081,126 $ (41,410,753) 526,670,373
Internal service funds were used by management to charge the costs of certain
activities, such as insurance, to individual funds. The assets and liabilities of the
Internal service funds were included in governmental activities in the Government-
Wide Statement of Net Position. 65,829,922
In the Government-Wide Financial Statements, deferred employer contributions for
pension and OPEB,certain differences between actuarial estimates and actual results,
and other adjustments resulting from changes in assumptions and benefits are
deferred in the current year.
Deferred outflows of resources related to pension 9,202,203
Deferred outflows of resources related to OPEB-City of Dublin 3,129,215
Deferred inflows of resources related to pension (2,017,827)
Deferred inflows of resources related to OPEB-City of Dublin (1,374,653)
Long-term liabilities were not due and payable in the current period. Therefore,they
were not reported in the Governmental Funds Balance Sheet.
Government-
Wide Statement Internal Service
of Net Position Funds Total
Compensated absences-due within one year $ (1,093,265) - (1,093,265)
Claims payable (310,965) - (310,965)
Compensated absences-due in more than one year (208,238) - (208,238)
Long term debt-due within one year (1,061,625) 381,625 (680,000)
Long term debt-due in more than one year (19,835,142) 839,433 (18,995,709)
Net OPEB asset-City of Dublin 2,865,050 - 2,865,050
Net pension liability (20,630,516) - (20,630,516)
Total long-term liabilities $ (40,274,701) $ 1,221,058 (39,053,643)
Net Position of Governmental Activities $ 922,401,211
See accompanying Notes to Basic Financial Statements 33 65
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2023
Special
Revenue Fund Capital Project Funds
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
REVENUES:
Property taxes $ 59,056,139 $ - $ - $ - $ -
Sales tax 28,580,315 - - - -
Other taxes 8,729,684 - - - -
Intergovernmental 352,165 - - - -
Licenses and permits 323,098 - - - -
Charges for service 8,648,315 55,298 - - -
Interest income 5,363,445 315,867 - - -
Use of property 2,193,822 371,220 - - -
Unrealized gains(losses)on investments (3,053,407) - - - -
Fines and forfeitures 80,117 - - - -
Development revenue 8,588,005 - - - -
Other revenue 2,951,647 - - - -
Special assessments - - - - -
Total revenues 121,813,345 742,385 - - -
EXPENDITURES:
Current:
General government 16,486,507 16,128 - - -
Police 26,394,595 - - - -
Fire 16,116,319 - - - -
Public works and transportation 18,129,060 - - - -
Park and community services 8,262,422 - - - -
Community development 5,261,850 396,549 - - -
Capital outlay:
General improvements - - 11,829,805 - -
Parks - - - 4,539,778 -
Public art - - - - -
Streets - - - - 13,053,219
Debt service:
Principal 655,000 - - - -
Interest and fiscal charges 678,050 - - - -
Total expenditures 91,983,803 412,677 11,829,805 4,539,778 13,053,219
REVENUES OVER(UNDER)EXPENDITURES 29,829,542 329,708 (11,829,805) (4,539,778) (13,053,219)
OTHER FINANCING SOURCES(USES):
Transfers in 29,383 - 11,829,805 4,539,778 13,053,219
Transfers out (3,979,821) - - - -
Total other financing sources(uses) (3,950,438) - 11,829,805 4,539,778 13,053,219
Net change in fund balances 25,879,104 329,708 - - -
FUND BALANCES(DEFICITS):
Beginning of year 223,857,506 29,913,316 - - -
End of year $ 249,736,610 $ 30,243,024 $ - $ - $ -
See accompanying Notes to Basic Financial Statements 34 66
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Capital Project Funds
Public Dublin
Facilities Fire Impact Traffic Impact Crossing
Public Art Impact Fees Fees Fees Contribution
REVENUES:
Property taxes $ - $ - $ - $ - $ -
Sales tax - - - - -
Other taxes - - - - -
Intergovernmental - - - - -
Licenses and permits - - - - -
Charges for service - - - - -
Interest income - 721,702 1,609 580,265 251,614
Use of property - - - - -
Unrealized gains(losses)on investments - - - - -
Fines and forfeitures - - - - -
Development revenue - 1,212,005 75,293 1,559,605 -
Other revenue - - - 600,000 -
Special assessments - - - - -
Total revenues - 1,933,707 76,902 2,739,870 251,614
EXPENDITURES:
Current:
General government - 12,250 200,000 3,059 -
Police - - - - -
Fire - - - - -
Public works and transportation - - - - -
Park and community services - - - - -
Community development - - - - -
Capital outlay:
General improvements - - - - -
Parks - - - - -
Public art 474,814 - - - -
Streets - - - - -
Debt service:
Principal - - - - -
Interest and fiscal charges - - - - -
Total expenditures 474,814 12,250 200,000 3,059 -
REVENUES OVER(UNDER)EXPENDITURES (474,814) 1,921,457 (123,098) 2,736,811 251,614
OTHER FINANCING SOURCES(USES):
Transfers in 474,814 - - - -
Transfers out - (7,356,763) - (1,788,206) (450,000)
Total other financing sources(uses) 474,814 (7,356,763) - (1,788,206) (450,000)
Net change in fund balances - (5,435,306) (123,098) 948,605 (198,386)
FUND BALANCES(DEFICITS):
Beginning of year - 21,315,682 257,707 29,181,771 12,384,221
End of year $ - $ 15,880,376 $ 134,609 $ 30,130,376 $ 12,185,835
See accompanying Notes to Basic Financial Statements 35 67
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Other Total
Governmental Governmental
Funds Funds
REVENUES:
Property taxes $ - $ 59,056,139
Sales tax - 28,580,315
Other taxes - 8,729,684
Intergovernmental 13,935,558 14,287,723
Licenses and permits - 323,098
Charges for service 8,373,761 17,077,374
Interest income 679,625 7,914,127
Use of property - 2,565,042
Unrealized gains(losses)on investments - (3,053,407)
Fines and forfeitures 127,320 207,437
Development revenue 8,766 11,443,674
Other revenue 181,558 3,733,205
Special assessments 1,607,027 1,607,027
Total revenues 24,913,615 152,471,438
EXPENDITURES:
Current:
General government 9,875,707 26,593,651
Police 1,115,406 27,510,001
Fire 181,488 16,297,807
Public works and transportation 2,470,450 20,599,510
Park and community services 39,001 8,301,423
Community development 223,492 5,881,891
Capital outlay:
General improvements - 11,829,805
Parks - 4,539,778
Public art - 474,814
Streets - 13,053,219
Debt service:
Principal - 655,000
Interest and fiscal charges - 678,050
Total expenditures 13,905,544 136,414,949
REVENUES OVER(UNDER)EXPENDITURES 11,008,071 16,056,489
OTHER FINANCING SOURCES(USES):
Transfers in 23,378 29,950,377
Transfers out (18,337,622) (31,912,412)
Total other financing sources(uses) (18,314,244) (1,962,035)
Net change in fund balances (7,306,173) 14,094,454
FUND BALANCES(DEFICITS):
Beginning of year 29,010,964 345,921,167
End of year $ 21,704,791 $ 360,015,621
See accompanying Notes to Basic Financial Statements 36 68
City of Dublin
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Government-Wide Statement of Activities
For the year ended June 30, 2023
Net Change in Fund Balances-Total Governmental Funds $ 14,094,454
Amounts reported for governmental activities in the Statement of Activities were different because:
Governmental funds reported capital outlay as expenditures.However,in the Government-Wide Statement
of Activities,the cost of those assets was allocated over their estimated lives as depreciation expense.This
was the amount of capital assets recorded in the current period,net of Internal Service Funds. 26,930,787
Depreciation expense on capital assets was reported in the Government-Wide Statement of Activities,but
did not require the use of current financial resources. Therefore,depreciation expense was not reported as
expenditures in the governmental funds,net of internal service funds of$3,185,955. (12,492,019)
Accrued compensated leave payments were reported as expenditures in the governmental funds,however
expense is recognized in the Government-Wide Statement of Activities based on earned leave accruals. 6,538
Debt proceeds provide current financial resources to governmental funds,but issuing debt increased long-
term liabilities in the Government-Wide Statement of Net Position.Repayment of debt was an expenditure
in governmental funds,but the repayment reduced long-term liabilities in the Government-Wide Statement
of Net Position.
Long-term debt repayments 655,000
Amortization of premium on long-term debt 123,856
Claim payments are recorded as expenditures in the governmental funds, however claim expense is
recognized as claims are incurred on the Government-Wide Statement of Activities 6,784
Current year employer pension and OPEB contributions are recorded as expenditures in the governmental
funds, however, these amounts are reported as a deferred outflow of resources in the Government-Wide
Statement of Net Position. 2,478,932
Pension expense is reported in the Government-Wide Statement of Activities does not require the use of
current financial resources,and therefore is not reported as expenditures in governmental funds. (1,358,055)
OPEB expense is reported in the Government-Wide Statement of Activities does not require the use of
current financial resources,and therefore is not reported as expenditures in governmental funds. 122,895
Internal service funds were used by management to charge the costs of certain activities,such as insurance
and fleet management,to individual funds. The net revenue of the internal service funds was reported with
governmental activities. 2,113,838
Change in Net Position of Governmental Activities $ 32,683,010
See accompanying Notes to Basic Financial Statements 37 69
This page intentionally left blank
38 70
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes $ 55,163,000 $ 56,463,000 $ 59,056,139 $ 2,593,139
Sales tax 25,994,445 26,994,445 28,580,315 1,585,870
Other taxes 7,960,000 7,960,000 8,729,684 769,684
Intergovernmental 290,000 336,436 352,165 15,729
Licenses and permits 351,373 351,373 323,098 (28,275)
Charges for services 6,496,124 6,950,194 8,648,315 1,698,121
Investment income(loss) 1,510,000 2,310,000 5,363,445 3,053,445
Use of property 1,477,330 1,653,427 2,193,822 540,395
Unrealized gains(losses)on investments - - (3,053,407) (3,053,407)
Fines and forfeitures 85,000 65,000 80,117 15,117
Development revenue 7,702,334 7,538,555 8,588,005 1,049,450
Other revenues 1,758,056 1,944,639 2,951,647 1,007,008
Total revenues 108,787,662 112,567,069 121,813,345 9,246,276
EXPENDITURES:
Current:
General government 19,370,611 20,542,477 16,486,507 4,055,970
Police 27,575,941 27,393,215 26,394,595 998,620
Fire 16,277,425 16,424,919 16,116,319 308,600
Public works and transportation 19,299,085 20,724,733 18,129,060 2,595,673
Parks and community services 8,453,835 8,684,114 8,262,422 421,692
Community development 6,168,900 6,487,512 5,261,850 1,225,662
Debt service:
Principal 655,000 655,000 655,000 -
Interest and fiscal charges 678,050 678,050 678,050 -
Total expenditures 98,478,847 101,590,020 91,983,803 9,606,217
REVENUES OVER(UNDER)EXPENDITURES 10,308,815 10,977,049 29,829,542 18,852,493
OTHER FINANCING SOURCES(USES):
Transfers in - 43,700 29,383 (14,317)
Transfers(out) (6,607,815) (36,794,681) (3,979,821) 32,814,860
Total other financing sources(uses) (6,607,815) (36,750,981) (3,950,438) 32,800,543
Net change in fund balance $ 3,701,000 $ (25,773,932) 25,879,104 $ 51,653,036
FUND BALANCE:
Beginning of year 223,857,506
End of year $ 249,736,610
See accompanying Notes to Basic Financial Statements 39 71
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Affordable Housing
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 80,855 $ 80,855 $ 55,298 $ (25,557)
Interest 125,000 125,000 315,867 190,867
Use of property - - 371,220 371,220
Development revenue 12,972 12,972 - (12,972)
Total revenues 218,827 218,827 742,385 523,558
EXPENDITURES:
Current:
General government 60,000 60,000 16,128 43,872
Community development 808,279 1,808,279 396,549 1,411,730
Total expenditures 868,279 1,868,279 412,677 1,455,602
REVENUES OVER(UNDER)EXPENDITURES (649,452) (1,649,452) 329,708 1,979,160
Net change in fund balance $ (649,452) $ (1,649,452) 329,708 $ 1,979,160
FUND BALANCE:
Beginning of year 29,913,316
End of year $ 30,243,024
See accompanying Notes to Basic Financial Statements 40 72
PROPRIETARY FUND FINANCIAL STATEMENTS
Proprietary funds account for City operation financed and operated in a manner similar to a private business
enterprise. The intent of the City is that the cost of providing good and services be financed primarily through
user charges.
41 73
City of Dublin
Statement of Net Position
Proprietary Funds
June 30, 2023
Governmental
Activities-
Internal Service
Funds
ASSETS
Current assets:
Cash and investments $ 25,875,414
Accounts receivable 581,663
Prepaids and other 351,157
Total current assets 26,808,234
Noncurrent assets:
Capital Assets:
Land 10,774,792
Construction in progress 7,358,186
Infrastructure 745,014
Building and improvements 63,219,783
Vehicles and equipment 10,871,852
Subscription based I.T.agreements 1,479,702
Less accumulated depreciation (53,038,576)
Net capital assets 41,410,753
Total assets 68,218,987
LIABILITIES
Current liabilities:
Accounts payable and accruals 440,915
Due to other funds 727,092
SBITA liabilities,due in one year 381,625
Total current liabilities 1,549,632
Long-term liabilities:
SBITA liabilities,due in more than one year 839,433
Total long-term liabilities 839,433
Total liabilities 2,389,065
NET POSITION
Net investment in capital assets 40,189,695
Unrestricted 25,640,227
Total net position $ 65,829,922
See accompanying Notes to Basic Financial Statements 42 74
City of Dublin
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Funds
For the year ended June 30, 2023
Governmental
Activities-
Internal Service
Funds
OPERATING REVENUES:
Charges for services $ 5,026,703
Other revenue 1,062,937
Total operating revenues 6,089,640
OPERATING EXPENSES:
Supplies and services 2,317,499
Retiree health premiums 916,597
Depreciation 3,185,955
Total operating expenses 6,420,051
OPERATING INCOME(LOSS) (330,411)
NONOPERATING REVENUES(EXPENSES):
Interest income 511,807
Total nonoperating revenues(expenses) 482,214
INCOME(LOSS)BEFORE CONTRIBUTIONS AND TRANSFERS: 151,803
Transfers in 2,000,000
Transfers(out) (37,965)
Total transfers 1,962,035
Change in net position 2,113,838
NET POSITION:
Beginning of year 63,716,084
End of year $ 65,829,922
See accompanying Notes to Basic Financial Statements 43 75
City of Dublin
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2023
Governmental
Activities-
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from other funds $ 6,723,546
Payments to suppliers and service providers (5,190,041)
Other revenues 1,062,937
Net cash provided by(used in)operating activities 2,596,442
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash receipts from other funds 2,235,695
Cash disbursements to other funds 183,479
Cash provided by(used in)noncapital financing activities 2,419,174
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Purchase of capital assets (748,328)
Cash used in capital and related financing activities (1,036,565)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 511,807
Cash flows provided by(used in)investing activities 511,807
Net Cash Flows 4,490,858
CASH AND CASH EQUIVALENTS-Beginning of year 21,384,556
CASH AND CASH EQUIVALENTS-End of year $ 25,875,414
RECONCILIATION OF OPERATING INCOME(LOSS)TO NET
CASH PROVIDED BY(USED IN)OPERATING ACTIVITIES:
Operating income(loss) $ (330,411)
Adjustments to reconcile operating income(loss)
to net cash provided by(used in)operating activities:
Depreciation 3,185,955
Change in assets and liabilities
Accounts receivable (470,744)
Prepaids (108,244)
Accounts payable and accruals 319,886
Net cash provided by(used in)operating activities $ 2,596,442
See accompanying Notes to Basic Financial Statements 44 76
FIDUCIARY FUND FINANCIAL STATEMENTS
Custodial funds are used to account for fiduciary activities not requird to be reported in investment trust, pension
trust, or private-purpose trust funds. The financial activities of these funds are excluded from the entity-wide
financial statements,but are presented in separate Fiduciary Fund financial statements.
45 77
City of Dublin
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2023
Custodial
Funds
ASSETS
Cash and investments $ 37,081,703
Accounts receivable 21,270
Total assets 37,102,973
LIABILITIES
Accounts payable 57,203
Total liabilities 57,203
NET POSITION
Restricted for:
Individuals,organizations,and
other governments 37,045,770
Total net position $ 37,045,770
See accompanying Notes to Basic Financial Statements 46 78
City of Dublin
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the year ended June 30, 2023
Custodial
Funds
ADDITIONS:
Special assessments $ 8,839,469
Investment income 861,738
Proceeds from bonds 21,371,557
Property tax distribution 27,826
Other 52,500
Total additions 31,153,090
DEDUCTIONS:
Administration 33,580,624
Project payments 520,209
Payments of bonds principal 370,000
Interest expense 4,890,279
Total deductions 39,361,112
Change in net position (8,208,022)
NET POSITION:
Beginning of year 45,253,792
End of year $ 37,045,770
See accompanying Notes to Basic Financial Statements 47 79
This page intentionally left blank
48 80
NOTES TO BASIC
FINANCIAL STATEMENTS
49 81
This page intentionally left blank
50 82
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements and accounting policies of the City conform with generally accepted accounting
principles applicable to governments. The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting
principles.Significant accounting policies are summarized below:
A. Reporting Entity
The City is a residential community with a significant regional commercial base, located in the TriValley
area of Alameda County, California at the crossroads of Interstate Freeways 580 and 680. The City was
incorporated as a municipal corporation on February 1, 1982. The total population estimate published by
the California Department of Finance for January 1, 2023 was 71,750. This figure includes prisoners housed
at the Alameda County Sheriff's Department Santa Rita Jail and at the Federal Correctional Institute. The
City of Dublin was ranked based on total population at#121 out of 482 cities within California.
The City operates under the Council-Manager form of government, with the Mayor and four Council
members served by a full-time City Manager and staff. At June 30, 2023, the City's staff comprised 102
authorized permanent employees who were responsible for City-provided services. The City provides
many traditional municipal services through contracts with both public and private agencies.
Approximately 159.46 contract employees provide a variety of municipal services from City facilities. As of
June 30,2023,the City had approximately 233 temporary and seasonal personnel that were on active payroll
status.
B. Basis of Presentation
The City's Basic Financial Statements are prepared in conformity with accounting principles generally
accepted in the United States of America. The Government Accounting Standards Board is the
acknowledged standard setting body for establishing accounting and financial reporting standards
followed by governmental entities in the U.S.A. These Standards require that the financial statements
described below be presented.
Government-wide Statements:
The Statement of Net Position and the Statement of Activities display information about the primary
government (the City). These statements include the financial activities of the overall City government,
except for fiduciary activities. Governmental activities generally are financed through taxes,
intergovernmental revenues, and other nonexchange transactions.
The Statement of Activities presents a comparison between direct expenses and program revenues for each
function of the City's governmental activities.Direct expenses are those that are specifically associated with a
program or function and, therefore, are clearly identifiable to a particular function. Program revenues
include (a) charges paid by the recipients of goods or services offered by the programs, (b) grants and
contributions that are restricted to meeting the operational needs of a particular program and (c)fees,grants
and contributions that are restricted to financing the acquisition or construction of capital assets. Revenues
that are not classified as program revenues,including all taxes, are presented as general revenues.
51 83
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Presentation, Continued
Fund Financial Statements:
The fund financial statements provide information about the City's funds, including fiduciary funds.
Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The
emphasis of fund financial statements is on major individual governmental funds, each of which is
displayed in a separate column. All remaining governmental funds are aggregated and reported as
nonmajor funds.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are those in which each party
receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment
earnings,result from nonexchange transactions or ancillary activities.
C. Major Funds
Major funds are defined as funds that have either assets,liabilities,revenues or expenditures/expenses equal
to ten percent of their fund-type total and five percent of the grand total. The General Fund is always a
major fund. The City may also select other funds it believes should be presented as major funds.
The City reported the following major governmental funds in the accompanying financial statements:
The General Fund-is the government's primary operating fund. It accounts for all financial resources of
the City, except those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund - is used to account for in-lieu fees received from
developers of properties, which can only be used for the design, development, and construction of
citywide affordable housing projects and/or support of affordable housing programs.
The General Improvements Projects Capital Projects Fund-is used to manage the programming of funds
and activities associated with major Capital Improvements Projects. The Fund accumulates resources
for capital expenditures and utilizes those resources to support projects that are general in nature and
are not Streets,Parks, or Community Improvements projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and activities
associated with major Capital Improvements Projects. The Fund accumulates resources for capital
expenditures and utilizes those resources to support projects that would construct, improve, or enhance
the City's parks and facilities.
The Streets Projects Capital Projects Fund-is used to manage the programming of funds and activities
associated with major Capital Improvements Projects. The Fund accumulates resources for capital
expenditures and utilizes those resources to support projects that would construct, improve, or enhance
the City's trails,highways, streets,roads,bridges, as well as street lighting, and storm drain systems.
52 84
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Major Funds, Continued
The Public Art Capital Projects Fund - The Public Art Fund was created following the adoption of
Dublin Municipal Code 8.58 "Public Art Program Contribution." The purpose of the adoption of the
ordinance, and Public Art Fund fund is to: promote the public interest and general welfare through the
acquisition, installation, maintenance and promotion of public art; establish requirements and
procedures for developer contributions to public art; provide funding to support the acquisition,
installation,maintenance and promotion of public art; and implement the goals of the Public Art Master
Plan.
Bi-Annually Staff identifies and develops Public Art projects that will be funded utilizing the Public Art
Fund. These projects are included in the City's Capital Improvement Program and subject to City
Council approval. Since inception, the Public Art Fund has been funded entirely by developer
contributions that are subject to the Public Art Program Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund-is used to account for impact fees received from
developers of properties, which can only be used for the design, development, and construction of new
public facilities within the City.
The Fire Impact Fees Capital Projects Fund- is used to account for impact fees received from developers
of properties, which can only be used for the design, development, and construction of fire capital
expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from
developers of properties, which can only be used for the design, development and construction of street
and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit payments
specific to the Dublin Crossings Project, separate from any developer impact fees generated by the
project.
The City also reports the following fund types:
Internal Service Funds - Account for replacement of assets and internal charges collected for the
purpose of funding retirement plan side-fund obligations, post-retirement healthcare activities, and the
financing and funding for the replacements of vehicle, building and equipment, various information
technology projects, and the energy efficiency capital lease project. These activities are provided to City
departments on a cost reimbursement basis.
Fiduciary Funds - The City maintains one type of Fiduciary Funds - Custodial Funds. The financial
activities of these funds are excluded from the Government-wide financial statements,but are presented
in separate Fiduciary Fund financial statements. Custodial Funds use the economic resources
measurement focus and are used to account for assets held by the City as an agent for the following
purposes:
53 85
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Major Funds, Continued
The Dublin Boulevard Extension Assessment District is a Custodial Fund, which is used to account for
amounts held for debt service on the Dublin Boulevard Extension Project. The City is not responsible for
payment of the bonds and acts only as an agent to collect assessments, pay bondholders, and initiate
foreclosure proceedings.
The Fallon Village, Schaefer Ranch, Fallon Village Annex/Jordan Ranch, and Fallon Crossing Geological
Hazard Abatement Districts (CHAD) are Custodial Funds. Each fiscal year, the District Engineer prepares
an Engineer's Report which includes the budget for the GHADs for that year. The annual budget consists of
regular site monitoring, annual inspections, contract services for annual mitigation and repairs, and
administrative costs. The funds collected through special assessment are placed into a dedicated reserve
fund. The reserve fund is set aside to be used to mitigate and repair large, geologic hazards, such as
landsides in the respective Subdivisions.
The Dublin Crossing Community Facilities District (CFD) No. 2015-1 (Dublin Crossing) Fund,which is used
to account for bond issuances to finance capital facilities and infrastructure within the CFD secured by the
collection of Special Taxes on real property within the CFD. CFD bonds are not debt obligations of the City.
D. Basis of Accounting
The government-wide and proprietary financial statements are reported using the economic resources
measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and
expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take
place.
As a general rule, the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are payments-in-lieu of taxes and other charges between the
government's business-type activities and various other functions of the government. Elimination of these
charges would distort the direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services,
or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions,
including special assessments. Internally dedicated resources are reported as general revenues rather than
as program revenues. Likewise, general revenues include all taxes.
Those revenues susceptible to accrual at both the City-wide and Fund level are property, sales and franchise
taxes, current service charges, and interest revenue. Fines and licenses and permits are not susceptible to
accrual because they are not measurable until received in cash.
54 86
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
D. Basis of Accounting, Continued
Governmental funds are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Under this method, revenues are recognized when measurable and
available. The City considers all revenues reported in the governmental funds to be available if the revenues
are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is
incurred, except for principal and interest on general long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures to the extent they have matured.
Governmental capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of
governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
Non-exchange transactions, in which the City gives or receives value without directly receiving or giving
equal value in exchange, include taxes, grants, entitlements, and donations. On the accrual basis, revenue
from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenues from grants,
entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been
satisfied.
Grant revenues are recognized in the fiscal year in which all eligibility requirements are met. Under the
terms of grant agreements, the City may fund certain programs with a combination of cost-reimbursement
grants, categorical block grants, and general revenues. Certain indirect costs are included in program
expenses reported for individual functions and activities.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
City's internal service funds are charges to customers for sales and services. Operating expenses for internal
service funds include the cost of sales and services, administrative expenses, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
E. Cash, Cash Equivalents, and Investments
The City pools cash resources from all funds in order to facilitate the management of cash. The balance in
the pooled cash account is available to meet current operating requirements. Cash in excess of current
requirements is invested in various interest-bearing accounts and other investments for varying terms.
In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB No. 3),
certain disclosure requirements for Deposits and Investment Risks were made in the following areas:
• Interest Rate Risk
• Credit Risk
o Overall
o Custodial Credit Risk
o Concentrations of Credit Risk
55 87
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
E. Cash, Cash Equivalents, and Investments, Continued
In addition, other disclosures are specified including use of certain methods to present deposits and
investments,highly sensitive investments,credit quality at year-end, and other disclosures.
In accordance with GASB Statement No. 31,Accounting and Financial Reporting for Certain Investments and for
External Investment Pools, highly liquid money market investments with maturities of one year or less at
time of purchase are stated at amortized cost. All other investments are stated at fair value. The City
categorizes the fair value measurements of its investments based on the hierarchy established by generally
accepted accounting principles. The fair value hierarchy, which has three levels, is based on the valuation
inputs used to measure an asset's fair value: Level 1 inputs are quoted prices in active markets for identical
assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable
inputs. The City does not have any investments that are measured using Level 3 inputs.
The City participates in an investment pool managed by the State of California entitled Local Agency
Investment Fund (LAIF) which has invested a portion of the pooled funds in Structured Notes and Asset-
Backed Securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of
California collateralizing these investments. In addition, these Structured Notes and Asset-Backed
Securities are subject to market risk as to the change in interest rates.
Cash equivalents are considered amounts in demand deposits and short-term investments with a maturity
date within three months of the date acquired by the City and are presented as "Cash and Investments" in
the accompanying Basic Financial Statements.
For the purpose of the statement of cash flows, the City considers all pooled cash and investments
(consisting of cash and investments and restricted cash and investments) held by the City as cash and cash
equivalents because the pool is used essentially as a demand deposit account from the standpoint of the
funds. The City also considers all non-pooled cash and investments (consisting of cash with fiscal agent
and restricted cash and investments held by fiscal agent) as cash and cash equivalents because investments
meet the criteria for cash equivalents defined above.
F. Property Tax Revenues
Alameda County assesses properties and bills, collects, and distributes property taxes to the City. The
County remits the entire amount paid and handles the collection of all delinquencies. The City receives
proportionate shares of prior year collections including interest and penalties. Secured and unsecured
property taxes are levied on January 1 of the preceding fiscal year. The property tax assessments are
formally due on November 1 and February I, and become delinquent after December 10 and April 10,
respectively. Taxes become a lien on the property effective January 1 of the preceding year.
G. Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted
resources first,and then unrestricted resources as needed.
56 88
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
H. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid costs in both government-wide and fund financial statements, using the consumption method.
Prepaid costs in governmental funds are equally offset with nonspendable fund balance to indicate they do
not constitute resources available for appropriation. Prepaids in governmental funds are treated using the
consumption method, where the prepaid expenditure is recognized in the period in which the service is
provided or the item is put into use.
I. Leases Receivable
The City's leases receivable are measured at the present value of lease payments expected to be received
during the lease terms. Deferred inflows of resources are recorded for the leases. The deferred inflow of
resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease
receivable.
J. Compensated Absences
The City records a long-term compensated absences liability to recognize the financial effect of unused
general leave and other accrued compensated leave. The liability will be paid from future resources
primarily from the general fund.
Compensated absences activities were as follows for the year ended June 30, 2023:
Compensated
General Leave Leave Total
Beginning Balance $ 1,286,664 $ 21,380 $ 1,308,044
Additions 1,135,278 17,501 1,152,779
Payments (1,132,807) (26,513) (1,159,320)
Ending Balance $ 1,289,135 $ 12,368 $ 1,301,503
Current Portion $ 1,082,877 $ 10,388 $ 1,093,265
Noncurrent Portion $ 206,258 $ 1,980 $ 208,238
57 89
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
K. CapitalAssets
Capital assets, which include buildings, machinery and equipment, and infrastructure assets (roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems, lighting systems, and park
improvements), are reported in the Governmental Activities columns of the Government-Wide Financial
Statements. Capital assets are defined by the City as assets with an initial, individual cost of more than
$5,000 for general capital assets and $100,000 for infrastructure capital assets. Such assets are recorded at
historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets,
donated works of art and similar items, and capital assets received in a service concession arrangement are
reported at acquisition value.
Capital assets are depreciated over their estimated useful lives using the straight-line method. This means
the cost of the asset is divided by its expected useful life in years and the result is charged to expense each
year until the asset is fully depreciated. The purpose of depreciation is to spread the cost of capital assets
over the useful life of these assets. The amount charged to depreciation expense each year represents that
year's pro rata share of the cost of capital assets.
Depreciation of capital assets is charged as an expense against operations each year and the total amount of
depreciation taken over the years, called accumulated depreciation, and is reported on the Statement of Net
Position of the government-wide financial statements as a reduction in the book value of the capital assets.
The City has assigned the useful lives listed below to capital assets.
Infrastructure 15-75 Years
Buildings and Improvements 20-38 Years
Vehicles and Equipment 4-20 Years
Capital assets include land, buildings, and equipment used in City operations. Infrastructure includes
roads, bridges, curbs, sidewalks, drainage systems, street and traffic lights, park improvements and other
improvements used by all citizens.
Donated capital assets, donated works of art and similar items, and capital assets received in a service
concession arrangement are recorded at acquisition value. All other capital assets are valued at historical
cost or estimated historical cost if actual historical cost is not available.
L. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The City categorizes its fair value
measurements within the fair value hierarchy established by generally accepted accounting principles. The
fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three
levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs - other than quoted prices included within level 1 - that are observable for an
asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
58 90
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
M. Pension
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to
pensions, and pension expense, information about the fiduciary net position of the City's California Public
Employees' Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans'
fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
N. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City's
plan (OPEB Plan) and additions to/deductions from the OPEB Plan's fiduciary net position have been
determined on the same basis. For this purpose, benefit payments are recognized when currently due and
payable in accordance with the benefit terms. Investments are reported at fair value. Generally accepted
accounting principles require that the reported results must pertain to liability and asset information within
certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30,2021
Measurement Date June 30,2022
Measurement Period July 1,2021 to June 30,2022
O. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
(GAAP) requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
P. Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position or balance sheet report is a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an
outflow of resources (expense/expenditure) until then.
In addition to liabilities, the statement of financial position or balance sheet report is a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of resources,
represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an
inflow of resources (revenue) until that time.
59 91
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Q. Net Position and Fund Balance
Net Position
Net Position is the excess of all the City's assets and deferred outflow of resources over all its liabilities and
deferred inflow of resources, regardless of fund. Net Position are divided into three captions. These
captions apply only to Net Position, which is determined only for proprietary funds and at the
Government-wide level,and are described below:
Net Investment in Capital Assets, describes the portion of Net Position which is represented by the current
net book value of the City's capital assets, and reduced by outstanding debt that attributed to the
acquisition,construction,or improvement of the assets.
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. These principally include developer fees received for use on capital projects and
debt service requirements.
Unrestricted describes the portion of Net Position which is not restricted to use.
When an expense is incurred for purposes for which both restricted and unrestricted net position are
available,the City's policy is to apply restricted net position first.
Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally
represent a fund's cash and receivables,less its liabilities.
The City's fund balances are classified 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
long-term interfund loans are included. However, if proceeds realized from the sale or collection of
nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be
presented as a component of the applicable category.
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.
Nonspendable amounts subject to restrictions are included along with spendable resources.
60 92
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Q. Net Position and Fund Balance, Continued
Committed fund balances have constraints imposed by resolution of the City Council which may be altered
only by formal action (resolution) of the City Council to establish, modify, or rescind a fund balance
commitment. The City Council commits fund balance through the adoption of a resolution prior to the end
of the fiscal year. Once adopted, the limitation imposed by the resolution remains in place until similar
action is taken to remove or revise the limitation. Only the highest level action (a resolution) can be
considered a commitment for fund balance classification purposes.
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 nonspendable when it
is the City's intent to use proceeds or collections for a specific purpose, and residual fund balances,if any, of
Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.
Through a council resolution,the City Council has designated the City Manager to determine the amount of
assigned Fund balance.
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.
Hierarchy of Expenditures to Classify Fund Balance Amounts
To determine the composition of ending fund balances, the City considers for expenditures made in any
governmental fund, the restricted amounts will be reduced first, followed by committed amounts, assigned
amounts, and then unassigned amounts.
R. New Pronouncements
In 2023, the City adopted new accounting standards in order to conform to the following Governmental
Accounting Standard Board Statements:
GASB Statement No. 91, Conduit Debt Obligations - The primary objectives of this Statement are to provide a
single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated
with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and
(3) related note disclosures. The City updated disclosures relating to conduit debt obligations as part of
implementation of this statement.
GASB Statement 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements - The
primary objective of this Statement is to improve financial reporting by addressing issues related to public-
private and public-public partnership arrangements (PPPs). As used in this Statement, a PPP in an
arrangement in which a government (the transferor) contracts with an operator (a governmental or
nongovernmental entity) to provide public services by conveying control of the right to operate or use a
nonfinancial asset, such as infrastructure or other capital asset (the underlying PPP asset), for a period of
time in an exchange or exchange-like transaction. The requirements of this statement did not apply to the
City for the current fiscal year.
61 93
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
R. New Pronouncements, Continued
GASB Statement No. 96, Subscription-based Information Technology Arrangements - This Statement provides
guidance on the accounting and financial reporting for subscription-based information technology
arrangements (SBITAs) for government end users (governments). This Statement (1) defines a SBITA; (2)
establishes that a SBITA results in a right-to-use subscription asset - an intangible asset - and a
corresponding subscription liability; (3) provides the capitalization criteria for outlays other than
subscription payments, including implementation costs of a SBITA; and (4) requires note disclosures
regarding a SBITA. The City recognized an intangible asset and SBITA liability as part of implementation of
this statement.
2. BUDGETS AND BUDGETARY ACCOUNTING
The City follows these procedures in establishing the budgetary data reflected in the basic financial
statements:
• Prior to June 30 the City Manager submits to the City Council a proposed operating budget for the
fiscal year commencing the following July 1. The operating budget includes proposed expenditures
and the means of financing them.
• The public is given an opportunity to comment on the budget at a noticed City Council meeting.
Prior to July 1,the budget is legally enacted through passage of a resolution.
• During the fiscal year, the City Manager is authorized to transfer budgeted amounts between line
items, provided that the transfer is within the same fund, regardless of the specific department
activity. This includes the authority to transfer from the General Fund budgeted contingency
amounts that are approved by the City Council during the budget adoption. The City Manager is
authorized to increase revenue and expenditure budget for various departmental functions, when
the net budget impact is zero.
• The City Manager is authorized to increase the appropriations for the following fiscal year in an
amount not to exceed the amount of funds encumbered or designated by the City Manager as
needed for expenses that did not occur prior to the year-end,but are expected to be expended in the
next year consistent with the original purpose.
• As part of the annual Budget adoption the City Council authorizes the carry-over unexpended
capital project appropriations, for those projects where work and expenditures will continue in the
subsequent year.
62 94
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
2. BUDGETS AND BUDGETARY ACCOUNTING, Continued
• Formal budgetary integration is employed as a management control device during the year for the
general fund,special revenue funds and capital projects funds.
• Budgets for the general, special revenue and capital projects funds are adopted on a basis consistent
with generally accepted accounting principles in the United States.
No major capital projects funds incurred expenditures in excess of their budgets for the year ended
June 30,2023.
3. CASH AND INVESTMENTS
The City's dependence on property tax receipts, which are received semi-annually, requires it to maintain
significant cash reserves to finance operations during the remainder of the year. The City pools cash as
described under the policy section below.
A. Policies
California Law requires banks and savings and loan institutions to pledge government securities with a
market value of 110% of the City's cash on deposit, or first trust deed mortgage notes with a market value of
150% of the deposit, as collateral for these deposits. Under California law,this collateral is held in a separate
investment pool by another institution in the City's name and places the City ahead of general creditors of
the institution.
The City pools cash from all sources and all funds, except certain specific investments within funds and
cash with fiscal agents, so that it can be invested at the maximum yield,consistent with safety and liquidity,
while individual funds can make expenditures at any time.
The City and its fiscal agents invest in individual investments and in investment pools. Individual
investments are evidenced by specific identifiable pieces of paper called security instruments, or by an
electronic entry registering the owner in the records of the institution issuing the security, called the book
entry system. Individual investments are generally made by the City's fiscal agents as required under its
debt issues. In order to maximize security, the City employs the Trust Department of a bank as the
custodian of all City managed investments,regardless of their form.
The City's investments are carried at fair value, as required by generally accepted accounting principles.
The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end, and it
includes the effects of these adjustments in income for that fiscal year.
63 95
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
3. CASH AND INVESTMENTS,Continued
B. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not
their use is restricted under the terms of City agreements.
Primary Government:
Cash and investments $ 390,207,264
Fiduciary Funds:
Cash and investments 37,081,703
Total cash and investments $ 427,288,967
Cash and investments as of June 30,2023 consisted of the following:
Cash on hand $ 4,851
Deposits with financial institutions 8,379,147
Investments 399,108,900
Section 115 Trust 1,945,132
Cash and investments with fiscal agent 17,850,937
Total cash and investments $ 427,288,967
C. Investments Authorized by the California Government Code and the City's Investment Policy
The City's Investment Policy and the California Government Code allow the City to invest in the following,
provided the credit ratings of the issuers are acceptable to the City; and approved percentages and
maturities are not exceeded. The table below also identifies certain provisions of the California Government
Code, or the City's Investment Policy where the City's Investment Policy is more restrictive.
Maximum Maximum
Maximum Minimum Credit Percentage of Investment In
Authorized Investment Type Maturity Quality Portfolio One Issuer
Negotiable Certificates of Deposit 5 years A-1 30% 20%
Bankers'Acceptance 180 days A-1 40% 20%of Portfolio
U.S.Treasury Bills and Notes 10 years N/A No Limit No Limit
U.S.Government Agency Securities 10 years N/A 25%for callable 35%
California Asset Management Program N/A N/A No Limit No Limit
Commercial Paper 270 days A-1 25% 20%of Portfolio
Time Certificates of Deposit 1 year N/A 10% No Limit
State Local Agency Investment Fund N/A N/A No Limit No Limit
Asset-Backed Securities 5 years AA 20% 5%
Medium-Term Notes 5 years A 30% 5%
Mutual Funds N/A AAA 20% 10%
Money Market Funds N/A AAA 20% No Limit
Municipal Securities 10 years A No Limit 5%
Supranationals 5 years AA 30% 10%
64 96
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
3. CASH AND INVESTMENTS,Continued
D. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. The City generally manages its interest rate risk by holding investments
to maturity.
Information about the sensitivity of the fair values of the City's investments (including investments held by
bond trustees) to market interest rate fluctuations is provided by the following table that shows the
distribution of the City's investments by maturity or earliest call date:
12 Months or 13 to 24 25 to 60 More than 60
Investment Type less Months Months months Total
Asset-Backed Securities $ 428,264 $ 8,803,278 $ 8,417,276 $ 10,538,002 $ 28,186,820
U.S.Treasury Notes - 16,952,873 28,104,040 54,221,235 99,278,148
Supranationals - 5,556,082 11,155,656 - 16,711,738
Medium-Term Notes 6,384,627 21,431,053 11,599,471 32,136,589 71,551,740
U.S.Government Agency Securities 14,590,750 12,894,423 14,753,660 11,556,917 53,795,750
Local Agency Investment Fund 25,696,371 - - - 25,696,371
California Asset Management Program 94,675,879 - - - 94,675,879
Collateralized Mortgage Obligations - 1,941,426 - 4,629,474 6,570,900
Money Market Funds 2,641,554 - - - 2,641,554
Total Investments $144,417,445 $ 67,579,135 $ 74,030,103 $113,082,217 $399,108,900
The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by
California Government Code Section 16429 under the oversight of the Treasurer of the State of California.
The City's investments with LAIF as of June 30, 2023, include a portion of the pool funds invested in
Structured Notes and Asset-Backed Securities. These investments include the following:
Structured Notes - are debt securities (other than asset-backed securities) whose cash flow characteristics
(coupon rate, redemption amount, or stated maturity) depend upon one or more indices and/or have
embedded forwards or options.
Asset-Backed Securities - the bulk of which are mortgage-backed securities, entitle their purchasers to
receive a share of the cash flows from a pool of assets such as principal and interest repayments from a pool
of mortgages (such as Collateralized Mortgage Obligations) or credit card receivables.
As of June 30, 2023, the City had $25,696,371 invested in LAIF, which had invested 2.78% of the pool
investment funds in Structured Notes and Asset-Backed Securities as compared to 1.88% in the previous
year. The LAIF fair value factor of .984828499 was used to calculate the fair value of the investments in
LAIF.
65 97
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
3. CASH AND INVESTMENTS,Continued
D. Interest Rate Risk, Continued
The City is a participant in the California Asset Management Program (CAMP). CAMP is an investment
pool offered by the California Asset Management Trust (the Trust). The Trust is a joint powers authority
and public agency created by the Declaration of Trust and established under the provisions of the California
Joint Exercise of Powers Act (California Government Code Sections 6500 et seq., or the "Act") for the
purpose of exercising the common power of its Participants to invest certain proceeds of debt issues and
surplus funds. The Pool's investments are limited to investments permitted by subdivisions (a) to (n),
inclusive, of Section 53601 of the California Government Code. The City reports its investments in CAMP at
the fair value amounts provided by CAMP, which is the same as the value of the pool share. The fair value
approximated is the City's cost. As of June 30,2023,these investments have an average maturity of 26 days.
The City's investments include Asset-Backed Securities in the amount of $28,186,820 that are highly
sensitive to interest rate fluctuations to a greater degree than already indicated above.
E. Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of
the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are
significant other observable inputs;and Level 3 inputs are significant unobservable inputs.
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of
June 30,2023:
Level 1 Level 2 Total
Investments By Fair Value Level:
Asset-Backed Securities $ - $ 28,186,820 $ 28,186,820
U.S.Treasury Notes 1,965,912 97,312,236 99,278,148
Supranationals - 16,711,738 16,711,738
Medium-Term Notes - 71,551,740 71,551,740
U.S.Government Agency Securities - 53,795,750 53,795,750
Collateralized Mortgage Obligations - 6,570,900 6,570,900
Total $ 1,965,912 $ 274,129,184 276,095,096
Investments Exempt From Disclosure:
Local Agency Investment Fund 25,696,371
California Asset Management Program 94,675,879
Money Market Funds 2,641,554
Total $ 399,108,900
66 98
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
3. CASH AND INVESTMENTS, Continued
E. Fair Value Hierarchy, Continued
U.S. Government agency securities, medium term notes, asset-backed securities, and commercial, classified
in Level 2 of the fair value hierarchy, are valued using matrix pricing techniques maintained by various
pricing vendors. Matrix pricing is used to value securities based on the securities' relationship to
benchmark quoted prices. The California Local Agency Investment Fund (LAIF), California Asset
Management Program and money market funds are classified as exempt in the fair value hierarchy. Fair
value is defined as the quoted market value on the last trading day of the period. These prices are obtained
from various pricing sources by our custodian bank.
F. Credit Risk
Credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. The actual ratings as of June 30,2023 were provided by Standard and Poor's investment rating
system except as noted.The Local Agency Investment Fund was not rated as of June 30,2023.
Investment Type AAA AA+ AA AA- A+ A A- BBB+ Total
Asset-Backed Securities $ 18,649,913 $ - $ - $ - $ - $ - $ - $ - $ 18,649,913
U.S.Treasury Notes - 99,278,148 - - - - - - 99,278,148
Supranationals 16,711,738 - - - - - - - 16,711,738
Medium Term Notes - 3,133,870 8,588,012 2,781,230 13,382,390 23,705,408 19,003,302 957,528 71,551,740
U.S.Government Agency
Securities - 53,795,750 - - - - - - 53,795,750
California Asset
Management Program 94,675,879 - - - - - - - 94,675,879
Collateralized Mortgage
Obligations 3,845,062 - - - - - - - 3,845,062
Money Market Funds 2,641,554 - - - - - - - 2,641,554
Total $ 136,524,146 $156,207,768 $ 8,588,012 $ 2,781,230 $ 13,382,390 $ 23,705,408 $ 19,003,302 $ 957,528 $361,149,784
Not rated:
Asset-Backed Securities 9,536,907
Collateralized Mortgage Obligations 2,725,838
State Local Agency Investment Fund 25,696,371
Total Investments $399,108,900
G. Concentration of Credit Risk
Included in the table at Note F above are the following significant investments in any one issuer other than
U.S. Treasury securities,mutual funds, and external investment pools.
Reporting Reported
Unit Issuer Investment Type Amount
Entity-wide Federal National Mortgage Association U.S.Government Agency Securities $ 17,795,489
Federal Home Loan Bank U.S.Government Agency Securities 17,599,412
Federal Home Loan Mortgage Corporation U.S.Government Agency Securities 14,536,769
Collaterized Mortgage Obligations
67 99
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
4. INTERFUND TRANSACTIONS
A. Transfers between Funds
Transfers between funds during the year ended June 30,2023 were as follows:
Transfers In
General
Improvements Non-major
Projects Capital Parks Projects Streets Projects Governmental Internal Service
Transfers Out General Projects Capital Projects Capital Projects Funds Funds Total
Major Funds
General Fund $ - $ 1,517,792 $ 20,988 $ 417,663 $ 23,378 $ 2,000,000 $ 3,979,821
Public Facilities Impact
Fees Capital Projects - 3,419,639 3,937,124 - - - 7,356,763
Traffic Impact Fees
Capital Projects - - - 1,788,206 - - 1,788,206
Dublin Crossing Contribution
Capital Projects - - - 450,000 - - 450,000
Non-major Governmental Funds 29,383 6,854,409 581,666 10,397,350 474,814 - 18,337,622
Governmental funds subtotal 29,383 11,791,840 4,539,778 13,053,219 498,192 2,000,000 31,912,412
Internal Service Funds - 37,965 - - - - 37,965
Total $ 29,383 S 11,829,805 S 4,539,778 $ 13,053,219 $ 498,192 $ 2,000,000 $ 31,950,377
Significant transfers noted above made to major capital project funds were to fund on-going capital projects
including Citywide Energy Improvements, financial system replacement, Cultural Arts Center, sports park
and playgrounds,street resurfacing, and road improvements.
B. Current Interfund Balances
Current interfund balances arise in the normal course of business and are expected to be repaid shortly after
the end of the fiscal year. Significant balances in the capital project funds are a result of initiation of capital
projects expected to be funded by future fees. No formal repayment schedules have been adopted for these
temporary loans. As of June 30,2023,the following funds have balances due to the General Fund:
Due to General Fund:
Public Facilities Impact Fees Capital Projects Fund $ 20,238,774
Non-Major Governmental Funds 1,674,328
Internal Service Funds 727,092
Total $ 22,640,194
68 100
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
4. INTERFUND TRANSACTIONS,Continued
C. Advances between Funds
During the 2020-2021,2021-2022, and 2022-2023 fiscal years, the General Fund advanced funds to the Public
Facilities Impact Fees Capital Projects Fund to cover the construction costs of Wallis Ranch Community
Park,Jordan Ranch Neighborhood Square, and Library Tenant Improvements.
The following interfund advance balance existed at June 30,2023:
Advances from General Fund
Public Facilities Impact Fees Capital Projects Fund $ 858,747
Total $ 858,747
5. NOTES RECEIVABLE
The following table summarizes the notes receivable outstanding as of June 30, 2023:
First Time Homebuyer Loan Program $ 846,850
Eden(Wicklow)Square Senior Affordable Housing 3,029,193
SBA Microloan Program Receivables 86,458
Arroyo Vista Predevelopment/Construction Loan-Family Housing 2,240,727
Arroyo Vista Predevelopment/Construction Loan-Senior Housing 871,018
Veterans Family Apartment Development Loan 7,466,826
Total $ 14,541,072
Revolving Home Loans - As part of the City of Dublin First Time Homebuyer Loan Program (FTHLP), the
City provides financial assistance, in the form of a deferred loan. The program targets first time
homebuyers within a certain income range purchasing their first home in Dublin. Monthly payments of
principal and interest are generally deferred until the homes are sold, or are in default. In certain situations
the loan may also be due when the homeowners refinance their primary mortgage. The total outstanding
amount due, including accrued simple interest at 3.5% per annum, as of June 30, 2023 was $846,850. As of
June 30,2023,there were no loans in default.
69 101
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
5. NOTES RECEIVABLE, Continued
Details of the Revolving Home Loans as of June 30, 2023 were as follows:
REPAYMENT OF
LOAN ORIGINAL ACCRUED INTEREST AND LOAN
LOAN# DATE LOAN AMOUNT INTEREST PRINCIPAL BALANCE
#07-14 10/2/2007 $ 19,610 $ 10,810 $ - $ 30,420
#07-04 10/31/2007 50,000 27,421 - 77,421
#07-15 12/4/2007 24,536 13,377 - 37,913
#07-16 12/28/2007 8,000 4,343 - 12,343
#07-18 2/29/2008 24,170 12,973 - 37,143
#08-07 4/10/2009 27,425 13,655 - 41,080
#08-08 6/30/2009 39,576 19,397 - 58,973
#09-02 9/29/2009 36,595 17,617 - 54,212
#11-01 12/9/2011 26,025 10,545 - 36,570
#11-05 1/13/2012 29,999 12,037 - 42,036
#11-08 1/31/2012 35,249 14,083 - 49,332
#12-01 10/30/2012 29,999 11,203 - 41,202
#12-04 4/12/2013 36,749 13,145 - 49,894
#12-05 4/26/2013 35,249 12,562 - 47,811
#12-06 6/12/2013 31,499 11,083 - 42,582
#13-04 12/9/2013 40,000 13,384 - 53,384
#17-01 5/25/2018 40,000 7,142 - 47,142
#19-02 11/22/2019 40,000 5,052 - 45,052
#21-01 10/29/2021 40,000 2,340 - 42,340
Totals $ 614,681 $ 232,169 $ - $ 846,850
70 102
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
5. NOTES RECEIVABLE, Continued
Eden Senior Affordable Housing Loan - (Wicklow Square) - On September 23, 2002, the City selected Eden
Housing, Inc. as the developer for the affordable senior housing at the site of the former library located at
7606 Amador Valley Boulevard. This site also houses a senior center that the City constructed during fiscal
year 2003-2004. On February 1,2004, the City entered into an agreement and provided a loan in the amount
of$2,248,248 to the Dublin Senior Limited Partnership to support the senior housing project. The interest on
the outstanding principal balance of the loan is accrued at the rate of 3% simple interest per annum. The
entire outstanding principal balance of the loan, together with the interest accrued, shall be payable in full
on February 8, 2059, the 55th anniversary of the Initial Disbursement Date of February 18, 2004.
Repayments commenced on June 1, 2006, and on the first day of each June, 60% of the Surplus Cash
generated by the project during the previous calendar year are remitted to reduce the outstanding
indebtedness. Any payment not paid when due shall bear interest at a rate equal to 10% annum from the
due date until it is paid in full. As of June 30,2023,the outstanding loan amount was$3,029,193.
SBA Microloan Program - The City of Dublin's Small Business Emergency Microloan Program was
established by the Dublin City Council with the intention to assist in retaining local small businesses
(primarily restaurants and retailers) that are experiencing severe negative impacts due to the COVID-19
pandemic. The Program provides zero-interest, unsecured, short-term loans of up to $10,000 to eligible
independently or locally owned businesses with priority for restaurants and retail businesses. Loan funds
must be used to cover payroll, rent, operating expenses or working capital. Loan repayment is deferred for
36 months after loan approval. The loan may be up to 100% forgiven based on either longevity of the
business operating in Dublin or sales tax generation by the business. As of June 30, 2023, the outstanding
loan amount was$86,458.
Arroyo Vista Predevelopment/Construction Loan -Family and Senior Projects - (Emerald Vista) - On June 1,2011,
the City entered into an agreement to provide a loan to Eden Dougherty, L.P., a California nonprofit public
benefit corporation, with a not-to-exceed $7,600,000 principal amount in accordance to the Arroyo Vista
Disposition and Development Agreement dated July 25, 2007 concerning the redevelopment of the real
property located at 6700 Dougherty Road in the City of Dublin. The City agreed to provide a loan to Eden
to assist in financing the development of the Family Project and Senior Project. The City determined that the
development of the project is in the interests of health, safety and welfare of the residents of the City, and
that the City financing is necessary to make the project affordable to low and very low income households
for a term of not less than fifty-five years. The note will not bear interest until the earlier of (i) the date that
the project's construction financing is either converted to a permanent loan or repaid in full, or (ii) twelve
months following the date of issuance of the final certificate of occupancy or equivalent for the project;
thereafter, the outstanding principal balance of the loan shall bear interest at a rate equal to three percent
simple annual interest. Annual payments shall be due and payable on a residual receipts basis in
accordance with the formula set forth in the note. The entire outstanding principal balance and accrued
interest shall be paid in full on the earlier of (i) the fifty fifth anniversary of the date of issuance of the final
certificate of occupancy or (ii) the fifty-seventh anniversary of the loan origination date. The City has the
right to accelerate maturity date and declare all sums immediately due and payable to the City upon the
occurrence of an event of developer default, including developer's failure to commence or complete
construction of the project within times period specified in the note. As of June 30, 2023, the outstanding
loan amounts for the Family Project and the Senior Project were 2,240,727 and$871,018,respectively.
71 103
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
5. NOTES RECEIVABLE, Continued
Veterans Family Apartment Development Loan - On October 1, 2015, the City entered into an agreement to
provide a loan to Dublin Family, L.P., a California limited partnership. The City entered into an agreement
and provided a loan in the amount of$6,400,000 to the Dublin Family L.P. to build on the property a 66-unit
affordable multifamily rental housing project consisting of 65 affordable rental housing units primarily for
very low and low income veterans and their families, one resident manager's unit, and other related
improvements. The only payment to be received is the accrued interest. The principal is not due until the
maturity date. The entire outstanding principal balance of the loan, together with the interest accrued, shall
be payable in full on June 1, 2070. The City has the right to accelerate maturity date and declare all sums
immediately due and payable to the City upon the occurrence of an event of developer default, including
developer's failure to commence or complete construction of the project within times period specified in the
note.As of June 30,2023,the outstanding loan amount was 7,466,826.
6. LEASES RECEIVABLE
Cell Tower Leases
In July 2000,the City entered into a lease with New Cingular Wireless PCS, LLC. Under the lease,the lessee
pays the City $10,404 per year (with 2% increase every year) for 10 years in exchange for ten (10) pole
licenses. The lease receivable is measured as the present value of the future minimum rent payments
expected to be received during the lease term at a discount rate of 0.34%,which is FY20-21 Q1 market yield
of the City's portfolio. For the year ended June 30, 2023, the City recognized $11,433 of lease revenue and
$275 of interest revenue under the lease.
In July 2022,the City entered into a lease with New Cingular Wireless PCS, LLC. Under the lease,the lessee
pays the City $10,824 per year (with 2% increase every year) for 7 years in exchange for ten (10) pole
licenses. The lease receivable is measured as the present value of the future minimum rent payments
expected to be received during the lease term at a discount rate of 3.66%,which is FY22-23 Q1 market yield
of the City's portfolio. For the year ended June 30, 2023, the City recognized $9,954 of lease revenue and
$2,247 of interest revenue under the lease.
Crown Castle Lease
In July 2000, the City entered into a lease with Crown Castle. Under the lease, the lessee pays the City
$2,653 per month for 20 years in exchange for space to be used for a cellular tower site. The lease receivable
is measured as the present value of the future minimum rent payments expected to be received during the
lease term at a discount rate of 0.60%, which is FY21-22 Q2 market yield of the City's portfolio. For the year
ended June 30, 2023, the City recognized $21,720 of lease revenue and $31,176 of interest revenue under the
lease.
Alameda County Fire Department Lease-Fleet
In July 2014, the City entered into a lease with Alameda County Fire Department. Under the lease, the
lessee pays the City based on a rent schedule for 240 months in exchange for 5777 Scarlett Court, Dublin,
CA 94568 for Fleet Maintenance Facility Use. The lease receivable is measured as the present value of the
future minimum rent payments expected to be received during the lease term at a discount rate of 0.56%,
which is the FY14-15 Q1 market yield of the City's portfolio. For the year ended June 30, 2023, the City
recognized$150,566 of lease revenue and$125,018 of interest revenue under the lease.
72 104
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
6. LEASES RECEIVABLE, Continued
Alameda County Fire Department Lease-Fire
In January 2020, the City entered into a lease with Alameda County Fire Department. Under the lease, the
lessee pays based on a rent schedule for 60 months in exchange for 6363 Clark Avenue, Dublin, CA 94568
for Fire Department Office Facility Use. The lease receivable is measured as the present value of the future
minimum rent payments expected to be received during the lease term at a discount rate of 1.11%,which is
the FY19-20 Q3 market yield of the City's portfolio. For the year ended June 30, 2023, the City recognized
$255,950 of lease revenue and$77,736 of interest revenue under the lease.
U.S.Bank National Association Lease-Building/Park
In November 2022, the City entered into a lease with U.S. Bank National Association. Under the lease, the
lessee pays the City based on a rent schedule for 60 months in exchange for 11805 Dublin Blvd, Dublin, CA
94568 for Bank Branch/Park. The lease receivable is measured as the present value of the future minimum
rent payments expected to be received during the lease term at a discount rate of 3.66%, which is the FY22-
23 Q1 market yield of the City's portfolio. For the year ended June 30, 2023, the City recognized $31,957 of
lease revenue and$10,448 of interest revenue under the lease.
The future payments on the leases as of June 30,2023 were as follows:
Year Ending Cell Tower Leases ACFD Fleet ACFD Fire
June 30, Principal Interest Principal Interest Principal Interest
2024 $ 24,365 $ 33,139 $ 83,233 $ 119,624 $ 261,401 $ 40,651
2025 25,968 32,468 101,555 113,473 186,708 8,382
2026 28,283 31,676 108,593 106,435 - -
2027 30,772 30,752 129,425 98,503 - -
2028 33,447 29,683 138,396 89,532 - -
2029-2033 92,810 131,530 994,760 272,124 - -
2034-2042 319,475 111,517 261,838 9,628 - -
Total $ 555,120 $ 400,765 $ 1,817,800 $ 809,319 $ 448,109 $ 49,033
Year Ending 11805 Dublin Blvd Total
June 30, Principal Interest Principal Interest
2024 $ 22,548 $ 96,492 $ 391,547 $ 289,906
2025 34,709 84,331 348,940 238,654
2026 53,429 65,611 190,305 203,722
2027 82,246 36,794 242,443 166,049
2028 36,299 3,381 208,142 122,596
2029-2033 - - 1,087,570 403,654
2034-2042 - - 581,313 121,145
Total $ 229,231 $ 286,609 $ 3,050,260 $ 1,545,726
73 105
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
7. CAPITAL ASSETS
A. Current Year Activities
Capital asset activities during the year ended June 30,2023 were as follows:
Balance
July 1,2022 Balance
(as restated) Additions Retirements June 30,2023
Non-depreciable assets:
Land $ 182,170,145 $ - $ - $ 182,170,145
Streets right of way 37,760,857 - - 37,760,857
Construction in progress 87,822,285 26,781,971 - 114,604,256
Total non-depreciable assets 307,753,287 26,781,971 - 334,535,258
Depreciable assets:
Infrastructure 448,086,898 - - 448,086,898
Buildings and improvements 118,068,799 24,960 - 118,093,759
Vehicles and equipment 24,837,789 872,184 25,709,973
Subscription based I.T.agreements 1,479,702 - - 1,479,702
Total depreciable assets 592,473,188 897,144 - 593,370,332
Less accumulated depreciation/
amortization:
Infrastructure (273,910,616) (9,466,602) - (283,377,218)
Buildings and improvements (57,829,153) (3,869,601) - (61,698,754)
Vehicles and equipment (12,236,002) (1,907,892) - (14,143,894)
Right of way (170,719) (93,423) - (264,142)
Subscription based I.T.agreements - (340,456) - (340,456)
Total accumulated depreciation/
amortization (344,146,490) (15,677,974) - (359,824,464)
Total depreciable assets,net 900,226,475 27,679,115 - 927,905,590
Total capital assets $ 556,079,985 $ 12,001,141 $ - $ 568,081,126
74 106
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
7. CAPITAL ASSETS, Continued
B. Project Commitments
As of June 30,2023,the City had outstanding commitments with contractors for the following projects:
Project Commitment
General Improvement Projects $ 10,790,280
Parks Projects 2,267,774
Streets Projects 21,971,732
Public Art Projects 231,995
C. Capital Asset Contributions
Some capital assets may be acquired using Federal and State grant funds, or they may be contributed by
developers or other governments. GASB Statement 34 requires that these contributions be accounted for as
revenues at the time the capital assets are contributed.
D. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The
amounts allocated to each function or programs are as follows:
Governmental Activities:
General Government $ 1,731,485
Police 569,633
Fire 572,108
Public Works 7,049,700
Parks and Community Service 4,466,764
Community Development 1,288,284
Total depreciation expense $ 15,677,974
8. LONG TERM DEBT
A. Current Year Transactions and Balances
Long-term debt transactions and balances during the year ended June 30,2023 were as follows:
Balance Due in
July 1,2022 Balance Due Within More than
(as restated) Deletions June 30,2023 One Year One Year
Governmental Activities:
2021 Lease Revenue Bonds $ 18,060,000 $ (655,000) 17,405,000 $ 680,000 $ 16,725,000
Premium on bond 2,394,565 (123,856) 2,270,709 - 2,270,709
Subscription based I.T.agreements 1,479,702 (258,644) 1,221,058 381,625 839,433
Total long-term debt $ 21,934,267 $ (1,037,500) $ 20,896,767 $ 1,061,625 $ 19,835,142
75 107
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
8. LONG TERM DEBT,Continued
B. 2021 Lease Revenue Bonds- Original Issue$18,565,000
In October 2021, the Dublin Financing Authority issued the 2021 Lease Revenue Bonds to finance energy
efficiency improvements throughout the City. The bonds dated October 14, 2021, and issued at a premium
of$2,477,136 mature in 2041. Commencing June 1,2022,principal payments are due annually on June 1 and
interest payments are due annually on June 1 and December 1. Debt service is payable from any source of
available funds of the City. Interest on the bonds ranges from 2.5% to 4.0%. The balance at June 30, 2023,
including unamortized bond premium of$2,270,709 amounted to$19,675,709.
The annual debt service requirements on the bonds at June 30,2023 are as follow:
2021 Lease Revenue Bonds
For the Years
Ending June 30, Principal Interest Total
2024 $ 680,000 $ 651,850 $ 1,331,850
2025 710,000 624,650 1,334,650
2026 735,000 596,250 1,331,250
2027 765,000 566,850 1,331,850
2028 795,000 536,250 1,331,250
2029-2033 4,485,000 2,177,450 6,662,450
2034-2038 5,450,000 1,206,650 6,656,650
2039-2041 3,785,000 209,850 3,994,850
Total $ 17,405,000 $ 6,569,800 $ 23,974,800
C. Subscription Based Information Technology Arrangements
The City implemented Governmental Accounting Standards Board Statement No. 96, Subscription-Based
Information Technology Arrangements, in fiscal year 2023. The City has four software arrangements that
require recognition under GASBS No. 96. The software amortization expense is included on the Statement
of Revenues, Expenses and Changes in Fund Net Position related to the City's intangible asset of four
software systems, which is included in Note 7 as subscription based I.T. agreements. The City now
recognizes a subscription-based information technology arrangements (SBITA) liability and an intangible
right-to-use asset for the four software arrangements described below.
Activenet software arrangement is a three-year agreement with automatic renewals for three year terms,
initiated in fiscal year 2019 with an annual payment of $53,040. The City has used a 2.4% discount rate for
this arrangement based on similar debt during the same fiscal year. There are no options to extend the
arrangement or purchase the software.
Consiliant Technologies software arrangement is a three-year agreement, initiated in fiscal year 2022 with
annual payments ranging from $62,934 to $63,562. The City has used a 2.4% discount rate for this
arrangement based on similar debt during the same fiscal year. There is an option to extend the
arrangement on a month to month basis for up to six months. There is no option to purchase the software.
76 108
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
8. LONG TERM DEBT,Continued
C. Subscription Based Information Technology Arrangements, Continued
OpenGov software arrangement is a five-year agreement, initiated in fiscal year 2020 with an annual
payment of $52,472. The City has used a 2.4% discount rate for this arrangement based on similar debt
during the same fiscal year. There are no options to extend the arrangement or purchase the software.
Tyler Technologies software arrangement is a seven-year agreement, initiated in fiscal year 2021 with an
annual payment of $238,326. The City has used a 2.4% discount rate for this arrangement based on similar
debt during the same fiscal year. There are no options to extend the arrangement or purchase the software.
The annual debt service requirements on the bonds at June 30,2023 are as follow:
Subscription Based I.T.Agreements
For the Years
Ending June 30, Principal Interest Total
2024 $ 381,625 $ 25,146 $ 406,771
2025 273,129 18,237 291,366
2026 279,757 11,609 291,366
2027 286,547 4,820 291,367
Total $ 1,221,058 $ 59,812 $ 1,280,870
9. RESTATEMENT OF ASSETS AND LIABILITIES
The City recorded the following prior period adjustments as part of implementing GASB Statement 96,
Subscription Based Information Technology Arrangements and correcting prior year recognized leases
receivable and related deferred inflow of resources. There was no net impact on beginning fund balance or
net position as a result of the prior period adjustments.
Fund Balance/ Prior Period Adjustments Fund Balance/
Net Position,as Deferred Net Position,as
Previously Reported Leases Inflows- Capital Long-Term Restated at
at June 30,2022 Receivable Leases Assets Debt June 30,2022
Government-Wide
Financial Statements
Governmental Activities $ 889,718,201 $495,424 $(495,424) $1,479,702 $(1,479,702) $ 889,718,201
Fund Financial Statements
General Fund $ 223,857,506 $495,424 $(495,424) $ - $ - $ 223,857,506
Internal Service Funds $ 63,716,084 $ - $ - $1,479,702 $(1,479,702) $ 63,716,084
77 109
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
10.FUND BALANCES
Detailed classifications of the City's Fund Balances, as of June 30,2023, are stated below:
Major Funds
Public Dublin Other
General Affordable Facilities Fire Impact Traffic Impact Crossing Governmental
Fund Housing lmpactFem Fees Fees Contribution Public Art Funds Total
Nonspendable:
Prepaids $ 4,859 $ - $ - $ - $ - $ - $ - $ - $ 4,859
Subtotal Non-Spendable Fund Balance 4,859 4,859
Restricted for:
Cemetery Endowment 60,000 - - - - - - - 60,000
Public Safety Programs - - - - - - - 1,260,237 1,260,237
Street Maintenance and Construction - - - - - - - 13,049,920 13,049,920
Health and WelfarePrograms - - - - - - - 1,069,741 1,069,741
Heritage Park Maintenance 750,000 - - - - - - - 750,000
Culture and Leisure - - - - - - - 859,722 859,722
Impact Fee Capital Projects - - 15,880,376 134,609 30,130,376 - - - 46,145,361
CapitallmpmvementProjects - - - - - 12,185,835 - 6,341,175 18,527,010
Developer Contribution-Heritage Park 19,000 - - - - - - - 19,000
Developer Contribution-Nature Park 60,000 - - - - - - - 60,000
Downtown Community Benefit Program 1,490,000 - - - - - - - 1,190,000
Pension 1,945,132 - - - - - - - 1,945,132
Housing 30,243,024 30,243,024
Subtotal Restricted Fund Balance 4,324,132 30,243,024 15,880,376 134,609 30,130,376 12,185,835 22580,795 115,479,147
Committed to:
Economic Stability 8,000,000 - - - - - - - 8,000,000
Downtown Public Improvements 22,139,587 - - - - - - - 22,139,587
Emergency Communications 532,113 - - - - - - - 532,113
Fire Services OPEB 2,211,094 - - - - - - - 2,211,094
Innovations and New Opportunities 894,498 - - - - - - - 894,498
Maintenance Facility 55,088 - - - - - - - 55,088
Don Biddle Community Park 675,193 - - - - - - - 675,193
One Time Initiatives 2,422,480 - - - - - - - 2,422,480
Contribution to Public Facility Fee 6,000,000 - - - - - - - 6,000,000
Fallon Sports Park 100,000 - - - - - - - 100,000
Utility Undergrounding 3500,000 - - - - - - - 3,500,000
Lease Revenue Bonds Payment 7,000,000 - - - - - - - 7,000,000
Public Safety 4,600,000 - - - - - - - 4,600,000
Cultural Arts Center 7,139,197 - - - - - - - 7,139,197
Advance to Public Facility Fee 10,747,169 10,747,169
Subtotal Committed Fund Balance 76,016,419 76,016,419
Assigned In
Non-street CIP 3,276,777 - - - - - - - 3,276,777
Employees Accrued Leave 1,301506 - - - - - - - 1,301506
Operating Carryovers 2,014,571 - - - - - - - 2,014,571
CIP Carryovers 6,535,032 - - - - - - - 6,535,032
Catastrophic Loss and Recovery 17,714,064 - - - - - - - 17,714,064
Service Continuity Obligations 3,150,000 - - - - - - - 3,150,000
Pension and Post Employment Benefits 18,000,000 - - - - - - - 18,000,000
Fiscally Responsible Adjustrnent 325,000 - - - - - - - 325,000
Internal Service Fund 1,500,000 - - - - - - - 1,500,000
Municipal Regional Permit 1,869,152 - - - - - - - 1,869,152
HVACReplacement 3,010,829 - - - - - - - 3,010,829
Relocatr Parks 500,000 - - - - - - - 500,000
Parks and Street Contingency Maintenance 201,270 - - - - - - - 201,270
Commercial Facade Improvement Grant 429,972 - - - - - - - 429,972
Police Service Building 1,022 - - - - - - - 1,022
Library Tenant Improvement 1,000,000 - - - - - - - 1,000,000
Village Parkway Pavement 15,900,156 - - - - - - - 15,900,156
Clinate Action Plan 2,023,760 - - - - - - - 2,823,760
ARPA Revenue Replacement 990,187 - - - - - - - 990,187
Dublin Boulevard Extension 42,500,000 - - - - - - - 42,500,000
Pavement Management 2,000,000 2,000,000
Subtotal Assigned Fund Balance 125,043,298 125,043,298
Unassigned Fund Balance:
Fund Balance Deficits - - - - - - - (876,004) (876,004)
Unrealized Gain on Investments/(Loss) (14,061,701) - - - - - - - (14,061,701)
Cash Flow Per City Policy 58,409,603 58,409,603
Subtotal Unassigned Fond Balance 44,347,902 (876,004) 43,171,898
Total Fund Balance(Deficit) $ 249,736,610 $ 30,243,024 $ 15,880,376 $ 134,609 $ 30,130,376 $ 12,185,835 $ - $ 21,704,791 $ 360,015,621
78 110
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
10. FUND BALANCES, Continued
A. Minimum Fund Balance Policies
The City's Reserve Policy requires the City to maintain an Unrestricted General Funds, for cash flow
purposes, of minimum equal to two months of budgeted operating expenditures with a goal to achieve a
maximum of four months. As of June 30, 2023 the cash flow reserves, which are part of the Unassigned
Fund Balance, were above the minimum at approximately 7 months, which were over the desired target of
4 months. Funds may be appropriated as to Undesignated Capital Contribution by designation from City
Council only for high priority one time capital expenditures provided the minimum fund balance would
remain.
B. Fund Balance Deficits
The funds listed in the table below had fund balance deficits as of June 30, 2023. These deficits are expected
to be eliminated by future revenues.
Fund Fund Deficit
SAFETEA-LU $ 40,000
State Grant Park 557,154
Building Homes and Jobs Act 278,850
11.DEFERRED COMPENSATION PLAN
City employees may defer a portion of their compensation under a City sponsored deferred compensation
plan created in accordance with Internal Revenue Code Section 457. Under this plan, participants are not
taxed on the deferred portion of their compensation until it is distributed to them; distributions may be
made only at termination of employment, retirement, death, or in an emergency as defined by the Plan. In
accordance with GASB Statement No. 32, the funds have been placed in a trust administered by ICMA
Retirement Corporation and are not available to the City's general creditors. Accordingly, the City does not
report the assets in the financial statements.
12.PENSION PLAN
A. General Information about the CalPERS Pension Plan
Plan Description and Summary of Balances by Plan -All qualified permanent and probationary employees
are eligible to participate in the City's Miscellaneous (all other) Employee Pension Rate Plan. The City's
Miscellaneous Rate Plan is part of the public agency cost-sharing multiple-employer defined benefit
pension plan (PERF C), which is administered by the California Public Employees' Retirement System
(CalPERS). PERF C consists of a miscellaneous pool and a safety pool (also referred to as "risk pools"),
which comprised individual employer miscellaneous and safety rate plans, respectively. Individual
employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in
one cost-sharing multiple-employer defined benefit pension plan regardless of the number of rate plans the
employer sponsors. The City sponsors two rate plans (miscellaneous). Benefit provisions under the Plan are
established by State statute and City 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.
79 111
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
12. PENSION PLAN,Continued
A. General Information about the CalPERS Pension Plan, Continued
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. 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 1959 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.
The Plan's provisions and benefits in effect as of June 30,2023, are summarized as follows:
Miscellaneous
Miscellaneous PEPRA
Hire Date Prior to January 1,2013 After January 1,2013
Benefit formula 2.7% @ 55 2% @ 62
Benefit vesting schedule 5 years service 5 years service
Benefit payment Monthly for life Monthly for life
Retirement age 55 62
Monthly benefits,as a % of annual salary 2.70% 2.00%
Required employee contribution rates 8.00% 6.25%
Required employer contribution rates 14.03% 7.47%
Required unfunded liability payment $1,504,667 $9,750
Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the
employer contribution rates for all public employers be determined on an annual basis by the actuary and
shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan
are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is
the estimated amount necessary to finance the costs of benefits earned by employees during the year, with
an additional amount to finance any unfunded accrued liability. The City is required to contribute the
difference between the actuarially determined rate and the contribution rate of employees.
For the measurement period ended June 30,2022,the City's contributions to the Plan were$1,928,720.
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions
As of June 30, 2023, the City reported $20,630,516 in net pension liabilities for its proportionate share of the
net pension liability of the Plan. The General Fund has been used in prior years to liquidate the net pension
liabilities.
The City's net pension liability for the Plan is measured as the proportionate share of the net pension
liability. The net pension liability of the Plan is measured as of June 30, 2022, 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, 2021 rolled forward to June 30, 2022 using standard update procedures. The City's proportion of
the net pension liability was based on a projection of the City's long-term share of contributions to the
pension plan relative to the projected contributions of all participating employers,actuarially determined.
80 112
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
12. PENSION PLAN,Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The City's proportionate share of the net pension liability for the Plan as of the measurement dates June 30,
2021 and 2022 was as follows:
Proportion-June 30,2021 0.16280%
Proportion-June 30,2022 0.17861%
Change-Increase(Decrease) 0.01581%
For the year ended June 30, 2023, the City recognized net pension expense of $1,358,055 for the
Miscellaneous Plan on the Statement of Activities. As of June 30, 2023, the City reported deferred outflows
of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows of
of Resources Resources
Pension contributions subsequent
to measurement date $ 2,194,205 $ -
Changes of assumptions 2,114,027 -
Differences between expected and
actual experience 414,301 277,481
Changes in employer's proportion 700,707 -
Differences between the employer's
contribution and the employer's
proportionate share of
contributions - 1,740,346
Net differences between projected
and actual earnings on plan
investments 3,778,963 -
Total $ 9,202,203 $ 2,017,827
81 113
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
12. PENSION PLAN,Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The $2,194,205 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, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized as pension expense as follows:
Ending June 30:
2023 $ 1,077,566
2024 1,011,978
2025 589,285
2026 2,311,342
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The
following presents the City's proportionate share of the net pension liability for the Plan, calculated using
the discount rate for the Plan, as well as what the City's proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
1%Decrease 5.90%
Net Pension Liability $ 32,337,074
Current Discount Rate 6.90%
Net Pension Liability $ 20,630,516
1% Increase 7.90%
Net Pension Liability $ 10,998,924
82 114
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
12. PENSION PLAN,Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
Actuarial Assumptions -For the measurement period ended June 30, 2022, the total pension liabilities were
determined by rolling forward the June 30, 2021 total pension liability. The June 30, 2021 total pension
liabilities were based on the following actuarial methods and assumptions:
Valuation Date June 30, 2021
Measurement Date June 30, 2022
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increases Varies by entry age and service
Investment Rate of Return(1) 6.90%
Mortality Derived by CalPERS' Membership Data for all Funds
(1)Net of pension plan administrative expenses
All other actuarial assumptions used in the June 30,2021 valuation were based on the results of a December
2017 actuarial experience study for the period 1997 to 2015. Further details of the Experience Study can
found on the CalPERS website.
Discount Rate - The discount rate used to measure the total pension liability was 6.90% for the Plan. To
determine whether the municipal bond rate should be used in the calculation of a discount rate for each
plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different
from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets.
Therefore, the current 6.90% discount rate is adequate and the use of the municipal bond rate calculation is
not necessary. The long term expected discount rate of 6.90% will be applied to all plans in the Public
Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be
obtained from the CalPERS website.
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. Projected returns for all asset classes are
estimated and, combined with risk estimates, are used to project compound (geometric) returns over the
long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio
return.
The table on the following page reflects the long-term expected real rate of return by asset class. The rate of
return was calculated using the capital market assumptions applied to determine the discount rate and
asset allocation. These rates of return are net of administrative expenses.
83 115
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
12. PENSION PLAN,Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
Assumed Asset
Asset Class Allocation Real Return(1)(2)
Global Equity-Cap-Weighted 30.00% 4.45%
Global Equity-Non-Cap- 12.00% 3.84%
Weighted
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 2.30% used for this period.
(2)Figures are based on the 2021-22 Asset Liability Management study.
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net
position is available in the separately issued CalPERS financial reports.
Payable to the Pension Plan - There were no outstanding contributions to the pension plan as of
June 30,2023.
Change in Assumption - For measurement period ended June 30, 2022, the discount rate was reduced to
6.90%.
13.OTHER POST EMPLOYMENT BENEFITS
A. City of Dublin Retiree Health Plan
Plan Description - City of Dublin (City) Retiree Health Plan is a single-employer defined benefit healthcare
plan administered by the California Public Employees Retirement System (CalPERS). The plan provides
medical insurance benefits to eligible retirees and their eligible dependents in accordance with Public
Employee Retirement Law (Article 2). The Public Employees Retirement System Board of Administration
has the responsibility to approve health benefit plans and may contract with carriers offering health benefit
plans. The Board of Administration is responsible for adopting all rules and regulations, including the
scope and content of basic health plans. The California Government Code also defines certain rules for
contract agencies, such as the City of Dublin,to purchase health insurance benefits.
84 116
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
13. OTHER POST EMPLOYMENT BENEFITS,Continued
A. City of Dublin Retiree Health Plan, Continued
Contributions -There is no requirement imposed by CalPERS, to contribute any amount beyond the pay-as-
you-go contributions. The cost of monthly insurance premiums may be shared between the retiree and the
City. The contribution and cost sharing varies depending on: date of hire; the dependent status; and plan
selected. The City contributes PEMHCA to retirees hired after January 1, 2016. A minimum employer
monthly contribution requirement is established and may be amended by the CalPERS Board of
Administration and applicable laws. Within the parameters of the law, individual contracting agencies,
such as the City, are allowed to establish and amend the level of contributions made by the employer
towards the monthly cost of the plans. Changes to the employer contribution rate towards retiree benefits
are recorded in a resolution adopted by the City Council.
For the measurement period 2021-22,the City contributed$252,514.
Employees Covered
Inactive employees or beneficiaries 75
currently receiving benefits
Inactive employees entitled to but not yet 5
receiving benefits
Active employees 96
Total 176
Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2022 and the total OPEB liability used to the
calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2021, based on the
following actuarial methods and assumptions:
Valuation Date June 30,2021
Measurement Date June 30,2022
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 5.55%
Inflation 2.50%
Contribution Policy Contributes full ADC
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 5.55%
Mortality CalPERS 2017 Experience Study
Post Retirement Benefit
Increase MacLeod Watts Scale 2020
Healthcare Trend 5.7% in 2022 fluctuating down to 4.0%by 2076
85 117
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
13. OTHER POST EMPLOYMENT BENEFITS,Continued
A. City of Dublin Retiree Health Plan, Continued
Net OPEB Liability, Continued
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 table on the following page.
Target Expected Real
Asset Class Allocation Rate of Return*
Global Equity 34.00% 4.40%
Fixed Income 41.00% -1.00%
TIPS 5.00% -1.80%
Commodities 3.00% 0.80%
REITS 17.00% 3.00%
Assumed Long-Term Rate of Inflation 2.50%
Assumed Long-Term Investment Expenses n/a
Expected Long-Term Net Rate of Return,Rounded 5.55%
Discount Rate** 5.55%
*Real rates of return come from a geometric representation of returns that assume a general
inflation rate of 2.50%.
**The fiduciary net position is projected to be sufficient to make projected benefit payments,and
the plan assets are expected to be invested using the strategy to achieve the expected return.
Discount Rate
The discount rate used to measure the total OPEB liability was 5.55 percent. 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.
86 118
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
13. OTHER POST EMPLOYMENT BENEFITS,Continued
A. City of Dublin Retiree Health Plan, Continued
Changes in the Net OPEB Liability
The changes in the Net OPEB liability for the OPEB Plan are as follows:
Increase(Decrease)
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
Balance at June 30,2022 $ 18,789,617 $ 27,838,355 $ (9,048,738)
Changes in the year:
Service cost 483,571 - 483,571
Interest on the total pension
liability 1,158,191 - 1,158,191
Differences between actual
and expected experience - - -
Changes in assumptions 1,459,903 - 1,459,903
Changes in benefit terms (1,185,363) - (1,185,363)
Contribution-employer - 252,514 (252,514)
Contribution-employee - - -
Net investment income - 1,696,842 (1,696,842)
Administrative expenses - (7,026) 7,026
Benefit payments,including
refunds of employee
contributions - (1,185,363) 1,185,363
Investment Experience - (5,024,353) 5,024,353
Net changes 1,916,302 (4,267,386) 6,183,688
Balance at June 30,2023 $ 20,705,919 $ 23,570,969 $ (2,865,050)
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The following presents the net OPEB liability (asset) of the City if it were calculated using a discount rate
that is one percentage point lower or one percentage point higher than the current rate, for measurement
period ended June 30,2022:
Current
1%Decrease Discount Rate 1% Increase
(4.55%) (5.55%) (6.55%)
Net OPEB Liability(Asset) $ (236,009) $ (2,865,050) $ (5,040,399)
87 119
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
13. OTHER POST EMPLOYMENT BENEFITS,Continued
A. City of Dublin Retiree Health Plan, Continued
Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates
The following presents the net OPEB liability of the City if it were calculated using health care cost trend
rates that are one percentage point lower or one percentage point higher than the current rate, for
measurement period ended June 30,2022:
Current Healthcare
1%Decrease Trend Rate 1% Increase
Net OPEB Liability(Asset) $ (5,091,178) $ (2,865,050) $ (166,439)
Recognition of Deferred Outflow and Deferred Inflows of Resources
Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in
OPEB expense systematically over time. Amounts are first recognized in OPEB expense for the year the
gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of
resources related to OPEB and are to be recognized in future OPEB expense. The recognition period differs
depending on the source of the gain or loss:
Net difference between projected 5 year straight-line recognition
and actual earnings on OPEB plan
investments
All other amounts Straight-line recogntion over the expected average remaining service lifetime
(EARSL)of all members that are provided with benefits,determined as of the
beginning of the Measurement Period.In determining the EARSL,all active,
retired and inactive(vested)members are counted,with the latter two groups
having 0 remaining service years.
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB
For the fiscal year ended June 30,2023, the City recognized OPEB expense (income) of$(122,895).
88 120
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
13. OTHER POST EMPLOYMENT BENEFITS,Continued
A. City of Dublin Retiree Health Plan, Continued
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB, Continued
For the fiscal year ended June 30, 2023, the City reported deferred outflows of resources related to OPEB
from the following sources:
Deferred Outflows Deferred Inflows of
of Resources Resources
OPEB contributions subsequent to
measurement date $ 284,727 $ -
Differences between actual and expected
experience - 1,099,076
Changes in assumptions 1,453,634 275,577
Net differences between projected and
actual earnings on plan investments 1,390,854 -
Total $ 3,129,215 $ 1,374,653
The $284,727 reported as deferred outflows of resources related to contributions subsequent to the
June 30, 2022 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal
year ending June 30, 2024. Other amounts reported as deferred outflows of resources related to OPEB will
be recognized as expense as follows:
Fiscal Year
Ending June 30:
2024 $ (14,367)
2025 (16,698)
2026 33,585
2027 1,154,923
2028 177,667
Thereafter 134,725
B. Dougherty Regional Fire Authority Health Plan (DRFA)
The City provides certain health care benefits for Dougherty Regional Fire Authority retirees as required
under contract signed with PERS and the dissolution agreement of the Authority. The cost of retiree health
care benefits is recognized as expenditure as premiums are paid. For the year ended June 30,2023 those cost
totaled$38,450.
89 121
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
14.HEALTH,GENERAL LIABILITY, AND WORKERS' COMPENSATION COVERAGE
A. Risk Pool
The City participates in the PLAN JPA, a non-profit public benefit corporation established to provide
liability insurance coverage, claims administration and risk management services, and legal defense to its
participating members. The liability insurance coverage is provided by a combination self-insurance
collectively funded by PLAN JPA and the purchase of commercial insurance for large losses.
PLAN JPA provides the first $5 million of coverage as self-funded general liability and automobile liability
coverage per occurrence. PLAN JPA purchases commercial excess liability insurance in two layers of $10
million and $15 million each to provide total coverage of claims up to $30 million per occurrence. The City
has a deductible of $50,000 per occurrence. PLAN JPA also provides $2 million of employee bonds (theft
coverage) in excess of a$10,000 deductible.
PLAN JPA also provides property insurance coverage. This coverage also comprises self-insured layer
combined with commercial insurance. The first $100,000 of losses are self-funded by PLAN JPA from
premiums collected from the participants in the program. PLAN JPA purchases an insurance policy to
cover losses above $100,000 per occurrence and the annual aggregate losses of the pool are insured above
$225,000. The insurance provides coverage for property damage among all participants to $1 billion. The
City deductible for property and vehicle losses is $5,000. For any single loss in excess of $25,000 the
deductible is waived.
The City's contributions to the PLAN JPA for liability coverage are based on a formula which considers the
ratio of the City's payroll to the total payrolls of all entities participating in the same layer of each program,
in each program year's loss history and population. Actual surpluses or losses are shared according to a
formula developed from overall loss costs and spread to member entities on a percentage basis after a
retrospective rating.
There have been no significant reductions in any of the City's areas of insurance coverage and no settlement
amounts have exceeded coverage in the past three years. Audited financial information for the PLAN JPA
can be obtained from Bickmore, 1750 Creekside Oaks Drive,Suite 200,Sacramento, CA 95833.
B. Workers'Compensation Coverage
The City participates in The Cities Group, created by a joint powers agreement (JPA) to provide workers'
compensation coverage paid from the pooled contributions of its membership with no deductible to the
City. Any claim in excess of $1 million is covered up to $10 million through a policy with Safety National
Casualty Corp purchased by The Cities Group. The Cities Group acts as an administrator, claim adjuster
and provides other risk management services as provided by State law. Each member of The Cities Group
pays a premium commensurate with the level of coverage requested and shares surpluses and deficits
proportionately to its participation in The Cities Group. During the year ended June 30, 2023, the City paid
The Cities Group $2,489 in premium. Financial Statements may be obtained from The Cities Group, P.O.
Box 111,Burlingame, CA 94011-0111.
90 122
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
14. HEALTH, GENERAL LIABILITY, AND WORKERS' COMPENSATION COVERAGE, Continued
C. Liability for Uninsured Claims
The GASB requires municipalities to record their liability for uninsured claims and reflect the current
portion of this liability as expenditures in their financial statements. As discussed above, the City has
coverage for such claims, but it has retained the risk for the deductible or the uninsured portion of these
claims in the PLAN JPA and The Cities Group plans. GASB Statement No. 10, "Financial Reporting for Risk
Financing and Related Insurance Issues" require that this amount be separately identified and recorded as a
liability.
The City's liability for uninsured claims, limited to general liability and workers compensation claims as
discussed above, includes a provision for incurred but not reported (IBNR) losses. This amount was
estimated based on claims experience. The reserve recorded, $310,965, is adequate to cover IBNR claims.
Therefore no adjustment was made in fiscal year 2022-2023 as the City's exposure is for the $5,000
deductible per general liability claim.
15.JOINT POWERS AGREEMENTS
The City participates in joint ventures discussed below through separate entities established under the Joint
Exercise of Powers Act of the State of California. As separate legal entities, these 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 joint venture is governed by a board consisting of representatives from member
municipalities. Each board controls the operations of the respective joint venture, including selection of
management and approval of operating budgets, independent of any influence by member municipalities
beyond their representation on that board. Obligations and liabilities of these joint ventures are not the City's
responsibility and the City does not have an equity interest in the assets of each joint venture except upon
dissolution of the joint venture.
A. Animal Control Services
The Cities of Dublin, Pleasanton, and Livermore and the County of Alameda have entered a joint powers
agreement, dated September 15, 1992, under which Alameda County constructed an animal shelter facility
on County's property. The agreement provided that the County would retain ownership of the land and
that each participating agencies would receive an equity interest in the facility. Certificates of Participation
were issued to construct the facility. Under the agreement the entities will share in the debt service costs of
the project based upon their use of the animal shelter.
In fiscal year 2022-2023, the City contributed $220,384 or 11.39% toward the annual operating shelter
services and$33,485 representing 2.63% of the animal field service expenditures.
The City has not recorded an equity interest for the animal shelter agreement. As noted above the ongoing
financial interest is limited to the statistics of live animals handled in the appropriate fiscal year. No Joint
Powers Authority was established as part of this agreement therefore, separate financial statements are not
issued.
91 123
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
16.OTHER COMMITMENTS AND CONTINGENT LIABILITIES
The City participates in several Federal and State grant programs. These programs have been audited by the
City's independent accountants in accordance with the provisions of the Federal Single Audit Act and
applicable State requirements. No cost disallowances were proposed as a result of these audits. However,
these programs are still subject to further examination by the grantors and the amount, if any, of
expenditures which may be disallowed by the granting agencies cannot be determined at this time.The City
expects such amounts, if any, to be immaterial.
The City is a defendant in a number of lawsuits that have arisen in the normal course of business, the
outcome of which cannot be predicted with certainty. In the opinion of the City Attorney, these actions
when finally adjudicated will not have a material adverse effect on the financial position of the City.
A. Reimbursements to the City of Pleasanton
On January 23, 1996, the City adopted a fee for the purpose of reimbursing the City of Pleasanton for the
costs of making improvements to the interchanges of Interstate 580 at Hacienda Drive and Tassajara
Road/Santa Rita Road that benefit development in both Pleasanton and future development in Eastern
Dublin. The Cities entered into an agreement on November 3, 1998, to allow for an automatic annual
escalator factor in the amount of the fee assessed to developers based upon the LAIF interest rate and to
repay the City of Pleasanton. The amount of the contingent liability outstanding at June 30, 2023, was
$2,620,601 which is net of the $48,595 in payments made by the City to reduce this contingent liability
during the year. The accounting for the amount due is not recorded as indebtedness since future payments
are contingent upon the future collection of development fees assessed for reimbursement of these
improvements.
B. Other Development Agreements
The City entered into several agreements with various developers and merchant builders who are
developing numerous residential and commercial projects throughout the City. The City agreed to grant the
developers' impact fee credits since the developers constructed certain improvements beyond what was
needed to serve their specific projects. The value of credits does not increase for inflation nor do they accrue
interest. Any unused credits may be used by the developers on other projects located within the Traffic
Impact Fee area. The value of the credits as of June 30, 2023 was $98,292,913. The reduction of$1,100,375 to
the credit balance was mainly due to credit used for the fiscal years which was$1,780,103.
C. Alameda County Fire Department(ACFD)
The City of Dublin contracts to have the Alameda County Fire Department to provide fire services. As part
of the contract, the City pays for its share of ACFD's retiree health plan and retirement plan. In 2012 ACFD
began working with CalPERS to create side funds within its OPEB trust to allow for member agencies to
fund their share of the obligation. In preparation for this, in June 2012 the City Council authorized a
contribution of $6.487 million towards the liability that was then moved to a General Fund Reserve, which
was reclassified as an assigned fund balance upon the City's implementation of GASB Statement No. 54.
Since then,the City continued to add funds to that fund balance assignment.
92 124
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
16. OTHER COMMITMENTS AND CONTINGENT LIABILITIES,Continued
C. Alameda County Fire Department(ACFD), Continued
After ACFD successfully implemented the OPEB trust side funds, the City was notified that based on the
most recent actuarial valuation dated June 30, 2021, the City's Actuarial Accrued Liability (AAL) for
benefits was $12,696,000 and the Actuarial Value of Plan Asset was $14,419,000 resulting in a net OPEB
asset of$1,723,000. At June 30,2023,the Actuarial Value of the Plan Asset was$14,870,089.
17.DEBT WITHOUT GOVERNMENT COMMITMENT
On August 31, 2017, the City issued$32,740,000 of City 2017 Improvement Area No. 1 Special Tax Bonds by
and through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 1. The
Bonds are special tax obligations of the City, authorized pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended, being California Government Code Section 53311, et seq. The bonds were issued
to construction and acquire certain public facilities and/or reimburse the payment of fees for capital
improvements.
On July 18,2019 the City issued$37,745,000 of City 2019 Improvement Area No. 2 Special Tax Bonds by and
through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 2. The
Bonds are special tax obligations of the City, authorized pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended, being California Government Code Section 53311, et seq. The bonds were issued
to construction and acquire certain public facilities and/or reimburse the payment of fees for capital
improvements.
On August 4, 2021 the City issued $26,000,000 of City 2021 Improvement Area No. 3 Special Tax Bonds by
and through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 3. The
Bonds are special tax obligations of the City, authorized pursuant to the Mello-Roos Community Facilities
Act of 1982, as amended, being California Government Code Section 53311, et seq. The bonds were issued
to construction and acquire certain public facilities and/or reimburse the payment of fees for capital
improvements.
In October 2022,the City issued special tax bonds in the total amount of$21,720,000 through its Community
Facilities District No. 2015-1 (Dublin Crossing) Improvement Area No. 4. The proceeds are to be used for
public improvements and fees related to the Boulevard Project.
The Bonds are not general obligations of the City nor any political subdivision and the full faith and credit
of the City is not pledged for the repayment thereof. Since these debts do not constitute an obligation of the
City and the City is not obligated to make payment beyond the available bond reserves, these bonds have
not been reflected in the long-term debt in the accompanying financial statements. The outstanding
indebtedness on June 30,2023 was$95,985,000.
93 125
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2023
18.TAX ABATEMENTS
The City has entered into multiple sales tax reimbursement agreements for the purpose of attracting new
businesses within the City through the construction and improvement of property sites. The City is
expected to make annual reimbursement payments over a five (5) to ten (10) year period in which the
amount of each reimbursement payment commitment is based on total sales tax received and derived using
formulas in the approved agreements.
For financial reporting purposes, the GASB Statement No. 77 defines a tax abatement as resulting from an
agreement between a government and an individual or entity in which the government promises to forgo
tax revenues and the individual or entity promises to subsequently take a specific action that contributes to
economic development or otherwise benefits the government or its citizens. According to GASB Statement
No. 77,the substance of these sales tax reimbursement agreements meets the definition of"tax abatements."
For the fiscal year ended June 30, 2023, under these sales-tax reimbursement agreements, the City has
abatements totaling$321,750.
Pursuant to the Sales and Use Tax law (chapter 8 - Article 1 - section 7056), in order to protect the
confidential information of sales taxes collected and abatements provided to each of the specific agencies,
the City has presented the aggregate amount abated during the current fiscal year.
19.SUBSEQUENT EVENTS
In November 2023, the City Council authorized the issuance of special tax bonds in an amount not to
exceed $18.75 million through its Community Facilities District No. 2015-1 (Dublin Crossing) Improvement
Area No. 5. The proceeds are to be used for public improvements and fees related to the Boulevard Project.
It is anticipated that the bonds will be issued in December 2023.
94 126
REQUIRED
SUPPLEMENTARY INFORMATION
ys 127
This page intentionally left blank
96 128
City of Dublin
Required Supplementary Information
For the year ended June 30,2023
1. DEFINED BENEFIT PENSION PLAN
A. Schedule of the City's Proportionate Share of the Net Pension Liability-Last 10 Years*
Fiscal year: 2023 2022 2021 2020 2019 2018 2017 2016 2015*
Measurement date: 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014
Proportion of the net pension
liability 0.17861% 0.16280% 0.15646% 0.15132% 0.14569% 0.14518% 0.15006% 0.14788% 0.12593%
Proportionate share of the net
pension liability $20,630,516 $ 8,804,512 $17,023,464 $15,505,908 $14,038,811 $14,398,145 $12,984,969 $10,150,590 $ 7,835,901
Covered payroll $11,245,216 $10,751,196 $10,591,772 $10,124,753 $ 9,753,107 $10,443,838 $ 9,268,029 $ 8,463,027 $ 8,716,918
Proportionate Share of the net
pension liability as percentage
of covered payroll 183.46% 81.89% 160.72% 153.15% 143.94% 137.86% 140.10% 119.94% 89.89%
Plan fiduciary net position as
a percentage of the total
pension liability 76.68% 88.29% 75.10% 75.26% 75.26% 73.31% 74.06% 78.40% 79.82%
Notes to Schedule:
*Fiscal year 2015 was the 1st year of implementation,therefore only nine years are shown.
The Ca1PERS discount rate was increased from 7.5%to 7.65%in fiscal year 2016,decreased from 7.65%to 7.15%in fiscal year 2018,and then decreased from 7.15%
to 6.9%in fiscal year 2023.
The CalPERS mortality assumptions were adjusted in fiscal year 2019.
97 129
City of Dublin
Required Supplementary Information
For the year ended June 30,2023
1. DEFINED BENEFIT PENSION PLAN, Continued
B. Schedule of Contributions -Last 10 Years*
Fiscal year 2023 2022 2021 2020 2019 2018 2017 2016 2015*
Contractually required
contribution(actuarially
determined) $ 2,194,205 $ 1,928,720 $ 1,712,167 $ 1,522,330 $ 1,241,065 $ 1,018,096 $ 988,634 $ 869,497 $ 1,411,959
Contribution in relation to
the actuarially determined
contributions (2,194,205) (1,928,720) (1,712,167) (1,522,330) (1,241,065) (1,018,096) (1,738,634) (869,497) (1,411,959)
Contribution deficiency
(excess) $ - $ - $ - $ - $ - $ - $ (750,000) $ - $ -
Covered payroll $ 12,738,446 $ 11,245,216 $ 10,751,196 $ 10,591,772 $ 10,124,753 $ 9,753,107 $ 10,443,838 $ 9,268,029 $ 8,463,027
Contributions as a
percentage of covered
payroll N/A 17.15% 15.93% 14.37% 12.26% 10.44% 26.79% 22.41% 18.59%
Note to Schedule
*Fiscal year 2015 was the 1st year of implementation,therefore only nine years are shown.
Methods and assumptions used to determine contribution rates:
Valuation date: 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Actuarial cost method: Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization method: (1) (1) (1) (1) (1) (1) (1) (1) (1)
Assets valuation method: Market Value Market Value Market Value Market Value Market Value Market Value Market Value Market Value 15 Year
Smoothed
Market Method
Inflation: 2.50% 2.50% 2.50% 2.63% 2.75% 2.75% 2.75% 2.75% 2.75%
Salary increases: (2) (2) (2) (2) (2) (2) (2) (2) (2)
Investment rate of return: 7.00% 7.00% 7.00% 7.25% 7.375% 7.50% 7.50% 7.50% 7.50%
Retirement age: (3) (3) (3) (3) (3) (3) (3) (3) (3)
Mortality: (4) (4) (4) (4) (4) (4) (4) (4) (4)
(1) Level percentage of payroll,closed
(2) Depending on age,service,and type of employment
(3) 50 for all plans,with the exception of 52 for Miscellaneous PEPRA 2%@62
(4) Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted
by the CalPERS Board.
98 130
City of Dublin
Required Supplementary Information
For the year ended June 30,2023
2. OTHER POST EMPLOYMENT BENEFITS (OPEB)
A. City Retiree Health Plan - Schedule of Changes in Net OPEB Liability and Related Ratios During the
Measurement Period-Last 10 Years(1)
Measurement Period 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost $ 483,571 $ 895,299 $ 869,222 $ 843,905 $ 852,382 $ 827,000
Interest on the total OPEB liability 1,158,191 1,164,147 1,103,053 1,169,182 1,099,559 1,032,000
Differences between expected and actual
experience - (775,744) - (1,450,926) - -
Changes of assumptions 1,459,903 307,694 - (716,501) - -
Benefit payments (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000)
Net change in total OPEB liability 1,916,302 525,737 996,242 (1,036,392) 1,175,030 1,054,000
Total OPEB liability-beginning 18,789,617 18,263,880 17,267,638 18,304,030 17,129,000 16,075,000
Total OPEB liability-ending(a) $ 20,705,919 $ 18,789,617 $ 18,263,880 $ 17,267,638 $ 18,304,030 $ 17,129,000
Plan Fiduciary Net Position
Contributions-employer $ 252,514 $ 411,587 $ 1,116,396 $ 1,073,623 $ 1,588,507 $ 1,878,000
Net investment income (3,327,511) 6,149,340 763,014 1,244,479 1,431,381 1,665,000
Benefit payments (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000)
Administrative expense (7,026) (8,444) (10,512) (6,155) (33,206) (8,000)
Net change in plan fiduciary net position (4,267,386) 5,486,824 892,865 1,429,895 2,209,771 2,730,000
Plan fiduciary net position-beginning 27,838,355 22,351,531 21,458,666 20,028,771 17,819,000 15,089,000
Plan fiduciary net position-ending(b) $ 23,570,969 $ 27,838,355 $ 22,351,531 $ 21,458,666 $ 20,028,771 $ 17,819,000
Net OPEB liability/(asset)-ending(a)-(b) $ (2,865,050) $ (9,048,738) $ (4,087,651) $ (4,191,028) $ (1,724,741) $ (690,000)
Plan fiduciary net position as a percentage of the
total OPEB liability 113.8% 148.2% 122.4% 124.3% 109.4% 104.0%
Covered-employee payroll $ 11,706,708 $ 10,751,196 $ 10,533,380 $ 10,037,794 $ 9,997,000 $ 10,431,000
Net OPEB liability as a percentage of covered-
employee payroll -24.5% -84.2% -38.8% -41.8% -17.3% -6.6%
(1) Fiscal year 2018 was the 1a year of implementation.
99 131
City of Dublin
Required Supplementary Information
For the year ended June 30,2023
2. OTHER POST EMPLOYMENT BENEFITS (OPEB),Continued
B. Schedule of City Retiree Health Plan Contributions-Last 10 Years(1)
Fiscal Year Ended June 30 2023 2022 2021 2020 2019 2018
Actuarially Determined Contribution(ADC) $ - $ - $ 122,000 $ 138,000 $ 851,000 $ 861,000
Contributions in relation to the ADC 284,727 252,514 (411,587) (1,116,396) (1,075,930) (1,589,000)
Contribution deficiency(excess) (284,727) (252,514) (289,587) (978,396) (224,930) (728,000)
Covered-employee payroll $ 12,640,215 $ 11,706,708 $ 10,751,196 $ 10,533,380 $ 10,037,794 $ 9,997,000
Contributions as a percentage of covered-
employee payroll -2.25% -2.16% 3.83% 10.60% 10.72% 15.89%
(')Fiscal year 2018 was the 1st year of implementation.
Notes to Schedule-assumptions to develop Actuarially Determined Contributions
Valuation date 6/30/2021 6/30/2019 6/30/2017
Actuarial cost method Entry Age Normal Entry Age Normal Entry Age Normal
Amortization method Level%of pay Level%of pay Level%of pay
Amortization period 30 yrs remain 8 yrs remain I9 yrs remain 10 yrs remain I11 yrs remain
Asset valuation method Market Value Actuarial Value Actuarial Value
Inflation 2.50% 2.75% 2.75%
Healthcare cost trend rates Non-Medicare-7.25%and Non-Medicare-7.5%and Medicare
5.7%in 2022 fluctuating down to
Medicare 6.3%for 2021,both 6.5%for 2019,both decreasing to
4.0%by 2076
decreasing to ultimate 4%rate in ultimate 4%rate in 2076
Salary increases 3.00% 3.00% 3.00%
Investment rate of return 6.10% 6.25% 6.25%
Retirement age From 50 to 75 From 50 to 75 From 50 to 75
Mortality CalPERS 2017 Experience Study CalPERS 1997-2015 Experience CalPERS 1997-2011 Experience
Study Study
Mortality improvement MacLeod Watts Scale 2020 Scale MP-2019 Scale MP-2017
100 132
SUPPLEMENTARY INFORMATION
101 133
This page intentionally left blank
102 134
City of Dublin
Schedule of Budget Versus Actual Revenues By Sources
General Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Property taxes $ 55,163,000 $ 56,463,000 $ 59,056,139 $ 2,593,139
Sales tax 25,994,445 26,994,445 28,580,315 1,585,870
Other taxes 7,960,000 7,960,000 8,729,684 769,684
Intergovernmental 290,000 336,436 352,165 15,729
Licenses and permits 351,373 351,373 323,098 (28,275)
Charges for services:
General government 1,627,000 1,627,000 1,936,864 309,864
Police 20,750 20,750 32,943 12,193
Fire 1,160,713 1,185,713 2,105,820 920,107
Public works and transportation 18,000 36,000 57,491 21,491
Parks and community services 3,669,090 4,080,160 4,514,212 434,052
Community development 571 571 985 414
Investment income(loss): 1,510,000 2,310,000 5,363,445 3,053,445
Use of property 1,477,330 1,653,427 2,193,822 540,395
Unrealized gain/(loss)on investment - - (3,053,407) (3,053,407)
Fines and forfeitures 85,000 65,000 80,117 15,117
Development revenue 7,702,334 7,538,555 8,588,005 1,049,450
Other revenues 1,758,056 1,944,639 2,951,647 1,007,008
Total revenues $ 108,787,662 $ 112,567,069 $ 121,813,345 $ 9,246,276
103 135
City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures
General Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
General government:
City council $ 543,506 $ 543,506 $ 505,867 $ 37,639
City manager 1,709,892 1,709,892 1,454,511 255,381
City clerk 763,641 763,641 615,502 148,139
Election 217,368 217,368 129,288 88,080
Human resources 1,018,027 1,199,091 1,083,961 115,130
Insurance 2,730,019 2,931,944 2,350,026 581,918
Finance 2,408,430 2,418,430 2,149,430 269,000
Non-departamental 2,043,600 2,544,259 670,580 1,873,679
Disaster preparedness 214,555 231,790 175,653 56,137
Crossing guards 307,732 338,549 327,021 11,528
Animal control 319,995 317,457 253,869 63,588
Waste management 25,968 25,968 24,043 1,925
Community TV 133,589 136,127 134,462 1,665
Communications 582,769 582,832 527,942 54,890
Economic development 783,486 1,006,489 684,467 322,022
Human services 192,560 192,560 151,899 40,661
Library services 1,077,474 1,084,574 993,594 90,980
Dougherty Regional Fire Authority 4,298,000 4,298,000 4,254,392 43,608
Sub-total 19,370,611 20,542,477 16,486,507 4,055,970
Police:
Police operations 24,739,469 24,515,161 23,967,298 547,863
Police operations support 2,836,472 2,878,054 2,427,297 450,757
Sub-total 27,575,941 27,393,215 26,394,595 998,620
Fire:
Fire operations 15,421,020 15,581,020 15,332,840 248,180
Fire prevention 556,030 556,030 514,685 41,345
Fire station maintenance 300,375 287,869 268,794 19,075
Sub-total 16,277,425 16,424,919 16,116,319 308,600
Public works:
Maintenance 13,474,213 13,991,095 12,744,316 1,246,779
Engineering 3,459,481 3,677,198 3,134,728 542,470
Public works administration 1,461,591 1,976,965 1,468,724 508,241
Transportation - - - -
Environmental services 903,800 1,079,475 781,292 298,183
Sub-total 19,299,085 20,724,733 18,129,060 2,595,673
104 136
City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures (Continued)
General Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Parks and community services:
Cultural and special events 1,064,109 1,135,609 1,139,298 (3,689)
Heritage Center and programs 325,917 295,917 284,028 11,889
Parks and community services administration 1,962,823 1,956,323 1,957,463 (1,140)
Shannon Center and programs 1,088,740 1,088,740 975,487 113,253
Stager and other facility operations 1,134,880 1,174,880 1,172,334 2,546
Senior Center and programs 682,675 667,675 629,030 38,645
The Wave and programs 2,194,691 2,364,970 2,104,782 260,188
Sub-total 8,453,835 8,684,114 8,262,422 421,692
Community development:
Planning 2,848,658 3,164,270 2,356,892 807,378
Building and safety 3,320,242 3,323,242 2,904,937 418,305
Housing - - 21 (21)
Sub-total 6,168,900 6,487,512 5,261,850 1,225,662
Debt service:
Principal 655,000 655,000 655,000 -
Interest and fiscal charges 678,050 678,050 678,050 -
Sub-total 1,333,050 1,333,050 1,333,050 -
Total current expenditures 98,478,847 101,590,020 91,983,803 9,606,217
Total expenditures $ 98,478,847 $ 101,590,020 $ 91,983,803 $ 9,606,217
105 137
This page intentionally left blank
106 138
BUDGETED MAJOR GOVERNMENTAL FUNDS OTHER THAN
GENERAL FUND AND SPECIAL REVENUE FUNDS
The General Improvements Projects Capital Projects Fund- is used to manage the programming of
funds and activities associated with major Capital Improvements Projects. The fund accumulates
resources for capital expenditures and utilizes those resources to support projects that are general in
nature and are not Streets,Parks, or Community Improvements Projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and
activities associated with major Capital Improvements Projects. The fund accumulates resources for
capital expenditures and utilizes those resources to support projects that would construct, improve,
or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of fund and
activities associated with major Capital Improvements Projects. The fund accumulates resources for
capital expenditures and utilizes those resources to support projects that would construct, improve,
or enhance the City's trails, highways, streets, roads, bridges, as well as street lighting and drain
systems.
The Public Art Capital Projects Fund - The Public Art Fund was created following the adoption of
Dublin Municipal Code 8.58 "Public Art Program Contribution." The purpose of the adoption of the
ordinance, and Public Art Fund fund is to: promote the public interest and general welfare through
the acquisition, installation, maintenance and promotion of public art; establish requirements and
procedures for developer contributions to public art; provide funding to support the acquisition,
installation, maintenance and promotion of public art; and implement the goals of the Public Art
Master Plan.
Bi-Annually Staff identifies and develops Public Art projects that will be funded utilizing the Public
Art Fund. These projects are included in the City's Capital Improvement Program and subject to
City Council approval. Since inception, the Public Art Fund has been funded entirely by developer
contributions that are subject to the Public Art Program Contribution ordinance.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for fees received from
developers of properties, which can only be used for the design, development and construction of
new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from
developers of properties, which can only be used for the design, development and construction of
fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from
developers of properties, which can only be used for the design, development and construction of
street and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit
payments specific to the Dublin Crossing Project, separate from any developer impact fees generated
by the project.
107 139
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
General Improvement Projects Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
General improvements $ 5,660,495 $ 32,529,391 $ 11,829,805 $ 20,699,586
Total expenditures 5,660,495 32,529,391 11,829,805 20,699,586
OTHER FINANCING SOURCES(USES):
Transfers in 5,660,495 32,529,391 11,829,805 (20,699,586)
Total other financing sources(uses) 5,660,495 32,529,391 11,829,805 (20,699,586)
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
108 140
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Parks Project Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Parks $ 7,193,465 $ 24,734,795 $ 4,539,778 $ 20,195,017
Total expenditures 7,193,465 24,734,795 4,539,778 20,195,017
OTHER FINANCING SOURCES(USES):
Transfers in 7,193,465 24,734,795 4,539,778 (20,195,017)
Total other financing sources(uses) 7,193,465 24,734,795 4,539,778 (20,195,017)
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
109 141
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Streets Projects Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Streets $ 9,999,924 $ 63,541,908 $ 13,053,219 $ 50,488,689
Total expenditures 9,999,924 63,541,908 13,053,219 50,488,689
OTHER FINANCING SOURCES(USES):
Transfers in 9,999,924 63,541,908 13,053,219 (50,488,689)
Total other financing sources(uses) 9,999,924 63,541,908 13,053,219 (50,488,689)
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
110 142
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Public Art Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Public art $ 150,000 $ 1,445,860 $ 474,814 $ 971,046
Total expenditures 150,000 1,445,860 474,814 971,046
OTHER FINANCING SOURCES(USES):
Transfers in 150,000 1,445,860 474,814 (971,046)
Total other financing sources(uses) 150,000 1,445,860 474,814 (971,046)
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
111 143
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Facilities Impact Fees Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 342,550 $ 342,550 $ 721,702 $ 379,152
Development revenue 535,080 535,080 1,212,005 676,925
Total revenues 877,630 877,630 1,933,707 1,056,077
EXPENDITURES:
Current:
General government - 21,300 12,250 9,050
Total expenditures - 21,300 12,250 9,050
REVENUES OVER(UNDER)EXPENDITURES 877,630 856,330 1,921,457 1,065,127
OTHER FINANCING SOURCES(USES):
Transfers out (6,353,240) (25,823,825) (7,356,763) 18,467,062
Total other financing sources(uses) (6,353,240) (25,823,825) (7,356,763) 18,467,062
Net change in fund balance $ (5,475,610) $ (24,967,495) (5,435,306) $ 19,532,189
FUND BALANCE:
Beginning of year 21,315,682
End of year $ 15,880,376
112 144
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Fire Impact Fees Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,000 $ 2,000 $ 1,609 $ (391)
Development revenue 37,674 37,674 75,293 37,619
Total revenues 39,674 39,674 76,902 37,228
EXPENDITURES:
Current:
General government - 200,000 200,000 -
Total expenditures - 200,000 200,000 -
REVENUES OVER(UNDER)EXPENDITURES 39,674 (160,326) (123,098) 37,228
Net change in fund balance $ 39,674 $ (160,326) (123,098) $ 37,228
FUND BALANCE:
Beginning of year 257,707
End of year $ 134,609
113 145
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Traffic Impact Fees Capital Projects Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 298,000 $ 298,000 $ 580,265 $ 282,265
Development revenue 147,896 147,896 1,559,605 1,411,709
Other revenues - - 600,000 600,000
Total revenues 445,896 445,896 2,739,870 2,293,974
EXPENDITURES:
Current:
General government 300,000 300,000 3,059 296,941
Total expenditures 300,000 300,000 3,059 296,941
REVENUES OVER(UNDER)EXPENDITURES 145,896 145,896 2,736,811 2,590,915
OTHER FINANCING SOURCES(USES):
Transfers out (4,071,440) (24,284,259) (1,788,206) 22,496,053
Total other financing sources(uses) (4,071,440) (24,284,259) (1,788,206) 22,496,053
Net change in fund balance $ (3,925,544) $ (24,138,363) 948,605 $ 25,086,968
FUND BALANCE:
Beginning of year 29,181,771
End of year $ 30,130,376
114 146
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Dublin Crossing Contribution Capital Project Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 80,000 $ 80,000 $ 251,614 $ 171,614
Total revenues 80,000 80,000 251,614 171,614
OTHER FINANCING SOURCES(USES):
Transfers out - (800,000) (450,000) 350,000
Total other financing sources(uses) - (800,000) (450,000) 350,000
Net change in fund balance $ 80,000 $ (720,000) (198,386) $ 521,614
FUND BALANCE:
Beginning of year 12,384,221
End of year $ 12,185,835
115 147
This page intentionally left blank
116 148
NON-MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital
projects)that are legally restricted to expenditures for specific purposes.
SPECIAL REVENUE FUNDS
Public Safety:
Special Criminal Activity established to account for receipt of funds derived from asset forfeitures.
Vehicle Abatement established to account for the use of funds received from vehicle registration of Dublin
residents for the towing of abandoned vehicles in city limits.
Supplemental Law Enforcement(SLES/COPS) established to account for police expenditures funded by a State
grant.
Traffic Safety established to account for the receipt of traffic fines and traffic safety expenditures.
Emergency Medical Services (EMS) established to account for excise taxes received to fund the costs of
providing Emergency Medical Services.
Enforcement Grants established to account for miscellaneous grants received for police expenditures not
reported in the above funds.
Transportation:
State Gas Tax established to account for the receipt of state gasoline taxes and expenditures.
SAFETEA-LU established to account for the revenue received from the U.S. Department of Transportation
under the Safe,Accountable,Flexible,Efficient Transportation Equity Act:A Legal for Users fund.
Measure B Sales Tax - Local Streets established to account for an Alameda County voter sales tax used for
improvements on streets and roads.
Measure B Sales Tax-Bike/Pedestrian established to account for an Alameda County voter approved increase
in sales tax used for bike and pedestrian related projects.
Measure B Grants established to account for transportation projects financed by grants,funded by an Alameda
County voter approved increase in sales tax.
Measure BB Sales Tax - Streets and Roads established to account for an Alameda County voter approved
increase in sales tax used for improvements on streets and roads.
Measure BB Sales Tax-Bike/Pedestrian established to account for Alameda County voter approved increase in
sales tax used for bike and pedestrian related projects.
Measure BB Grants Fund - established to account for Alameda County Transportation Commission (ACTC)
discretionary funding (versus direct funding) from 2014 voter-approved increase in sales tax used for
improvements on bike and pedestrian projects.
Transportation Fund for Clean Air(TFCA) established to account for a portion of vehicle registration fee used
for achieving the reduction of motor vehicle emissions.
Road Maintenance & Rehabilitation Account (RMRA) established to account for Senate Bill 1 that increases
gasoline and diesel taxes and vehicle registration fees to fund for basic road maintenance, rehabilitation, and
critical safety projects on local streets and roads.
117 149
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS,Continued
ACTC Vehicle Registration Fee established to account for an Alameda County Transportation Commission
(ACTC) voter approved increase in vehicle registration fee that is distributed by ACTC to be used for street
road system maintenance.
TDA established to account for the financial activities associated with allocations funded by the State of
California Transportation Development Act(TDA)for the Pedestrian/Bicycle Projects.
Environmental:
Garbage/Recycling established to account for the following activities:
Measure D Recycling established to account for the use of funds received which are levied by the County
pursuant to a charter amendment and are provided for recycling and related activities.This fund also
accounts for other locally derived funds for recycling related activities.
Garbage Service established to account for the use of funds received which are levied by the county on behalf
of the City for garbage pitch-up and removal and recycling services.
Local Recycling established to account for locally derived funds collected for a commercial organic and
recycling program and activities retained by the City at the end of the franchise held by Waste Management
Inc. These funds are independent of the funds distributed by Stop Waste pursuant to the Alameda County
Recycling Measure.
AVI Economic Benefit/business Assistance Program established to account for the grant received from Amador
Valley Industry and to provide business owners funding for eligible environmental related improvements.
Storm Water Management established to account for the following activities:
Storm Water Management established to account for the funds received from the State and designated
specifically for the use of storm water related activities.
Village Parkway Storm Water Management established to account for funds designated for management of
the Village Parkway area storm water units.
Box Culvert established to account for the funds designated for the maintenance and repairs of box culvert in
the East Dublin area.
Parks,Cultural,and Arts:
Public Art established to account for the fees received from developers of properties, which can only be used
for the purchase design,development,and construction of Public Art projects within the City of Dublin.
Miscellaneous Special Revenue established to account for the following activities:
Cable TV Facilities established to account for Cable TV Facilities fees collected from Cable Television
providers and passed through to the City for local cable television as allowed under State and Federal
franchising laws.
Noise Mitigation established to account for the fees received from developers of properties,which can only
be used for the noise mitigation measures.
118 150
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS,Continued
Citywide Events(Customer Service)Fund established to account for event ticket sales and donations,to be
spent on special events citywide.
Community Development Block Grant (CDBG) used to account for grants and expenditures related to
Community Development Block Grants received.
HCD Housing Related Parks Grant established to account for a Housing-Related Park (HRP) Grant funding
from the Department of Housing and Community Development pursuant to the Housing and Emergency
Shelter Trust Fund Act of 2006(Proposition IC.)
State Grant Park used to account for local assistance grant funding from the State for park constructions.
Building Homes and Jobs Act established o account for funding from California Department of Housing and
Community Development(HCD)to increase the affordable housing stock in California.
State Housing Grant established to account for Local Action Planning Grants (Leap) grants allocated by the
State Housing and Community Development Department for the preparation and adopton of planning
documents and process improvements that accelerate housing production and facilitate compliance to
implement the sith-cycle Regional Housing Needs Assessment.
Federal COVID-19 Financial Assistance established to account for emergency funding from the federal
awarding agencies with options for administrative relief to be used at the discretion of the federal awarding
agency in response to the COVID-19 pandemic.
The American Rescule Plan Act Fund is used to account for funds authorized under the Federal American
Recovery Plan Act (ARPA) to cover the costs of COVID-19 response as well as for making any necessary
investments in infrastructure.
Mesure RR-Safe Routes to BART is used to account for funds allocated by Bay Area Rapid Transit(BART)for
using voter approved Measure RR capital fund to help local agencies improve access for BART customers
travelling to BART stations by walking or biking.
Maintenance Districts established to account for revenue and related expenditures of lighting and landscape
districts.
Federal Grants- General accounts for revenue and related expenditures of federal grants.
Capital Project Funds are used to account for financial resources ussed for the acquisition and construction of capital
projects.
CAPITAL PROTECT FUNDS
Energy Improvement Lease Revenue Bond Fund accounts for the funds received from the City's lease revenue
bond for energy improvements and related expenditures.
119 151
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2023
Special Revenue Funds
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
ASSETS
Cash and investments $ 1,488,836 $ 365,272 $ 364,852 $ 22,773 $ 279,600
Accounts receivable - - - 10,898 669
Notes receivable - - - - -
Total assets $ 1,488,836 $ 365,272 $ 364,852 $ 33,671 $ 280,269
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 5,709 $ - $ - $ - $ -
Accrued wages and other payroll liabilities - - - - -
Deposits payable 1,355,333 - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - -
Total liabilities 1,361,042 - - - -
Fund Balances:
Restricted:
Public safety programs 127,794 365,272 364,852 33,671 280,269
Street maintenance and construction - - - - -
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 127,794 365,272 364,852 33,671 280,269
Total liabilities,deferred inflows of
resources,and fund balances $ 1,488,836 $ 365,272 $ 364,852 $ 33,671 $ 280,269
120 152
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
Measure B Measure B
Enforcement Sales Tax Sales Tax
Grants State Gas Tax SAFETEA-LU Local Streets Bike/Pedestrian
ASSETS
Cash and investments $ 83,466 $ 3,340,146 $ - $ 98,984 $ 68,179
Accounts receivable 4,913 162,196 - - -
Notes receivable - - - - -
Total assets $ 88,379 $ 3,502,342 $ - $ 98,984 $ 68,179
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ 259,027 $ - $ - $ -
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - 7,532 - - -
Unearned revenue - - - - -
Due to other funds - - 40,000 -
Total liabilities - 266,559 40,000 - -
Fund Balances:
Restricted:
Public safety programs 88,379 - - - -
Street maintenance and construction - 3,235,783 - 98,984 68,179
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - (40,000) - -
Total fund balances 88,379 3,235,783 (40,000) 98,984 68,179
Total liabilities,deferred inflows of
resources,and fund balances $ 88,379 $ 3,502,342 $ - $ 98,984 $ 68,179
121 153
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
Measure BB Measure BB Transportation
Measure B Sales Tax Sales Tax Measure BB for Clean Air
Grants Streets and Roads Bike/Pedestrian Grants (TFCA)
ASSETS
Cash and investments $ 191,783 $ 1,110,336 $ 573,651 $ - $ 8,057
Accounts receivable - 258,641 89,158 507,956 -
Notes receivable - - - - -
Total assets $ 191,783 $ 1,368,977 $ 662,809 $ 507,956 $ 8,057
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ - $ - $ - $ -
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - 481,995 -
Total liabilities - - - 481,995 -
Fund Balances:
Restricted:
Public safety programs - - - - -
Street maintenance and construction 191,783 1,368,977 662,809 25,961 8,057
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 191,783 1,368,977 662,809 25,961 8,057
Total liabilities,deferred inflows of
resources,and fund balances $ 191,783 $ 1,368,977 $ 662,809 $ 507,956 $ 8,057
122 154
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
ACTC AVI Economic
Road Maint& Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA) Fee TDA Recycling Program
ASSETS
Cash and investments $ 2,118,016 $ 232,069 $ 17,774 $ 941,951 $ 281,402
Accounts receivable 290,216 62,045 - 79,214 -
Notes receivable - - - - 37,464
Total assets $ 2,408,232 $ 294,114 $ 17,774 $ 1,021,165 $ 318,866
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ 4,903 $ - $ 44,102 $ -
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - -
Total liabilities - 4,903 - 44,102 -
Fund Balances:
Restricted:
Public safety programs - - - - -
Street maintenance and construction 2,408,232 289,211 17,774 - -
Health and welfare programs - - - 977,063 -
Culture and leisure - - - - 318,866
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 2,408,232 289,211 17,774 977,063 318,866
Total liabilities,deferred inflows of
resources,and fund balances $ 2,408,232 $ 294,114 $ 17,774 $ 1,021,165 $ 318,866
123 155
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenue Block Grant
ASSETS
Cash and investments $ 233,093 $ 406,541 $ 3,499,630 $ 539,297 $ 82
Accounts receivable - - - 28,746 46,169
Notes receivable - - - - -
Total assets $ 233,093 $ 406,541 $ 3,499,630 $ 568,043 $ 46,251
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ - $ 1,500 $ - $ 16,127
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - 615 -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - 23,524
Total liabilities - - 1,500 615 39,651
Fund Balances:
Restricted:
Public safety programs - - - - -
Street maintenance and construction 233,093 406,541 - - -
Health and welfare programs - - - 26,572 6,600
Culture and leisure - - - 540,856 -
Capital improvement projects - - 3,498,130 - -
Unassigned - - - - -
Total fund balances 233,093 406,541 3,498,130 567,428 6,600
Total liabilities,deferred inflows of
resources,and fund balances $ 233,093 $ 406,541 $ 3,499,630 $ 568,043 $ 46,251
124 156
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
Federal
Building State COVID-19 American
State Grant Homes and Housing Financial Rescue
Park Jobs Act Grant Assistance Plan Act
ASSETS
Cash and investments $ - $ - $ - $ 10,081 $ 3,731,873
Accounts receivable - - 300,000 - -
Notes receivable - - - 48,993 -
Total assets $ - $ - $ 300,000 $ 59,074 $ 3,731,873
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ 837 $ 5,926 $ - $ 110,197
Accrued wages and other payroll liabilities - - - - 5,981
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - 3,615,695
Due to other funds 557,154 278,013 293,642 - -
Total liabilities 557,154 278,850 299,568 - 3,731,873
Fund Balances:
Restricted:
Public safety programs - - - - -
Street maintenance and construction - - - - -
Health and welfare programs - - 432 59,074 -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned (557,154) (278,850) - - -
Total fund balances (557,154) (278,850) 432 59,074 -
Total liabilities,deferred inflows of
resources,and fund balances $ - $ - $ 300,000 $ 59,074 $ 3,731,873
125 157
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Special Revenue Funds
Maintenance Districts
Measure RR- 1983-1 1983-2 1986-1 1997-1
Safe Routes Street Stagecoach Dougherty Santa Rita
to BART Lighting Landscape Landscape Landscape
ASSETS
Cash and investments $ - $ 710,337 $ 431,475 $ 661,319 $ 1,443,598
Accounts receivable - 1,054 493 7 588
Notes receivable - - - - -
Total assets $ - $ 711,391 $ 431,968 $ 661,326 $ 1,444,186
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ - $ 24,229 $ 21,547 $ 17,692 $ 144,116
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - -
Total liabilities - 24,229 21,547 17,692 144,116
Fund Balances:
Restricted:
Public safety programs - - - - -
Street maintenance and construction - 687,162 410,421 643,634 1,300,070
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances - 687,162 410,421 643,634 1,300,070
Total liabilities,deferred inflows of
resources,and fund balances $ - $ 711,391 $ 431,968 $ 661,326 $ 1,444,186
126 158
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2023
Capital
Projects
Special Revenue Funds Fund
Maintenance Districts Energy
1999-1 Dublin Improvement Total Nonmajor
East Dublin Crossing Federal Grants- Lease Revenue Governmental
Street Lighting CFD No.2017-1 General Bond Funds
ASSETS
Cash and investments $ 571,453 $ 427,076 $ - $ 2,843,045 $ 27,096,047
Accounts receivable 869 205 93,444 - 1,937,481
Notes receivable - - - - 86,457
Total assets $ 572,322 $ 427,281 $ 93,444 $ 2,843,045 $ 29,119,985
LIABILITIES,DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 6,354 $ - $ 93,444 $ - $ 755,710
Accrued wages and other payroll liabilities - - - - 5,981
Deposits payable - - - - 1,355,948
Contract retention payable - - - - 7,532
Unearned revenue - - - - 3,615,695
Due to other funds - - - - 1,674,328
Total liabilities 6,354 - 93,444 - 7,415,194
Fund Balances:
Restricted:
Public safety programs - - - - 1,260,237
Street maintenance and construction 565,968 427,281 - - 13,049,920
Health and welfare programs - - - - 1,069,741
Culture and leisure - - - - 859,722
Capital improvement projects - - - 2,843,045 6,341,175
Unassigned - - - - (876,004)
Total fund balances 565,968 427,281 - 2,843,045 21,704,791
Total liabilities,deferred inflows of
resources,and fund balances $ 572,322 $ 427,281 $ 93,444 $ 2,843,045 $ 29,119,985
127 159
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
REVENUES:
Intergovernmental $ - $ 96,432 $ 177,914 $ - $ -
Charges for service - - - - -
Interest 2,941 7,077 6,557 65 5,415
Fines and forfeitures - - - 127,320 -
Development revenue - - - - -
Other revenue 80,174 - - -
Special assessments - - - - 210,782
Total revenues 83,115 103,509 184,471 127,385 216,197
EXPENDITURES:
Current:
General government - - - - -
Police 47,650 35,678 100,000 - -
Fire - - - - 181,488
Public works - - - 37,922 -
Park and community services - - - - -
Community development - - - - -
Total expenditures 47,650 35,678 100,000 37,922 181,488
REVENUES OVER(UNDER)EXPENDITURES 35,465 67,831 84,471 89,463 34,709
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out - (29,382) - - -
Total other financing sources(uses) - (29,382) - - -
Net change in fund balances 35,465 38,449 84,471 89,463 34,709
FUND BALANCES(DEFICITS):
Beginning of year 92,329 326,823 280,381 (55,792) 245,560
End of year $ 127,794 $ 365,272 $ 364,852 $ 33,671 $ 280,269
128 160
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Measure B Measure B
Enforcement Sales Tax Sales Tax Bike
Grants State Gas Tax SAFETEA-LU Local Streets /Pedestrian
REVENUES:
Intergovernmental $ 266,990 $ 1,850,782 $ 621,000 $ - $ -
Charges for service - - - - -
Interest - 79,642 - 10,265 3,961
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - 1,384
Special assessments - - - - -
Total revenues 266,990 1,930,424 621,000 10,265 5,345
EXPENDITURES:
Current:
General government - - - - -
Police 180,135 - - - -
Fire - - - - -
Public works - 947,233 - - -
Park and community services - - - - -
Community development - - - - -
Total expenditures 180,135 947,233 - - -
REVENUES OVER(UNDER)EXPENDITURES 86,855 983,191 621,000 10,265 5,345
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out - (1,474,073) (661,000) (827,482) (277,206)
Total other financing sources(uses) - (1,474,073) (661,000) (827,482) (277,206)
Net change in fund balances 86,855 (490,882) (40,000) (817,217) (271,861)
FUND BALANCES(DEFICITS):
Beginning of year 1,524 3,726,665 - 916,201 340,040
End of year $ 88,379 $ 3,235,783 $ (40,000) $ 98,984 $ 68,179
129 161
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Measure BB Measure BB
Sales Tax Sales Tax Transportation
Measure B Streets and Bike/ Measure BB for Clean Air
Grants Roads Pedestrian Grants (TFCA)
REVENUES:
Intergovernmental $ - $ 1,458,611 $ 502,810 $ 2,600,959 $ 670,959
Charges for service - - - - -
Interest 3,866 19,983 10,029 40 -
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments - - - - -
Total revenues 3,866 1,478,594 512,839 2,600,999 670,959
EXPENDITURES:
Current:
General government - - - - -
Police - - - - -
Fire - - - - -
Public works - - 9,341 - -
Park and community services - - - - -
Community development - - - - -
Total expenditures - - 9,341 - -
REVENUES OVER(UNDER)EXPENDITURES 3,866 1,478,594 503,498 2,600,999 670,959
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out - (857,954) (246,465) (2,598,350) (197,769)
Total other financing sources(uses) - (857,954) (246,465) (2,598,350) (197,769)
Net change in fund balances 3,866 620,640 257,033 2,649 473,190
FUND BALANCES(DEFICITS):
Beginning of year 187,917 748,337 405,776 23,312 (465,133)
End of year $ 191,783 $ 1,368,977 $ 662,809 $ 25,961 $ 8,057
130 162
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
ACTC AVI Economic
Road Maint& Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA) Fee TDA Recycling Program
REVENUES:
Intergovernmental $ 1,698,554 $ 337,637 $ - $ 243,845 $ -
Charges for service - - - 8,256,490 -
Interest 58,141 5,558 358 35,999 4,376
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - 100,000
Special assessments - - - - -
Total revenues 1,756,695 343,195 358 8,536,334 104,376
EXPENDITURES:
Current:
General government - - - 8,286,780 60,663
Police - - - - -
Fire - - - - -
Public works - 200,000 - 336,972 -
Park and community services - - - - -
Community development - - - - -
Total expenditures - 200,000 - 8,623,752 60,663
REVENUES OVER(UNDER)EXPENDITURES 1,756,695 143,195 358 (87,418) 43,713
OTHER FINANCING SOURCES(USES):
Transfers in - - - 23,378 -
Transfers out (2,197,928) (96,418) - - -
Total other financing sources(uses) (2,197,928) (96,418) - 23,378 -
Net change in fund balances (441,233) 46,777 358 (64,040) 43,713
FUND BALANCES(DEFICITS):
Beginning of year 2,849,465 242,434 17,416 1,041,103 275,153
End of year $ 2,408,232 $ 289,211 $ 17,774 $ 977,063 $ 318,866
131 163
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenue Block Grant
REVENUES:
Intergovernmental $ - $ - $ - $ - $ 307,484
Charges for service - - - 117,271 -
Interest 4,820 8,197 76,815 10,031 -
Fines and forfeitures - - - - -
Development revenue - - 7,455 1,311
Other revenue - - - - -
Special assessments - - - - -
Total revenues 4,820 8,197 84,270 128,613 307,484
EXPENDITURES:
Current:
General government - - - 44,909 307,484
Police - - - - -
Fire - - - - -
Public works 6,800 - - - -
Park and community services - - 39,001 - -
Community development - - - - -
Total expenditures 6,800 - 39,001 44,909 307,484
REVENUES OVER(UNDER)EXPENDITURES (1,980) 8,197 45,269 83,704 -
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out - - (474,814) - -
Total other financing sources(uses) - - (474,814) - -
Net change in fund balances (1,980) 8,197 (429,545) 83,704 -
FUND BALANCES(DEFICITS):
Beginning of year 235,073 398,344 3,927,675 483,724 6,600
End of year $ 233,093 $ 406,541 $ 3,498,130 $ 567,428 $ 6,600
132 164
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Federal
Building State COVID-19 American
State Grant Homes and Housing Financial Rescue
Park Jobs Act Grant Assistance Plan Act
REVENUES:
Intergovernmental $ - $ - $ 300,000 $ - $ 1,444,951
Charges for service - - - - -
Interest - - - - 92,605
Fines and forfeitures - - - - -
Development revenue - - - -
Other revenue - - - - -
Special assessments - - - - -
Total revenues - - 300,000 - 1,537,556
EXPENDITURES:
Current:
General government - - - 777 785,613
Police - - - - 751,943
Fire - - - - -
Public works - - - - -
Park and community services - - - - -
Community development - 837 222,655 - -
Total expenditures - 837 222,655 777 1,537,556
REVENUES OVER(UNDER)EXPENDITURES - (837) 77,345 (777) -
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out (557,154) - - - -
Total other financing sources(uses) (557,154) - - - -
Net change in fund balances (557,154) (837) 77,345 (777) -
FUND BALANCES(DEFICITS):
Beginning of year - (278,013) (76,913) 59,851 -
End of year $ (557,154) $ (278,850) $ 432 $ 59,074 $ -
133 165
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Special Revenue Funds
Maintenance Districts
Measure RR- 1983-1 1983-2 1986-1 1997-1
Safe Routes Street Stagecoach Dougherty Santa Rita
to BART Lighting Landscape Landscape Landscape
REVENUES:
Intergovernmental $ 967,149 $ - $ - $ - $ -
Charges for service - - - - -
Interest - 13,168 7,791 11,986 26,270
Fines and forfeitures - - - - -
Development revenue - - - -
Other revenue - - - - -
Special assessments - 314,514 109,714 194,119 370,213
Total revenues 967,149 327,682 117,505 206,105 396,483
EXPENDITURES:
Current:
General government - - - - -
Police - - - - -
Fire - - - - -
Public works - 262,596 62,245 92,451 292,031
Park and community services - - - - -
Community development - - - - -
Total expenditures - 262,596 62,245 92,451 292,031
REVENUES OVER(UNDER)EXPENDITURES 967,149 65,086 55,260 113,654 104,452
OTHER FINANCING SOURCES(USES):
Transfers in - - - - -
Transfers out (967,149) - - (19,958) (72)
Total other financing sources(uses) (967,149) - - (19,958) (72)
Net change in fund balances - 65,086 55,260 93,696 104,380
FUND BALANCES(DEFICITS):
Beginning of year - 622,076 355,161 549,938 1,195,690
End of year $ - $ 687,162 $ 410,421 $ 643,634 $ 1,300,070
134 166
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2023
Capital
Projects
Special Revenue Funds Fund
Maintenance Districts Energy
1999-1 Dublin Improvement Total Nonmajor
East Dublin Crossing Federal Grants- Lease Revenue Governmental
Street Lighting CFD No.2017-1 General Bond Funds
REVENUES:
Intergovernmental $ - $ - $ 389,481 $ - $ 13,935,558
Charges for service - - - - 8,373,761
Interest 7,338 7,516 - 158,815 679,625
Fines and forfeitures - - - - 127,320
Development revenue - - - - 8,766
Other revenue - - - - 181,558
Special assessments 308,578 99,107 - - 1,607,027
Total revenues 315,916 106,623 389,481 158,815 24,913,615
EXPENDITURES:
Current:
General government - - 389,481 - 9,875,707
Police - - - - 1,115,406
Fire - - - - 181,488
Public works 214,265 8,594 - - 2,470,450
Park and community services - - - - 39,001
Community development - - - - 223,492
Total expenditures 214,265 8,594 389,481 - 13,905,544
REVENUES OVER(UNDER)EXPENDITURES 101,651 98,029 - 158,815 11,008,071
OTHER FINANCING SOURCES(USES):
Transfers in - - - - 23,378
Transfers out (498,762) - - (6,355,686) (18,337,622)
Total other financing sources(uses) (498,762) - - (6,355,686) (18,314,244)
Net change in fund balances (397,111) 98,029 - (6,196,871) (7,306,173)
FUND BALANCES(DEFICITS):
Beginning of year 963,079 329,252 - 9,039,916 29,010,964
End of year $ 565,968 $ 427,281 $ - $ 2,843,045 $ 21,704,791
135 167
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Special Criminal Activity Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 200 $ 200 $ 2,941 $ 2,741
Other revenues - 69,757 80,174 10,417
Total revenues 200 69,957 83,115 13,158
EXPENDITURES:
Current:
Police 35,000 125,883 47,650 78,233
Total expenditures 35,000 125,883 47,650 78,233
REVENUES OVER(UNDER)EXPENDITURES (34,800) (55,926) 35,465 91,391
Net change in fund balance $ (34,800) $ (55,926) 35,465 $ 91,391
FUND BALANCE:
Beginning of year 92,329
End of year $ 127,794
136 168
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Vehicle Abatement Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 34,000 $ 34,000 $ 96,432 $ 62,432
Interest 1,500 1,500 7,077 5,577
Total revenues 35,500 35,500 103,509 68,009
EXPENDITURES:
Current:
Police - 35,677 35,678 (1)
Total expenditures - 35,677 35,678 (1)
REVENUES OVER(UNDER)EXPENDITURES 35,500 (177) 67,831 68,008
OTHER FINANCING SOURCES(USES):
Transfers out (50,000) (50,000) (29,382) 20,618
Total other financing sources(uses) (50,000) (50,000) (29,382) 20,618
Net change in fund balance $ (14,500) $ (50,177) 38,449 $ 88,626
FUND BALANCE:
Beginning of year 326,823
End of year $ 365,272
137 169
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Supplemental Law Enforcement Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 100,000 $ 100,000 $ 177,914 $ 77,914
Interest 2,000 2,000 6,557 4,557
Total revenues 102,000 102,000 184,471 82,471
EXPENDITURES:
Current:
Police 100,000 100,000 100,000 -
Total expenditures 100,000 100,000 100,000 -
REVENUES OVER(UNDER)EXPENDITURES 2,000 2,000 84,471 82,471
Net change in fund balance $ 2,000 $ 2,000 84,471 $ 82,471
FUND BALANCE:
Beginning of year 280,381
End of year $ 364,852
138 170
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Traffic Safety Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 100 $ 100 $ 65 $ (35)
Fines and forfeitures 100,000 100,000 127,320 27,320
Total revenues 100,100 100,100 127,385 27,285
EXPENDITURES:
Current:
Public works and transportation 50,000 58,179 37,922 20,257
Total expenditures 50,000 58,179 37,922 20,257
REVENUES OVER(UNDER)EXPENDITURES 50,100 41,921 89,463 47,542
Net change in fund balance $ 50,100 $ 41,921 89,463 $ 47,542
FUND BALANCE:
Beginning of year (55,792)
End of year $ 33,671
139 171
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Emergency Medical Services Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,000 $ 2,000 $ 5,415 $ 3,415
Special assessments 214,000 214,000 210,782 (3,218)
Total revenues 216,000 216,000 216,197 197
EXPENDITURES:
Current:
Fire 177,937 177,937 181,488 (3,551)
Total expenditures 177,937 177,937 181,488 (3,551)
REVENUES OVER(UNDER)EXPENDITURES 38,063 38,063 34,709 (3,354)
Net change in fund balance $ 38,063 $ 38,063 34,709 $ (3,354)
FUND BALANCE:
Beginning of year 245,560
End of year $ 280,269
140 172
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Enforcement Grants Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 321,584 $ 321,584 $ 266,990 $ (54,594)
Total revenues 321,584 321,584 266,990 (54,594)
EXPENDITURES:
Current:
Police 321,584 321,584 180,135 141,449
Total expenditures 321,584 321,584 180,135 141,449
REVENUES OVER(UNDER)EXPENDITURES - - 86,855 86,855
Net change in fund balance $ - $ - 86,855 $ 86,855
FUND BALANCE:
Beginning of year 1,524
End of year $ 88,379
141 173
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Gas Tax Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,868,231 $ 1,868,231 $ 1,850,782 $ (17,449)
Interest 30,000 30,000 79,642 49,642
Total revenues 1,898,231 1,898,231 1,930,424 32,193
EXPENDITURES:
Current:
Public works and transportation 1,140,543 1,158,775 947,233 211,542
Total expenditures 1,140,543 1,158,775 947,233 211,542
REVENUES OVER(UNDER)EXPENDITURES 757,688 739,456 983,191 243,735
OTHER FINANCING SOURCES(USES):
Transfers out (744,460) (3,903,172) (1,474,073) 2,429,099
Total other financing sources(uses) (744,460) (3,903,172) (1,474,073) 2,429,099
Net change in fund balance $ 13,228 $ (3,163,716) (490,882) $ 2,672,834
FUND BALANCE:
Beginning of year 3,726,665
End of year $ 3,235,783
142 174
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
SAFETEA-LU Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 661,000 $ 621,000 $ (40,000)
Total revenues - 661,000 621,000 (40,000)
OTHER FINANCING SOURCES(USES):
Transfers out - (661,000) (661,000)
Total other financing sources(uses) - (661,000) (661,000)
Net change in fund balance $ - $ - (40,000) $ (40,000)
FUND BALANCE:
Beginning of year -
End of year $ (40,000)
143 175
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure B Sales Tax Local Streets Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 10,265 $ 10,265
Total revenues - - 10,265 10,265
OTHER FINANCING SOURCES(USES):
Transfers out (300,000) (955,705) (827,482) 128,223
Total other financing sources(uses) (300,000) (955,705) (827,482) 128,223
Net change in fund balance $ (300,000) $ (955,705) (817,217) $ 138,488
FUND BALANCE:
Beginning of year 916,201
End of year $ 98,984
144 176
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure B Sales Tax Bike/Pedestrian Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 3,961 $ 3,961
Other revenues - - 1,384 1,384
Total revenues - - 5,345 5,345
OTHER FINANCING SOURCES(USES):
Transfers out - (345,406) (277,206) 68,200
Total other financing sources(uses) - (345,406) (277,206) 68,200
Net change in fund balance $ - $ (345,406) (271,861) $ 73,545
FUND BALANCE:
Beginning of year 340,040
End of year $ 68,179
145 177
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure B Grants Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 3,866 $ 3,866
Total revenues - - 3,866 3,866
Net change in fund balance $ - $ - 3,866 $ 3,866
FUND BALANCE:
Beginning of year 187,917
End of year $ 191,783
146 178
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure BB Sales Tax Streets and Roads Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,138,000 $ 1,138,000 $ 1,458,611 $ 320,611
Interest 4,000 4,000 19,983 15,983
Total revenues 1,142,000 1,142,000 1,478,594 336,594
OTHER FINANCING SOURCES(USES):
Transfers out (980,000) (1,425,980) (857,954) 568,026
Total other financing sources(uses) (980,000) (1,425,980) (857,954) 568,026
Net change in fund balance $ 162,000 $ (283,980) 620,640 $ 904,620
FUND BALANCE:
Beginning of year 748,337
End of year $ 1,368,977
147 179
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB Sales Tax Bike/Pedestrian Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 376,000 $ 376,000 $ 502,810 $ 126,810
Interest 1,000 1,000 10,029 9,029
Total revenues 377,000 377,000 512,839 135,839
EXPENDITURES:
Current:
Public works 19,080 19,080 9,341 9,739
Total expenditures 19,080 19,080 9,341 9,739
REVENUES OVER(UNDER)EXPENDITURES 357,920 357,920 503,498 145,578
OTHER FINANCING SOURCES(USES):
Transfers out (188,228) (493,814) (246,465) 247,349
Total other financing sources(uses) (188,228) (493,814) (246,465) 247,349
Net change in fund balance $ 169,692 $ (135,894) 257,033 $ 392,927
FUND BALANCE:
Beginning of year 405,776
End of year $ 662,809
148 180
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure BB Grants Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 741,717 $ 5,183,703 $ 2,600,959 $ (2,582,744)
Interest - - 40 40
Total revenues 741,717 5,183,703 2,600,999 (2,582,704)
OTHER FINANCING SOURCES(USES):
Transfers out - (5,146,840) (2,598,350) 2,548,490
Total other financing sources(uses) - (5,146,840) (2,598,350) 2,548,490
Net change in fund balance $ 741,717 $ 36,863 2,649 $ (34,214)
FUND BALANCE:
Beginning of year 23,312
End of year $ 25,961
149 181
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Transportation for Clean Air (TFCA) Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 753,839 $ 670,959 $ (82,880)
Total revenues - 753,839 670,959 (82,880)
OTHER FINANCING SOURCES(USES):
Transfers out - (288,705) (197,769) 90,936
Total other financing sources(uses) - (288,705) (197,769) 90,936
Net change in fund balance $ - $ 465,134 473,190 $ 8,056
FUND BALANCE:
Beginning of year (465,133)
End of year $ 8,057
150 182
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Road Maintenance & Rehabilitation Account (RMRA) Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,262,424 $ 1,304,773 $ 1,698,554 $ 393,781
Interest 15,000 15,000 58,141 43,141
Total revenues 1,277,424 1,319,773 1,756,695 436,922
OTHER FINANCING SOURCES(USES):
Transfers out (1,323,961) (3,734,649) (2,197,928) 1,536,721
Total other financing sources(uses) (1,323,961) (3,734,649) (2,197,928) 1,536,721
Net change in fund balance $ (46,537) $ (2,414,876) (441,233) $ 1,973,643
FUND BALANCE:
Beginning of year 2,849,465
End of year $ 2,408,232
151 183
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
ACTC Vehicle Registration Fee Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 267,867 $ 993,867 $ 337,637 $ (656,230)
Interest 2,500 2,500 5,558 3,058
Total revenues 270,367 996,367 343,195 (653,172)
EXPENDITURES:
Current:
Public works and transportation 200,000 215,473 200,000 15,473
Total expenditures 200,000 215,473 200,000 15,473
REVENUES OVER(UNDER)EXPENDITURES 70,367 780,894 143,195 (637,699)
OTHER FINANCING SOURCES(USES):
Transfers out (165,040) (996,115) (96,418) 899,697
Total other financing sources(uses) (165,040) (996,115) (96,418) 899,697
Net change in fund balance $ (94,673) $ (215,221) 46,777 $ 261,998
FUND BALANCE:
Beginning of year 242,434
End of year $ 289,211
152 184
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TDA Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 17,317 $ 17,317 $ - $ (17,317)
Interest - - 358 358
Total revenues 17,317 17,317 358 (16,959)
OTHER FINANCING SOURCES(USES):
Transfers out - (17,317) - 17,317
Total other financing sources(uses) - (17,317) - 17,317
Net change in fund balance $ 17,317 $ - 358 $ 358
FUND BALANCE:
End of year $ 17,774
153 185
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Garbage/Recycling Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 282,256 $ 282,256 $ 243,845 $ (38,411)
Charges for services 7,620,000 8,286,781 8,256,490 (30,291)
Interest 18,500 18,500 35,999 17,499
Total revenues 7,920,756 8,587,537 8,536,334 (51,203)
EXPENDITURES:
Current:
General government 7,620,000 8,286,781 8,286,780 1
Public works and transportation 198,811 619,958 336,972 282,986
Total expenditures 7,818,811 8,906,739 8,623,752 282,987
REVENUES OVER(UNDER)EXPENDITURES 101,945 (319,202) (87,418) 231,784
OTHER FINANCING SOURCES(USES):
Transfers in - 23,378 23,378 -
Transfers out - (69,360) - 69,360
Total other financing sources(uses) - (45,982) 23,378 69,360
Net change in fund balance $ 101,945 $ (365,184) (64,040) $ 301,144
FUND BALANCE:
Beginning of year 1,041,103
End of year $ 977,063
154 186
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
AVI Economic Benefit/Business Assistance Program Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 4,376 $ 4,376
Other revenues 100,000 100,000 100,000 -
Total revenues 100,000 100,000 104,376 4,376
EXPENDITURES:
Current:
General government 100,000 100,000 60,663 39,337
Total expenditures 100,000 100,000 60,663 39,337
REVENUES OVER(UNDER)EXPENDITURES - - 43,713 43,713
Net change in fund balance $ - $ - 43,713 $ 43,713
FUND BALANCE:
Beginning of year 275,153
End of year $ 318,866
155 187
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Storm Water Management Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,000 $ 2,000 $ 4,820 $ 2,820
Total revenues 2,000 2,000 4,820 2,820
EXPENDITURES:
Current:
Public works and transportation 16,800 16,800 6,800 10,000
Total expenditures 16,800 16,800 6,800 10,000
REVENUES OVER(UNDER)EXPENDITURES (14,800) (14,800) (1,980) 12,820
Net change in fund balance $ (14,800) $ (14,800) (1,980) $ 12,820
FUND BALANCE:
Beginning of year 235,073
End of year $ 233,093
156 188
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Box Culvert Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 5,000 $ 5,000 $ 8,197 $ 3,197
Total revenues 5,000 5,000 8,197 3,197
Net change in fund balance $ 5,000 $ 5,000 8,197 $ 3,197
FUND BALANCE:
Beginning of year 398,344
End of year $ 406,541
157 189
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Art Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 45,000 $ 45,000 $ 76,815 $ 31,815
Development revenue - - 7,455 7,455
Total revenues 45,000 45,000 84,270 39,270
EXPENDITURES:
Current:
Parks and community services 80,250 80,250 39,001 41,249
Total expenditures 80,250 80,250 39,001 41,249
REVENUES OVER(UNDER)EXPENDITURES (35,250) (35,250) 45,269 80,519
OTHER FINANCING SOURCES(USES):
Transfers out (150,000) (1,445,860) (474,814) 971,046
Total other financing sources(uses) (150,000) (1,445,860) (474,814) 971,046
Net change in fund balance $ (185,250) $ (1,481,110) (429,545) $ 1,051,565
FUND BALANCE:
Beginning of year 3,927,675
End of year $ 3,498,130
158 190
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Miscellaneous Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 125,000 $ 125,000 $ 117,271 $ (7,729)
Interest 2,100 2,100 10,031 7,931
Development revenue 662 662 1,311 649
Total revenues 127,762 127,762 128,613 851
EXPENDITURES:
Current:
General government 70,000 70,000 44,909 25,091
Total expenditures 70,000 70,000 44,909 25,091
REVENUES OVER(UNDER)EXPENDITURES 57,762 57,762 83,704 25,942
Net change in fund balance $ 57,762 $ 57,762 83,704 $ 25,942
FUND BALANCE:
Beginning of year 483,724
End of year $ 567,428
159 191
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Community Development Block Grant Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 305,600 $ 525,984 $ 307,484 $ (218,500)
Total revenues 305,600 525,984 307,484 (218,500)
EXPENDITURES:
Current:
General government 299,000 300,254 307,484 (7,230)
Community development - 219,130 - 219,130
Total expenditures 299,000 519,384 307,484 211,900
REVENUES OVER(UNDER)EXPENDITURES 6,600 6,600 - (6,600)
OTHER FINANCING SOURCES(USES):
Transfers out (6,600) (6,600) - 6,600
Total other financing sources(uses) (6,600) (6,600) - 6,600
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year 6,600
End of year $ 6,600
160 192
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
State Grant Park Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 2,022,400 $ 2,022,400 $ - $ (2,022,400)
Total revenues 2,022,400 2,022,400 - (2,022,400)
OTHER FINANCING SOURCES(USES):
Transfers out (2,294,000) (2,294,000) (557,154) 1,736,846
Total other financing sources(uses) (2,294,000) (2,294,000) (557,154) 1,736,846
Net change in fund balance $ (271,600) $ (271,600) (557,154) $ (285,554)
FUND BALANCE:
Beginning of year -
End of year $ (557,154)
161 193
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Building Homes and Jobs Act Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 310,000 $ - $ (310,000)
Total revenues - 310,000 - (310,000)
EXPENDITURES:
Current:
Community development - 1,835 837 998
Total expenditures - 1,835 837 998
REVENUES OVER(UNDER)EXPENDITURES - 308,165 (837) (309,002)
Net change in fund balance $ - $ 308,165 (837) $ (309,002)
FUND BALANCE:
Beginning of year (278,013)
End of year $ (278,850)
162 194
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Housing Grant Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 300,000 $ 300,000 $ 300,000 $ -
Total revenues 300,000 300,000 300,000 -
EXPENDITURES:
Current:
Community development - 223,087 222,655 432
Total expenditures - 223,087 222,655 432
REVENUES OVER(UNDER)EXPENDITURES 300,000 76,913 77,345 432
Net change in fund balance $ 300,000 $ 76,913 77,345 $ 432
FUND BALANCE:
Beginning of year (76,913)
End of year $ 432
163 195
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Federal COVID-19 Financial Assistance Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Current:
General government $ - $ - $ 777 $ (777)
Total expenditures - - 777 (777)
Net change in fund balance $ - $ - (777) $ (777)
FUND BALANCE:
Beginning of year 59,851
End of year $ 59,074
164 196
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
American Rescue Plan Act Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 3,544,256 $ 3,544,256 $ 1,444,951 $ (2,099,305)
Interest - - 92,605 92,605
Total revenues 3,544,256 3,544,256 1,537,556 (2,006,700)
EXPENDITURES:
Current:
General government 1,768,095 1,505,615 785,613 720,002
Police 611,397 1,158,302 751,943 406,359
Community development 128,000 593,941 - 593,941
Total expenditures 2,507,492 3,257,858 1,537,556 1,720,302
REVENUES OVER(UNDER)EXPENDITURES 1,036,764 286,398 - (286,398)
Net change in fund balance $ 1,036,764 $ 286,398 - $ (286,398)
FUND BALANCE:
Beginning of year -
End of year $ -
165 197
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Measure RR Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 1,378,758 $ 967,149 $ (411,609)
Total revenues - 1,378,758 967,149 (411,609)
OTHER FINANCING SOURCES(USES):
Transfers out - (1,378,758) (967,149) 411,609
Total other financing sources(uses) - (1,378,758) (967,149) 411,609
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
166 198
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1983-1 Street Lighting Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 5,000 $ 5,000 $ 13,168 $ 8,168
Special assessments 315,395 315,395 314,514 (881)
Total revenues 320,395 320,395 327,682 7,287
EXPENDITURES:
Current:
Public works and transportation 306,816 321,867 262,596 59,271
Total expenditures 306,816 321,867 262,596 59,271
REVENUES OVER(UNDER)EXPENDITURES 13,579 (1,472) 65,086 66,558
Net change in fund balance $ 13,579 $ (1,472) 65,086 $ 66,558
FUND BALANCE:
Beginning of year 622,076
End of year $ 687,162
167 199
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Maintenance Districts 1983-2 Stagecoach Landscape Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 3,000 $ 3,000 $ 7,791 $ 4,791
Special assessments 101,694 101,694 109,714 8,020
Total revenues 104,694 104,694 117,505 12,811
EXPENDITURES:
Current:
Public works and transportation 68,008 68,008 62,245 5,763
Total expenditures 68,008 68,008 62,245 5,763
REVENUES OVER(UNDER)EXPENDITURES 36,686 36,686 55,260 18,574
Net change in fund balance $ 36,686 $ 36,686 55,260 $ 18,574
FUND BALANCE:
Beginning of year 355,161
End of year $ 410,421
168 200
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1986-1 Dougherty Landscape Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 4,500 $ 4,500 $ 11,986 $ 7,486
Special assessments 193,591 193,591 194,119 528
Total revenues 198,091 198,091 206,105 8,014
EXPENDITURES:
Current:
Public works and transportation 104,414 104,414 92,451 11,963
Total expenditures 104,414 104,414 92,451 11,963
REVENUES OVER(UNDER)EXPENDITURES 93,677 93,677 113,654 19,977
OTHER FINANCING SOURCES(USES):
Transfers out - (390,301) (19,958) 370,343
Total other financing sources(uses) - (390,301) (19,958) 370,343
Net change in fund balance S 93,677 $ (296,624) 93,696 $ 390,320
FUND BALANCE:
Beginning of year 549,938
End of year $ 643,634
169 201
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1997-1 Santa Rita Landscape Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 10,000 $ 10,000 $ 26,270 $ 16,270
Special assessments 380,680 380,680 370,213 (10,467)
Total revenues 390,680 390,680 396,483 5,803
EXPENDITURES:
Current:
Public works and transportation 332,028 345,028 292,031 52,997
Total expenditures 332,028 345,028 292,031 52,997
REVENUES OVER(UNDER)EXPENDITURES 58,652 45,652 104,452 58,800
OTHER FINANCING SOURCES(USES):
Transfers out (195,000) (195,000) (72) 194,928
Total other financing sources(uses) (195,000) (195,000) (72) 194,928
Net change in fund balance $ (136,348) $ (149,348) 104,380 $ 253,728
FUND BALANCE:
Beginning of year 1,195,690
End of year $ 1,300,070
170 202
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1999-1 East Dublin Street Lighting Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 12,500 $ 12,500 $ 7,338 $ (5,162)
Special assessments 324,437 324,437 308,578 (15,859)
Total revenues 336,937 336,937 315,916 (21,021)
EXPENDITURES:
Current:
Public works and transportation 269,161 302,869 214,265 88,604
Total expenditures 269,161 302,869 214,265 88,604
REVENUES OVER(UNDER)EXPENDITURES 67,776 34,068 101,651 67,583
OTHER FINANCING SOURCES(USES):
Transfers out (42,000) (546,909) (498,762) 48,147
Total other financing sources(uses) (42,000) (546,909) (498,762) 48,147
Net change in fund balance S 25,776 $ (512,841) (397,111) $ 115,730
FUND BALANCE:
Beginning of year 963,079
End of year $ 565,968
171 203
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Dublin Crossing Community Facilities District No. 2017-1 Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,000 $ 2,000 $ 7,516 $ 5,516
Special assessments 115,000 115,000 99,107 (15,893)
Total revenues 117,000 117,000 106,623 (10,377)
EXPENDITURES:
Current:
Public works and transportation 30,498 30,498 8,594 21,904
Total expenditures 30,498 30,498 8,594 21,904
REVENUES OVER(UNDER)EXPENDITURES 86,502 86,502 98,029 11,527
Net change in fund balance $ 86,502 $ 86,502 98,029 $ 11,527
FUND BALANCE:
Beginning of year 329,252
End of year $ 427,281
172 204
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Federal Grants- General Special Revenue Fund
For the year ended June 30, 2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 450,000 $ 389,481 $ (60,519)
Total revenues - 450,000 389,481 (60,519)
EXPENDITURES:
Current:
General government - 450,000 389,481 60,519
Total expenditures - 450,000 389,481 60,519
REVENUES OVER(UNDER)EXPENDITURES - - - -
Net change in fund balance $ - $ - - $ -
FUND BALANCE:
Beginning of year -
End of year $ -
173 205
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance -Budget and Actual
Energy Improvement Lease Revenue Bond Capital Projects Fund
For the year ended June 30,2023
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 158,815 $ 158,815
Total revenues - - 158,815 158,815
OTHER FINANCING SOURCES(USES):
Transfers out - (8,890,725) (6,355,686) 2,535,039
Total other financing sources(uses) - (8,890,725) (6,355,686) 2,535,039
Net change in fund balance $ - $ (8,890,725) (6,196,871) $ 2,693,854
FUND BALANCE:
Beginning of year 9,039,916
End of year $ 2,843,045
174 206
INTERNAL SERVICE FUNDS
Vehicle Replacement this fund is an interest bearing Internal Service Fund established to finance necessary
vehicle replacements.
Building Replacement this fund is an interest bearing Internal Service Fund established to finance future
major building component repair expenditures.
Equipment Replacement this fund is an interest bearing Internal Service fund established to finance
necessary equipment replacements.
Retiree Health Care this fund is an interest bearing Internal Service Fund established to account for the
contribution made to the California Employers' Retiree Benefit Trust Fund for future retiree health care
benefits.
Information Technology accounts for all information and technology costs,including staffing.
175 207
City of Dublin
Combining Statement of Net Position
Internal Service Funds
June 30, 2023
Vehicle Building Equipment
Replacement Replacement Replacement
ASSETS
Current assets:
Cash and investments $ 2,706,485 $ 12,785,081 $ 8,307,561
Accounts receivable 5,000 - -
Prepaids and other - - -
Total current assets 2,711,485 12,785,081 8,307,561
Noncurrent assets:
Capital assets:
Land - 10,774,792 -
Construction in progress - 5,815,755 659,563
Infrastructure - 622,831 122,183
Building and improvements - 63,177,051 -
Vehicles and equipment 8,392,016 - 2,424,953
Subscription based I.T.agreements - - -
Less accumulated depreciation and amortization (4,441,078) (46,811,315) (1,390,742)
Net capital assets 3,950,938 33,579,114 1,815,957
Total assets 6,662,423 46,364,195 10,123,518
LIABILITIES
Current liabilities:
Accounts payable and accruals 9,264 4,917 31,611
Due to other funds - - -
SBITA liabilities,due in one year - - -
Total current liabilities 9,264 4,917 31,611
Long-term liabilities:
SBITA liabilities,due in more than one year - - -
Total long-term liabilities - - -
Total liabilities 9,264 4,917 31,611
NET POSITION(DEFICIT)
Net investment in capital assets 3,950,938 33,579,114 1,815,957
Unrestricted 2,702,221 12,780,164 8,275,950
Total net position(deficit) $ 6,653,159 $ 46,359,278 $ 10,091,907
176 208
City of Dublin
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2023
Retiree Information
Health Care Technology Total
ASSETS
Current assets:
Cash and investments $ - $ 2,076,287 $ 25,875,414
Accounts receivable 561,663 15,000 581,663
Prepaids and other 202,404 148,753 351,157
Total current assets 764,067 2,240,040 26,808,234
Noncurrent assets:
Capital assets:
Land - - 10,774,792
Construction in progress - 882,868 7,358,186
Infrastructure - - 745,014
Building and improvements - 42,732 63,219,783
Vehicles and equipment - 54,883 10,871,852
Subscription based I.T.agreements - 1,479,702 1,479,702
Less accumulated depreciation and amortization - (395,441) (53,038,576)
Net capital assets - 2,064,744 41,410,753
Total assets 764,067 4,304,784 68,218,987
LIABILITIES
Current liabilities:
Accounts payable and accruals (11,719) 406,842 440,915
Due to other funds 727,092 - 727,092
SBITA liabilities,due in one year - 381,625 381,625
Total current liabilities 715,373 788,467 1,549,632
Long-term liabilities:
SBITA liabilities,due in more than one year - 839,433 839,433
Total long-term liabilities - 839,433 839,433
Total liabilities 715,373 1,627,900 2,389,065
NET POSITION(DEFICIT)
Net investment in capital assets - 843,686 40,189,695
Unrestricted 48,694 1,833,198 25,640,227
Total net position(deficit) $ 48,694 $ 2,676,884 $ 65,829,922
177 209
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Internal Service Funds
For the year ended June 30, 2023
Vehicle Building Equipment
Replacement Replacement Replacement
OPERATING REVENUES:
Charges for services $ 746,088 $ 414,278 $ 949,561
Other revenue 146,339 - -
Total operating revenues 892,427 414,278 949,561
OPERATING EXPENSES:
Supplies and services 9,265 68,070 25,103
Retiree health premiums - - -
Depreciation 461,313 2,110,624 261,285
Total operating expenses 470,578 2,178,694 286,388
OPERATING INCOME(LOSS) 421,849 (1,764,416) 663,173
NONOPERATING REVENUES(EXPENSES):
Interest income 54,346 221,532 170,640
Interest and fiscal charges - - -
Total nonoperating revenues(expenses) 54,346 221,532 170,640
INCOME(LOSS)BEFORE
CONTRIBUTIONS AND TRANSFERS: 476,195 (1,542,884) 833,813
Transfers in - 2,000,000 -
Transfers(out) - (113) -
Total transfers - 1,999,887 -
Change in net position 476,195 457,003 833,813
NET POSITION(DEFICIT):
Beginning of year 6,176,964 45,902,275 9,258,094
End of year $ 6,653,159 $ 46,359,278 $ 10,091,907
178 210
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position (Continued)
Internal Service Funds
For the year ended June 30, 2023
Retiree Information
Health Care Technology Total
OPERATING REVENUES:
Charges for services $ - $ 2,916,776 $ 5,026,703
Other revenue 916,598 - 1,062,937
Total operating revenues 916,598 2,916,776 6,089,640
OPERATING EXPENSES:
Supplies and services - 2,215,061 2,317,499
Retiree health premiums 916,597 - 916,597
Depreciation - 352,733 3,185,955
Total operating expenses 916,597 2,567,794 6,420,051
OPERATING INCOME(LOSS) 1 348,982 (330,411)
NONOPERATING REVENUES(EXPENSES):
Interest income 311 64,978 511,807
Interest and fiscal charges - (29,593) (29,593)
Total nonoperating revenues(expenses) 311 35,385 482,214
INCOME(LOSS)BEFORE
CONTRIBUTIONS AND TRANSFERS: 312 384,367 151,803
Transfers in - - 2,000,000
Transfers(out) - (37,852) (37,965)
Total transfers - (37,852) 1,962,035
Change in net position 312 346,515 2,113,838
NET POSITION(DEFICIT):
Beginning of year 48,382 2,330,369 63,716,084
End of year $ 48,694 $ 2,676,884 $ 65,829,922
179 211
City of Dublin
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2023
Vehicle Building Equipment
Replacement Replacement Replacement
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers $ 2,804,883 $ 414,278 $ 949,561
Payments to suppliers and service providers (2,063,796) (63,153) (729)
Other revenues 146,339 - -
Net cash provided by(used in)operating activities 887,426 351,125 948,832
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds - 2,000,000 -
Cash disbursements to other funds - (113) -
Net cash provided by(used in)noncapital financing activities - 1,999,887 -
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (240,304) (114) (461,259)
Interest paid on SBITAs - - -
Principal payment made on SBITAs - - -
Net cash used in capital and related financing activities (240,304) (114) (461,259)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 54,346 221,532 170,640
Net cash provided by investing activities 54,346 221,532 170,640
Net Cash Flows 701,468 2,572,430 658,213
CASH AND CASH EQUIVALENTS-Beginning of year 2,005,017 10,212,651 7,649,348
CASH AND CASH EQUIVALENTS-End of year $ 2,706,485 $ 12,785,081 $ 8,307,561
RECONCILIATION OF OPERATING INCOME(LOSS)TO NET
CASH PROVIDED BY(USED IN)OPERATING ACTIVITIES:
Operating income(loss) $ 421,849 $ (1,764,416) $ 663,173
Adjustments to reconcile operating income(loss)
to net cash provided by(used in)operating activities:
Depreciation 461,313 2,110,624 261,285
Change in assets and liabilities
Accounts receivable (5,000) - -
Prepaids - - -
Accounts payable and accruals 9,264 4,917 24,374
Net cash provided by(used in)operating activities $ 887,426 $ 351,125 $ 948,832
180 212
City of Dublin
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the year ended June 30,2023
Retiree Information
Health Care Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers $ (346,952) $ 2,901,776 $ 6,723,546
Payments to suppliers and service providers (1,027,096) (2,035,267) (5,190,041)
Other revenues 916,598 - 1,062,937
Net cash provided by(used in)operating activities (457,450) 866,509 2,596,442
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds 235,695 - 2,235,695
Cash disbursements to other funds 221,444 (37,852) 183,479
Net cash provided by(used in)noncapital financing activities 457,139 (37,852) 2,419,174
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets - (46,651) (748,328)
Interest paid on SBITAs - (29,593) (29,593)
Principal payment made on SBITAs - (258,644) (258,644)
Net cash used in capital and related financing activities - (334,888) (1,036,565)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 311 64,978 511,807
Net cash provided by investing activities 311 64,978 511,807
Net Cash Flows - 558,747 4,490,858
CASH AND CASH EQUIVALENTS-Beginning of year - 1,517,540 21,384,556
CASH AND CASH EQUIVALENTS-End of year $ - $ 2,076,287 $ 25,875,414
RECONCILIATION OF OPERATING INCOME(LOSS)TO NET
CASH PROVIDED BY(USED IN)OPERATING ACTIVITIES:
Operating income(loss) $ 1 $ 348,982 $ (330,411)
Adjustments to reconcile operating income(loss)
to net cash provided by(used in)operating activities:
Depreciation - 352,733 3,185,955
Change in assets and liabilities
Accounts receivable (450,744) (15,000) (470,744)
Prepaids (6,709) (101,535) (108,244)
Accounts payable and accruals 2 281,329 319,886
Net cash provided by(used in)operating activities $ (457,450) $ 866,509 $ 2,596,442
181 213
This page intentionally left blank
182 214
CUSTODIAL FUNDS
Dublin Boulevard Extension Assessment District to account form the special assessment established to
fund the improvements to Dublin Boulevard.
Geologic Hazard Abatement Districts two districts were formed under provisions in the California
Public Code, Which establishes in section 25670 that a district is a political subdivision of the State and
is not an agency or instrumentality of a local agency. The City acts as a trustee of the funds collected
and may contractually provide or arrange for services paid for by the District. Fiscal Year 2008-2009
was the first year that tax roll assessments were levied by the Districts.
Fallon Village Geologic Hazard abatement District this assessment district was established in
2007, in accordance with a condition of approval for the Fallon Village development project. The
District was formed to provide a mechanism for ongoing maintenance on open space areas within
the development. The boundary of this assessment district encompasses approximately 175 acres of
land,located generally east of Fallon Road.
Schaefer Ranch Geologic Hazardous Abatement District this assessment district was established in
2006, in accordance with a condition of approval for the Fallon Village development project. The
District was formed to provide a mechanism for ongoing maintenance of open space areas within
the development. The boundary of this assessment district encompasses approximately 500 acres of
land, located at the westerly boundary of the City limits north of interstate 580, and south of the
unincorporated area of Alameda County.
Fallon Crossing (North Tassajara) Geologic Hazard Abatement District this assessment district
was established to account for the maintenance of open space areas in accordance with a condition
of approval for the fallon Crossings development project. The boundary of the District encompasses
68 acres of land located on the northeast side of Tassajara Road, about 2 1/4 Miles north of
Interstate Highway 580,Tassajara Road and Moller Creek, a tributary of Tassajara Creek,border the
western and northeastern limits of the site.
Dublin Crossing Community Facilities District (CFD) No. 2015-1 (Dublin Crossing) Fund is used to
account for bond issuances to finance capital facilities and infrastructure within the CFD secured by
the collection of Special Taxes on real property within the CFD. The Custodial Fund is custodial in
nature (uses the economic resources measurement focus). CFD bonds are not debt obligations of the
City.
183 215
City of Dublin
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2023
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities Total
Assessment Fallon Schnaefer (North District Custodial
District Village Ranch Tassajara) No.2015-1 Funds
ASSETS
Cash and investments $ 9,607 $ 9,224,767 $ 6,249,479 $ 3,108,449 $ 18,489,401 $ 37,081,703
Accounts receivable - 3,954 - 824 16,492 21,270
Total assets 9,607 9,228,721 6,249,479 3,109,273 18,505,893 37,102,973
LIABILITIES
Accounts payable - 26,248 26,880 174 3,901 57,203
Total liabilities - 26,248 26,880 174 3,901 57,203
NET POSITION
Restricted for:
Individuals,organizations,and
other governments 9,607 9,202,473 6,222,599 3,109,099 18,501,992 37,045,770
Total net position $ 9,607 $ 9,202,473 $ 6,222,599 $ 3,109,099 $ 18,501,992 $ 37,045,770
184 216
City of Dublin
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2023
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities Total
Assessment Fallon Schnaefer (North District Custodial
District Village Ranch Tassajara) No.2015-1 Funds
ADDITIONS:
Special assessments $ - $ 1,214,305 $ 479,691 $ 706,773 $ 6,438,700 $ 8,839,469
Investment income 193 174,498 122,483 54,749 509,815 861,738
Proceeds from bonds - - - - 21,371,557 21,371,557
Property tax distribution - 3,320 1,083 2,391 21,032 27,826
Other - - - - 52,500 52,500
Total additions 193 1,392,123 603,257 763,913 28,393,604 31,153,090
DEDUCTIONS:
Administration - - - - 33,580,624 33,580,624
Project payments - 238,844 219,901 52,522 8,942 520,209
Payments of bonds principal - - - - 370,000 370,000
Interest expense - - - - 4,890,279 4,890,279
Total deductions - 238,844 219,901 52,522 38,849,845 39,361,112
Change in net position 193 1,153,279 383,356 711,391 (10,456,241) (8,208,022)
NET POSITION:
Beginning of year 9,414 8,049,194 5,839,243 2,397,708 28,958,233 45,253,792
End of year $ 9,607 $ 9,202,473 $ 6,222,599 $ 3,109,099 $ 18,501,992 $ 37,045,770
185 217
This page intentionally left blank
186 218
STATISTICAL SECTION
This part of the City of Dublin'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.
Index
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.
Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local
revenue source,the property tax.
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 issues additional debt in the future.
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.
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.
187 219
CITY OF DUBLIN,CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2014 2015 2016 2017 2018
Governmental Activities
Net Investment in Capital Assets $ 445,529,366 $ 444,832,546 $ 460,963,292 $ 487,123,214 $ 501,516,781
Restricted 60,808,540 74,738,217 97,592,438 94,745,655 107,452,493
Unrestricted 97,918,858 107,176,361 111,725,077 120,464,219 141,008,993
Total Primary Government $ 604,256,764 $ 626,747,124 $ 670,280,807 $ 702,333,088 $ 749,978,267
Source: City of Dublin Finance Department
188 220
CITY OF DUBLIN,CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2019 2020 2021 2022 2023
Governmental Activities
Net Investment in Capital Assets $ 531,251,006 $ 539,809,963 $ 537,970,764 $ 554,600,284 $ 545,146,807
Restricted 105,409,183 109,947,040 107,140,245 118,161,236 115,479,147
Unrestricted 177,705,220 193,382,816 211,211,541 216,956,681 261,775,257
Total Primary Government $ 814,365,409 $ 843,139,819 $ 856,322,550 $ 889,718,201 $ 922,401,211
Source: City of Dublin Finance Department
189 221
CITY OF DUBLIN,CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
Expenses 2014 2015 2016 2017 2018
Governmental Activities
General government $ 17,492,272 $ 11,296,896 $ 19,689,049 $ 14,276,843 $ 16,803,802
Police 16,393,410 15,325,113 18,316,420 17,080,942 19,423,830
Fire 11,376,701 12,198,769 14,725,476 13,687,195 13,315,788
Public works 8,363,186 15,336,225 13,883,008 18,351,543 17,147,611
Parks and community services 9,018,161 12,149,716 14,625,459 11,193,876 15,640,280
Community development 9,169,788 5,713,196 11,410,946 14,249,950 7,074,630
Interest on long-term debt 172,949 156,897 147,195 136,867 125,881
Total Governmental Activities Expenses 71,986,467 72,176,812 92,797,553 88,977,216 89,531,822
Program Revenues
Governmental Activities
Charges for Services
General government $ 153,544 $ 5,777,971 $ 5,209,378 $ 5,402,925 $ 6,060,099
Police 286,220 399,802 362,054 322,231 335,929
Fire 1,877,865 1,746,581 1,633,056 1,426,973 1,551,899
Public works 4,116,145 2,987,235 2,698,767 3,386,621 3,517,700
Parks and community services 2,753,911 3,009,383 2,931,553 2,950,625 4,638,050
Community development 10,393,367 7,657,467 13,217,027 9,334,477 10,139,788
Operating Contributions and Grants 1,674,815 955,677 1,629,137 8,008,289 12,577,699
Capital Contributions and Grants 20,914,994 21,931,981 38,433,119 21,133,748 23,438,110
Total Governmental Activities Program
Revenues 42,170,861 44,466,097 66,114,091 51,965,889 62,259,274
Net(Expense)/Revenue
Governmental Activities $ (29,815,606) $ (27,710,715) $ (26,683,462) $ (37,011,327) $ (27,272,548)
General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes 24,274,856 29,437,951 33,598,601 36,964,785 40,628,040
Special assessment taxes 1,011,452 1,264,204 1,359,212 1,416,721 1,472,933
Sales tax 17,833,314 19,211,823 22,070,547 21,186,333 21,134,636
Other taxes 5,427,627 6,159,654 6,606,016 6,834,545 43,787
Investment Income,Unrestricted 853,147 592,881 2,937,999 (710,595) (558,269)
Other General Revenues 316,785 429,328 3,644,670 3,371,819 3,335,600
Total Governmental Activities 49,717,181 57,095,841 70,217,045 69,063,608 66,056,727
Change in Net Position
Governmental Activities $ 19,901,575 $ 29,385,126 $ 43,533,583 $ 32,052,281 $ 38,784,179
Source:City of Dublin Finance Department
190 222
CITY OF DUBLIN,CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
Expenses 2019 2020 2021 2022 2023
Governmental Activities
General government $ 15,387,028 $ 24,851,393 $ 23,710,251 $ 23,516,577 $ 27,027,922
Police 21,814,982 22,483,378 24,681,714 24,439,146 27,849,316
Fire 14,152,331 14,122,166 15,227,074 14,657,052 16,308,574
Public works 24,131,711 21,103,350 23,769,070 25,252,334 30,353,850
Parks and community services 12,750,878 10,548,537 9,327,718 11,745,611 11,207,229
Community development 5,606,118 5,406,572 11,384,023 6,777,210 6,969,557
Interest on long-term debt - - - 336,950 583,787
Total Governmental Activities Expenses 93,843,048 98,515,396 108,099,850 106,724,880 120,300,235
Program Revenues
Governmental Activities
Charges for Services
General government $ 6,520,152 $ 7,507,286 $ 9,113,104 $ 10,129,727 $ 10,855,746
Police 330,280 244,363 214,223 241,962 253,956
Fire 1,708,807 1,603,243 2,103,228 2,062,704 2,147,455
Public works 3,132,543 2,471,032 2,453,787 3,361,847 2,606,030
Parks and community services 5,287,193 3,237,611 1,388,778 5,145,083 5,495,143
Community development 7,742,076 4,402,789 5,182,639 6,719,349 6,189,741
Operating Contributions and Grants 7,633,916 4,940,586 5,545,115 7,273,101 11,046,967
Capital Contributions and Grants 34,517,687 9,192,691 5,674,477 16,457,860 7,033,281
Total Governmental Activities Program
Revenues 66,872,654 33,599,601 31,675,351 51,391,633 45,628,319
Net(Expense)/Revenue
Governmental Activities $ (26,970,394) $ (64,915,795) $ (76,424,499) $ (55,333,247) $ (74,671,916)
General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes 44,293,602 49,086,335 53,007,086 55,186,388 59,056,139
Special assessment taxes 1,469,840 1,523,257 1,550,479 1,527,036 1,607,028
Sales tax 26,297,803 22,506,975 26,289,165 27,935,894 30,541,735
Othertaxes 8,223,510 7,280,323 7,185,319 8,281,142 8,729,684
Investment Income,Unrestricted 8,589,252 10,485,543 (975,548) (12,803,156) 2,759,385
Other General Revenues 2,483,530 2,276,391 2,550,729 8,601,594 4,660,955
Total Governmental Activities 91,357,537 93,158,824 89,607,230 88,728,898 107,354,926
Change in Net Position
Governmental Activities $ 64,387,143 $ 28,243,029 $ 13,182,731 $ 33,395,651 $ 32,683,010
Source:City of Dublin Finance Department
191 223
CITY OF DUBLIN,CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2014 2015 2016 2017 2018
General Fund
Unreserved,designated for:
Capital Improvements Projects
Carryover $ 43,787 $ - $ - $ - $ -
Unreserved,undesignated:
Non-Spendable 2,465,678 1,475,691 729,883 198,878 7,391
Restricted 500,000 500,000 579,000 1,762,000 1,938,000
Committed 34,124,267 38,531,179 38,928,755 36,213,714 43,740,492
Assigned 29,259,333 35,875,264 39,078,695 50,126,807 57,267,840
Unassigned 13,228,484 21,324,360 29,867,693 34,114,263 39,158,943
Total General Fund 79,621,549 97,706,494 109,184,026 122,415,662 142,112,666
All Other Governmental Funds
Non-Spendable $ - $ - $ - $ - $ 650
Restricted 61,710,448 75,646,848 84,453,929 82,686,743 105,476,681
Committed - - - - -
Assigned - - - - -
Unassigned (923,409) (930,131) 13,138,509 11,808,233 (1,998,366)
Total All Other Governmental
Funds 60,787,039 74,716,717 97,592,438 94,494,976 103,478,965
Total Governmental Funds $ 140,408,588 $ 172,423,211 $ 206,776,464 $ 216,910,638 $ 245,591,631
Source: City of Dublin Finance Department
192 224
CITY OF DUBLIN,CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2019 2020 2021 2022 2023
General Fund
Unreserved,designated for:
Capital Improvements Projects
Carryover $ - $ - $ - $ - $ -
Unreserved,undesignated:
Non-Spendable 12,818 13,061 13,266 10,541 4,859
Restricted 1,938,000 1,938,000 4,493,314 4,261,640 4,324,132
Committed 47,267,326 57,828,475 70,694,542 73,346,367 76,016,419
Assigned 60,771,810 64,004,658 66,743,519 93,266,322 125,043,298
Unassigned 61,235,819 66,865,027 67,819,855 52,972,636 44,347,902
Total General Fund 171,225,773 190,649,221 209,764,496 223,857,506 249,736,610
All Other Governmental Funds
Non-Spendable $ - $ 25,000 $ - $ - $ -
Restricted 107,090,763 104,872,535 102,613,783 122,939,512 111,155,015
Committed - - - - -
Assigned - - - - -
Unassigned (3,737,589) (3,522,706) (326,876) (875,851) (876,004)
Total All Other Governmental
Funds 103,353,174 101,374,829 102,286,907 122,063,661 110,279,011
Total Governmental Funds $ 274,578,947 $ 292,024,050 $ 312,051,403 $ 345,921,167 $ 360,015,621
Source: City of Dublin Finance Department
193 225
CITY OF DUBLIN,CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
Revenues 2014 2015 2016 2017 2018
Property taxes $ 25,448,254 $ 29,437,951 $ 33,598,601 $ 36,964,784 $ 40,628,040
Taxes other than property 23,769,133 25,371,476 28,676,662 28,020,877 27,089,866
Intergovernmental 2,574,159 3,245,822 3,303,521 9,352,861 12,415,367
Licenses and permits* 293,941 301,072 314,206 318,981 318,400
Charges for services 12,326,848 13,737,934 13,846,381 14,185,768 17,859,770
Investment income 1,101,634 1,071,936 3,689,940 168,792 666,808
Use of property 1,591,784 2,352,810 6,751,864 1,539,669 1,669,841
Fines and forteitures 323,601 320,629 290,871 260,220 275,665
Development fees* 21,358,140 24,276,317 43,038,360 26,866,804 24,465,477
Special assessments 1,025,239 1,264,201 1,359,214 1,416,721 1,472,932
Other revernues 2,762,970 3,499,480 1,351,331 1,763,454 7,363,700
Total Revenues 92,575,703 104,879,628 136,220,951 120,858,931 134,225,866
Expenditures
Current:
General government 8,411,507 11,471,412 20,715,735 13,313,517 14,020,898
Police 16,155,083 15,697,432 17,886,990 17,183,853 19,355,889
Fire 11,226,414 11,930,245 12,265,614 13,442,239 13,431,891
Public works 7,422,110 8,481,686 8,616,323 13,433,983 10,718,547
Parks and community services 9,349,729 9,731,003 10,791,185 8,934,718 13,585,706
Community development 9,102,734 6,059,180 11,348,674 11,652,735 6,700,773
Capital Outlay:
General 13,316,472 1,241,494 666,478 1,922,766 2,380,766
Community improvements 21,497 68,190 117,104 3,854 76,795
Parks 9,451,657 4,742,328 23,469,847 26,113,810 10,606,254
Public art - - - - -
Streets 2,403,926 3,568,142 3,652,808 10,516,675 12,832,455
Debt Service:
Principal - - - - 1,345,484
Interest and fiscal charges - - - - -
Total Expenditures 86,861,129 72,991,112 109,530,758 116,518,150 105,055,458
Excess of Revenues Over(Under)
Expenditures 5,714,574 31,888,516 26,690,193 4,340,781 29,170,408
Other Financing Sources(Uses)
Proceeds from Debt - - - 5,450,042 -
Transfers In 25,192,268 9,625,456 27,912,037 38,313,026 24,363,489
Transfers Out (20,385,523) (9,455,561) (29,903,351) (37,969,675) (24,852,904)
Total Other Financing Sources(Uses) 4,806,745 169,895 (1,991,314) 5,793,393 (489,415)
Net Change in Fund Balances $ 10,521,319 $ 32,058,411 $ 24,698,879 $ 10,134,174 $ 28,680,993
Debt Service as percentage of non-
capital expenditures 0.0% 0.0% 0.0% 0.0% 1.7%
*Some of permits revenue has been considered to be an integral part of development revenue and therefore has been
reclassed to development revenue effective in fiscal year 20/21.
Source:City of Dublin Finance Department
194 226
CITY OF DUBLIN,CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
Revenues 2019 2020 2021 2022 2023
Property taxes $ 44,293,602 $ 49,086,335 $ 53,007,086 $ 55,186,388 $ 59,056,139
Taxes other than property 32,949,484 28,312,778 31,826,343 34,391,349 37,309,999
Intergovernmental 8,961,332 7,411,403 10,805,708 9,579,161 14,287,723
Licenses and permits* 291,788 236,972 334,852 354,643 323,098
Charges for services 16,786,806 14,433,980 11,934,020 15,941,968 17,077,374
Investment income 10,345,636 12,006,831 183,258 (11,905,192) 4,860,720
Use of property 1,519,342 1,381,729 1,208,739 2,032,711 2,565,042
Fines and forteitures 265,971 196,840 177,477 193,018 207,437
Development fees* 21,426,005 10,178,191 10,891,389 24,862,035 11,443,674
Special assessments 1,469,839 1,523,256 1,550,480 7,760,922 1,607,027
Other revernues 4,963,646 1,675,842 2,124,277 1,527,035 3,733,205
Total Revenues 143,273,451 126,444,157 124,043,629 139,924,038 152,471,438
Expenditures
Current:
General government 14,894,745 23,151,872 22,104,295 23,539,492 26,593,651
Police 21,983,278 22,177,174 23,755,356 25,381,768 27,510,001
Fire 14,269,535 14,244,913 14,760,311 15,699,080 16,297,807
Public works 14,708,764 13,821,133 14,105,010 15,710,181 20,599,510
Parks and community services 9,708,040 7,228,275 6,085,251 8,756,857 8,301,423
Community development 5,543,073 4,989,648 10,033,900 5,795,288 5,881,891
Capital Outlay:
General 11,240,369 9,828,253 6,614,602 12,978,975 11,829,805
Community improvements - - - - -
Parks 1,081,809 6,180,120 4,170,540 13,400,686 4,539,778
Public art - - - - 474,814
Streets 14,666,554 5,488,030 3,116,314 4,030,047 13,053,219
Debt Service:
Principal 1,368,186 1,368,186 1,368,186 505,000 655,000
Interest and fiscal charges - - - 419,521 678,050
Total Expenditures 109,464,353 108,477,604 106,113,765 126,216,895 136,414,949
Excess of Revenues Over(Under)
Expenditures 33,809,098 17,966,553 17,929,864 13,707,143 16,056,489
Other Financing Sources(Uses)
Proceeds from Debt - - - 21,042,136 -
Transfers In 27,100,426 21,651,510 14,046,539 30,644,511 29,950,377
Transfers Out (31,922,207) (22,172,960) (11,949,050) (31,524,026) (31,912,412)
Total Other Financing Sources(Uses) (4,821,781) (521,450) 2,097,489 20,162,621 (1,962,035)
Net Change in Fund Balances $ 28,987,317 $ 17,445,103 $ 20,027,353 $ 33,869,764 $ 14,094,454
Debt Service as percentage of non-
capital expenditures 1.9% 1.5% 1.4% 1.0% 1.2%
*Some of permits revenue has been considered to be an integral part of development revenue and therefore has been
reclassed to development revenue effective in fiscal year 20/21.
Source:City of Dublin Finance Department
195 227
CITY OF DUBLIN.CALIFORNIA
Assessed Value of Taxable Property
Last Ten Fiscal Years
Fiscal City Wide
Year Real Property Net Taxable Average
Ended Residential Commercial Industrial Unsecured/ Less: Assessed Total Direct
June 30 Property Property Property Other Property Exemptions Value Tax Rate
2014 $ 7,135,260,308 $1,336,760,537 $ 246,334,563 $ 1,035,990,618 $(172,869,596) $9,581,476,430 0.2380%
2015 8,431,051,125 1,391,578,857 274,410,187 1,138,571,747 (185,639,690) 11,049,972,226 0.2373%
2016 9,662,162,719 1,481,865,501 277,588,684 1,261,568,728 (152,705,687) 12,530,479,945 0.2367%
2017 10,563,641,612 1,572,348,815 276,986,936 1,412,347,150 (151,208,054) 13,674,116,459 0.2365%
2018 11,483,621,200 1,634,851,757 279,900,741 1,494,613,752 (91,891,868) 14,801,095,582 0.2364%
2019 12,705,642,088 1,713,788,644 284,936,683 1,623,924,258 (181,733,659) 16,146,558,014 0.2363%
2020 14,169,003,039 1,819,769,185 302,957,585 1,719,280,594 (181,569,809) 17,829,440,594 0.2360%
2021 15,481,016,928 2,109,649,340 303,634,663 1,516,019,943 (240,382,905) 19,169,937,969 0.2359%
2022 16,240,797,288 2,126,716,219 342,361,488 1,436,361,129 (240,405,849) 19,905,830,274 0.2358%
2023 18,427,843,464 2,403,746,968 371,768,732 1,339,595,244 (222,045,596) 22,320,908,812 0.2347%
Source: HDL Coren&Cone and Alameda County Assessor Combined Tax Rolls,2013/14 through 2022/23
Note: Actual property value data not available in California.
(1) California cities do not set their own direct tax rate.The state constitution establishes the rate at 1%and allocates a portion
of that amount by an annual calculation,to all the taxing entities within a tax rate area.
(2) The City-wide Direct Tax Rate is an average,the actual tax rate for each property varies according to its tax rate area.
This average tax rate is net of State Shifts of local property tax revenue to Education and net of Admin fees.
196 228
This page intentionally left blank
197 229
CITY OF DUBLIN.CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per$100 of assessed value)
City Direct Rates Overlapping Rates(1)
Bay Area Castro Valley Chabot-Las Positas Dublin
Fiscal Basic Total Rapid Unified Community Unified
Year Levy Direct Transit School Bonds College Boards Bonds 1A&B
2013-14 1.00000 0.23796 0.00430 0.09240 0.02190 0.09930
2014-15 1.00000 0.23730 0.00750 0.08510 0.02140 0.11470
2015-16 1.00000 0.23669 0.00450 0.08520 0.02170 0.10770
2016-17 1.00000 0.23650 0.00260 0.00000 0.01980 0.07670
2017-18 1.00000 0.23644 0.00800 0.00000 0.02460 0.09720
2018-19 1.00000 0.23632 0.00700 0.00000 0.04430 0.14520
2019-20 1.00000 0.23603 0.01200 0.00000 0.04220 0.14600
2020-21 1.00000 0.23593 0.01390 0.00000 0.02140 0.14240
2021-22 1.00000 0.23582 0.00600 0.00000 0.04580 0.19640
2022-23 1.00000 0.23469 0.01400 0.00000 0.03880 0.17160
Source: HDL Coren&Cone and Alameda County Assessor Combined Tax Rolls,2013/14 through 2022/23
(1)Overlapping rates are those of local and county governments that apply to property owners within the City.
Not all overlapping rates apply to all city property owners.These are voter approved levies in addition to
the 1%State levy.
(2)The City's share of the 1%Levy is based on the City's share of the general fund tax rate area with the largest
net taxable value within the City.
198 230
CITY OF DUBLIN,CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per$100 of assessed value)
(Continued)
East Bay Flood Zone 7 Livermore Valley County Total City's Share
Fiscal Regional State Water Joint Unified Wide Direct&Overlapping of 1%Levy per
Year Park Bonds School Board Go Bond Tax Rate Proposition 13
2013-14 0.00510 0.02280 0.06070 0.00000 1.30650 0.2818
2014-15 0.00780 0.02570 0.05960 0.00000 1.32180 0.2818
2015-16 0.00850 0.02500 0.04970 0.00000 1.30230 0.2817
2016-17 0.00670 0.03430 0.00000 0.00000 1.14010 0.2818
2017-18 0.00320 0.03330 0.00000 0.00000 1.16630 0.2818
2018-19 0.00570 0.03320 0.00000 0.01120 1.24660 0.2818
2019-20 0.00600 0.03090 0.00000 0.01080 1.24790 0.2818
2020-21 0.00140 0.03090 0.00000 0.00360 1.21360 0.2818
2021-22 0.00200 0.03070 0.00000 0.00410 1.28500 0.2817
2022-23 0.00580 0.02790 0.00000 0.01030 1.26840 0.2817
199 231
CITY OF DUBLIN.CALIFORNIA
Principal Property Tax Payers
Current year and Nine Years Ago
2022-23 2013-14
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Kaiser $ 339,697,329 1 1.60%
Avalon at Dublin Station 1I,LP 252,319,482 2 1.19%
GH Pacvcst LLC 146,567,133 3 0.69%
Ross Dress for Less 131,837,783 4 0.62%
4800 Tassajara Road Apts Invest LLC 130,529,328 5 0.62%
Dublin Station Owner LLC 125,306,616 6 0.59%
Dublin Crossing LLC 123,537,632 7 0.58%
Dublin Corporate Center Owner LLC 119,269,187 8 0.56%
Essex Dublin Owner,LP 113,065,170 9 0.53%
Carl Zeiss Pension Trust Properties LLC 106,776,195 10 0.50%
Trust NOIP Dublin,LP $ 152,108,352 1 1.61%
4800 Tassajara Road Apartments Investors 113,981,488 2 1.21%
Dublin Station Owner,LLC 88,640,918 3 0.94%
Bere Island Properties I,LLC 87,196,783 4 0.92%
Tishman Speyer Archstone Smith Emerald 81,245,694 5 0.86%
BIT Holding Sixty-Three,Inc 74,641,655 6 0.79%
KB Home South Bay,Inc 73,955,233 7 0.78%
Dublin Corporate Center 72,000,000 8 0.76%
Kaiser Foundation Hospitals 65,811,994 9 0.70%
Ross Dress for Less 61,582,600 10 0.65%
Subtotal $ 1,588,905,855 7.50% $ 871,164,717 9.22%
Source:HDL Coren&Cone and Alameda County Assessor Combined Tax Rolls
200 232
CITY OF DUBLIN,CALIFORNIA
Property Tax Levies and Collections
Last Ten Fiscal Years
Fiscal
Year Current Percent Delinquent Total
Ended Total Tax of Levy Tax Tax Percent
June 30 Tax Levy Collections Collected Collections Collections of Levy
2014 $ 27,001,559 $ 26,200,578 97.03% $ 432,070 $ 26,632,648 97.03%
2015 31,129,982 30,434,412 97.77% 412,643 30,847,054 97.77%
2016 35,304,627 34,734,843 98.39% 357,472 35,092,315 98.39%
2017 38,529,558 38,100,547 98.89% 335,955 38,436,502 98.89%
2018 41,708,007 41,594,518 99.73% 362,487 41,957,005 99.73%
2019 45,499,386 45,357,078 99.69% 330,947 45,688,025 99.69%
2020 50,245,147 50,102,147 99.72% 379,250 50,481,396 99.72%
2021 54,024,719 53,621,996 99.25% 520,190 54,142,186 99.25%
2022 56,098,611 56,018,305 99.86% 425,907 56,444,212 99.86%
2023 62,884,696 59,864,270 95.20% 437,794 60,302,064 95.20%
Source:Alameda County Assessor Office
201 233
CITY OF DUBLIN,CALIFORNIA
Direct and Overlapping Debt
June 30,2023
Total Property Tax Assessed Value of Taxable Property
Estimated
Outstanding Percentage Share of
Debt Applicable to Overlapping
6/30/2023 City of Dublin(1) Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Alameda County $ 515,890,000 5.656% $ 29,178,738
Bay Area Rapid Transit District 2,484,285,000 2.225% 55,275,341
Chabot-Las Positas Community College District 756,200,000 13.640% 103,145,680
Dublin Joint Unified School District 630,082,953 99.983% 629,975,839
East Bay Regional Park District 175,955,000 3.463% 6,093,322
City of Dublin Community Facilities District No.2015-1 117,335,000 100.00% 117,335,000
California Statewide Communities Development Authority 1915 Act Bonds 763,600 100.00% 763,600
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 941,767,520
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Alameda County General Fund Obligations 706,903,500 5.656% 39,982,462
Alameda-Contra Costa Transit District Certificates of Participation 11,220,000 0.168% 18,850
City of Dublin General Fund Obligations 17,405,000 100.000% 17,405,000
Dublin Unified School District General Fund Obligations 25,611,224 99.983% 25,606,870
Eden Township Healthcare District General Fund Obligations 13,235,000 0.818% 108,262
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 83,121,444
TOTAL DIRECT DEBT $ 17,405,000
TOTAL OVERLAPPING DEBT $ 1,007,483,964
COMBINED TOTAL DEBT(2) $ 1,024,888,964
RATIOS TO ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt......................4.44%
Total Direct Debt...........................................................0.08%
Combined Total Debt..................................................4.84%
Source: California Municipal Statistics,Inc.
Notes:
The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages
were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city
divided by the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes,enterprise revenue,mortgage revenue and non-bonded capital lease obligations.
202 234
This page intentionally left blank
203 235
CITY OF DUBLIN,CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
Legal Debt Margin Calculation for Fiscal Year 2022-23
Assessed value(net)-June 30,2023 (1) $ 22,320,908,812
Debt limit: 15%of assessed value 3,348,136,322
Less total bonded debt,general obligation -
Legal debt margin(2) $ 3,348,136,322
Conversion Percentage for Calculation of Debt Limit(3) 25%
$ 837,034,080
Fiscal Year
2013-14 2014-15 2015-16 2016-17 2017-18
Debt limit $ 361,622,926 $ 416,774,836 $ 469,892,998 $ 512,779,367 $ 555,041,084
Total net debt
applicable to limit - - - - -
Legal debt margin $ 361,622,926 $ 416,774,836 $ 469,892,998 $ 512,779,367 $ 555,041,084
Total net debt applicable
to the limit as a percentage
of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
(1) Source: City of Dublin Finance Department
(2) The legal debt margin for the City of Dublin,California,is calculated using a debt limit of 15
percent of the assessed value of property within the City limits.(Gov Code of State of California)
(3)The government code provision was enacted when assessed valuation was based upon 25%of market
value.Effective with the 1981-82 fiscal year,each parcel in now assessed at 100%of market value(as of the
most recent change in ownership parcel)in ownership for that parcel. The computations shown above
reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective
to the 25%level that was in effect at the time that the legal debt margin was enacted by the State of California
for local governments located within the state.
204 236
CITY OF DUBLIN,CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
(Continued)
Fiscal Year
2018-19 2019-20 2020-21 2021-22 2022-23
Debt limit $ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635 S 837,034,080
Total net debt
applicable to limit - - - - -
Legal debt margin $ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635 $ 837,034,080
Total net debt applicable
to the limit as a percentage
of debt limit 0.0% 0.0% 0.0% 0.0% 0.0%
205 237
CITY OF DUBLIN.CALIFORNIA
Demographic And Economic Statistics
Last Ten Calendar Years
(Dollars in Thousands)
Per Capita Rank in Size
Fiscal City Personal Personal Unemployment of
Year Population(1) Income,in thousands(1) Income (1) Rate(2) California Cities(3)
2013 53,462 $ 2,321,908 $ 43,431 3.5% 181
2014 54,695 2,333,289 42,660 3.6% 185
2015 57,349 2,562,296 44,679 2.9% 156
2016 59,686 2,836,816 47,529 2.7% 153
2017 60,939 3,101,125 50,889 2.8% 153
2018 63,445 3,441,955 54,251 2.7% 147
2019 64,826 3,789,339 58,454 2.5% 140
2020 72,589 4,464,441 61,503 6.6% 140
2021 71,674 4,465,505 62,303 4.2% 119
2022 72,060 4,876,156 67,668 4.6% 121
Sources: (1)US Census Buraeu,most recent estimates July 1,2022
(2)State of California,Employment Development Department June 2023
(3)State of California,Department of Finance-California Cities Ranked by January 2023 Total Population
206 238
CITY OF DUBLIN,CALIFORNIA
Property Value,Construction,and Bank Deposits
Last Ten Fiscal Years
Total Number of Commercial Residential
Fiscal Year Ended Building Permits Construction Value Construction Value
30-Jun Issued(1) (1) (1) Bank Deposits(2)
2014 2,443 $ 57,812,261 $ 322,511,777 N/A
2015 2,068 60,793,275 295,988,465 N/A
2016 2,812 102,148,173 323,747,409 N/A
2017 2,806 177,500,725 308,916,668 N/A
2018 2,803 54,086,352 383,817,023 N/A
2019 - 119,498,163 272,846,465 N/A
2020 1,866 45,031,310 157,262,586 N/A
2021 2,393 42,330,706 177,291,325 N/A
2022 2,437 70,148,588 258,217,767 N/A
2023 2,781 223,087,585 173,769,864 N/A
Source: 1)City of Dublin Community Development Department
207 239
CITY OF DUBLIN,CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
2014 2015 2016 2017
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employer Employees Rank Employees Rank Employees Rank Employees Rank
United States Government
&Federal Correction Institute 2,100 1 2,100 1 2,100 1 2,100 1
County of Alameda 465 6 465 6 325 6 860 3
Dublin Unified School District 733 3 1,117 3 915 2 975 2
Ross Stores Headquarters 1,200 2 1,200 2 500 4 800 4
Zeiss Meditec 535 5 535 5 500 4 481 5
Kaiser Permanente - NA - NA - NA - NA
Patelco Credit Union - NA - NA - NA - NA
Snowflake,Inc. - NA - NA - NA - NA
Target Stores 412 7 388 7 350 5 350 8
TriNet - NA - NA - NA - NA
City of Dublin 221 10 N/A N/A 237 9 377 7
SAP(Formerly: Sybase Corporation) 604 4 604 4 700 3 - NA
De Silva Gates Construction N/A N/A 300 9 300 7 300 9
Whole Foods - NA - NA - NA - NA
Callidus Cloud N/A N/A 350 8 350 5 400 6
Micro Dental Laboratories 242 8 - NA - NA - NA
Safeway 284 9 284 10 280 8 280 10
Subtotal 6,796 7,343 6,557 6,923
Total City Day Population
Source:City of Dublin Office of Economic Development
208 240
CITY OF DUBLIN,CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
(Continued)
2018 2019 2020 2021
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employer Employees Rank Employees Rank Employees Rank Employees Rank
United States Government
&Federal Correction Institute 2,100 1 1,450 1 1,400 1 1,608 1
County of Alameda 870 4 975 4 1,165 2 1,165 2
Dublin Unified School District 1,007 2 1,096 3 1,115 3 1,070 4
Ross Stores Headquarters 950 3 1,100 2 1,100 4 1,100 3
Zeiss Meditec 465 5 450 6 450 6 620 5
Kaiser Permanente - NA 600 5 510 5 600 6
Patelco Credit Union - NA - NA 380 8 404 7
Snowflake,Inc. - NA - NA - NA - NA
Target Stores 325 9 380 9 380 8 350 9
TriNet 343 8 400 8 400 7 363 8
City of Dublin 433 6 400 7 332 10 250 10
SAP(Formerly: Sybase Corporation) - NA - NA - NA - NA
De Silva Gates Construction - NA - NA - NA - NA
Whole Foods 240 NA 350 10 - NA - NA
Callidus Cloud - NA - NA - NA - NA
Micro Dental Laboratories - NA - NA - NA - NA
Safeway - NA - NA - NA - NA
Subtotal 6,733 7,201 7,232 7,530
Total City Day Population
Source:City of Dublin Office of Economic Development
209 241
CITY OF DUBLIN,CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
(Continued)
2022 2023
Estimated Estimated
Number of Number of
Employer Employees Rank Employees Rank
United States Government
&Federal Correction Institute 1,589 1 3,275 1
County of Alameda 1,307 2 1,274 2
Dublin Unified School District 1,200 3 1,235 3
Ross Stores Headquarters 1,160 4 1,188 4
Zeiss Meditec 692 6 831 5
Kaiser Permanente 601 7 662 6
Patelco Credit Union 831 5 442 7
Snowflake,Inc. 250 9 350 8
Target Stores 344 8 341 9
TriNet 215 10 215 10
City of Dublin - NA - NA
SAP(Formerly: Sybase Corporation) - NA - NA
De Silva Gates Construction - NA - NA
Whole Foods - NA - NA
Callidus Cloud - NA - NA
Micro Dental Laboratories - NA - NA
Safeway - NA - NA
Subtotal 8,189 9,813
Total City Day Population
Source:City of Dublin Office of Economic Development
210 242
This page intentionally left blank
211 243
CITY OF DUBLIN CALIFORNIA
Full-Time Equivalent City Employees by Department
Last Ten Fiscal Years
2014 2015 2016 2017 2018
City Manager Office 16.25 18.25 18.50 18.00 19.00
Finance 7.50 7.75 7.75 8.00 8.00
Community Development 18.45 18.45 18.45 19.95 19.95
Fire 1.00 1.00 1.00 1.00 1.00
Police 6.00 5.00 5.00 4.00 4.00
Parks&Community Services 21.85 22.10 24.10 24.60 24.60
Public Works 15.95 18.95 18.95 19.45 18.45
Total 87.00 91.50 93.75 95.00 95.00
Source: City of Dublin Finance Department
212 244
CITY OF DUBLIN CALIFORNIA
Full-Time Equivalent City Employees by Department
Last Ten Fiscal Years
(Continued)
2019 2020 2021 2022 2023
City Manager Office 20.10 19.10 22.00 25.00 26.00
Finance 8.00 9.00 9.00 9.00 8.00
Community Development 19.35 19.35 18.00 19.00 19.00
Fire 1.00 1.00 1.00 1.00 1.00
Police 4.00 4.00 4.00 4.00 4.00
Parks&Community Services 23.10 23.10 22.00 23.00 23.00
Public Works 18.45 18.45 18.00 18.00 21.00
Total 94.00 94.00 94.00 99.00 102.00
Source: City of Dublin Finance Department
213 245
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
Function/Program 2014 2015 2016 2017 2018
Police:
Calls for Service 34,567 32,496 35,005 38,688 38,568
Citations Issued 8,530 7,175 7,087 7,164 7,051
Arrests 1,934 1,091 1,225 1,315 1,653
Fire:
Emergency Calls 2,859 2,667 2,734 2,848 3,247
Inspections 3,664 3,948 4,304 4,141 4,034
Building Plan Reviews and Consultations 1,561 1,072 1,633 1,654 1,195
Public Works:
Bike Path Maintenance(hours) 749 416 799 695 742
Street Sign Maintenance(number of signs) 426 368 510 359 1,838
Curb Painting(linear feet) 5,808 32,512 2,922 3,846 3,216
Replace Street Asphalt(square feet) 18,112 15,800 31,000 73,436 75,087
Street Sweeping(curb miles) 5,931 5,953 5,993 6,026 8,033
Parks and Community Services:
Museum Visitors 8,256 5,272 3,591 3,525 3,422
Afterschool Recreation(participants/day) 322 364 363 367 405
Preschool Classes Participants 430 327 335 158 131
Youth Basketball League Participants 911 994 1,074 1,156 1,035
Senior Center Average Daily Attendance 220 233 236 274 279
Community Development:
Planning Applications 59 56 52 58 48
Building Permits 2,443 2,068 2,812 2,806 2,803
Building Inspections 22,345 20,197 20,784 25,186 25,574
Source: City of Dublin
214 246
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
Function/Program 2019 2020 2021 2022 2023
Police:
Calls for Service 38,480 34,643 30,018 30,414 34,191
Citations Issued 7,968 5,806 5,582 5,367 5,821
Arrests 1,821 1,510 1,514 1,496 1,778
Fire:
Emergency Calls 3,245 3,443 3,692 4,797 4,565
Inspections 4,284 2,964 2,628 1,875 2,520
Building Plan Reviews and Consultations 797 490 606 873 917
Public Works:
Bike Path Maintenance(hours) 969 863 874 1,071 560
Street Sign Maintenance(number of signs) 2,569 546 664 428 428
Curb Painting(linear feet) 3,893 14,502 123 305 2,472
Replace Street Asphalt(square feet) 1,636,012 2,270,000 117,767 36,695 750,000
Street Sweeping(curb miles) 7,936 7,210 8,146 8,733 8,735
Parks and Community Services:
Museum Visitors 2,757 2,011 147 560 365
Afterschool Recreation(participants/day) 416 334 649 528 664
Preschool Classes Participants 160 185 98 308 274
Youth Basketball League Participants 1,075 792 - 683 1,149
Senior Center Average Daily Attendance 299 245 222 166 475
Community Development:
Planning Applications 31 40 52 44 44
Building Permits 2,350 1,866 2,393 2,437 2,781
Building Inspections 20,951 13,339 10,759 14,178 12,633
Source: City of Dublin
215 247
CITY OF DUBLIN,CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
2014 2015 2016 2017 2018
Function/Program
Public safety:
Police stations 1 1 1 1 1
Fire stations 3 3 3 3 3
Public works:
Street Lights 4,513 4,520 4,530 4,540 4,631
Miles of Streets 120 120 120 127 128
Miles of curbs 248 248 248 254 256
Traffic Signals 93 93 94 95 97
City Trees 7,477 7,521 8,556 8,526 8,776
City Landscape(acres) 69 70 74 74 103
Parks and recreation:
Number of Community Facilities 7 6 6 7 7
Number of City Parks 18 18 18 18 20
Acres of City Parks 171 171 171 171 200
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
216 248
CITY OF DUBLIN,CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
(Continued)
Fiscal Year
2019 2020 2021 2022 2023
Function/Program
Public safety:
Police stations 1 1 1 1 1
Fire stations 3 3 3 3 3
Public works:
Street Lights 4,631 4,736 5,131 5,095 4,525
Miles of Streets 151 151 151 148 136
Miles of curbs 305 305 305 305 328
Traffic Signals 98 98 98 98 98
City Trees 9,263 12,355 12,208 13,130 13,844
City Landscape(acres) 107 150 176 178 205
Parks and recreation:
Number of Community Facilities 7 7 7 7 7
Number of City Parks 21 23 23 25 25
Acres of City Parks 210 223 223 267 267
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
217 249
CITY OF DUBLIN,CALIFORNIA
Top 25 Sales Tax Producers
2022-23
Business Name Business Category
Associate Building Supply Lumber/Building Materials
B&S Hacienda Auto Body Auto Repair
Best Buy Electronics/Appliances Store
Carl Zeiss Meditec USA Health/Medical
Curtis Blue Line Machinery,Equipment,and Supplies
Dick's Sporting Goods Sporting Goods/Bike Store
Dougherty Road Shell Service Station
Dublin Buick/GMC/Chevrolet/Infmiti Motor Vehicle Dealer
Dublin Hyundai Genesis Motor Vehicle Dealer
Dublin Nissan Dublin Infiniti Motor Vehicle Dealer
Fallon Gateway Chevron Service Station
Graybar Electric Electrical Equipment
Honda Motor Vehicle Dealer
Lowes Lumber/Building Materials
Mazda Motor Vehicle Dealer
Nordstrom Rack Family Apparel
Pace Supply Corp Plumbing/Electrical Supplies
Safeway Grocery/Liquor Stores
Safeway Fuel Station Service Stations
Target Discount Dept Stores
Tesla Motors Motor Vehicle Dealer
Toyota Motor Vehicle Dealer
United Rentals Repair Shop/Hand Tool Rentals
Volkswagen Motor Vehicle Dealer
Volvo Cars Dublin Motor Vehicle Dealer
Source: City of Dublin Office of Economic Development
218 250
CITY OF DUBLIN,CALIFORNIA
Miscellaneous Statistical Data
June 30,2023
General
Date of Incorporation February 1, 1982
Form of Government Council/Manager
Total Population (Estimated per the California Dept. of Finance,January,2023) 71,750
Number of Registered Voters 34,917
Employees(Full Time Equivalent) 102
Area(Square Miles) 15.23
Parks and Recreation
Parks 25
Acres in Parks 267
Acres in Open Space 125
Public Education
Elementary Schools 7
K-8 1
Middle Schools 2
High School 1
Continuation High School 1
Under Construction(Emerald High) 1
School Enrollment 12,813
Police Protection
Number of Stations 1
Police Personnel(Full Time Equivalent) 4
Fire Protection
Number of Stations 3
Fire Personnel(Full Time Equivalent) 1
Community Facilities
Dublin Civic Center 1
Dublin Senior Center 1
Dublin Heritage Center 1
Dublin Public Library 1
Shannon Community Center 1
Emerald Glen Activity Center 1
The Wave(Aquatics Facility) 1
Dublin Public Safety Complex 1
Source: City of Dublin
219 251