HomeMy WebLinkAbout5.3 Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2024 and Supplemental Reports Completed by the City’s Independent Auditorsr
DUBLIN
CALIFORNIA
STAFF REPORT
CITY COUNCIL
Agenda Item 5.3
DATE:
TO:
FROM:
SUBJECT:
December 17, 2024
Honorable Mayor and City Councilmembers
Colleen Tribby, City Manager
Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal
Year Ending June 30, 2024 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, 2024. 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 compliance
audit of the State of California Transportation Development Act (TDA) Fund; 5) a compliance
examination of the American Rescue Plan Act (ARPA) Fund; 6) a review of the City's Annual
Appropriations Limit Calculation; and 7) a report on Internal Controls.
The reports have been reviewed by the City Council Ad -Hoc Audit Subcommittee.
STAFF RECOMMENDATION:
Receive the reports.
FINANCIAL IMPACT:
Financial information is summarized in this 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 3-10.
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DESCRIPTION:
The City of Dublin has prepared its Annual Comprehensive Financial Report (ACFR) for the Fiscal
Year (FY) ending June 30, 2024. 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 McCorriston
and Councilmember Thalblum, 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 -8).
Financial Overview
Attachment 1 provides a guide to key elements contained in the ACFR. Some of the important
financial results include an increase of $42.3 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. $551.3 million (57% of total net assets) in investments in capital assets (e.g. land,
infrastructure, buildings, and equipment).
2. $118.6 million (12% of total net assets) that is subject to external restrictions on how it can
be used, such as development impact fee funds.
3. $294.8 million (31% of total net assets) in net assets that are unrestricted.
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TABLE 1: SUMMARY OF NET POSITION
June 30, 2024 and 2023
Current and Other Assets
Notes Receivable (Note 5)
Leases Receivable (Note 6)
OPEB Asset (Note 12)
Capital Assets (Note 7)
Total Assets
Deferred Outflows of Resources
Current Liabilities
Noncurrent Liabilities
Total Liabilities
Deferred Inflows of Resources
Net Investment in Capital Assets
Restricted
Unreshicted
Total Net Position
Governmental Activities
June 30. 2024
$ 439.003.341
14.532.180
2,632.916
3.412.032
573.219.493
1,032,799,962
June 30. 2023
$ 406.803.601
14.541.072
3,050.260
2.865.050
568.081.126
995,341,109
$ Change
$ 32,199,740
(8.892)
(417.344)
546.982
5.138.367
% Change
7.9%
-0.1%
-13.7%
19.1%
0.9%
37,458,853 3.8%
12,226,603 12,331,418 (104,815) -0.85%
32.656.445
41.920.700
38.087.433
40.984.861
74,577,145 79,072,294
5,742,177 6,199,022
(5.430.988)
935.839
(4,495,149)
(456,845)
551.319.606 545.146.807 6.172.799
118.584.995 115.479.147 3.105.848
294.802.642 261.775.257 33.027.385
-14.3%
2.3%
- 5.7%
- 7.4%
1.1%
2.7%
12.6%
$ 964,707,243 $ 922,401,211 $ 42,306,032 4.6%
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 does not note any issues for
Fiscal Year 2023-24.
Designation of Fund Balances
The City's designation of fund balances conforms to required standards enacted by the
Governmental Accounting Standards Board (GASB). A listing of the FY 2023-24 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.
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TABLE 2: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2024 and 2023
General Fund
Affordable Housing Fund
Capital Improvement Funds
Other Governmental Funds
Total Governmental Funds
June 30, 2024
$ 290,432,954
25,285,171
56,116,205
19,529,130
June 30, 2023
$ 249,736,610
30,243,024
58,331,196
21,704,791
S 391,363,460
S 360,015,621
$ Change
$ 40,696,344
(4,957,853)
(2,214,991)
(2,175,661)
S 31,347,839
Change
16.3%
-16.4%
-3.8%
-10.0%
8.7%
As shown above, General Fund Reserves totaled $290.4 million as of June 30, 2024. Of that
amount, $50.4 million is available for cash flow purposes, equating to approximately 5.5 months of
budgeted operating expenditures in FY 2024-25. 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 six 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 compliance audit of the Transportation Development Act (TDA) Fund.
5. A compliance examination of the American Rescue Plan Act (ARPA) Fund.
6. 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, 2024, the Measure B Fund had expended all funds for Local Streets and Roads and
had $980 restricted for Bicycle and Pedestrian improvements. During FY 2023-24, the following
projects were funded by Measure B:
• Annual Street Resurfacing
• Iron Horse Trail Bridge
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 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.
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As of June 30, 2024, the Measure BB Fund had a restricted fund balance of $1,848,929 for Local
Streets and Roads, and $977,646 restricted for Bicycle and Pedestrian improvements. During
FY 2023-24, the following projects were funded by Measure BB:
• Annual Street Resurfacing
• Citywide Bicycle and Pedestrian Improvements
• Citywide Signal Communication Upgrade
• Iron Horse Trail Bridge
• 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, 2024, the ACTC VRF Measure F Fund had a balance of $488,305 in restricted funds.
During FY 2023-24, the following projects were funded by Measure F:
• Citywide Bicycle and Pedestrian Improvements
• Citywide Signal Communication Upgrade
• Intelligent Transportation System Upgrades
Transportation Development Act (TDA) Fund Report (Attachment 7)
TDA grants are granted by the State and distributed through the Metropolitan Transportation
Commission (MTC) which is the agency responsible for allocation of funds to eligible agencies
within the greater San Francisco Bay area. The TDA grants, in the amount of $78,499, allocated to
the City are for bicycle and pedestrian improvements.
During FY 2023-24, $17,317 was spent on the Citywide Bicycle and Pedestrian Improvements
project, and the remaining amount of $53,809, has been carried over to FY 2024-25.
American Rescue Plan Act (ARPA) Fund Examination (Attachment 8)
The City is required to complete the Alternative Compliance Examination if total Coronavirus State
and Local Fiscal Recovery Funds (CSLFRF) and/or ARPA funds received directly from the Federal
Government Treasury or received (through states) as a non -entitlement unit (NEU) of local
government is at or below $10 million and other federal award funds that have been expended are
less than $750,000 during the fiscal year, which is the threshold that the City of Dublin met.
In FY 2023-24 the City had $1,006,483 in expenditures of American Rescue Plan Act fund. The
examination reported that the City complied, in all material respects, with the specified
requirements during the year ended June 30,2024.
Appropriation Limit Schedule Report (Attachment 9)
State law requires the adoption of an Appropriations Limit which must be included in the budget
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document. The City Council adopts the Limit by resolution, and it is adjusted annually based on
factors established 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 $485,074,181 limit as
presented in the FY 2024-25 Budget, and there were no exceptions noted in the findings.
Report on Internal Controls (Attachment 10)
The purpose of the Internal Controls Report is to describe the scope of the Auditors testing of
internal control and compliance and the results of that testing, to obtain reasonable assurances
about whether the City's financial statements are free from material misstatement. The results of
these tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
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 2023-24
3) Fiscal Year 2023-24 Auditors' Communication with Those Charged with Governance
4) Fiscal Year 2023-24 Measure B Report
5) Fiscal Year 2023-24 Measure BB Report
6) Fiscal Year 2023-24 Measure F Report
7) Fiscal Year 2023-24 Transportation Development Act Fund Report
8) Fiscal Year 2023-24 ARPA Examination
9) Appropriations Limit Fiscal Year 2024-25
10) Report on Internal Control
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Attachment 1
SUMMARY - KEY INFORMATION
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FO R T H E YEAR ENDING JU N E 30, 2024
City Council Meeting December 17, 2024
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-xvi): 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 193-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 2023-24 does
7
Attachment 1
not note any findings. This information is presented as a separate document and
is included as Attachment 3.
8
Attachment 2
City of Dublin
CALIFORNIA
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
Fiscal Year ended June 30, 2024
Attachment 2
City of
Dublin
Dublin, California
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Prepared by:
Finance Department
J
10
Attachment 2
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents
Page
INTRODUCTORY SECTION
Table of Contents i
Letter of Transmittal v
Principal Officers xvii
Organizational Chart xviii
GFOA Certificate of Excellence in Financial Reporting xix
FINANCIAL SECTION
Independent Auditor'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:
Balance Sheet 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
Statement of Activities 37
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
General Fund 39
Affordable Housing Special Revenue Fund 40
Proprietary Fund Financial Statements:
Statement of Net Position 42
Statement of Revenues, Expenses and Changes in Fund Net Position 43
Statement of Cash Flows 44
11
Attachment 2
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
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
11
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Attachment 2
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2024
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Non -Major Governmental Funds:
Combining Balance Sheet 120
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 129
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 138
Internal Service Funds:
Combining Statement of Net Position 180
Combining Statement of Revenues, Expenses and Changes in Net Position 182
Combining Statement of Cash Flows 184
Custodial Funds:
Combining Statement of Fiduciary Net Position 188
Combining Statement of Changes in Fiduciary Net Position 190
STATISTICAL SECTION (Unaudited)
Net Position by Component 194
Changes in Net Position 196
Fund Balances of Governmental Funds 198
Changes in Fund Balances of Governmental Funds 200
Assessed Value of Taxable Property 202
Direct and Overlapping Property Tax Rates 204
Principal Property Taxpayers 206
Property Tax Levies and Collections 207
Direct and Overlapping Debt 208
Ratios of Outstanding Debt by Type 209
Legal Debt Margin Information 210
Demographic and Economic Statistics 212
Property Value, Construction, and Bank Deposits 213
Principal Employers 214
Full -Time Equivalent City Employees by Department 218
Operating Indicators by Function/Program 220
Capital Asset Statistics by Function/Program 222
Top 25 Sales Tax Producers 224
Miscellaneous Statistical Data 225
111
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Attachment 2
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iv
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Attachment 2
DUBLIN
CALIFORNIA
THE NEW
AMERICAN
BACKYARD
City Council
925.833.6650
City Manager
925.833.6650
Community Development
925.833.6610
Economic Development
925.833.6650
Finance/1T
925.833.6640
Fire Prevention
925.833.6606
Human Resources
925.833.6605
Parks & Community Services
925.833.6645
Police
925.833.6670
Public Works
925.833.6630
100 Civic Plaza
Dublin, CA 94568
P 925.833.6650
F 925.833.6651
www.dublin.ca.gov
December 17, 2024
Honorable Mayor, City Council, and Citizens:
Presented with this letter is the City of Dublin Annual Comprehensive Financial Report
(ACFR) for the year ended June 30, 2024. 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, 2024.
The independent auditor's report has been included in this ACFR.
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 PROFILE
The City of Dublin was incorporated in 1982 and is located in the East Bay of the San
Francisco Bay Area and is approximately 30 miles east of San Francisco and 30 miles
northeast of the Silicon Valley. In 2011 Dublin was named an "All -America City" by the
National Civic League, and in 2018 it was named one of the best places to live in the
United States, according to Money Magazine.
The City provided for a permanent staffing level of approximately 106 full-time
equivalent City employees in FY 2023-24, in addition to temporary and contract
personnel. According to the California Department of Finance as of January 2024, the
City of Dublin serves a population of 72,917, and covers 15.23 square miles. The City's
strategic location offers opportunities for employers, retailers, and high -quality
residential and transit -oriented neighborhoods.
The City operates under the Council -Manager form of government. Policy -making and
legislative authority are vested in the City Council, which is responsible for the City's
ordinances, resolutions, adoption of the annual budget, hiring of the City Manager
and City Attorney, and confirming the appointments made by the Mayor to
commissions and committees. The City Council currently consists of a directly elected
Mayor, who serves a two-year term, and four at -large Councilmembers each elected
to a four-year term. In September 2022, the City Council amended the Dublin
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Attachment 2
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 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.
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 supports a high quality of life in Dublin. Dublin's community,
neighborhood, and sports parks offer a variety of recreational and competitive opportunities, and 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.
Key City activities and accomplishments during Fiscal Year 2023-24 include the following:
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Attachment 2
Economic Development
The Economic Development Division continued building upon many successes from the prior year and
facilitated new opportunities in support of the business community.
The Business Spotlight, a bi-monthly video series, continued providing additional community exposure
to Dublin small businesses, and the Small Business Navigator Program provided such businesses with
access to free and timely technical support in key functional areas via qualified service providers. The
functional areas included: business planning and development; marketing and advertising; architecture
and space design; technology consulting; graphic design; and financial guidance.
The City's notable Business Concierge Program remained a popular, well -utilized service. The City
guided and assisted businesses with opening new locations in Dublin, expanding current locations, or
relocating to a new space in Dublin. In FY 2023-24, the program supported more than 100 businesses
through the business license, planning, building permitting, and other processes.
The City hosted Minority -Owned and General Business Roundtables and facilitated a Business Webinar
on Holiday Safety Tips for Businesses. These Roundtables provided business owners the opportunity to
discuss their thoughts and concerns with staff, connect with fellow businesses, and it allowed staff to
share information on the City's programs and services.
The City welcomed many new businesses to Dublin in the dining, services, and retail sectors including
Cherie's Southern Kitchen, Demiya Restaurant, 10 Seconds YunNan Rice Noodle, Hong Kong Cafe, Relo
Vietnamese Sandwich & Coffee, Turmeric Indian Supermarket, Learn and Play Montessori School,
FreshMeatz, Egg Happiness, Myungrang Hot Dog, Teavoli Boba, TeaZenTea, Gong cha, Safelite
AutoGlass, Stanford Blood Center, SEV Laser, Five Below, Hanmi Bank, AT&T Retail Store, Kailash
Parbat, Anjappar Chettinad Indian Restaurant, Cuppa Yo, Falafel Town, Parsons Xtreme Golf (PXG), YGF
Malatang Hotpot, Grocery Outlet, Bag 0 Crab, Dublin Taqueria, and BodyBar Pilates.
There were a few noteworthy corporate leases during FY 2023-24, including Orchestro.ai's sublease of
4,217 square feet of office space at the Dublin Corporate Center campus, Keller Supply Company's
renewed lease of 20,160 square feet at the Sierra Trinity Business Park, and Cornerstone OnDemand
Inc.'s renewed lease of 19,430 square feet at the Dublin Corporate Center.
Staff introduced Small Business Night at the Farmers' Market, a new networking and promotional
opportunity for the small business community in Dublin. Twenty-three businesses participated in the
event.
The City once again offered Dublin businesses participation in the Holiday Gift Guide, which provides
businesses an opportunity to advertise their products and services at a reduced rate. The Guide is
mailed to more than 34,000 households in Dublin and Pleasanton.
The Business Visitation Program continued, which provides an opportunity for business owners, City
officials, and staff to have direct conversations with business leaders, learning about any potential
challenges and opportunities.
The City continued in partnership with Visit Tri-Valley on the Taste Tri-Valley Restaurant Week, which
featured 12 Dublin restaurants. Three of the participating restaurants were in the top five businesses
with the most redemptions/check-ins.
The City hosted the first annual Tri-Valley Artificial Intelligence Summit at Patelco Credit Union
headquartered in Dublin. The event featured four subject matter experts and included time for
networking both before and after the event.
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Attachment 2
Staff also partnered with Startup Tri-Valley to conduct an Artificial Intelligence (Al) Series on Al's New
Role in Developing Patents, Attracting Investment, and Conducting Trials, and Implementation
Strategies in Your Company. The Startup Tri-Valley Al Series sessions were held at Dublin Technology
Center in Dublin.
Twenty-two Dublin businesses participated in the City of Dublin Poetry Walk 2024 by displaying poems
at their establishments in celebration of National Poetry Month.
In FY 2023-24, the update to the Economic Development Strategy and General Plan Economic
Development Element kicked off with stakeholder interviews, business and community surveys, data
gathering, and analysis. An Economic Development Strategy Framework was prepared and presented
to the City Council.
Staff introduced Open Office Hours this year to provide an opportunity for businesses to connect with
the City in a relaxed atmosphere. The events were held at local business offices around Dublin , with
the first event being held at 580 Executive Center.
The City Council approved the Citywide Outdoor Seating Design Guidelines which help to facilitate the
design of permanent outdoor seating within parking lots for eating and drinking establishments.
The City Council also eliminated parking requirements in the Downtown Dublin Specific Plan Areas,
which include the Retail District, Transit -Oriented District, and the Village Parkway District.
Lastly, the City received the California Association for Local Economic Development Award of Merit in
the category of Programs and Promotions for the Small Business Navigator Program.
Community Development
Dublin Fallon 580
The Dublin Fallon 580 project is located on 42.6 acres of land at the northeast corner of Dublin
Boulevard and Fallon Road. The project includes eliminating the Public/Semi-Public land use
designation, converting 42.6-acres of open Space to Parks/Public Recreation, establishing development
standards for the future development of 238 residential units and up to 3,299,670 square feet of
commercial/campus office use, and subdividing the 192-acre site into 11 parcels. On June 11, 2024, the
Planning Commission reviewed the project and recommended that the City Council approve the related
General Plan and Eastern Dublin Specific Plan Amendments, Planned Development Zoning with a Stage
1 Development Plan, Stage Development Plan for the residential use, Vesting Tentative Tract Maps, and
a Development Agreement.
Housing Element
The California Department of Housing and Community Development certified the City's adopted 2023-
2031 Housing Element in Fiscal Year 2023 -24. In accordance with State requirements, the Housing
Element Update includes policies to accommodate the City's Regional Housing Needs Allocation
(RHNA). The City's RHNA for this planning period is 3,719 units. The City is now working on
implementing the policies and programs included in the Housing Element.
Inclusionary Zoning Ordinance
The City Council adopted amendments to the City's Inclusionary Zoning Regulations (Dublin Municipal
Code Section 8.68), the methodology for establishing the Affordable Housing In -Lieu Fee, and the Non -
Residential Development Affordable Housing Impact Fee. The amendments include lowering the
applicability of the regulations to residential development projects of 10 or more units, creating
separate affordability requirements for different product types, resetting the 55-year affordable resale
restriction upon transfer of ownership units, and applying selection criteria to resale of ownership
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Attachment 2
units. The Affordable Housing In -Lieu Fee program was revised to establish fees on a per -square -foot
basis for each product type. The Non-residential Development Affordable Housing Impact Fee program
was retained with an inflationary index and combined Research & Development and Office uses into a
single category.
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 pursuing
their building permit while finalizing the project funding.
The City continued to work with the development team, Related Communities of California and BRIDGE
Housing, on the 300-unit Amador Station affordable housing development. The City provided the
development team with a $4.3 million Predevelopment Loan. The City is also continuing to implement
this project, including the administration of a $3.3 million Local Housing Trust Fund Grant. This grant is
in addition to 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 continues to work with the Alameda County Surplus Property Authority to acquire a 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 this site. Staff is
working with Eden Housing on a proposal to construct approximately 100 units of workforce housing
affordable to lower -income households.
The City Council approved an Affordable Housing Agreement with an affiliate of Trumark Homes
associated with the development of the Francis Ranch project. The project will develop a 165.5-acre
site with 573 residential units. The agreement requires the developer to make a payment of $6.5
million 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, construct 18 homes that will be
affordable to moderate -income households, and construct 50 accessory dwelling units that will be
affordable to low-income households.
Public Safety
Dublin Police Services (DPS) Crime Prevention Unit (CPU) continued its crime enforcement and
community policing programs during FY 2023-24, including the National Drug "Take -Back Initiative"
event to collect prescription drugs, community engagement events such as National Night Out, Coffee
with a Cop, Stuff the Cruiser, and Alameda County Food Bank's Move for Hunger charity event, among
others. In July 2023, CPU worked with the Dublin Unified School District (DUSD) to re-establish the
Drug Awareness Resilience Education (DARE) program in the 8th grade. The program was successfully
rolled out. At the conclusion of the school year approximately 1,000 DUSD students graduated from
the program. In September 2023, CPU presented to the City Council changes to the massage
establishment element of the Municipal Code. These changes were put in place to meet state
guidelines, prevent human trafficking, and provide a safer experience for Dublin citizens. These
changes were unanimously approved due to the research and effort put in by DPS CPU staff. CPU also
re-established the Neighborhood Watch Program and hosted nine separate meetings with an
approximate total attendance of 260 community members.
The DPS Traffic Unit was awarded a grant in the amount of $81,000 from the California Office of Traffic
Safety. The grant funds were used for both education and enforcement to reduce the number or injury
accidents and accidents caused by impaired drivers.
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Attachment 2
On July 4, 2023, DPS deployed an additional 22 sworn staff members to ensure the safety of the
community during the evening of the 4th of July holiday. During the operational period, DPS
responded to 57 calls for service relating to fireworks. Four park locations were patrolled by DPS,
including Shannon Park, Emerald Glen Park, Alamo Creek Park, and Dublin Sports Grounds.
Approximately 150 pounds of illegal fireworks were confiscated, and one subject was arrested for
selling illegal fireworks.
DPS purchased two Star Chase GPS launchers in FY 2023-24. This technology allows a dart to be shot
from a patrol vehicle onto a suspect vehicle when it fails to yield. The dart has GPS capabilities,
eliminating the need to pursue the fleeing vehicle. This reduces the threat to public safety while still
allowing officers to track the suspect vehicle.
Public Works
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. In support of the CAP, staff coordinated with the Building &
Safety Division to develop a low carbon concrete building code which was approved in September of
2024 The code would require any project subject to a building permit to use concrete with a reduced
amount of cement in the mixture, when using ready -mix concrete. Cement production is highly energy
intensive and reducing the amount of cement in the concrete mix decreases associated greenhouse gas
emissions. Staff has also been working on an electric vehicle infrastructure plan that will identify where
future chargers should be installed to help encourage the transition to electric vehicles in alignment
with State goals.
To meet new requirements in the Municipal Regional Stormwater National Pollutant Discharge
Elimination System Permit, staff participated in a working group of the Alameda Countywide Clean
Water Program to update the model stormwater ordinance template. The model ordinance will be
used as the framework for a comprehensive update to the City of Dublin Municipal Code, Stormwater
Management and Discharge Control Ordinance.
Geographic Information System (GIS)
The Geographic Information System (GIS) was integrated with the City's new Enterprise Permitting and
Licensing Software system. The integration enables every permit, license, and application to be
associated with a geographical location such as a property address or tax parcel number.
To increase access to City data, several projects were undertaken to link documents and other data
sources to the GIS data system,. This streamlines the process to locate information associated with
specific assets, capital and development projects, and facilities. Interactive web -based applications,
such as the Election District Map and the Adopt -a -Bench Program StoryMap, were created to increase
both public and staff engagement with City projects and data. Staff were trained to collect data in the
field using GIS-based mobile applications which makes the data collection process more efficient and
accurate.
Infrastructure and Capital Improvement Projects
The following projects were undertaken, continued, or completed in FY 2023-24:
— Annual Street Resurfacing —Citywide
The City Council awarded several construction contracts for the resurfacing of City streets,
including the 2023 Slurry Seal, 2024 Cape Seal, 2024 Overlay, and 2024 Slurry Seal projects.
These projects maintain and preserve streets based upon the City's Pavement Management
System, which optimizes the resurfacing treatment in relation to the available project budget.
20
Attachment 2
- 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. Construction of
the project continued through the year, including the completion of traffic signal hydrogen fuel
cell and battery backup systems, new emergency backup generators at several City buildings,
and solar microgrid systems at The Wave and Senior Center. In June the City Council approved
an easement to PG&E for a project -related transformer on Dublin Sports Grounds. Construction
will continue next fiscal year. 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.
- Civic Center Rehabilitation (2nd Floor Renovation)
Design and construction were completed on the remodeling of three existing spaces on the
second floor of City Hall into six spaces. The finished work created three office spaces, a copier
and printer alcove, storage room, and small meeting space.
— Dublin Arts Center
Construction continued on the 13,000-square-foot cultural arts center on the first floor of the
former Dublin Police Services building at the Civic Center. The project will also renovate the
second -floor space to accommodate offices for the Parks and Community Services Department.
— Dublin Boulevard Extension — Fallon Road to North Canyons Parkway
The project is currently in the design phase for 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.
— Fiber Interconnect on Dublin Boulevard
Conduit installation for future fiber optic communications was installed on Dublin Boulevard,
between Civic Center and San Ramon. A future project phase will install the fiber optic cable
and connect all signalized intersections with a faster, more reliable, and higher bandwidth
network connection.
— Forest Park (formerly Jordan Ranch Neighborhood Square)
The City Council approved "The Forest" concept plan for a two -acre neighborhood square park,
which includes a multi -use sports court, flex lawn, playground, fitness stations, and picnic
areas. The design was completed, and the project went out to bid. Construction is anticipated
to begin in fall 2024.
— Green Stormwater Infrastructure
The design for the Green Stormwater Infrastructure project was completed and the City
Council awarded the construction project in June 2024. The project will construct a bio-
retention and hydromodification management facility located south of Amador Valley
Boulevard along the Iron Horse Regional Trail corridor. Construction will begin in summer 2024.
— Iron Horse Nature Park and Open Space — Phase 1
The design was completed and in October 2024, the City Council awarded the construction
contract for Phase 1 of 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.
Phase 1 includes approximately 2,000 linear feet of new trail, soil remediation, new gathering
21
Attachment 2
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
Construction continued on the Iron Horse Trail Bridge over Dublin Boulevard. In October 2023,
Dublin Boulevard was closed over a weekend while the 230-foot free -span pedestrian and
bicycle bridge was lifted over Dublin Boulevard and placed onto the permanent bridge
abutments.
- Irrigation System Upgrades
In February, the City Council created a Capital Improvement Program project and accepted a
$1,380,000 grant from the State of California for the Irrigation System Upgrades project. The
project provides for the design and replacement of approximately 50 irrigation controllers,
improved communication between the central station and controllers, and site -specific
watering schedules all which will reduce the amount of needed to irrigate these sites.
— Library Tenant Improvements
In February 2024, the City Council reviewed the concept plan for the Library Tenant
Improvements project. The project provides for the design and construction of improvements
to the Dublin Library, including the completion of 5,150 square feet of currently unoccupied
space within the library building. There will be additional improvements included with the
project to address the age of the building along with outdated and inefficient systems.
— Regional Street Crosswalk Improvements Project
The design for the Downtown Dublin Streetscape Plan, Regional Street Crosswalk
improvements was started. The project will construct a mid -block crosswalk with a Rectangular
Rapid Flashing Beacon between Amador Valley Boulevard and Dublin Boulevard.
— Safe Routes to School Improvements Project
The design for the Safe Routes to School Improvements project was completed in April 2024
and the project went out to bid. The project will include the installation of Rectangular Rapid
Flashing Beacons at three intersections, curb ramp upgrades in accordance with the Americans
with Disabilities Act (ADA), and traffic signal modification at the intersection of Central
Parkway/Hibernia Drive. Construction is anticipated to begin in fall 2024.
— 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.
— Village Parkway Reconstruction and Complete Streets
In February 2024, the City Council approved the concept plan for the Village Parkway
Reconstruction project. The project will transform the segment of Village Parkway between
Amador Valley Boulevard and the northern City limits, to a pedestrian and bicycle friendly
roadway, which will incorporate complete streets elements. Project design will begin in
summer 2024.
— Wallis Ranch Community Park
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Attachment 2
The design was completed and in August 2023, the City Council awarded the construction
contract for Wallis Ranch Community Park. The project will construct an 8.75-acre community
park which includes 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.
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.
Parks & Community Services
In FY 2023-24, the Parks and Community Services Department (PCS) 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.
FY 2023-24 included crowd -drawing events like Splatter and St. Pat's celebrations, collectively
attracting more than 100,000 attendees. The Shamrock 5k Fun Run, part of the St. Pat's festivities,
was the largest to date, with more than 2,500 participants. Additionally, innovative community
events and programs include the Backyard Block Party and the Community Garage Sale. The People
of the Parks Program and a new exhibit at the Heritage Park Museum called Old St. Raymond's
Church: Past and Present was introduced.
Several Public Art projects were installed, including "The Junction" and "Ripples in Time" at the Heritage
Park and Museums. Planning and selecting the next round of Utility Box Art, which included 10 utility
boxes, was completed. Artists were also sought out to paint functional murals directly adjacent to 10-20
storm drain inlets throughout Dublin. The City Council approved the artwork in January 2024 and the
artwork was completed by mid -year. In partnership with the Dublin Arts Collective, the "High Life"
student art show took place at Splatter 2023, and the annual Nature in Your Backyard Photo Contest took
place as part of Dublin Pride Week.
The department also forged a partnership with Futures Explored, an organization dedicated to
supporting individuals with intellectual and developmental disabilities (I/DD), successfully placing eight
individuals in various City positions, including roles at The Wave, Senior Center, and Heritage Park.
FINANCIAL OUTLOOK AND GENERAL FUND SUMMARY
Fiscal Year 2023-24
Overall growth in the City's revenue continues to reflect a healthy and thriving community. Property
Tax revenue increased $2.9 million (4.9%) from FY 2022-23, led by a gain in net assessed valuation of
$1.20 billion (5.7%) over the prior year and stronger -than -anticipated property sales in the second part
of the fiscal year, despite high interest rates. Overall home values have remained stable, new
developments continue to come online, and there were no significant delinquencies in the fiscal year.
Sales Tax came in $2.4 million (8.3%) higher than FY 2022-23, as household spending and Dublin
business activity continued to outpace forecasts. City staff and consultants had originally projected
Sales Tax to see a slight decrease year -over -year due to inflation and economic uncertainty of interest
23
Attachment 2
rates, but strong sales in the Autos and Transportation sector, along with a change by the State in how
certain auto sales were reported, resulted in revenue exceeding the updated mid -year projections.
Interest earnings came in significantly higher than the prior year $3.1 million (58.5%), due to high
interest rates and a relatively high General Fund cash balance resulting from revenues exceeding
expenditures by $39 million, as well as the timing of expenditures on capital projects.
Development -related revenue has typically been one of the City's larger revenue streams, but can vary
significantly from year to year based on factors outside of the City's control, most notably the timing of
projects. Development revenue in FY 2023-24 saw a $1.7 million (20.2%) decrease year over year
according to project activity, which was offset by a corresponding decrease in expenditures. 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 $1.0 million (11.9%) from FY 2022-23, as recreation
classes and activities continued to see high demand, specifically in Aquatics and Family programs. In
addition, the annual Santa Rita Services payment was approximately $550k higher than the prior year
and $996k higher than the Amended Budget. This revenue is a reimbursement for the cost of Alameda
County Fire's response to service calls from the Santa Rita Jail. A change in this program was
implemented midyear in FY 2023-24, which is anticipated to decrease the amount of service calls and
reimbursement revenue starting in FY 2024-25.
Moving forward, staff is cautiously optimistic. It was originally anticipated that the economy would
start to see a slowdown in 2024, due to a multitude of factors, including inflation, but as the City
moves into FY 2024-25, inflation seems to have cooled, and the Federal Reserve Bank has begun to
reduce interest rates. Staff and the City's consultants 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 FY 2023-24 finished with General Fund revenue exceeding expenditures by approximately $39.9
million, long-term fiscal sustainability remains at the forefront of budget discussions. Despite the
continued growth in revenues, staff is continuing to analyze the City's rising costs, most notably
contracted services as well as the City's aging infrastructure, for which repairs and maintenance are
becoming both more frequent and more expensive. Based on these factors and as the City approaches
build out, staff projects a budget deficit beginning in FY 2031-32 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.
24
Attachment 2
Figure 1. 10-Year Forecast
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150,000,000
125,000,000
100,000,000
75,000,000
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a
10 Year Forecast
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• Other Taxes
• Intergovernmental
• Sales Tax
• Fines
• Charges for Services
1
•
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IF Interest
• Other Revenue
1
•
-
FINANCIAL PLANNING AND POLICIES
In June 2024, the City Council adopted the City's Bi-Annual Budget for Fiscal Years 2024-25 and 2025-
26. As in previous years, the primary goals addressed in this budget cycle are: 1) fully fund current City
operations and continue to provide excellent levels of community service; 2) plan for costs associated
with aging facilities, by allocating funds for long term infrastructure maintenance and setting aside of
specific reserves for future infrastructure reinvestment; and 3) proactively allocating funds to operating
reserves to address long term liabilities. 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 FY 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
25
Attachment 2
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.
GOVERNMENT FINANCE OFFICERS ASSOCIATION (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, 2023. A copy of the award from
this entity is included in this report. This award represents the 33rd 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,
Colleen Tribby
City Manager
Jay Baksa
Finance Director
26
Attachment 2
CITY OF DUBLIN
PRINCIPAL OFFICERS
Fiscal Year 2023/2024
Mayor
Michael McCorriston
Vice Mayor
Sherry Hu
Councilmember
Jean Josey
Councilmember Councilmember
Kashef Qaadri Janine Thalblum
ADMINISTRATION PERSONNEL
City Manager Colleen Tribby
Assistant City Manager Jeff Baker
Deputy City Manager Hazel Wetherford
City Attorney John Bakker
Finance Director Jay Baksa
City Clerk Marsha Moore
Chief of Police Victor Fox
Community Development Director Vacant
Fire Marshal Bonnie Terra
Human Resources Director Sarah Monnastes
Parks & Community Services Director Jackie Dwyer
Public Works Director Andrew Russell
27
Attachment 2
Organizational Chart
Citizens of Dublin
1
City Council
1
1 1
City Attorney
City Manager
Police Services
Economic
Development
Assistant City
Manager
Non- _
Departmental
Public Works -
Office of the
City Manager
1. Fire Services 1
Community
Development
Finance
Parks and
Community
Services
28
Attachment 2
0
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, 2023
Executive Director/CEO
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Attachment 2
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30
Attachment 2
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, 2024, 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, 2024, 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
31
Attachment 2
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
32
Attachment 2
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.
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Attachment 2
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 10, 2024
on our consideration of the City's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of 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.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
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Attachment 2
Management's Discussion and Analysis (MDA) June 30, 2024
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, 2024.
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 the 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.
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Attachment 2
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, 2024 and 2023
Governmental Activities
June 30, 2024 June 30, 2023 $ Change % Change
Current and Other Assets $ 439,003,341 $ 406,803,601 $ 32,199,740 7.9%
Notes Receivable (Note 5) 14,532,180 14,541,072 (8,892) -0.1%
Leases Receivable (Note 6) 2,632,916 3,050,260 (417,344) -13.7%
OPEB Asset (Note 12) 3,412,032 2,865,050 546,982 19.1%
Capital Assets (Note 7) 573,219,493 568,081,126 5,138,367 0.9%
Total Assets 1,032,799,962 995,341,109 37,458,853 3.8%
Deferred Outflows of Resources
12, 226, 603 12, 331, 418
(104,815) -0.85%
Current Liabilities 32,656,445 38,087,433 (5,430,988) -14.3%
Noncurrent Liabilities 41,920,700 40,984,861 935,839 2.3%
Total Liabilities 74,577,145 79,072,294 (4,495,149) -5.7%
Deferred Inflows of Resources
5,742,177 6,199,022
(456,845) -7.4%
Net Investment in Capital Assets 552,568,250 545,146,807 7,421,443 1.4%
Restricted 121,997,027 115,479,147 6,517,880 5.6%
Unrestricted 290,141,966 261,775,257 28,366,709 10.8%
Total Net Position $ 964,707,243 $ 922,401,211 $ 42,306,032 4.6%
As illustrated in the above table, the City's net position increased by $42.3 million (4.6%) during FY 2023-
24. This is due to the following:
• Total assets increased $37.5 million, due primarily to increases totaling $32.2 million in Current and
Other Assets. This was the result of operating revenue exceeding expenditures for the fiscal year and
investment asset appreciation. Capital assets increased by $5 1 million due to the progression of capital
projects during the year (e.g., $5.6 million on the Cultural Arts Center, $3.8 million on Wallis Ranch
Community Park and $3.1 million on the Iron Horse Trail Bridge) net of depreciation expense. OPEB
(Other Post Employment Benefits) Assets also increased $0.5 million, which was a result of positive
investment performance and changes in plan experiences. The OPEB Plan continues to be super -funded
(i.e., assets are larger than anticipated liabilities).
• Total liabilities decreased $4.5 million in FY 2023-24 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. Current liabilities decreased $5.4 million
mainly due to prior year (FY 2022-23) accounts payable balance being paid in FY 2023-24, which
included $3.7 million for police services. Noncurrent liabilities increased $0 9 million mainly due to
an increase in net pension liability, resulting from the Ca1PERS pension fund returns underperforming
the annual benchmark.
• The City's $552.6 million in Net Investment in Capital Assets represents 57.3% of the reported net
position. Capital asset investments include the City's investments in land, infrastructure, buildings, and
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Attachment 2
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 2023-24, the City's restricted net positions increased by a net of $6.5 million, attributed
to highways and streets improvement capital project expenses. Approximately $290.1 million of the
City's total assets (an increase of $28.4 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 is already placed in committed and assigned reserves for specific purposes.
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Attachment 2
GOVERNMENTAL ACTIVITIES
Table 2 below provides a summary of major program revenue categories, program expense categories 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 CS-1NGES LN NET POSITION
June 30, 2024 and 2023
June 30, 2024 June 30, 2023 $ Change % Change
Revenues
Program Revenues
Charges for Services $ 27,452,306 $ 27,548,071 $ (95,765) -0.3%
Operating Contributions and Grants 7,306,850 8,446,008 (1,139,158) -13.5%
Capital Grants and Contributions 10,219,385 9,634,240 585,145 6.1%
Total Program Revenue 44,978,541 45,628,319 (649,778) -1.4%
General Revenues
Property Taxes 61,967,658 59,056,139 2,911,519 4.9%
Special Assessments Taxes 1,647,782 1,607,028 40,754 2.5%
Sales Taxes 32,794,253 30,541,735 2,252,518 7.4%
Other Taxes 9,129,368 8,729,684 399,684 4.6%
Investment Income, Unrestricted 16,228,168 2,759,385 13,468,783 488.1%
Intergovernmental Unrestricted 441,518 305,729 135,789 44.4%
Other General Revenues 5,393,897 4,355,226 1,038,671 23.8%
Total General Revenue 127,602,644 107,354,926 20,247,718 18.9%
Total Revenues 172,581,185 152,983,245 19,597,940 12.8%
Expenses
Governmental Activities:
General Government 25,885,878 27,027,922 (1,142,044) -4.2%
Police 30,091,877 27,849,316 2,242,561 8.1%
Fire 17,453,636 16,308,574 1,145,062 7.0%
Public Works and Transportation 31,202,172 30,353,850 848,322 2.8%
Park and Community Services 12,102,695 11,207,229 895,466 8.0%
Community Development 12,929,904 6,969,557 5,960,347 85.5%
Interest on Long -Term Debt 608,991 583,787 25,204 4.3%
Total Governmental Activities 130,275,153 120,300,235 9,974,918 8.3%
Total Expenses
Increase In Net Position
Net Position - Beginning of Year
Net Position - End of Year
130,275,153 120,300,235 9,974,918 8.3%
42,306,032 32,683,010 9,623,022 29.4%
922,401,211 889,718,201
32,683,010 3.7%
S 964,707,243 S 922,401,211 S 42,306,032 4.6%
As shown in Table 2, revenues from all sources totaled $172.6 million and expenses for all City programs
totaled $130.3 million in FY 2023-24. The City's net position increased $42.3 million.
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Attachment 2
Revenues
Total revenues increased $19.6 million, or 12.8%, in FY 2023-24 from the prior year. Details of changes
are as follows:
• Investment Income increased $13.5 million from FY 2022-23. The change is attributed to the
continued high -interest rate environment that resulted in an accounting increase for unrealized
gains on investments at year end and additional interest income from a high cash balance due to
the timing of expenditures on capital projects.
• Property Taxes increased $2.9 million, reflecting an increase in the net assessed valuation of $1.2
billion over the prior year and the strong home sales in the second part of FY 2023-24.
• Sales Taxes increased $2.3 million as local businesses remained strong. There was also a change
made by the State in how certain auto sales are reported, resulting in the reallocation of $2 5 million
in auto sales tax to the City in FY 2023-24.
• Other General Revenue can vary year to year, as many of these funds are non -recurring. FY 2023-
24 revenue increased $1.0 million due to the receipt of funds from a legal settlement.
Expenses
Total expenses increased $10.0 million, or 8.3%, in FY 2023-24 compared to the prior year. The following
factors contributed to the increase:
• General Government expenses decreased $1.1 million due to a one-time additional payment of $3.5
million towards the Dougherty Regional Fire Authority (DRFA) unfunded pension liability in FY
2022-23.
• Police Services expenses increased $2.2 million mainly due to cost -of -living adjustments in the
Police contract, the use of various grant funds, and an overall increase in the cost of dispatch
services.
• Fire Services expenses increased $1.1 million due to cost -of -living adjustments and benefit
increases provided for in the Fire contract.
• Community Development expenses increased $6.0 million mainly due to the affordable housing
and development loans totaling $5.3 million toward two development projects: the Eden Housing
Regional Street Project and the Amador Station Affordable Housing Project.
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Attachment 2
Revenues and Expenses by Category
The following chart presents the Government -Wide FY 2023-24 revenues. Approximately 70.8% of the
total revenue is from three sources: 1) Property taxes, 35.9%; 2) Sales Taxes, 19.0%; and 3) Charges for
Services, 15.9%. This is relatively consistent with the prior year.
Sales Taxes
32,794,253
19.0%
Special
Assessments
1,647,782
1.0%
Property
Taxes
61,967,658
35.9%
Other Taxes
9,129,368
5.3%
Investment Income, Unrestricted
16,228,168
9.4%
Intergovernmental,
Unrestricted
441,518
0.3%
Other General
Revenues
5,393,897
3.1%
Charges for Services
27,452,306
15.9%
Operating
Contributions & Grants
7,306,850
4.2%
Capital Grants &
Contributions
10,219,385
5.9%
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Attachment 2
The following chart demonstrates the allocation of Government -Wide expenses in FY 2023-24. Of the
$130 3 million in total expenses, Public Safety (Police and Fire Services), Public Works and Transportation
are the largest program costs, making up a combined 60.5% of the total, followed by General Government
and Parks and Community Services, at 19.9% and 9.3%, respectively.
Community
Development
$12,929,904
9.9%
Parks & Community
Services $12,102,695
9.3%
Public Works and
Transportation
$31,212,172
24.0%
Fire Services
$17,453,636
13.4%
FUND FINANCIAL STATEMENTS — DESCRIPTIONS
Interest on Long -Term
Debt $608,991
0.5 %
General
Government
$25,885,878
19.9%
Police $30,091,877
23.1%
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,
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Attachment 2
and changes in fund balances provide a reconciliation to facilitate this comparison between Governmental
funds and governmental activities.
The City maintains 89 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 79 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 eight Custodial Funds. The Dublin
Boulevard Extension Assessment District; The Community Facilities District (CFD) No. 2015-1 "Dublin
Crossing" an improvement district with outstanding bonds; CFD No. 2023-1 "East Ranch:, an
improvement and services district; Dublin Boulevard Extention (CFD), created to account for cost
associated with a future CFD, for the mitigation cost of the future Dublin Boulevard Extension project;
Dublin Centre CFD No. 2024-1, to account for costs associated with the cost of creating a proposed CFD
for the Dublin Centre project. 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.
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Attachment 2
GOVERNMENTAL FUNDS — FINANCIAL ANALYSIS
As of June 30, 2024, the City's governmental funds reported combined ending fund balances of $391.4
million, an increase of $31.3 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: GOVERNNIENTAL FUND BALANCE CHANGES
June 30, 2024 and 2023
General Fund
Affordable Housing Fund
Capital Improvement Funds
Other Governmental Funds
Total Governmental Funds
GENERAL FUND
June 30, 2024
$ 290,432,954
25,285,171
56,116,205
19,529,130
June 30, 2023 $ Change % Change
$ 249,736,610
30,243,024
58,331,196
21,704,791
S 391,363,460
S 360.015.621
$ 40,696,344 16.3%
(4,957,853) -16.4%
(2,214,991) -3.8%
(2,175,661) -10.0%
S 31,347,839 8.7%
The General Fund is the chief operating fund of the City. At the end of FY 2023-24, the total fund balance
was $290.4 million. The unassigned amount of $43.4 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 $50.4 million, representing approximately 5.5 months of budgeted FY
2024-25 expenditures. The remaining balances are committed or assigned as discussed in Note 9 to the
financial statements.
During FY 2023-24, General Fund revenues exceeded expenditures by $39.9 million, before transfers in/out
and the recognition of unrealized gains. Compared to the prior year, General Fund operating revenues came
in $9.7 million higher, from $134.6 million in FY 2022-23 to $124.9 million in FY 2023-24. Revenues,
including an unrealized gain adjustment of $7.0 million, totaled $141.6 million, an increase of $19.8 million
from the prior year.
Operating expenditures in General Fund departments totaled $94.7 million in FY 2023-24, which was $9.0
million under the final budget (not including transfers out) and $2.7 million higher than actual expenditures
in the prior year. The expenditures came in higher mainly due to planned increases in police services, fire
services, and maintenance contract costs. In addition, police dispatch costs came in higher than anticipated,
and other contracted services increased due to the continued health of the City's recreation programs.
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 $28.3 million as of June 30, 2024, a decrease of $5.0 million
over the prior year due to the funding of two development projects: the Eden Housing Regional Street
Project ($1 million) and the Amador Station Affordable Housing Project ($4.3 million).
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Attachment 2
CAPITAL PROJECT FUNDS
As previously described, the City has included eight specific Capital Project 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 was created in FY 2022-23 to
account 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 four 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 2023-24 was $2 1 million (including interest
earned), an increase of $0.2 million from the prior year. This revenue is collected when developers
process final maps, resulting in payments of 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 2023-24
was approximately $44,000 (including interest earned), about $33,000 lower than was collected in
the prior year, due to a 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 transportation needs. Revenue collected in FY 2023-24 totaled $2.1
million (including interest earned), approximately $686,000 lower 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 2023-24 totaled $365,000 (including interest earned), $114,000 higher than was collected in
the prior year, due primarily to an increase in interest revenue.
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 $2.2 million in these funds. Based on the designated use of the funds they can be arranged
by function as shown in Table 4 below:
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Attachment 2
TABLE 4: ANALYSIS OF FUND BALANCES -
NON -MAJOR GOVERNMENTAL FUNDS, ARRANGED BY FUNCTION
June 30, 2024 and 20223
June 30, 2024 June 30, 2023 $ Change % Change
SPECIAL REVENUE FUNDS:
Public Safety $ 1,515,761 $ 1,260,237 $ 255,524 20.3%
Transportation 8,556,701 8,335,750 220,951 2.7%
Environmental 1,390,620 1,616,697 (226,077) -14.0%
Parks, Culture, Arts 2,062,683 3,481,832 (1,419,149) -40.8%
Health & Welfare 414,424 132,694 281,730 212.3%
Maintenance Districts 4,340,297 4,034,536 305,761 7.6%
CAPITAL PROJECTS FUND:
Energy Improvement Lease Bond 1,248,644 2.843.045 (1.594.401) -56.1%
TOTAL FUND BALANCE $ 19,529,130 S 21.704,791 S (2.175.661) -10.0%
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.
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Attachment 2
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 ORIGLNAL AND FLNAL BUDGET AND ACTUAL
Period Ending June 30, 2024
REVENUE
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Use of Money and Property
Fines and Forfeitures
Development Revenue
Other Revenue
Total Revenue
EXTENDITURE
General Government
Police
Fire
Public Works
Park and Community Services
Community Development
Debt Principal
Interest and Fiscal Charges
Total Expenditure
OTHER FINANCING SOURCES (USES)
Transfer In
Transfer Out
Total Other Financing Sources (Uses)
NET CHANGE LN FUND BALANCE
Budget Amounts
Original Final
$ 94,801,500
290,000
286,417
7,389,683
4,158,021
50,000
7,109,829
1,806,412
$ 97,797,400
405,000
286,417
7,389,683
7,148,021
50,000
6,903,536
1,938,367
Actual
Amount
$ 102,000,466
441,518
309,959
9,678,380
17,694,147
98,693
6,782,241
4,591,468
Variance from
Final Budget
$ 4,203,066
36,518
23,542
2,288,697
10,546,126
48,693
(121,295)
2,653,101
115,891,862 121,918,424 141,596,872 19.673.448
17,294,965
28,283,479
17,315,342
21,706,751
8,997,878
5,642,960
680,000
651,850
100,573,225
56,600
(19,929,893)
(19,873,293)
S (4,554,656)
18,230,860
28,591,266
17,317,732
23,130,326
9,343,691
5,799,028
680,000
651,850
14,183,999
28,688,615
17,172,568
19,191,341
8,810,002
5,320,362
680,000
651,850
4,046,861
(97,349)
145,164
3,938,985
533,689
478,666
103,744,753 94,698,737 9,046,016
129,582
(53,207,754)
(53,078,172)
S(34,904,501)
120,825
(6,322,616)
(8,757)
46,885,138
(6,201,791) 46,876.381
S 40,696,344 S 75,600,845
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
46
Attachment 2
The General Fund total revenues was $19.7 million higher than the final budget as of June 30, 2024, due
mainly to the following factors:
• Taxes: $4.2 million higher than budget - Property Tax revenue was $2.1 million over budget in
FY 2023-24 due to stronger than anticipated property sales in the second part of FY 2023-24. Sales
tax revenue was $1 3 million over budget as it was originally projected that overall consumer
spending would slow in FY 2023-24, and sales activity outpaced forecasts.
• Charges for Services: $2.3 million higher than budget — This increase is attributed to Parks and
Recreation programming revenue, specifically in Aquatics and Family programs. Overall, Dublin
Parks and Community Services programs continued to see high demand. In addition, the annual
Santa Rita Services payment was approximately $996k higher than the Amended Budget. This
revenue is a reimbursement for the cost of Alameda County Fire's response to service calls from
the Santa Rita jail. A change in this program was implemented midyear in Fiscal Year 2023-24,
which is anticipated to decrease the amount of service calls and reimbursement revenue starting in
Fiscal Year 2024-25.
• Use of Money and Property Revenue: $10.5 million higher than budget — Interest earnings
revenue came in $3.0 million over the budget due to the continued high -interest rate environment,
with the Federal Funds Rate staying between 5.25% to 5.50% for the majority of FY 2023-24. In
addition, the City maintained a higher -than -anticipated General Fund cash balance that was the
result of the operating budget's revenues exceeding expenditures, as well as the timing of
expenditures on capital projects. Additionally, the City's portfolio saw an unrealized gain on
investment of approximately $7.0 million in FY 2023-24.
General Fund expenditures came in $9.0 million lower than the final budget, reflecting overall savings
across departments. The following is a discussion of the changes.
• General Government: $4.0 million lower than budget. Budget savings were a result of lower -
than -anticipated expenditures in contract services and salaries and benefits. Contract Services
expenditures came in under budget due to savings related to the timing of projects. Staffing costs
came in lower than the budget due to a number of vacant positions and the timing of hiring; 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: $3.9 million lower than budget. Budget savings resulted from lower -than -
anticipated costs related to maintenance and engineering, specifically contract services, the timing
of projects, and lower utilities costs. Overall, Staff had anticipated double digit growth in utilities
due to rate increases in the electric and gas rates; however, year -over -year expenditures decreased
for both, as well as the overall amount spent on water in response to another wet and rainy winter.
17
47
Attachment 2
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City's investment in capital assets for its governmental activities as of June 30, 2024, amounts to $573.2
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 2023-24, the City's
investment in capital assets increased by approximately $5.1 million (0.9%), due primarily to additions to
Construction in Progress net of the accumulated depreciation, as the City is currently undertaking multiple
large Capital Improvement Projects, as shown in Table 7.
TABLE 6: SUMMARY OF INVESTMENT IN CAPITAL ASSETS
June 30, 2024 and 2023
Land
Streets Right of Way
Construction in Progress
Infrastructure
Buildings and Improvements
Machinery and Equipment
Subscription Based I.T. Agreements
Subtotal
Less: Accumulated Depreciation
Total Net of Depreciation
Captial Assets for Governmental Activities
June 30, 2024
$ 182,170,145
37,760,857
132,096,481
448,236,611
118,093,759
26,850,793
3,263,114
948,471,760
June 30, 2023 $ Change % Change
$ 182,170,145
37,760,857
114,604,256
448,086,898
118,093,759
25,709,973
1,479,702
$ - 0.0%
- 0.0%
17,492,225 15.3%
149,713 0.0%
- 0.0%
1,140,820 4.4%
1,783,412 120.5%
927,905,590 20,566,170 2.2%
(375,252,267) (359,824,464) (15,427,803)
4.3%
$ 573,219,493 $ 568,081,126 $ 5,138,367 0.9%
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 2023-24 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
48
Attachment 2
TABLE 7: SUMMARY OF CAPITAL IMPROVEMENT PROJECT ACTIVITY
As of June 30, 2024
PROJECT NAME
ACTUAL
FY 2023/24
STATUS
GENERAL IMPROVEMENTS 8,686,152
Police Services Building 1,022 In Progress
IT Infrastructure Improvement 16,788 In Progress
Civic Center HVAC and Roof Replacement 118 In Progress
Cultural Arts Center 5,620,033 In Progress
Citywide Energy Improvements 1,661,064 In Progress
Civic Center Rehabilitation 722,132 In Progress
Dublin Standard Plans Update 56,744 In Progress
Marquee Signs 237 In Progress
EV Charging Stations 38,456 In Progress
Resiliency and Disaster Preparedness 302,161 In Progress
Exterior Painting 24,030 In Progress
Irrigation System Upgrades 22,000 In Progress
Financial System Replacement 141,275 In Progress
Municipal Fiber 246 In Progress
Audio Visual System Upgrade 18,288 In Progress
Maintenance Yard Facility 81 In Progress
Library Tenant Improvements 60,727 In Progress
Situational Awareness Camera 750 In Progress
PARKS 5,990,943
Emerald Glen Park Recre & Aquatic 592 In Progress
Don Biddle Community Park 326,497 In Progress
Fallon Sports Park Phase 3 301,250 In Progress
Alamo Creek Pk and Assmt Dist Fence Replacement 15,977 In Progress
Persimmon Dr Ped Path Rehab 3,860 In Progress
Parks Playground Replacement 82 In Progress
Downtown Dublin Town Square Park 122 In Progress
Kolb Park Renovation 493 In Progress
Restrooms Replacement 6,441 In Progress
Jordan Ranch Neighborhood Square 148,940 In Progress
Wallis Ranch Community Park 3,833,153 In Progress
Iron Horse Nature Park and Open Space 1,347,990 In Progress
Imagine Playground at Dublin Sports 5,546 In Progress
PUBLIC ART 244,478
Camp Parks Sign 24,643 In Progress
Downtown Dublin 16,640 In Progress
Don Biddle Community Park 9,327 In Progress
Heritage Park 193,731 In Progress
Sean Diamond Park 82 In Progress
Imagine Playground 55 In Progress
STREETS 6,099,577
Tassajara Road Realignment and Design 347,853 In Progress
Annual Street Resurfacing 1,677,145 In Progress
Iron Horse Trail Bridge at Dublin Blvd 3,135,774 In Progress
Tassajara Rd Impro - N Dublin to Quarry 99,879 In Progress
Green Stormwater Infrastructure 60,130 In Progress
Dublin Blvd Extension 56,451 In Progress
San Ramon Road Landscape Renovation 1,214 In Progress
Downtown Dublin Street Grid Network 246 In Progress
Traffic Signal Re-Lamping 841 In Progress
Village Parkway Reconstruction 156,543 In Progress
Golden Gate Drive Improvement 101,930 In Progress
Citywide Bicycle & Pedestrian Improvements 220,514 In Progress
Intelligent Trans System Upgrade 31,203 Completed
Citywide Signal Comm. Upgrade 209,854 In Progress
TOTAL 21,021,150
19
49
Attachment 2
Long -Term Debt
In September of 2021, the City Council approved and authorized the creation of the Dublin Financing
Authority to execute the sale and issuance of the 2021 Lease Revenue Bonds. The City received $20.6
million from the proceeds of the bonds, which will be solely used to finance the City's Energy Efficiency
Capital Improvements. Beginning in fiscal year 2023, as required by the Governmental Accounting
Standards Board, the City began recognizing subscription -based information technology arrangements
(SBITA) as a long-term liability. A summary of the long-term debt is shown in Table 8 below.
TABLE 8: SUMMARY OF LONG-TERM DEBT
June 30, 2024 and 2023
Bonds and premium
Subscription Based I.T. Agreements
Total Long -Term Debt
Long -Term Debt
June 30, 2024
$ 18,871,853
917,422
$ 19,789,275
June 30, 2023 $ Change
$ 19,675,709 $ (803,856)
1,221,058 (303,636)
$ 20,896,767 $ (1,107,492)
% Change
-4.1%
-24.9%
-5.3%
The City's long-term debt as of June 30, 2024 amounted to $19,789,275, a decrease of $1.1 million from
FY 2022-23. The decrease is primary due to the bond payments and the amortization of premium on bonds.
For more detailed information of long-term debt balances, see Note 8 to the financial statements.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
In Fiscal Year 2023-24, the City experienced strong performances in all revenue categories. In particular,
Property Tax and Sales Tax, the City's two largest revenue sources, continued to increase as prices remained
strong in the East Bay despite rising interest rates. Interest earnings came in significantly higher than the
prior year, as the Federal Reserve raised rates 11 times between March 2022 and July 2023, and the City
maintained a relatively high cash balance, due to the timing of expenditures on capital projects.
In the upcoming budget, Staff believes that there will be slight growth in Property Tax and that Sales Tax
will level off and possibly decrease slightly before slowly growing again. Charges for Services are projected
to continue to grow based on the strong demand for Parks and Community Services classes and activities.
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 11.0%.
The City finished FY 2023-24 with a General Fund surplus and is also projecting a surplus in the FY 2024-
25 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, as the City starts to reach buildout, Staff is projecting
an operating deficit by FY 2031-32. Accordingly, in the next budget cycle the City will focus not only on
continuing to provide a high level of community services and maintaining top-notch facilities, but also on
considering long-term budget -balancing solutions and shoring up reserves for future use.
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
50
Attachment 2
BASIC
FINANCIAL STATEMENTS
Attachment 2
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22
52
Attachment 2
GOVERNMENT -WIDE
FINANCIAL STATEMENTS
Attachment 2
City of Dublin
Government -Wide Statement of Net Position
June 30, 2024
Primary Government
Governmental
Activities
ASSETS
Current assets:
Cash and investments (Note 3) $ 418,659,294
Accounts receivable 17,561,016
Leases receivable, current portion (Note 6) 323,143
Accrued interest receivable 2,337,240
Prepaids 445,791
Total current assets 439,326,484
Noncurrent assets:
Notes receivable (Note 5) 14,532,180
Leases receivable (Note 6) 2,309,773
Net OPEB asset - City of Dublin (Note 12) 3,412,032
Capital assets (non -depreciable) (Note 7):
Land 182,170,145
Streets right of way 37,760,857
Construction in progress 132,096,481
Capital assets (depreciable):
Infrastructures 448,236,611
Building and improvements 118,093,759
Vehicles and equipment 26,850,793
Subscription based I.T. agreements 3,263,114
less accumulated depreciation (375,252,267)
Total capital assets 573,219,493
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pension (Note 11)
Deferred outflows of resources related to OPEB - City of Dublin (Note 12)
593,473,478
1,032,799,962
9,159,405
3,067,198
Total deferred outflows of resources 12,226,603
See accompanying Notes to Basic Financial Statements 24
54
Attachment 2
City of Dublin
Government -Wide Statement of Net Position (Continued)
June 30, 2024
Primary Government
Governmental
Activities
LIABILITIES
Current liabilities:
Accounts payable 18,106,029
Accrued wages and other payroll liabilities 812,680
Deposits payable 4,707,853
Contract retention payable 2,110,612
Other payables 442,321
Unearned revenue 4,114,561
Compensated absences - due within one year 1,366,580
Long-term debt - due within one year (Note 8) 995,809
Total current liabilities 32,656,445
Noncurrent liabilities:
Claims payable 201,107
Compensated absences - due in more than one year 151,843
Long-term debt - due in more than one year (Note 8) 18,793,466
Net pension liability (Note 11) 22,774,284
Total noncurrent liabilities 41,920,700
Total liabilities 74,577,145
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases (Note 6) 2,266,883
Deferred inflows of resources related to pension (Note 11) 1,574,250
Deferred inflows of resources related to OPEB - City of Dublin (Note 12) 1,901,044
Total deferred inflows of resources 5,742,177
NET POSITION
Net investment in capital assets 552,568,250
Restricted for:
Public safety 1,515,761
Impact fee projects 60,687,676
Highways and streets 19,933,208
Health and welfare 26,689,421
Culture and leisure 407,128
Pension 9,351,801
OPEB 3,412,032
Total restricted 121,997,027
Unrestricted 290,141,966
Total net position $ 964,707,243
See accompanying Notes to Basic Financial Statements 25
55
Attachment 2
City of Dublin
Government -Wide Statement of Activities
For the year ended June 30, 2024
Functions/Programs
Expenses
Program Revenues
Net (Expense)
Revenue and
Changes in Net
Position
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Total
Governmental
Activities
Governmental activities:
General government
Police
Fire
Public works and transportation
Park and community services
Community development
Interest on long-term debt
Total governmental activities
$ 25,885,879
30,091,877
17,453,636
31,202,172
12,102,695
12,929,903
608,991
$ 11,533,104
445,758
2,625,459
2,545,389
5,825,924
4,476,672
$ 259,293 $ - $ 11,792,397 $ (14,093,482)
678,516 - 1,124,274 (28,967,603)
- - 2,625,459 (14,828,177)
5,979,980 9,564,440 18,089,809 (13,112,363)
93,676 - 5,919,600 (6,183,095)
295,385 654,945 5,427,002 (7,502,901)
- - (608,991)
$ 130,275,153
$ 27,452,306 $ 7,306,850 $ 10,219,385 $ 44,978,541 (85,296,612)
General revenues:
Taxes:
Property taxes
Special assessment taxes
Sales tax
Other taxes
Total taxes
Intergovernmental, unrestricted
Miscellaneous
Unrestricted investment earnings
Total general revenues
Change in net position
Net position - beginning of year
Net position - end of year
61,967,658
1,647,782
32,794,253
9,129,368
105,539,061
441,518
5,393,897
16,228,168
127,602,644
42,306,032
922,401,211
$ 964,707,243
See accompanying Notes to Basic Financial Statements 26
56
Attachment 2
FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
27
57
Attachment 2
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28
58
Attachment 2
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
59
Attachment 2
City of Dublin
Balance Sheet
Governmental Funds
June 30, 2024
ASSETS
Special
Revenue Fund
Capital Project Funds
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
Cash and investments $ 258,489,391 $ 11,785,063 $ 2,817,852 $ 3,427,917 $ 1,691,007
Accounts receivable 11,668,512 - 73,306 3,000
Accrued interest receivable 2,337,240 - -
Due from other funds 29,584,182 - -
Notes receivable - 14,521,942 -
Leases receivable 2,632,916 - -
Advances to other funds 4,901,566 - -
Prepaids 54,708 - -
Total assets $ 309,668,515 $ 26,307,005 $ 2,891,158 $ 3,430,917 $ 1,691,007
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable $ 9,856,276 $ 1,009,060 $ 1,693,865 $ 2,986,559 $ 1,198,139
Accrued wages and other payroll liabilities 766,409 12,774 6,335 8,545 9,027
Deposits payable 4,450,377 - - -
Contract retention payable - - 1,190,958 435,813 483,841
Other payables 390,267 - -
Unearned revenue 1,505,349 - -
Due to other funds - - -
Advances from other funds - - -
Total liabilities
Deferred inflows of resources:
Related to leases
Unavailable revenue - accounts receivable
16,968,678 1,021,834 2,891,158 3,430,917 1,691,007
2,266,883
Total deferred inflows of resources 2,266,883
Fund Balances:
Nonspendable 54,708 -
Restricted 9,351,801 25,285,171
Committed 84,215,445 -
Assigned 153,402,585
Unassigned 43,408,415
Total fund balances 290,432,954 25,285,171
Total liabilities, deferred inflows of
resources, and fund balances $ 309,668,515 $ 26,307,005 $ 2,891,158 $ 3,430,917 $ 1,691,007
See accompanying Notes to Basic Financial Statements 30
60
Attachment 2
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Capital Project Funds
Public Dublin
Facilities Fire Impact Traffic Impact Crossing
Public Art Impact Fees Fees Fees Contribution
ASSETS
Cash and investments $ 6,210 $ 42,059,849 $ 178,376 $ 31,469,188 $ 12,407,696
Accounts receivable - - 181,110
Accrued interest receivable - - -
Due from other funds - - -
Notes receivable - - -
Leases receivable - - -
Advances to other funds - - -
Prepaids - - -
Total assets
$ 6,210 $ 42,059,849 $ 178,376 $ 31,650,298 $ 12,407,696
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable $ 6,210 $ - $ - $ 119,536 $
Accrued wages and other payroll liabilities - - -
Deposits payable - - -
Contract retention payable - - -
Other payables - - -
Unearned revenue - - -
Due to other funds - 25,152,485 -
Advances from other funds - 4,901,566 -
Total liabilities
Deferred inflows of resources:
Related to leases
Unavailable revenue - accounts receivable
Total deferred inflows of resources
6,427
6,210 30,054,051 119,536 6,427
Fund Balances:
Nonspendable - - -
Restricted - 12,005,798 178,376 31,530,762 12,401,269
Committed - - -
Assigned - - -
Unassigned - - -
Total fund balances - 12,005,798 178,376 31,530,762 12,401,269
Total liabilities, deferred inflows of
resources, and fund balances
$ 6,210 $ 42,059,849 $ 178,376 $ 31,650,298 $ 12,407,696
See accompanying Notes to Basic Financial Statements 31
61
Attachment 2
City of Dublin
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Other Total
Governmental Governmental
Funds Funds
ASSETS
Cash and investments $ 26,617,113 $ 390,949,662
Accounts receivable 5,389,074 17,315,002
Accrued interest receivable 2,337,240
Due from other funds 29,584,182
Notes receivable 10,238 14,532,180
Leases receivable 2,632,916
Advances to other funds 4,901,566
Prepaids 54,708
Total assets $ 32,016,425 $ 462,307,456
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable $ 1,105,482 $ 17,975,127
Accrued wages and other payroll liabilities 9,590 812,680
Deposits payable 251,049 4,707,853
Contract retention payable 2,110,612
Other payables 390,267
Unearned revenue 2,609,212 4,114,561
Due to other funds 4,371,470 29,523,955
Advances from other funds 4,901,566
Total liabilities
8,346,803 64,536,621
Deferred inflows of resources:
Related to leases 2,266,883
Unavailable revenue - accounts receivable 4,140,492 4,140,492
Total deferred inflows of resources
4,140,492 6,407,375
Fund Balances:
Nonspendable 54,708
Restricted 23,691,326 114,444,503
Committed 84,215,445
Assigned 153,402,585
Unassigned (4,162,196) 39,246,219
Total fund balances 19,529,130 391,363,460
Total liabilities, deferred inflows of
resources, and fund balances $ 32,016,425 $ 462,307,456
See accompanying Notes to Basic Financial Statements 32
62
Attachment 2
City of Dublin
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Position
June 30, 2024
Total Fund Balances - Total Governmental Funds
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
for the internal service funds reported below, the capital assets were adjusted as
follows:
Non -depreciable
Depreciable, net
Total capital assets
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.
Unavailable revenues recorded in the fund financial statements resulting from
activities in which revenues were earned but were not available are reclassified as
revenues in the Government -Wide Financial Statements.
Interest payable is not due and payable in the current period and, therefore are not
reported in the governmental funds balance sheet.
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
Deferred outflows of resources related to OPEB - City of Dublin
Deferred inflows of resources related to pension
Deferred inflows of resources related to OPEB - City of Dublin
Long-term liabilities were not due and payable in the current period. Therefore, they
were not reported in the Governmental Funds Balance Sheet.
Compensated absences - due within one year
Claims payable
Compensated absences - due in more than one year
Long term debt - due within one year
Long term debt - due in more than one year
Net OPEB asset - City of Dublin
Net pension liability
Total long-term liabilities
Net Position of Governmental Activities
Government -
Wide Statement Internal Service
of Net Position Funds
$ 391,363,460
Total
$ 352,027,483 $ (19,061,253) 332,966,230
221,192,010 (21,712,158) 199,479,852
$ 573,219,493 $ (40,773,411) 532,446,082
Government -
Wide Statement Internal Service
of Net Position Funds
68,011,589
4,140,492
(52,054)
9,159,405
3,067,198
(1,574,250)
(1,901,044)
Total
$ (1,366,580) $
(201,107)
(151,843)
(995,809)
(18,793,466)
3,412,032
(22,774,284)
(1,366,580)
(201,107)
(151,843)
285,809 (710,000)
631,613 (18,161,853)
3,412,032
(22,774,284)
$ (40,871,057) $ 917,422 (39,953,635)
$ 964,707,243
See accompanying Notes to Basic Financial Statements
33
63
Attachment 2
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2024
REVENUES:
Property taxes
Sales tax
Other taxes
Intergovernmental
Licenses and permits
Charges for service
Interest income
Use of property
Unrealized gains (losses) on investments
Fines and forfeitures
Development revenue
Other revenue
Special assessments
Total revenues
EXPENDITURES:
Special
Revenue Fund
Capital Project Funds
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
$ 61,967,658 $ - $ - $ - $ -
30,903,440
9,129,368 - - - -
441,518 -
309,959 - - - -
9,678,380 83,661 - - -
8,499,828 387,177 - - -
2,172,046 377,644
7,022,273 - - - -
98,693 - - - -
6,782,241 - - - -
4,591,468
141,596,872 848,482
Current:
General government 14,183,999 - - - -
Police 28,688,615 - - - -
Fire 17,172,568 - - - -
Public works and transportation 19,191,341 - - - -
Park and community services 8,810,002 - - - -
Community development 5,320,362 5,806,335 - - -
Capital outlay:
General improvements - - 7,118,484 - -
Parks - - - 5,990,942 -
Public art - - - -
Streets - - - - 6,099,577
Debt service:
Principal 680,000 - - - -
Interest and fiscal charges 651,850 - - - -
Total expenditures 94,698,737 5,806,335 7,118,484 5,990,942 6,099,577
REVENUES OVER (UNDER) EXPENDITURES
46,898,135 (4,957,853) (7,118,484) (5,990,942) (6,099,577)
OTHER FINANCING SOURCES (USES):
Transfers in 120,825 - 7,118,484 5,990,942 6,099,577
Transfers out (6,322,616) - - - -
Total other financing sources (uses) (6,201,791) - 7,118,484 5,990,942 6,099,577
Net change in fund balances 40,696,344 (4,957,853) - - -
FUND BALANCES (DEFICITS):
Beginning of year 249,736,610 30,243,024
End of year $ 290,432,954 $ 25,285,171 $ - $ - $ -
See accompanying Notes to Basic Financial Statements 34
64
Attachment 2
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
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 - 1,113,243 4,746 852,031 365,434
Use of property - - - - -
Unrealized gains (losses) on investments - - - - -
Fines and forfeitures - - - - -
Development revenue - 1,032,573 39,021 1,189,675 -
Other revenue - - 12,273
Special assessments -
Total revenues
EXPENDITURES:
2,145,816 43,767 2,053,979 365,434
Current:
General government - 9,050 - 47,481
Police - - -
Fire - - -
Public works and transportation - - -
Park and community services - - -
Community development - - -
Capital outlay:
General improvements - - -
Parks - - -
Public art 244,479 - -
Streets - - -
Debt service:
Principal - - -
Interest and fiscal charges - - -
Total expenditures 244,479 9,050 - 47,481
REVENUES OVER (UNDER) EXPENDITURES
(244,479) 2,136,766 43,767 2,006,498 365,434
OTHER FINANCING SOURCES (USES):
Transfers in 244,479
Transfers out (6,011,344) - (606,112) (150,000)
Total other financing sources (uses) 244,479 (6,011,344) - (606,112) (150,000)
Net change in fund balances - (3,874,578) 43,767 1,400,386 215,434
FUND BALANCES (DEFICITS):
Beginning of year - 15,880,376 134,609 30,130,376 12,185,835
End of year $ - $ 12,005,798 $ 178,376 $ 31,530,762 $ 12,401,269
See accompanying Notes to Basic Financial Statements 35
65
Attachment 2
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Other Total
Governmental Governmental
Funds Funds
REVENUES:
Property taxes $ - $ 61,967,658
Sales tax - 30,903,440
Other taxes - 9,129,368
Intergovernmental 9,000,223 9,441,741
Licenses and permits - 309,959
Charges for service 8,936,318 18,698,359
Interest income 650,991 11,873,450
Use of property - 2,549,690
Unrealized gains (losses) on investments - 7,022,273
Fines and forfeitures 116,831 215,524
Development revenue 530 9,044,040
Other revenue 201,499 4,805,240
Special assessments 1,647,782 1,647,782
Total revenues 20,554,174 167,608,524
EXPENDITURES:
Current:
General government 9,528,800 23,769,330
Police 1,025,613 29,714,228
Fire 263,821 17,436,389
Public works and transportation 3,190,576 22,381,917
Park and community services 31,836 8,841,838
Community development 220,560 11,347,257
Capital outlay:
General improvements - 7,118,484
Parks 5,990,942
Public art 244,479
Streets 6,099,577
Debt service:
Principal 680,000
Interest and fiscal charges 651,850
Total expenditures 14,261,206 134,276,291
REVENUES OVER (UNDER) EXPENDITURES
6,292,968 33,332,233
OTHER FINANCING SOURCES (USES):
Transfers in 19,574,307
Transfers out (8,468,629) (21,558,701)
Total other financing sources (uses) (8,468,629) (1,984,394)
Net change in fund balances (2,175,661) 31,347,839
FUND BALANCES (DEFICITS):
Beginning of year 21,704,791 360,015,621
End of year $ 19,529,130 $ 391,363,460
See accompanying Notes to Basic Financial Statements 36
66
Attachment 2
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, 2024
Net Change in Fund Balances - Total Governmental Funds
$ 31,347,839
Amounts reported for governmental activities in the Statement of Activities were different because:
Govemmental funds reported capital outlay as expenditures. However, in the Govemment-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. 18,069,858
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 $3,343,754. (12,294,149)
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. (216,920)
Interest payable is not due and payable in the current period and, therefore are not reported in the
governmental funds balance sheet. (52,054)
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 680,000
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 109,858
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. 2,545,779
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. (3,983,679)
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. (346,515)
Unavailable revenues recorded in the fund financial statements resulting from activities in which revenues
were earned but were not available are reclassified as revenues in the Government -Wide Financial
Statements. 4,140,492
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. 2,181,667
Change in Net Position of Governmental Activities $ 42,306,032
See accompanying Notes to Basic Financial Statements 37
67
Attachment 2
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38
68
Attachment 2
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes $ 59,896,000 $ 59,896,000 $ 61,967,658 $ 2,071,658
Sales tax 26,625,000 29,620,900 30,903,440 1,282,540
Other taxes 8,280,500 8,280,500 9,129,368 848,868
Intergovernmental 290,000 405,000 441,518 36,518
Licenses and permits 286,417 286,417 309,959 23,542
Charges for services 7,389,683 7,389,683 9,678,380 2,288,697
Investment income (loss) 2,510,000 5,500,000 8,499,828 2,999,828
Use of property 1,648,021 1,648,021 2,172,046 524,025
Unrealized gains (losses) on investments - - 7,022,273 7,022,273
Fines and forfeitures 50,000 50,000 98,693 48,693
Development revenue 7,109,829 6,903,536 6,782,241 (121,295)
Other revenues 1,806,412 1,938,367 4,591,468 2,653,101
Total revenues 115,891,862 121,918,424 141,596,872 19,678,448
EXPENDITURES:
Current:
General government 17,294,965 18,230,860 14,183,999 4,046,861
Police 28,283,479 28,591,266 28,688,615 (97,349)
Fire 17,315,342 17,317,732 17,172,568 145,164
Public works and transportation 21,706,751 23,130,326 19,191,341 3,938,985
Parks and community services 8,997,878 9,343,691 8,810,002 533,689
Community development 5,642,960 5,799,028 5,320,362 478,666
Debt service:
Principal 680,000 680,000 680,000
Interest and fiscal charges 651,850 651,850 651,850
Total expenditures 100,573,225 103,744,753 94,698,737 9,046,016
REVENUES OVER (UNDER) EXPENDITURES 15,318,637 18,173,671 46,898,135 28,724,464
OTHER FINANCING SOURCES (USES):
Transfers in 56,600 129,582 120,825 (8,757)
Transfers (out) (19,929,893) (53,207,754) (6,322,616) 46,885,138
Total other financing sources (uses) (19,873,293) (53,078,172) (6,201,791) 46,876,381
Net change in fund balance $ (4,554,656) $ (34,904,501) 40,696,344 $ 75,600,845
FUND BALANCE:
Beginning of year 249,736,610
End of year $ 290,432,954
See accompanying Notes to Basic Financial Statements 39
69
Attachment 2
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Affordable Housing
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 80,855 $ 80,855 $ 83,661 $ 2,806
Interest 125,000 125,000 387,177 262,177
Use of property - - 377,644 377,644
Total revenues 205,855 205,855 848,482 642,627
EXPENDITURES:
Current:
General government 68,000 68,000 - 68,000
Community development 632,920 6,189,852 5,806,335 383,517
Total expenditures 700,920 6,257,852 5,806,335 451,517
REVENUES OVER (UNDER) EXPENDITURES (495,065) (6,051,997) (4,957,853) 1,094,144
Net change in fund balance $ (495,065) $ (6,051,997) (4,957,853) $ 1,094,144
FUND BALANCE:
Beginning of year 30,243,024
End of year $ 25,285,171
See accompanying Notes to Basic Financial Statements 40
70
Attachment 2
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
71
Attachment 2
City of Dublin
Statement of Net Position
Proprietary Funds
June 30, 2024
Govemmental
Activities -
Internal Service
Funds
ASSETS
Current assets:
Cash and investments $ 27,709,632
Accounts receivable 246,014
Prepaids and other 391,083
Total current assets 28,346,729
Noncurrent assets:
Capital Assets:
Land 10,774,792
Construction in progress 8,286,461
Infrastructure 745,014
Building and improvements 63,219,783
Vehicles and equipment 11,737,672
Subscription based I.T. agreements 2,216,045
Less accumulated depreciation (56,206,356)
Net capital assets 40,773,411
Total assets 69,120,140
LIABILITIES
Current liabilities:
Accounts payable and accruals 130,902
Due to other funds 60,227
SBITA liabilities, due in one year 285,809
Total current liabilities 476,938
Long-term liabilities:
SBITA liabilities, due in more than one year 631,613
Total long-term liabilities 631,613
Total liabilities 1,108,551
NET POSITION
Net investment in capital assets
Unrestricted
39,855,989
28,155,600
Total net position $ 68,011,589
See accompanying Notes to Basic Financial Statements 42
72
Attachment 2
City of Dublin
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Funds
For the year ended June 30, 2024
Governmental
Activities -
Internal Service
Funds
OPERATING REVENUES:
Charges for services $ 5,559,659
Other revenue 1,346,890
Total operating revenues 6,906,549
OPERATING EXPENSES:
Supplies and services 3,205,222
Retiree health premiums 963,526
Depreciation 3,343,754
Total operating expenses 7,512,502
OPERATING INCOME (LOSS) (605,953)
NONOPERATING REVENUES (EXPENSES):
Interest income 832,169
Interest and fiscal charges (28,943)
Total nonoperating revenues (expenses) 803,226
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS: 197,273
Transfers in
Transfers (out)
Total transfers
Change in net position
NET POSITION:
2,000,000
(15,606)
1,984,394
2,181,667
Beginning of year 65,829,922
End of year $ 68,011,589
See accompanying Notes to Basic Financial Statements 43
73
Attachment 2
City of Dublin
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2024
Governmental
Activities -
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from other funds $ 8,062,895
Payments to suppliers and service providers (6,686,274)
Other revenues 1,346,890
Net cash provided by (used in) operating activities 2,723,511
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash receipts from other funds
Cash disbursements to other funds
2,235,695
(918,166)
Cash provided by (used in) noncapital financing activities 1,317,529
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Purchase of capital assets (2,706,412)
Cash used in capital and related financing activities (3,038,991)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 832,169
Cash flows provided by (used in) investing activities 832,169
Net Cash Flows 1,834,218
CASH AND CASH EQUIVALENTS - Beginning of year 25,875,414
CASH AND CASH EQUIVALENTS - End of year $ 27,709,632
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) $ (605,953)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 3,343,754
Change in assets and liabilities
Accounts receivable 335,649
Prepaids (39,926)
Accounts payable and accruals (310,013)
Net cash provided by (used in) operating activities
$ 2,723,511
See accompanying Notes to Basic Financial Statements 44
74
Attachment 2
FIDUCIARY FUND FINANCIAL STATEMENTS
Custodial funds are used to account for fiduciary activities not required 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
75
Attachment 2
City of Dublin
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2024
Custodial
Funds
ASSETS
Cash and investments $ 49,052,926
Accounts receivable 216,515
Total assets 49,269,441
LIABILITIES
Accounts payable
Total liabilities
NET POSITION
Restricted for:
Individuals, organizations, and
other governments
Total net position
191,488
191,488
49,077,953
$ 49,077,953
See accompanying Notes to Basic Financial Statements 46
76
Attachment 2
City of Dublin
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the year ended June 30, 2024
Custodial
Funds
ADDITIONS:
Special assessments $ 10,156,807
Investment income 857,516
Proceeds from bonds 18,363,562
Property tax distribution 26,535
Other 479,102
Total additions 29,883,522
DEDUCTIONS:
Administration 10,594,563
Project payments 757,442
Payments of bonds principal 670,000
Interest expense 5,829,334
Total deductions
Change in net position
NET POSITION:
17,851,339
12,032,183
Beginning of year 37,045,770
End of year $ 49,077,953
See accompanying Notes to Basic Financial Statements 47 77
Attachment 2
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48
78
Attachment 2
NOTES TO BASIC
FINANCIAL STATEMENTS
Attachment 2
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50
80
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024 was 72,917. 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 #119 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, 2024, the City's staff comprised 106
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. As of June 30,
2024, the City had approximately 251 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
81
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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
82
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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 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
83
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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 (GHAD) 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.
The CFD East Ranch is used to account for bond issuances to finance the maintenance of and construction
of public improvements within the East Ranch development project within 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.
CFD Dublin Boulevard Extension is used is used to account for developing a facilities CFD to cover City
mitigation costs which the City is advancing as part of the Dublin Boulevard Extension project.
CFD Dublin Center is used to account for developing a facilities CFD to finance the maintenance of and
construction of public improvements within the Dublin Center project.
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
D. Basis of Accounting, Continued
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.
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
E. Cash, Cash Equivalents, and Investments, Continued
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
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
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.
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, 2024:
General Leave
Compensated
Leave
Total
Beginning Balance $ 1,289,135 $ 12,368 $ 1,301,503
Additions 1,439,160 17,374 1,456,534
Payments (1,211,774) (27,840) (1,239,614)
Ending Balance $ 1,516,521 $ 1,902 $ 1,518,423
Current Portion $ 1,364,870 $ 1,710 $ 1,366,580
Noncurrent Portion $ 151,651 $ 192 $ 151,843
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
K. Capital Assets
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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 (Ca1PERS) plans (Plans) and additions to/deductions from the Plans'
fiduciary net position have been determined on the same basis as they are reported by Ca1PERS. 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 Plari 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
Measurement Date
Measurement Period
June 30, 2023
June 30, 2023
July 1, 2022 to June 30, 2023
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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 2024, the City adopted new accounting standards in order to conform to the following Governmental
Accounting Standard Board Statements:
GASB Statement No. 100, Accounting Changes and Error Corrections - an amendment of GASB Statement No. 62.
This main purpose of this Statement is to strengthen accounting and financial reporting standards with
respect to accounting changes and corrections of errors. The statement provides detailed descriptions (1)
changes in accounting principles; (2) changes in accounting estimates; (3) changes in reporting entity. Those
changes need to disclose the nature and reasons in the financial statements to ensure the better
transparency and consistency in financial reporting.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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.
• 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, 2024.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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.
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 $ 418,659,294
Fiduciary Funds:
Cash and investments 49,052,925
Total cash and investments
$ 467,712,219
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS, Continued
B. Classification, Continued
Cash and investments as of June 30, 2024 consisted of the following:
Cash on hand
Deposits with financial institutions
Investments
Section 115 Trust
Cash and investments with fiscal agent
Total cash and investments
$ 4,316
4,850,820
432,722,594
2,071,236
28,063,253
$ 467,712,219
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.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
10 years
10 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
10 years
5 years
Minimum Credit
Quality
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25 %
10%
No Limit
20 %
30%
20%
20%
No Limit
30%
Maximum
Investment In
One Issuer
20%
20% of Portfolio
No Limit
35%
No Limit
20% of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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:
Investment Type
12 Months or
less
13 to 24 25 to 60 More than 60
Months Months months
Total
Asset -Backed Securities
U.S. Treasury Notes
Supranationals
Medium -Term Notes
U.S. Government Agency Securities
Local Agency Investment Fund
California Asset Management Program
Commercial Mortgage -Backed Securities (CMBS)
Money Market Funds
$
3,786,775
12,950,419
9,149,193
26,987,365
114,468,288
1,878,259
805,810
$ 3,758,342
13,127,500
9,954,273
11,995,649
6,866,656
$ 12,208,959
25,971,328
13,504,658
2,587,341
$ 15,166,260
79,747,334
12,563,609
37,503,625
11,078,881
1,922,263 4,739,807
$ 31,133,561
118,846,162
26,304,657
75,954,351
29,682,071
26,987,365
114,468,288
8,540,329
805,810
Total Investments $ 170,026,109
$ 45,702,420 $ 56,194,549 $ 160,799,516 $ 432,722,594
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, 2024, 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, 2024, the City had $26,987,365 invested in LAIF, which had invested 3.00% of the pool
investment funds in Structured Notes and Asset -Backed Securities as compared to 2.78 % in the previous
year. The LAIF fair value factor of 0.996316042 was used to calculate the fair value of the investments in
LAIF.
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024, these investments have an average maturity of 26 days.
The City's investments include Asset -Backed Securities in the amount of $31,133,561 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, 2024:
Investments By Fair Value Level:
Asset -Backed Securities
U.S. Treasury Notes
Supranationals
Medium -Term Notes
U.S. Government Agency Securities
Commercial Mortgage -Backed Securities (CMBS)
Total
Investments Exempt From Disclosure:
Local Agency Investment Fund
California Asset Management Program
Money Market Funds
Level 1
$
Level 2 Total
- $ 31,133,561
- 118,846,162
- 26,304,657
- 75,954,351
- 29,682,071
- 8,540,329
$
- $ 290,461,131
$ 31,133,561
118,846,162
26,304,657
75,954,351
29,682,071
8,540,329
290,461,131
26,987,365
114,468,288
805,810
Total $ 432,722,594
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Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024 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, 2024.
Commercial State
Asset California Mortgage LocalAgency
U.S. Medium Backed U.S. Gov't AssetMgmt Backed Money Investment
Rating Treasuries TermNotes Securities Supranationals Agency Program Securities Market Fund
Total
AAA $
AA+ 118,846,162
AA
AA-
A+
A
A-
AAAm
BBB+
Not rated
$ $ 24,814,741 $26,304,657 $ 114,468,288 $ 1,922,263 $ - $ $ 167,509,949
3,197,888 - - 29,682,071 - 6,618,066 - - 158,344,187
6,826,819 6,826,819
4,459,079 4,459,079
14,583,766 14,583,766
25,589,021 25,589,021
20,334,699 20,334,699
805,810 805,810
963,079 963,079
6,318,820 26,987,365 33,306,185
Total $ 118,846,162 $ 75,954,351 $ 31,133,561 $26,304,657 $ 29,682,071 $ 114,468,288 $ 8,540,329 $ 805,810 $26,987,365 $ 432,722,594
G. Concentration of Credit Risk
None of the City's investments in the table at Note F above exceeded 5% in any one issuer excluding U.S.
Treasury securities, mutual funds, and external investment pools.
67
97
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
4. INTERFUND TRANSACTIONS
A. Transfers between Funds
Transfers between funds during the year ended June 30, 2024 were as follows:
Transfers In
Transfers Out
General
General
Improvements
Projects
Capital
Projects
Parks Projects
Capital
Projects
Streets
Projects
Capital
Projects
Non -major
Governmental Internal
Funds Service Funds Total
Major Funds
General Fund
Public Facilities Impact
Fees Capital Projects
Traffic Impact Fees
Capital Projects
Dublin Crossing Contribution
Capital Projects
Non -major Governmental Funds
Governmental funds subtotal
Internal Service Funds
Total
- $ 4,083,446 $ 16,986 $ 222,184 $
120,825
1,400,913 4,610,431
1,618,519 1,363,525
- $ 2,000,000 $ 6,322,616
606,112 -
150,000
5,121,281 244,479
6,011,344
606,112
150,000
8,468,629
120,825 7,102,878 5,990,942 6,099,577 244,479 2,000,000 21,558,701
15,606 - - 15,606
$ 120,825 $ 7,118,484 $ 5,990,942 $ 6,099,577 $ 244,479 $ 2,000,000 $ 21,574,307
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, 2024, the following funds have balances due to the General Fund:
Due to General Fund:
Public Facilities Impact Fees Capital Projects Fund
Non -Major Governmental Funds
Internal Service Funds
Total
$ 25,152,485
4,371,470
60,227
$ 29,584,182
68
98
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
4. INTERFUND TRANSACTIONS, Continued
C. Advances between Funds
During the 2021-2022, 2022-2023, and 2023-2024 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, 2024:
Advances from General Fund
Public Facilities Impact Fees Capital Projects Fund $ 4,901,566
Total $ 4,901,566
5. NOTES RECEIVABLE
The following table summarizes the notes receivable outstanding as of June 30, 2024:
First Time Homebuyer Loan Program $ 1,072,743
Eden (Wicklow) Square Senior Affordable Housing 3,079,326
SBA Microloan Program Receivables 10,238
Arroyo Vista Predevelopment/Construction Loan - Family Housing 2,064,634
Arroyo Vista Predevelopment/Construction Loan - Senior Housing 802,526
Veterans Family Apartment Development Loan 7,502,713
Total
$ 14,532,180
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, 2024 was $1,072,743. As of
June 30, 2024, there were no loans in default.
69
99
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
5. NOTES RECEIVABLE, Continued
Details of the Revolving Home Loans as of June 30, 2024 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 $ 11,496 $ - $ 31,106
#07-04 10/31/2007 50,000 29,171 - 79,171
#07-15 12/4/2007 24,536 14,236 - 38,772
#07-16 12/28/2007 8,000 4,623 - 12,623
#07-18 2/29/2008 24,170 13,819 - 37,989
#08-07 4/10/2009 27,425 14,615 42,040
#08-08 6/30/2009 39,576 20,782 60,358
#09-02 9/29/2009 36,595 18,898 - 55,493
#11-01 12/9/2011 26,025 11,456 - 37,481
#11-05 1/13/2012 29,999 13,087 43,086
#11-08 1/31/2012 35,249 15,316 50,565
#12-01 10/30/2012 29,999 12,253 - 42,252
#12-04 4/12/2013 36,749 14,432 51,181
#12-05 4/26/2013 35,249 13,795 - 49,044
#12-06 6/12/2013 31,499 12,186 - 43,685
#13-04 12/9/2013 40,000 14,784 - 54,784
#17-01 5/25/2018 40,000 8,542 48,542
#19-02 11/22/2019 40,000 6,452 - 46,452
#21-01 10/29/2021 40,000 3,740 - 43,740
#22-01 7/12/2023 40,000 1,357 - 41,357
#23-01 10/24/2023 40,000 960 40,960
#23-02 11/20/2023 40,000 857 40,857
#23-03 11/20/2023 40,000 857 - 40,857
#23-04 4/1/2024 40,000 348 - 40,348
Totals
$ 814,681 $ 258,062 $ - $ 1,072,743
70
100
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024, the outstanding loan amount was $3,079,326.
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, 2024, the outstanding
loan amount was $10,238.
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, 2024, the outstanding
loan amounts for the Family Project and the Senior Project were $2,064,634 and $802,526, respectively.
71
101
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024, the outstanding loan amount was $7,502,713.
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, 2024, the City recognized $11,433 of lease revenue and
$239 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, 2024, the City recognized $9,954 of lease revenue and
$1,925 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, 2024, the City recognized $21,720 of lease revenue and $30,975 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, 2024, the City
recognized $150,566 of lease revenue and $119,624 of interest revenue under the lease.
72
102
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024, the City recognized
$255,950 of lease revenue and $45,868 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, 2024, the City recognized $47,936 of
lease revenue and $96,492 of interest revenue under the lease.
The future payments on the leases as of June 30, 2024 were as follows:
Year Ending Ce11 Tower Leases ACFD Fleet ACFD Fire
June 30, Principal Interest Principal Interest Principal Interest
2025 $ 25,968 $ 32,468 $ 101,555 $ 113,473 $ 160,911 $ 6,309
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 23,886 28,460 162,094 79,511
2030-2034 92,974 125,288 1,094,503 202,240 - -
2035-2039 174,640 78,387 - -
2040-2042 120,786 10,911 - - - -
Total $ 530,756 $ 367,625 $ 1,734,566 $ 689,694 $ 160,911 $ 6,309
Year Ending 11805 Dublin Blvd Total
June 30, Principal Interest Principal Interest
2025 $ 34,709 $ 84,331 $ 323,143 $ 236,581
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 - - 185,980 107,971
2030-2034 1,187,477 327,528
2035-2039 - - 174,640 78,387
2040-2042 - - 120,786 10,911
Total $ 206,683 $ 190,117 $ 2,632,916 $ 1,253,745
73
103
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
7. CAPITAL ASSETS
A. Current Year Activities
Capital asset activities during the year ended June 30, 2024 were as follows:
Balance Reclasses/ Balance
July 1, 2023 Additions Retirements Transfers June 30, 2024
Non -depreciable assets:
Land $ 182,170,145 $
Streets right of way 37,760,857
Construction in progress 114,604,256
19,344,005
$ - $ $ 182,170,145
- 37,760,857
- (1,851,780) 132,096,481
Total non -depreciable assets 334,535,258 19,344,005 - (1,851,780)
352,027,483
Depreciable assets:
Infrastructure 448,086,898 - 149,713 448,236,611
Buildings and improvements 118,093,759 - 118,093,759
Vehicles and equipment 25,709,973 1,350,921 (210,101) 26,850,793
Subscription based I.T. agreements 1,479,702 81,345 - 1,702,067 3,263,114
Total depreciable assets 593,370,332 1,432,266 (210,101) 1,851,780 596,444,277
Less accumulated depreciation/
amortization:
Infrastructure (283,377,218) (9,347,366) - (292,724,584)
Buildings and improvements (61,698,754) (3,847,810) - (65,546,564)
Vehicles and equipment (14,143,894) (1,979,269) 210,101 (15,913,062)
Right of way (264,142) (93,423) - (357,565)
Subscription based I.T. agreements (340,456) (370,036) - (710,492)
Total accumulated depreciation/
amortization (359,824,464) (15,637,904) 210,101 (375,252,267)
Total depreciable assets, net 927,905,590 20,776,271
(210,101) 1,851,780 948,471,760
Total capital assets $ 568,081,126 $ 5,138,367 $ - $ - $ 573,219,493
74
104
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
7. CAPITAL ASSETS, Continued
B. Project Commitments
As of June 30, 2024, the City had outstanding commitments with contractors for the following projects:
Project Commitment
General Improvement Projects $ 1,234,110
Parks Projects 7,865,805
Streets Projects 1,393,398
Public Art Projects 3,113
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:
General Government $ 1,899,951
Police 595,451
Fire 568,176
Public Works 7,049,701
Parks and Community Service 4,231,662
Community Development 1,292,963
Total depreciation expense $ 15,637,904
8. LONG TERM DEBT
A. Current Year Transactions and Balances
Long-term debt transactions and balances during the year ended June 30, 2024 were as follows:
Due in
Balance Balance Due Within More than
July 1, 2023 Deletions June 30, 2024 One Year One Year
Governmental Activities:
2021 Lease Revenue Bonds $ 17,405,000 $ (680,000) 16,725,000 $ 710,000 $16,015,000
Premium on bond 2,270,709 (123,856) 2,146,853 - 2,146,853
Subscription based I.T. agreements 1,221,058 (303,636) 917,422 285,809 631,613
Total long-term debt $ 20,896,767 $(1,107,492) $19,789,275 $ 995,809 $18,793,466
75
105
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
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, 2024,
including unamortized bond premium of $2,146,853 amounted to $18,871,853.
The annual debt service requirements on the bonds at June 30, 2024 are as follow:
2021 Lease Revenue Bonds
For the Years
Ending June 30, Principal Interest Total
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 830,000 504,450 1,334,450
2030-2034 4,660,000 1,998,050 6,658,050
2035-2039 5,670,000 988,650 6,658,650
2040-2041 2,560,000 102,800 2,662,800
Total $ 16,725,000 $ 5,917,950 $ 22,642,950
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.
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.
76
106
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
8. LONG TERM DEBT, Continued
C. Subscription Based Information Technology Arrangements, Continued
The annual debt service requirements on the bonds at June 30, 2024 are as follow:
Subscription Based I.T. Agreements
For the Years
Ending June 30, Principal Interest Total
2025 $ 285,809 $ 20,071 $ 305,880
2026 305,437 13,085 318,522
2027 326,176 5,620 331,796
Total $ 917,422 $ 38,776 $ 956,198
77
107
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
9. FUND BALANCES
Detailed classifications of the City's Fund Balances, as of June 30, 2024, are stated below:
Major Funds
Public Dublin Other
General Affordable Facilities Fire Impact Traffic Impact Crossing Governmental
Fund Housing Impact Fees Fees Fees Contribution Funds
Total
Nonspendable:
Prepaids 54,708 $ - $ - $ - $ - $ $ - $ 54,708
Subtotal Non -Spendable Fund Balance 54,708 - - - 54,708
Restricted for:
Cemetery Endowment 60,000 - - - - - - 60,000
Public Safety Programs - - - - - - 1,515,761 1,515,761
Street Maintenance and Construction - - - - - - 15,792,716 15,792,716
Health and Welfare Programs - - - - - - 1,404,250 1,404,250
Heritage Park Maintenance 750,000 - - - - - - 750,000
Culture and Leisure - - - - - - 407,128 407,128
Impact Fee Capital Projects - 12,005,798 178,376 31,530,762 43,714,936
Capital Improvement Projects - 12,401,269 4,571,471 16,972,740
Developer Contribution- Heritage Park 19,000 - - - 19,000
Developer Contribution - Nature Park 60,000 - - - 60,000
Developer Contribution Downtown 1,490,000 - - - - - - 1,490,000
Public Facilities Advance 4,901566 - - - - - - 4,901,566
Pension 2,071,235 - - - - - - 2,071,235
Housing - 25,285,171 - - - - - 25,285,171
Subtotal Restricted Fund Balance 9,351,801 25,285,171 12,005,798 178,376 31,530,762 12,401,269 23,691,326 114,444,503
Committed to:
Economic Stability 8,000,000 - - - 8,000,000
Downtown Public Improvements 36,118 491 - - - - - - 36,118,491
Emergency Communications 532,113 - - - - - - 532,113
Fire Services OPEB 2,211,094 - - - - - - 2,211,094
Innovations and New Opportunities 894498 - - - - - - 894,498
Maintenance Facility 55,008 - - - - - - 55,008
Don Biddle Community Park 675,193 - - - - - - 675,193
One Time Initiatives 2,421,708 - - - - - - 2,421,708
Contribution to Public Facility Fee 6,000,000 - - - - - - 6,000,000
Fallon Sports Park 100,000 - - - - - - 100,000
Utility Undergrounding 3,500,000 - - - - - - 3,500,000
Lease Revenue Bonds Payment 8,000,000 - - - - - - 8,000,000
Public Safety 4,600,000 - - - 4,600,000
Cultural Arts Center 4,402,990 - - - - 4,402,990
Advance to Public Facility Fee 6,704,350 - - - 6,704,350
Subtotal Committed Fund Balance 84,215,445 - - - 84,215,445
Assigned to:
Non -street CIP 3,253,486 - - - - - - 3,253,486
Employees Accrued Leave 1,518,423 - - - - - - 1,518,423
Operating Carryovers 963,754 - - - 963,754
CIP Carryovers 16,670,673 - - - 16,670,673
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
Municipal Regional Permit 1,809,022 - - - - - - 1,509,022
HVAC Replacement 2,288,697 - - - - - - 2,288,697
Relocate Parks 500,000 - - - - - - 500,000
Parks and Street Contingency Maintenance 201,270 - - - - - - 201,270
Commercial Facade Improvement Grant 429,972 - - - - - - 429,972
Library Tenant Improvement 1,000,000 - - - - - - 1,000,000
Village Parkway Pavement 20,743,613 - - - - - - 20,743,613
Climate Action Plan 2,669,424 - - - - - - 2,669,424
ARPA Revenue Replacement 990,187 - - - - - - 990,187
Dublin Boulevard Extension 59,500,000 - - 59,500,000
Pavement Management 2,000,000 - - 2,000,000
Subtotal Assigned Fund Balance 153,402,585 - - - - - - 153,402,585
Unassigned Fund Balance:
Fund Balance Deficits - - - - - - (4,162,196) (4,162,196)
Unrealized Gain/(Loss) onlnvestments (7,039,428) - - - - - - (7,039,428)
Cash Flow Per City Policy 50,447,843 - - - - - - 50,447,843
Subtotal Unassigned Fund Balance 43,408,415 - - - - - (4,162,196) 39,246,219
Total Fund Balance (Deficit)
$ 290,432,954 $ 25,285,171 $ 12,005,798 $ 178,376 $ 31,530,762 $ 12,401,269 $ 19,529,130 $ 391,363,460
78
108
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
9. 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, 2024 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, 2024. These deficits are expected
to be eliminated by future revenues.
Fund Fund Deficit
Measure BB Grants $ 1,823,740
Transportation for Clean Air (TFCA) 8,293
State Grant Park 1,905,144
Building Homes and Jobs Act 13,410
Measure RR - Safe Routes to BART 411,609
10. 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.
11. 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
(Ca1PERS). 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. Ca1PERS 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 Ca1PERS website.
79
109
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
11. PENSION PLAN, Continued
A. General Information about the CalPERS Pension Plan, Continued
Benefits Provided - Ca1PERS 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 Ca1PERS and hired after
December 31, 2012.
The Plan's provisions and benefits in effect as of June 30, 2024, 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 15.95 % 7.68 %
Required unfunded liability payment $1,429,680 $0
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 Ca1PERS. 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, 2023, the City's contributions to the Plan were $2,194,205.
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions
As of June 30, 2024, the City reported $22,774,284 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, 2023, and the total pension liability
for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of
June 30, 2022 rolled forward to June 30, 2023 using standard update procedures. The City's proportion of
the net pension liability was based on a projection of the City's long-term share of contributions to the
pension plan relative to the projected contributions of all participating employers, actuarially determined.
80
110
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
11. 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,
2022 and 2023 was as follows:
Proportion - June 30, 2022
Proportion - June 30, 2023
Change - Increase (Decrease)
0.17861 %
0.18255%
0.00395 %
For the year ended June 30, 2024, the City recognized net pension expense of $3,983,679 for the
Miscellaneous Plan on the Statement of Activities. As of June 30, 2024, the City reported deferred outflows
of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows of Deferred Inflows of
Resources Resources
Pension contributions subsequent to
measurement date $ 2,240,690 $ -
Changes of assumptions 1,374,986 -
Differences between expected and
actual experience 1,163,434 180,477
Changes in employer's proportion 692,934
Differences between the employer's
contribution and the employer's
proportionate share of contributions - 1,393,773
Net differences between projected and
actual earnings on plan investments 3,687,361 -
Total $ 9,159,405 $ 1,574,250
81
111
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The $2,240,690 reported as deferred outflows of resources related to contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ended
June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized as pension expense as follows:
Fiscal Year
Ending June 30:
2025 $ 1,470,950
2026 1,028,124
2027 2,739,587
2028 105,804
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
Net Pension Liability
Current Discount Rate
Net Pension Liability
1% Increase
Net Pension Liability
5.90%
$ 35,341,017
6.90%
$ 22,774,284
7.90%
$ 12,430,784
82
112
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
11. 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, 2023, the total pension liabilities were
determined by rolling forward the June 30, 2022 total pension liability. The June 30, 2023 total pension
liabilities were based on the following actuarial methods and assumptions:
Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions:
Discount Rate
Inflation
Projected Salary Increases
Investment Rate of Return (1)
June 30, 2022
June 30, 2023
Entry -Age Normal Cost Method
6.90%
2.30%
Varies by entry age and service
6.90%
Mortality Derived by Ca1PERS' Membership Data for all Funds
(1) Net of pension plan administrative expenses
All other actuarial assumptions used in the June 30, 2022 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 Ca1PERS 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, Ca1PERS 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 Ca1PERS website.
In determining the long-term expected rate of return, Ca1PERS 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
113
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
Asset Class
Global Equity - Cap -Weighted
Global Equity - Non -Cap -
Weighted
Private Equity
Treasury
Mortgage -Backed Securities
Investment Grade Corporates
High Yield
Emerging Market Debt
Private Debt
Real Assets
Leverage
Total
Assumed Asset
Allocation Real Return(1)(2)
30.00% 4.45%
12.00% 3.84%
13.00%
5.00%
5.00%
10.00%
5.00%
5.00%
5.00%
15.00%
-5.00%
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.
7.28%
0.27%
0.50%
1.56%
2.27%
2.48%
3.57%
3.21%
-0.59%
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net
position is available in the separately issued Ca1PERS financial reports.
Payable to the Pension Plan - There were no outstanding contributions to the pension plan as of
June 30, 2024.
12. 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
114
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Contributions - There is no requirement imposed by Ca1PERS, 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 Ca1PERS 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 2022-23, the City contributed $284,727.
Employees Covered
Inactive employees or beneficiaries
currently receiving benefits
Inactive employees entitled to but not yet
receiving benefits
Active employees
79
108
Total 187
Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2023 and the total OPEB liability used to the
calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2023, based on the
following actuarial methods and assumptions:
Valuation Date June 30, 2023
Measurement Date June 30, 2023
Actuarial Cost Method Entry -Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 5.50%
Inflation 2.50%
Contribution Policy Contributes full ADC
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 5.55 %
Mortality CaIPERS 2021 Experience Study
Post Retirement Benefit
Increase MacLeod Watts Scale 2022
Healthcare Trend 6.5% in 2025 fluctuating down to 3.9% by 2075
85
115
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
12. 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.
CERBT Strategy 2
Years 1-5
Years 6-20
Asset Class
Target
Allocation
General
Inflation
Expected Real
Rate of Return
Compound
Return
General
Inflation
Expected Real
Rate of Return
Compound
Return
Global Equity
Fixed Income
Global Real Estate (REITs)
Treasury Inflation Protected Securities
Commodities
34.00%
41.00%
17.00%
5.00%
3.00%
2.40%
2.40%
2.40%
2.40%
2.40%
4.40%
-1.00%
3.00%
-1.80%
0.80%
6.80%
1.40%
5.40%
0.60%
3.20%
2.30%
2.30%
2.30%
2.30%
2.30%
4.50%
2.20%
3.90%
1.30%
1.20%
6.80%
4.50%
6.20%
3.60%
3.50%
Volatility
I 9.90%
Weighted
I 4.20%
Weighted
I 5.90%
Discount Rate
The discount rate used to measure the total OPEB liability was 5.50 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
116
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
12. 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, 2023 $ 20,705,919 $ 23,570,969 $ (2,865,050)
Changes in the year:
Service cost 564,680 - 564,680
Interest on the total pension
liability 1,147,181 - 1,147,181
Differences between actual and
expected experience (1,063,544) (1,063,544)
Changes in assumptions (77,341) - (77,341)
Contribution - employer - 284,727 (284,727)
Net investment income - 839,987 (839,987)
Administrative expenses - (6,756) 6,756
Benefit payments , including
refunds of employee
contributions (1,201,325) (1,201,325) -
Net changes (630,349) (83,367) (546,982)
Balance at June 30, 2024 $ 20,075,570 $ 23,487,602 $ (3,412,032)
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, 2023:
1% Decrease
(4.50%)
Current
Discount Rate
(5.50%)
1% Increase
(6.50%)
Net OPEB Liability (Asset) $ (1,001,859) $ (3,412,032) $ (5,406,783)
87
117
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
12. 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, 2023:
1% Decrease
Current Healthcare
Trend Rate 1% Increase
Net OPEB Liability (Asset) $ (5,519,977) $
(3,412,032) $ (865,630)
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
and actual earnings on OPEB plan
investments
All other amounts
5 year straight-line recognition
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, 2024, the City recognized OPEB expense (income) of $346,515.
88
118
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
12. 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, 2024, the City reported deferred outflows of resources related to OPEB
from the following sources:
OPEB contributions subsequent to
measurement date
Differences between actual and expected
Deferred Outflows Deferred Inflows of
of Resources Resources
$ 305,089 $
experience - 1,669,453
Changes in assumptions 1,186,221 231,591
Net differences between projected and
actual earnings on plan investments
Total
1,575,888 -
$ 3,067,198 $ 1,901,044
The $305,089 reported as deferred outflows of resources related to contributions subsequent to the
June 30, 2023 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal
year ending June 30, 2025. Other amounts reported as deferred outflows of resources related to OPEB will
be recognized as expense as follows:
Fiscal Year
Ending June 30:
2025 $ (91,867)
2026 (41,584)
2027 1,079,754
2028 102,497
2029 (28,960)
Thereafter (158,775)
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, 2024 those cost
totaled $40,342.
89
119
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
13. 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, 2024, the City paid
The Cities Group $2,689 in premium. Financial Statements may be obtained from The Cities Group, P.O.
Box 111, Burlingame, CA 94011-0111.
90
120
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
13. 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, $201,107, is adequate to cover IBNR claims.
Therefore no adjustment was made in fiscal year 2023-2024 as the City's exposure is for the $5,000
deductible per general liability claim.
14. 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 2023-2024, the City contributed $251,241 or 14.72% toward the annual operating shelter
services and $29,242 representing 2.40% 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
121
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
15. 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, 2024, was
$2,596,630 which is net of the $23,971 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, 2024 was $99,099,694. The reduction of $806,781 to
the credit balance was mainly due to credit used for the fiscal years which was $403,983.
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 Ca1PERS 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.
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122
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
15. 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, 2024, the Actuarial Value of the Plan Asset was $15,595,925.
16. 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.
In November 2023, the City Council issued special tax bonds in the total amount of $18.65 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.
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, 2024 was $135,315,000.
93
123
Attachment 2
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2024
17. 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, 2024, under these sales -tax reimbursement agreements, the City has
abatements totaling $390,267.
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.
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Attachment 2
REQUIRED
SUPPLEMENTARY INFORMATION
Attachment 2
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126
Attachment 2
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
1. DEFINED BENEFIT PENSION PLAN
A. Schedule of the City's Proportionate Share of the Net Pension Liability - Last 10 Years
Fiscal year: 2024 2023 2022 2021 2020
Measurement date: 6/30/2023 6/30/2022 6/30/2021 6/30/2020 6/30/2019
Proportion of the net pension liability 0.18255% 0.17861% 0.16280% 0.15646% 0.15132%
Proportionate share of the net pension liability $ 22,774,284 $ 20,630,516 $ 8,804,512 $ 17,023,464 $ 15,505,908
Covered payroll $ 12,738,446 $ 11,245,216 $ 10,751,196 $ 10,591,772 $ 10,124,753
Proportionate Share of the net pension liability as
percentage of covered payroll 172.31% 183.46% 81.89% 160.72% 153.15%
Plan fiduciary net position as a percentage of the
total pension liability 76.21% 76.68% 88.29% 75.10% 75.26%
Fiscal year: 2019 2018 2017 2016 2015
Measurement date: 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014
Proportion of the net pension liability 0.14569% 0.14518% 0.15006% 0.14788% 0.12593%
Proportionate share of the net pension liability $ 14,038,811 $ 14,398,145 $ 12,984,969 $ 10,150,590 $ 7,835,901
Covered payroll $ 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 143.94% 137.86% 140.10% 119.94% 89.89%
Plan fiduciary net position as a percentage of the
total pension liability
75.26% 73.31% 74.06% 78.40% 79.82%
Notes to Schedule:
The Ca1PERS discount rate was increased from 7.5%to 7.65%in fiscalyear2016,decreased from 7.65%to 7.15%in fis calyear 2018, and then decreased from
7.15%to 6.9%in fiscalyear2023.
The Ca1PERS mortality assumptions were adjusted in fis calyear 2019.
97
127
Attachment 2
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
1. DEFINED BENEFIT PENSION PLAN, Continued
B. Schedule of Contributions - Last 10 Years
Fiscal year
Contractually required contribution (actuarially
determined)
Contribution in relation to the actuarially
determined contributions
Contribution deficiency (excess)
2024
2023
2022
2021
2020
$ 2,240,690 $ 2,194,205 $ 1,928,720 $ 1,712,167 $ 1,522,330
(2,240,690) (2,194,205) (1,928,720) (1,712,167) (1,522,330)
- $ - $ - $ - $
Covered payroll $ 13,216,926 $ 12,738,446 $ 11,245,216 $ 10,751,196 $ 10,591,772
Contributions as a percentage of covered payroll
Fiscal year
Contractually required contribution (actuarially
determined)
Contribution in relation to the actuarially
determined contributions
N/A 17.23% 17.15% 15.93% 14.37%
2019 2018
2017
2016
2015
$ 1,241,065 $ 1,018,096 $ 988,634 $ 869,497 $ 1,411,959
(1,241,065) (1,018,096) (1,738,634)
(869,497) (1,411,959)
Contribution deficiency (excess) $ - $
- $ (750,000) $
$
Covered payroll $ 10,124,753 $ 9,753,107 $ 10,443,838 $ 9,268,029 $ 8,463,027
Contributions as a percentage of covered payroll
Note to Schedule
Methods and assumptions used to determine contribution rates:
Fiscal year: 2024 2023 2022
Valuation date :
Actuarial cost method:
Amortization method:
Assets valuation method:
Inflation:
Salary increases:
Investment rate of return:
Retirement age:
Mortality:
(1)
(2)
(3)
(4)
12.26% 10.44%
2021 2020
2019
26.79%
2018
2017
22.41%
2016
18.59%
2015
6/30/2021
Entry Age
(1)
Market
Value
2.30%
(2)
6.80%
6/30/2020
Entry Age
(1)
Market
Value
2.50%
(2)
7.00%
6/30/2019
Entry Age
(1)
Market
Value
2.50%
(2)
7.00%
6/30/2018
Entry Age
(1)
Market
Value
2.50%
(2)
7.00%
6/30/2017
Entry Age
(1)
Market
Value
2.63%
(2)
7.25%
6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Entry Age Entry Age Entry Age Entry Age Entry Age
(1) (1) (1) (1) (1)
Market Market Market Market 15 Year
Value Value Value Value Smoothed
Market
Method
2.75% 2.75% 2.75% 2.75% 2.75%
(2) (2) (2) (2) (2)
7.375% 7.50% 7.50% 7.50% 7.50%
(3) (3) (3) (3) (3) (3) (3) (3) (3) (3)
(4) (4) (4) (4) (4) (4) (4) (4) (4) (4)
Level percentage of payroll, closed
Depending on age, service, and type of employment
50 for all plans, with the exception of 52 for Miscellaneous PEPRA 2%@62
Mortality assumptions are based on mortality rates resulting from the most recent Ca1PERS Experience Study adopted by the
Ca1PERS Board.
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128
Attachment 2
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
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 2023
2022
2021
2020
2019
2018
2017
Total OPEB Liability
Service Cost $ 564,680
Interest on the total OPEB liability 1,147,181
Differences between expected and actual
experience (1,063,544)
Changes of assumptions (77,341)
Benefit payments (1,201,325)
Net change in total OPEB liability (630,349)
Total OPEB liability - beginning 20,705,919
$ 483,571 $ 895,299 $ 869,222 $ 843,905 $ 852,382 $ 827,000
1,158,191 1,164,147 1,103, 053 1,169,182 1,099,559 1,032,000
1,459,903
(1,185,363)
1,916,302
18,789,617
(775,744)
307,694
(1,065,659)
525,737
18,263,880
(976,033)
996,242
17,267,638
(1,450,926)
(716,501)
(882,052)
(1,036,392)
18,304,030
(776,911)
1,175,030
17,129,000
(805,000)
1,054,000
16,075,000
Total OPEB liability - ending (a) $ 20,075,570
Plan Fiduciary Net Position
Contributions - employer
Net investment income
Benefit payments
Administrative expense
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending (b)
$ 20,705,919 $ 18,789,617 $ 18,263,880 $ 17,267,638 $ 18,304,030 $ 17,129,000
$ 284,727
839,987
(1,201,325)
(6,756)
(83,367)
23,570,969
$ 252,514
(3,327,511)
(1,185,363)
(7,026)
(4,267,386)
27,838,355
$ 411,587
6,149,340
(1,065,659)
(8,444)
5,486,824
22,351,531
$ 1,116,396
763,014
(976,033)
(10,512)
892,865
21,458,666
$ 1,073,623 $ 1,588,507 $ 1,878,000
1,244,479 1,431,381 1,665,000
(882,052) (776,911) (805,000)
(6,155) (33,206) (8,000)
1,429,895 2,209,771 2,730,000
20,028,771 17, 819, 000 15,089,000
$ 23,487,602 $ 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) $ (3,412,032) $ (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 117.0%
113.8%
148.2%
122.4%
124.3%
109.4%
104.0%
Covered -employee payroll $ 12,640,215 $ 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 -27.0%
(1) Fiscal year 2018 was the 1' year of implementation.
-24.5%
-84.2%
-38.8
-41.8
-17.3%
-6.6%
99
129
Attachment 2
City of Dublin
Required Supplementary Information
For the year ended June 30, 2024
2. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
B. Schedule of City Retiree Health Plan Contributions - Last 10 Years 0)
Fiscal Year Ended June 30 2024 2023 2022 2021 2020 2019 2018
Actuarially Determined Contribution (ADC) $ - $ - $ - $ 122,000 $ 138,000 $ 851,000 $ 861,000
Contributions in relation to the ADC 305,089 284,727 252,514 (411,587) (1,116,396) (1,075,930) (1,589,000)
Contribution deficiency (excess) (305,089) (284,727) (252,514) (289,587) (978,396) (224,930) (728,000)
Covered -employee payroll $ 13,223,301 $ 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
(1) Fiscal year 2018 was the 1st year of implementation.
-2.31% -2.25% -2.16% 3.83% 10.60% 10.72% 15.89%
Notes to Schedule - assumptions to develop Actuarially Determined Contributions
Valuation date
Actuarial cost method
Amortization method
Amortization period
Asset valuation method
Inflation
Healthcare cost trend rates
Salary increases
Investment rate of return
Retirement age
Mortality
Mortality improvement
6/30/2021
6/30/2019
6/30/2017
Entry Age Normal
Entry Age Normal
Entry Age Normal
Level % of pay
Level % of pay
Level % of pay
30 yrs remain
8 yrs remain 9 yrs remain
10 yrs remain 11 yrs remain
Market Value
Actuarial Value
Actuarial Value
2.50%
2.75%
2.75%
5.7% in 2022 fluctuating down to 4.0% by 2076
Non -Medicare - 7.25% and
Medicare 6.3% for 2021, both
decreasing to ultimate 4 % rate in
Non -Medicare - 7.5% and
Medicare 6.5% for 2019, both
decreasing to ultimate 4 % rate in
3.00%
3.00%
3.00%
6.10%
6.25%
6.25%
From 50 to 75
From 50 to 75
From 50 to 75
Ca1PERS 2017 Experience Study
Ca1PERS 1997-2015 Experience
Study
Ca1PERS 1997-2011 Experience
Study
MacLeod Watts Scale 2022
Scale MP-2019
Scale MP-2017
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Attachment 2
SUPPLEMENTARY INFORMATION
Attachment 2
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132
Attachment 2
City of Dublin
Schedule of Budget Versus Actual Revenues By Sources
General Fund
For the year ended June 30, 2024
Property taxes
Sales tax
Other taxes
Intergovernmental
Licenses and permits
Charges for services:
General government
Police
Fire
Public works and transportation
Parks and community services
Community development
Investment income (loss):
Use of property
Unrealized gain/ (loss) on investment
Fines and forfeitures
Development revenue
Other revenues
Budgeted Amounts
Original
Final
Actual
Amounts
Variance with
Final Budget
Positive
(Negative)
$ 59,896,000 $ 59,896,000 $ 61,967,658
26,625,000 29,620,900 30,903,440
8,280,500 8,280,500 9,129,368
290,000 405,000 441,518
286,417 286,417 309,959
1,715,000 1,715,000 2,080,888
20,750 20,750 45,127
1,497,000 1,497,000 2,602,544
33,000 33,000 50,193
4,123,255 4,123,255 4,898,963
678 678 665
2,510,000 5,500,000 8,499,828
1,648,021 1,648,021 2,172,046
- - 7,022,273
50,000 50,000 98,693
7,109,829 6,903,536 6,782,241
1,806,412 1,938,367 4,591,468
$ 2,071,658
1,282,540
848,868
36,518
23,542
365,888
24,377
1,105,544
17,193
775,708
(13)
2,999,828
524,025
7,022,273
48,693
(121,295)
2,653,101
Total revenues $ 115,891,862 $ 121,918,424 $ 141,596,872 $ 19,678,448
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Attachment 2
City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures
General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
General government:
City council $ 599,803 $ 644,552 $ 576,233 $ 68,319
City manager 1,783,450 1,798,028 1,649,552 148,476
City clerk 799,709 861,435 720,487 140,948
Election 217,170 217,170 2,265 214,905
Human resources 1,141,756 1,244,896 1,028,356 216,540
Insurance 3,471,600 3,610,015 3,563,649 46,366
Finance 2,527,616 2,672,681 2,288,834 383,847
Non -departmental 2,123,600 2,172,882 585,116 1,587,766
Disaster preparedness 325,428 325,428 176,328 149,100
Crossing guards 307,732 370,896 363,121 7,775
Animal control 313,224 401,297 280,483 120,814
Waste management 28,248 28,248 4,586 23,662
Community TV 136,127 136,127 133,174 2,953
Communications 619,140 619,140 531,548 87,592
Economic development 1,015,532 1,199,907 941,482 258,425
Human services 183,490 208,168 133,480 74,688
Library services 1,129,398 1,148,048 1,011,205 136,843
Dougherty Regional Fire Authority 571,942 571,942 194,100 377,842
Sub -total 17,294,965 18,230,860 14,183,999 4,046,861
Police:
Police operations 25,589,662 25,680,985 26,087,099
Police operations support 2,693,817 2,910,281 2,601,516
Sub -total
(406,114)
308,765
28,283,479 28,591,266 28,688,615 (97,349)
Fire:
Fire operations 16,450,447 16,450,447 16,363,506 86,941
Fire prevention 546,113 546,113 525,614 20,499
Fire station maintenance 318,782 321,172 283,448 37,724
Sub -total
17,315,342 17,317,732 17,172,568 145,164
Public works:
Maintenance 14,844,255 15,279,827 13,347,036 1,932,791
Engineering 3,859,595 4,182,177 3,136,707 1,045,470
Public works administration 1,855,024 2,275,974 1,876,053 399,921
Environmental services 1,147,877 1,392,348 831,545 560,803
Sub -total 21,706,751 23,130,326 19,191,341 3,938,985
104
134
Attachment 2
City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures (Continued)
General Fund
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Parks and community services:
Cultural and special events 1,038,853 1,102,479 1,067,199 35,280
Heritage Center and programs 350,745 322,757 267,906 54,851
Parks and community services administration 1,982,344 2,139,844 2,080,084 59,760
Shannon Center and programs 1,193,759 1,193,759 1,068,522 125,237
Stager and other facility operations 1,424,795 1,484,795 1,303,821 180,974
Senior Center and programs 720,974 705,974 666,144 39,830
The Wave and programs 2,286,408 2,394,083 2,356,326 37,757
Sub -total
8,997,878 9,343,691 8,810,002 533,689
Community development:
Planning 2,629,651 2,642,156 2,229,420 412,736
Building and safety 3,013,309 3,156,872 3,090,942 65,930
Sub -total
5,642,960 5,799,028 5,320,362 478,666
Debt service:
Principal 680,000 680,000 680,000
Interest and fiscal charges 651,850 651,850 651,850
Sub -total 1,331,850 1,331,850 1,331,850
Total current expenditures 100,573,225 103,744,753 94,698,737 9,046,016
Total expenditures $ 100,573,225 $ 103,744,753 $ 94,698,737 $ 9,046,016
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136
Attachment 2
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.
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Attachment 2
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, 2024
EXPENDITURES:
Capital outlay:
General improvements
Total expenditures
OTHER FINANCING SOURCES (USES):
Transfers in 2,696,840
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 2,696,840 $ 25,284,884 $ 7,118,484 $ 18,166,400
2,696,840 25,284,884 7,118,484 18,166,400
25,269,885
7,118,484
(18,151,401)
Total other financing sources (uses) 2,696,840
25,269,885
7,118,484
(18,151,401)
Net change in fund balance $ - $
FUND BALANCE:
Beginning of year
End of year
(14,999)
- $ 14,999
108
138
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Parks $ 3,894,115 $ 26,188,648 $ 5,990,942 $ 20,197,706
Total expenditures 3,894,115 26,188,648 5,990,942 20,197,706
OTHER FINANCING SOURCES (USES):
Transfers in 3,894,115 26,188,648 5,990,942 (20,197,706)
Total other financing sources (uses) 3,894,115 26,188,648 5,990,942 (20,197,706)
Net change in fund balance $ - $ - - $
FUND BALANCE:
Beginning of year -
End of year $ -
109
139
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Streets $ 17,851,382 $ 68,340,072 $ 6,099,577 $ 62,240,495
Total expenditures
OTHER FINANCING SOURCES (USES):
Transfers in
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
17,851,382 68,340,072 6,099,577 62,240,495
17,851,382 68,340,072 6,099,577 (62,240,495)
17,851,382 68,340,072 6,099,577 (62,240,495)
$
$ - $
110
140
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Public art $ 500,000 $ 1,471,045 $ 244,479 $ 1,226,566
Total expenditures
OTHER FINANCING SOURCES (USES):
Transfers in
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
500,000 1,471,045 244,479 1,226,566
500,000
1,471,045
244,479
(1,226,566)
500,000
1,471,045
244,479
(1,226,566)
$
111
141
Attachment 2
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, 2024
REVENUES:
Interest
Development revenue
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 342,550 $ 342,550 $ 1,113,243 $
486,893 486,893 1,032,573
770,693
545,680
829,443 829,443 2,145,816 1,316,373
Current:
General government - 9,050 9,050
Total expenditures - 9,050 9,050
REVENUES OVER (UNDER) EXPENDITURES 829,443 820,393 2,136,766 1,316,373
OTHER FINANCING SOURCES (USES):
Transfers out (2,279,875) (22,843,452) (6,011,344) 16,832,108
Total other financing sources (uses) (2,279,875) (22,843,452) (6,011,344) 16,832,108
Net change in fund balance $ (1,450,432) $ (22,023,059) (3,874,578) $ 18,148,481
FUND BALANCE:
Beginning of year 15,880,376
End of year $ 12,005,798
112
142
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,000 $ 2,000 $ 4,746 $
Development revenue 26,712 26,712 39,021
2,746
12,309
Total revenues 28,712 28,712 43,767 15,055
EXPENDITURES:
Current:
General government 100,000 100,000 - 100,000
Total expenditures 100,000 100,000 - 100,000
REVENUES OVER (UNDER) EXPENDITURES (71,288) (71,288) 43,767 115,055
Net change in fund balance $ (71,288) $ (71,288) 43,767 $ 115,055
FUND BALANCE:
Beginning of year 134,609
End of year $ 178,376
113
143
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 298,000 $ 298,000 $ 852,031 $ 554,031
Development revenue 300,816 300,816 1,189,675 888,859
Other revenues - - 12,273 12,273
Total revenues 598,816 598,816 2,053,979 1,455,163
EXPENDITURES:
Current:
General government 60,000 85,000 47,481 37,519
Total expenditures 60,000 85,000 47,481 37,519
REVENUES OVER (UNDER) EXPENDITURES 538,816 513,816 2,006,498 1,492,682
OTHER FINANCING SOURCES (USES):
Transfers out (613,880) (23,109,934) (606,112) 22,503,822
Total other financing sources (uses) (613,880) (23,109,934) (606,112) 22,503,822
Net change in fund balance $ (75,064) $ (22,596,118) 1,400,386 $ 23,996,504
FUND BALANCE:
Beginning of year 30,130,376
End of year $ 31,530,762
114
144
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 80,000 $ 80,000 $ 365,434 $ 285,434
Total revenues 80,000 80,000 365,434 285,434
OTHER FINANCING SOURCES (USES):
Transfers out - (350,000) (150,000) 200,000
Total other financing sources (uses) - (350,000) (150,000) 200,000
Net change in fund balance $ 80,000 $ (270,000) 215,434 $ 485,434
FUND BALANCE:
Beginning of year 12,185,835
End of year $ 12,401,269
115
145
Attachment 2
This page intentionally left blank
116
146
Attachment 2
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
147
Attachment 2
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
148
Attachment 2
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 adoption 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 Rescue 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.
Measure 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.
County Grants - General accounts for revenue and related expenditures of county grants.
Capital Project Funds are used to account for financial resources used for the acquisition and construction of capital
projects.
CAPITAL PROJECT 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
149
Attachment 2
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2024
Special Revenue Funds
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
ASSETS
Cash and investments $ 391,402 $ 422,849 $ 497,899 $ 106,059 $ 238,378
Accounts receivable - 11,078 751
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
Accrued wages and other payroll liabilities
Deposits payable
Unearned revenue
Due to other funds
$ 391,402 $ 422,849 $ 497,899 $ 117,137 $ 239,129
$ - $ - $ - $ 8,292 $
248,986 - -
Total liabilities 248,986 - 8,292 -
Deferred inflows of resources:
Unavailable revenue - accounts receivable
Total deferred inflows of resources
Fund Balances:
Restricted:
Public safety programs
Street maintenance and construction
Health and welfare programs
Culture and leisure
Capital improvement projects
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
142,416 422,849 497,899 108,845 239,129
142,416 422,849 497,899 108,845 239,129
$ 391,402 $ 422,849 $ 497,899 $ 117,137 $ 239,129
120
150
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
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 $ 149,433 $ 4,013,170 $ - $ - $ 980
Accounts receivable 4,913 172,605 - -
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
$ 154,346 $ 4,185,775 $
$ 980
Liabilities:
Accounts payable $ 49,723 $ 526,458 $ $ - $ -
Accrued wages and other payroll liabilities - - -
Deposits payable - - -
Unearned revenue - - -
Due to other funds - - -
Total liabilities
Deferred inflows of resources:
Unavailable revenue - accounts receivable
Total deferred inflows of resources
49,723 526,458
Fund Balances:
Restricted:
Public safety programs 104,623 - -
Street maintenance and construction - 3,659,317 - 980
Health and welfare programs - - -
Culture and leisure - - -
Capital improvement projects - - -
Unassigned - - -
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
104,623 3,659,317 - 980
$ 154,346 $ 4,185,775 $ - $ - $ 980
121
151
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
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 $ 197,573 $ 1,610,618 $ 896,896 $ 1,131 $ (9,943)
Accounts receivable 238,311 80,750 1,984,278 1,650
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
$ 197,573 $ 1,848,929 $ 977,646 $ 1,985,409 $ (8,293)
Liabilities:
Accounts payable $ - $ - $ - $ 1 $ -
Accrued wages and other payroll liabilities - - -
Deposits payable - - -
Unearned revenue - - -
Due to other funds - 1,985,409 -
Total liabilities - 1,985,410
Deferred inflows of resources:
Unavailable revenue - accounts receivable - 1,823,739
Total deferred inflows of resources
1,823,739 -
Fund Balances:
Restricted:
Public safety programs - - -
Street maintenance and construction 197,573 1,848,929 977,646 - -
Health and welfare programs - - -
Culture and leisure - - -
Capital improvement projects - - -
Unassigned - (1,823,740) (8,293)
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
197,573 1,848,929 977,646 (1,823,740) (8,293)
$ 197,573 $ 1,848,929 $ 977,646 $ 1,985,409 $ (8,293)
122
152
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
ASSETS
Special Revenue Funds
ACTC
Road Maint & Vehicle
Rehab Account Registration
(RMRA) Fee
TDA
AVI Economic
Benefit/ Business
Garbage/ Assistance
Recycling Program
Cash and investments $ 3,268,196 $ 432,204 $ 1,043 $ 870,317 $ 371,890
Accounts receivable 333,759 56,101 24,689 36,528 25,000
Notes receivable - - 10,238
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
Accrued wages and other payroll liabilities
Deposits payable
Unearned revenue
Due to other funds
Total liabilities
Deferred inflows of resources:
Unavailable revenue - accounts receivable
$ 3,601,955 $ 488,305 $ 25,732 $ 906,845 $ 407,128
- $ - $ - $ 165,222 $
3,079
94
94 168,301 -
Total deferred inflows of resources -
Fund Balances:
Restricted:
Public safety programs - - -
Street maintenance and construction 3,601,955 488,305 25,638 - -
Health and welfare programs - 738,544 -
Culture and leisure - - 407,128
Capital improvement projects - - -
Unassigned - - -
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
3,601,955 488,305 25,638 738,544 407,128
$ 3,601,955 $ 488,305 $ 25,732 $ 906,845 $ 407,128
123
153
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
ASSETS
Special Revenue Funds
Storm
Water Box
Management Culvert
Public Art
Miscellaneous Community
Special Development
Revenue Block Grant
Cash and investments $ 233,263 $ 418,813 $ 3,330,227 $ 622,782 $
Accounts receivable - - 25,618
Notes receivable
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
52,346
$ 233,263 $ 418,813 $ 3,330,227 $ 648,400 $ 52,346
Liabilities:
Accounts payable $ - $ - $ 7,400 $ 1,000 $ 6,107
Accrued wages and other payroll liabilities - - - -
Deposits payable - - - 2,063
Unearned revenue
Due to other funds - - - - 35,951
Total liabilities
Deferred inflows of resources:
Unavailable revenue - accounts receivable
Total deferred inflows of resources
- 7,400 3,063 42,058
Fund Balances:
Restricted:
Public safety programs - - - -
Street maintenance and construction 233,263 418,813 - -
Health and welfare programs - - - 645,337 10,288
Culture and leisure - - -
Capital improvement projects - - 3,322,827 -
Unassigned - - - -
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
233,263 418,813 3,322,827 645,337 10,288
$ 233,263 $ 418,813 $ 3,330,227 $ 648,400 $ 52,346
124
154
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
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 $ 2,765,194
Accounts receivable 1,905,144 - -
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
$ 1,905,144 $ $ $ 10,081 $ 2,765,194
Liabilities:
Accounts payable $ - $ - $ - $ - $ 149,471
Accrued wages and other payroll liabilities - - - 6,511
Deposits payable - - - -
Unearned revenue - - - 2,609,212
Due to other funds 1,905,144 13,410 -
Total liabilities 1,905,144 13,410 - 2,765,194
Deferred inflows of resources:
Unavailable revenue - accounts receivable 1,905,144
Total deferred inflows of resources 1,905,144
Fund Balances:
Restricted:
Public safety programs - - -
Street maintenance and construction - - -
Health and welfare programs - - 10,081
Culture and leisure - - -
Capital improvement projects - - -
Unassigned (1,905,144) (13,410) -
Total fund balances (1,905,144) (13,410) 10,081
Total liabilities, deferred inflows of
resources, and fund balances $ 1,905,144 $ - $ - $ 10,081 $ 2,765,194
125
155
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
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 $ - $ 695,094 $ 353,498 $ 780,236 $ 1,478,565
Accounts receivable 411,609 938 560 535 463
Notes receivable - - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
Accrued wages and other payroll liabilities
Deposits payable
Unearned revenue
Due to other funds
$ 411,609 $ 696,032 $ 354,058 $ 780,771 $ 1,479,028
$
- $ 30,210 $ 53,501 $ 3,789 $ 95,190
411,609
Total liabilities 411,609 30,210 53,501 3,789 95,190
Deferred inflows of resources:
Unavailable revenue - accounts receivable 411,609
Total deferred inflows of resources
411,609 -
Fund Balances:
Restricted:
Public safety programs - - -
Street maintenance and construction - 665,822 300,557 776,982 1,383,838
Health and welfare programs - - -
Culture and leisure - - -
Capital improvement projects - - -
Unassigned (411,609) - -
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
(411,609) 665,822 300,557 776,982 1,383,838
$ 411,609 $ 696,032 $ 354,058 $ 780,771 $ 1,479,028
126
156
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
ASSETS
Cash and investments
Accounts receivable
Notes receivable
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Special Revenue Funds
Capital
Projects
Fund
Maintenance Districts Energy
1999-1 Dublin Improvement
East Dublin Crossing Federal Grants - County Grants - Lease Revenue
Street Lighting CFD No. 2017-1 General General Bond
$ 664,246 $ 556,375 $ - $ - $ 1,248,644
1,154 441 - 19,853 -
$ 665,400 $ 556,816 $ $ 19,853 $ 1,248,644
Liabilities:
Accounts payable $ 4,648 $ 4,470 $ - $ - $ -
Accrued wages and other payroll liabilities - - -
Deposits payable - - - -
Unearned revenue - - - - -
Due to other funds - - 19,853 -
Total liabilities 4,648 4,470 - 19,853
Deferred inflows of resources:
Unavailable revenue - accounts receivable
Total deferred inflows of resources
Fund Balances:
Restricted:
Public safety programs - - -
Street maintenance and construction 660,752 552,346 - - -
Health and welfare programs - - -
Culture and leisure - - - -
Capital improvement projects - - - 1,248,644
Unassigned - - - -
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
660,752 552,346 - - 1,248,644
$ 665,400 $ 556,816 $ $ 19,853 $ 1,248,644
127
157
Attachment 2
City of Dublin
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2024
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments $ 26,617,113
Accounts receivable 5,389,074
Notes receivable 10,238
Total assets $ 32,016,425
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 1,105,482
Accrued wages and other payroll liabilities 9,590
Deposits payable 251,049
Unearned revenue 2,609,212
Due to other funds 4,371,470
Total liabilities 8,346,803
Deferred inflows of resources:
Unavailable revenue - accounts receivable 4,140,492
Total deferred inflows of resources 4,140,492
Fund Balances:
Restricted:
Public safety programs 1,515,761
Street maintenance and construction 15,792,716
Health and welfare programs 1,404,250
Culture and leisure 407,128
Capital improvement projects 4,571,471
Unassigned (4,162,196)
Total fund balances 19,529,130
Total liabilities, deferred inflows of
resources, and fund balances $ 32,016,425
128
158
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
REVENUES:
Intergovernmental $ - $ 66,908 $ 218,094 $ - $ -
Charges for service - - -
Interest 4,042 12,061 14,953 1,696 8,528
Fines and forfeitures - 116,831 -
Development revenue - - -
Other revenue 51,149 - -
Special assessments - - 214,153
Total revenues 55,191 78,969 233,047 118,527 222,681
EXPENDITURES:
Current:
General government - - - -
Police 40,569 100,000 - -
Fire - - 263,821
Public works - 43,353 -
Park and community services - - - -
Community development - - - -
Total expenditures 40,569 - 100,000 43,353 263,821
REVENUES OVER (UNDER) EXPENDITURES 14,622 78,969 133,047 75,174 (41,140)
OTHER FINANCING SOURCES (USES):
Transfers out - (21,392) - -
Total other financing sources (uses) - (21,392) - -
Net change in fund balances 14,622 57,577 133,047 75,174 (41,140)
FUND BALANCES (DEFICITS):
Beginning of year 127,794 365,272 364,852 33,671 280,269
End of year $ 142,416 $ 422,849 $ 497,899 $ 108,845 $ 239,129
129
159
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Measure B Measure B
Enforcement Sales Tax Sales Tax Bike
Grants State Gas Tax SAFETEA-LU Local Streets /Pedestrian
REVENUES:
Intergovernmental $ 326,500 $ 1,997,013 $ 40,000 $ - $ -
Charges for service - - -
Interest - 114,455 1,148 1,001
Fines and forfeitures - - -
Development revenue - - -
Other revenue - 18,270 - -
Special assessments - - -
Total revenues 326,500 2,129,738 40,000 1,148 1,001
EXPENDITURES:
Current:
General government - - -
Police 310,256 - -
Fire - - -
Public works - 1,193,033 - -
Park and community services - - -
Community development - - -
Total expenditures 310,256 1,193,033
REVENUES OVER (UNDER) EXPENDITURES 16,244 936,705 40,000 1,148 1,001
OTHER FINANCING SOURCES (USES):
Transfers out - (513,171) (100,132) (68,200)
Total other financing sources (uses) - (513,171) (100,132) (68,200)
Net change in fund balances 16,244 423,534 40,000 (98,984) (67,199)
FUND BALANCES (DEFICITS):
Beginning of year 88,379 3,235,783 (40,000) 98,984 68,179
End of year $ 104,623 $ 3,659,317 $ - $ - $ 980
130
160
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
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 $ - $ 1,412,275 $ 478,538 $ 160,539 $ 1,650
Charges for service - -
Interest 5,790 44,439 24,078 -
Fines and forfeitures - -
Development revenue -
Other revenue
Special assessments
Total revenues 5,790 1,456,714 502,616 160,539 1,650
EXPENDITURES:
Current:
General government
Police
Fire
Public works - 11,810
Park and community services
Community development
Total expenditures - 11,810
REVENUES OVER (UNDER) EXPENDITURES 5,790 1,456,714 490,806 160,539 1,650
OTHER FINANCING SOURCES (USES):
Transfers out - (976,762) (175,969) (2,010,240) (18,000)
Total other financing sources (uses) - (976,762) (175,969) (2,010,240) (18,000)
Net change in fund balances 5,790 479,952 314,837 (1,849,701) (16,350)
FUND BALANCES (DEFICITS):
Beginning of year 191,783 1,368,977 662,809 25,961 8,057
End of year $ 197,573 $ 1,848,929 $ 977,646 $ (1,823,740) $ (8,293)
131
161
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
ACTC
Road Maint & Vehicle
Rehab Account Registration
(RMRA) Fee
TDA
AVI Economic
Benefit/ Business
Garbage/ Assistance
Recycling Program
REVENUES:
Intergovernmental $ 1,915,093 $ 334,165 $ 24,689 $ 376,080 $
Charges for service - - 8,829,581 -
Interest 85,165 9,552 492 50,627 9,929
Fines and forfeitures - - - -
Development revenue - - - -
Other revenue - - 32,080 100,000
Special assessments - - - -
Total revenues 2,000,258 343,717 25,181 9,288,368 109,929
EXPENDITURES:
Current:
General government - - 8,853,392 21,667
Police - - - -
Fire - - - - -
Public works - 100,000 - 600,513 -
Park and community services - - - - -
Community development - - -
Total expenditures 100,000 - 9,453,905 21,667
REVENUES OVER (UNDER) EXPENDITURES 2,000,258 243,717 25,181 (165,537) 88,262
OTHER FINANCING SOURCES (USES):
Transfers out (806,535) (44,623) (17,317) (72,982) -
Total other financing sources (uses) (806,535) (44,623) (17,317) (72,982) -
Net change in fund balances 1,193,723 199,094 7,864 (238,519) 88,262
FUND BALANCES (DEFICITS):
Beginning of year 2,408,232 289,211 17,774 977,063 318,866
End of year $ 3,601,955 $ 488,305 $ 25,638 $ 738,544 $ 407,128
132
162
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Storm
Water Box
Management Culvert
Public Art
Miscellaneous Community
Special Development
Revenue Block Grant
REVENUES:
Intergovernmental $ - $ - $ - $ - $ 295,385
Charges for service - - 106,737 -
Interest 6,970 12,272 101,012 17,208 -
Fines and forfeitures - - - -
Development revenue - - 530 -
Other revenue - - - -
Special assessments - - - -
Total revenues 6,970 12,272 101,012 124,475 295,385
EXPENDITURES:
Current:
General government - - 46,566 65,967
Police - - - -
Fire - - - -
Public works 6,800 - - - -
Park and community services - 31,836 - -
Community development - - - 219,130
Total expenditures 6,800 - 31,836 46,566 285,097
REVENUES OVER (UNDER) EXPENDITURES 170 12,272 69,176 77,909 10,288
OTHER FINANCING SOURCES (USES):
Transfers out - (244,479) - (6,600)
Total other financing sources (uses) - (244,479) - (6,600)
Net change in fund balances 170 12,272 (175,303) 77,909 3,688
FUND BALANCES (DEFICITS):
Beginning of year 233,093 406,541 3,498,130 567,428 6,600
End of year $ 233,263 $ 418,813 $ 3,322,827 $ 645,337 $ 10,288
133
163
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
REVENUES:
Intergovernmental
Charges for service
Interest
Fines and forfeitures
Development revenue
Other revenue
Special assessments
Total revenues
EXPENDITURES:
Current:
General government
Police
Fire
Public works
Park and community services
Community development
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES (DEFICITS):
Beginning of year
End of year
Special Revenue Funds
State Grant
Park
Building
Homes and
Jobs Act
State
Housing
Grant
Federal
COVID-19
Financial
Assistance
American
Rescue
Plan Act
$
- $ 266,438 $
- $ 1,006,483
266,438
1,006,483
998
432
48,993
431,695
574,788
998
432
48,993
1,006,483
265,440
(432)
(48,993)
(1,347,990)
(1,347,990)
(1,347,990) 265,440 (432) (48,993)
(557,154) (278,850) 432 59,074
$ (1,905,144) $ (13,410) $ - $ 10,081 $
134
164
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
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 $ - $ - $ - $ - $
Charges for service - -
Interest - 20,310 11,643 20,580 41,205
Fines and forfeitures - -
Development revenue - -
Other revenue - -
Special assessments - 310,860 123,961 201,846 358,767
Total revenues 331,170 135,604 222,426 399,972
EXPENDITURES:
Current:
General government - -
Police - -
Fire - -
Public works - 352,510 245,468 77,095 312,344
Park and community services - -
Community development - -
Total expenditures - 352,510 245,468 77,095 312,344
REVENUES OVER (UNDER) EXPENDITURES - (21,340) (109,864) 145,331 87,628
OTHER FINANCING SOURCES (USES):
Transfers out (411,609) (11,983) (3,860)
Total other financing sources (uses) (411,609) - (11,983) (3,860)
Net change in fund balances (411,609) (21,340) (109,864) 133,348 83,768
FUND BALANCES (DEFICITS):
Beginning of year - 687,162 410,421 643,634 1,300,070
End of year $ (411,609) $ 665,822 $ 300,557 $ 776,982 $ 1,383,838
135
165
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Special Revenue Funds
Capital
Projects
Fund
Maintenance Districts Energy
1999-1 Dublin Improvement
East Dublin Crossing Federal Grants - County Grants - Lease Revenue
Street Lighting CFD No. 2017-1 General General Bond
REVENUES:
Intergovernmental $ - $ - $ 60,520 $ 19,853 $ -
Charges for service - - -
Interest 17,512 14,320 3
Fines and forfeitures - - -
Development revenue - - -
Other revenue - - -
Special assessments 321,037 117,158 -
Total revenues 338,549 131,478 60,520 19,853 3
EXPENDITURES:
Current:
General government - - 60,520 -
Police - - -
Fire - - -
Public works 241,237 6,413 -
Park and community services - - -
Community development - - -
Total expenditures 241,237 6,413 60,520 -
REVENUES OVER (UNDER) EXPENDITURES 97,312 125,065 19,853 3
OTHER FINANCING SOURCES (USES):
Transfers out (2,528) - (19,853) (1,594,404)
Total other financing sources (uses) (2,528) - (19,853) (1,594,404)
Net change in fund balances 94,784 125,065 (1,594,401)
FUND BALANCES (DEFICITS):
Beginning of year 565,968 427,281 2,843,045
End of year $ 660,752 $ 552,346 $ - $ - $ 1,248,644
136
166
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2024
Total Nonmajor
Governmental
Funds
REVENUES:
Intergovernmental $ 9,000,223
Charges for service 8,936,318
Interest 650,991
Fines and forfeitures 116,831
Development revenue 530
Other revenue 201,499
Special assessments 1,647,782
Total revenues 20,554,174
EXPENDITURES:
Current:
General government 9,528,800
Police 1,025,613
Fire 263,821
Public works 3,190,576
Park and community services 31,836
Community development 220,560
Total expenditures 14,261,206
REVENUES OVER (UNDER) EXPENDITURES 6,292,968
OTHER FINANCING SOURCES (USES):
Transfers out (8,468,629)
Total other financing sources (uses) (8,468,629)
Net change in fund balances (2,175,661)
FUND BALANCES (DEFICITS):
Beginning of year 21,704,791
End of year $ 19,529,130
137
167
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 420 $ 420 $ 4,042 $
Other revenues - 51,149 51,149
Total revenues
EXPENDITURES:
Current:
3,622
420 51,569 55,191 3,622
Police 29,547
162,980
Total expenditures 29,547
162,980
REVENUES OVER (UNDER) EXPENDITURES (29,127)
(111,411)
Net change in fund balance $ (29,127) $
FUND BALANCE:
Beginning of year
End of year
(111,411)
40,569 122,411
40,569 122,411
14,622 126,033
14,622 $ 126,033
127,794
$ 142,416
138
168
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 34,000 $ 34,000 $ 66,908 $ 32,908
Interest 3,150 3,150 12,061 8,911
Total revenues 37,150 37,150 78,969 41,819
REVENUES OVER (UNDER) EXPENDITURES 37,150 37,150 78,969 41,819
OTHER FINANCING SOURCES (USES):
Transfers out (50,000) (50,000) (21,392) 28,608
Total other financing sources (uses) (50,000) (50,000) (21,392) 28,608
Net change in fund balance $ (12,850) $ (12,850) 57,577 $ 70,427
FUND BALANCE:
Beginning of year 365,272
End of year $ 422,849
139
169
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 100,000 $ 100,000 $ 218,094 $ 118,094
Interest 4,200 4,200 14,953 10,753
Total revenues
EXPENDITURES:
Current:
104,200 104,200 233,047 128,847
Police 100,000
100,000
100,000
Total expenditures 100,000
100,000
100,000
REVENUES OVER (UNDER) EXPENDITURES 4,200
4,200
133,047
128,847
Net change in fund balance $ 4,200 $
FUND BALANCE:
Beginning of year
End of year
4,200
133,047 $ 128,847
364,852
$ 497,899
140
170
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 200 $ 200 $ 1,696 $
Fines and forfeitures 100,000 100,000 116,831
Total revenues
EXPENDITURES:
Current:
1,496
16,831
100,200 100,200 118,527 18,327
Public works and transportation 84,000
103,463
43,353
60,110
Total expenditures 84,000
103,463
43,353
60,110
REVENUES OVER (UNDER) EXPENDITURES 16,200
(3,263)
75,174
78,437
Net change in fund balance $ 16,200 $
FUND BALANCE:
Beginning of year
End of year
(3,263)
75,174 $ 78,437
33,671
$ 108,845
141
171
Attachment 2
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, 2024
REVENUES:
Interest
Special assessments
Total revenues
EXPENDITURES:
Current:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
4,200 $
218,000
4,200 $
218,000
8,528 $
214,153
4,328
(3,847)
222,200 222,200 222,681 481
Fire 265,610
265,610
263,821
1,789
Total expenditures 265,610
265,610
263,821
1,789
REVENUES OVER (UNDER) EXPENDITURES (43,410)
(43,410)
(41,140)
2,270
Net change in fund balance $ (43,410) $
FUND BALANCE:
Beginning of year
End of year
(43,410)
(41,140) $
280,269
$ 239,129
2,270
142
172
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 331,681 $ 331,681 $ 326,500 $ (5,181)
Total revenues 331,681 331,681 326,500 (5,181)
EXPENDITURES:
Current:
Police 331,681 331,681 310,256 21,425
Total expenditures 331,681 331,681 310,256 21,425
REVENUES OVER (UNDER) EXPENDITURES - - 16,244 16,244
Net change in fund balance $ - $ - 16,244 $ 16,244
FUND BALANCE:
Beginning of year 88,379
End of year $ 104,623
143
173
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 2,087,096 $ 2,087,096 $ 1,997,013 $ (90,083)
Interest 33,000 33,000 114,455 81,455
Other revenues - - 18,270 18,270
Total revenues 2,120,096 2,120,096 2,129,738 9,642
EXPENDITURES:
Current:
Public works and transportation 1,372,119 1,476,743 1,193,033 283,710
Total expenditures 1,372,119 1,476,743 1,193,033 283,710
REVENUES OVER (UNDER) EXPENDITURES 747,977 643,353 936,705 293,352
OTHER FINANCING SOURCES (USES):
Transfers out (659,460) (3,088,559) (513,171) 2,575,388
Total other financing sources (uses) (659,460) (3,088,559) (513,171) 2,575,388
Net change in fund balance $ 88,517 $ (2,445,206) 423,534 $ 2,868,740
FUND BALANCE:
Beginning of year 3,235,783
End of year $ 3,659,317
144
174
Attachment 2
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, 2024
REVENUES:
Intergovernmental
Total revenues
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
- $ 40,000 $ 40,000 $
40,000 40,000
$
- $ 40,000 40,000 $
(40,000)
145
175
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 1,148 $ 1,148
Total revenues - - 1,148 1,148
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
$
(128,223) (100,132) 28,091
- (128,223) (100,132) 28,091
- $ (128,223) (98,984) $ 29,239
98,984
146
176
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 1,001 $ 1,001
Total revenues - - 1,001 1,001
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
$
(68,200) (68,200)
(68,200) (68,200)
$ (68,200) (67,199) $
68,179
$ 980
1,001
147
177
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 5,790 $ 5,790
Total revenues - - 5,790 5,790
Net change in fund balance $ - $ - 5,790 $ 5,790
FUND BALANCE:
Beginning of year 191,783
End of year $ 197,573
148
178
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,314,556 $ 1,314,556 $ 1,412,275 $
Interest 4,000 4,000 44,439
Total revenues
97,719
40,439
1,318,556 1,318,556 1,456,714 138,158
OTHER FINANCING SOURCES (USES):
Transfers out (1,110,000) (1,678,026) (976,762) 701,264
Total other financing sources (uses) (1,110,000) (1,678,026) (976,762) 701,264
Net change in fund balance $ 208,556 $ (359,470) 479,952 $ 839,422
FUND BALANCE:
Beginning of year 1,368,977
End of year $ 1,848,929
149
179
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 453,152 $ 453,152 $ 478,538 $ 25,386
Interest 1,000 1,000 24,078 23,078
Total revenues
454,152 454,152 502,616 48,464
EXPENDITURES:
Current:
Public works and transportation 20,225 20,225 11,810 8,415
Total expenditures 20,225 20,225 11,810 8,415
REVENUES OVER (UNDER) EXPENDITURES 433,927 433,927 490,806 56,879
OTHER FINANCING SOURCES (USES):
Transfers out (348,228) (595,578) (175,969) 419,609
Total other financing sources (uses) (348,228) (595,578) (175,969) 419,609
Net change in fund balance $ 85,699 $ (161,651) 314,837 $ 476,488
FUND BALANCE:
Beginning of year 662,809
End of year $ 977,646
150
180
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 2,548,490 $ 160,539 $ (2,387,951)
Total revenues - 2,548,490 160,539 (2,387,951)
OTHER FINANCING SOURCES (USES):
Transfers out - (2,548,490) (2,010,240) 538,250
Total other financing sources (uses) - (2,548,490) (2,010,240) 538,250
Net change in fund balance $ - $ - (1,849,701) $ (1,849,701)
FUND BALANCE:
Beginning of year 25,961
End of year $ (1,823,740)
151
181
Attachment 2
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, 2024
REVENUES:
Intergovernmental
Total revenues
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
$ 82,879 $ 1,650 $ (81,229)
82,879 1,650 (81,229)
$
(90,936) (18,000) 72,936
(90,936) (18,000) 72,936
$ (8,057) (16,350) $ (8,293)
8,057
$ (8,293)
152
182
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,834,514 $ 1,834,514 $ 1,915,093 $ 80,579
Interest 16,500 16,500 85,165 68,665
Total revenues
1,851,014 1,851,014 2,000,258 149,244
OTHER FINANCING SOURCES (USES):
Transfers out (1,123,961) (2,660,682) (806,535) 1,854,147
Total other financing sources (uses) (1,123,961) (2,660,682) (806,535) 1,854,147
Net change in fund balance $ 727,053 $ (809,668) 1,193,723 $ 2,003,391
FUND BALANCE:
Beginning of year 2,408,232
End of year $ 3,601,955
153
183
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 267,867 $ 993,867 $ 334,165 $ (659,702)
Interest 2,500 2,500 9,552 7,052
Total revenues
270,367 996,367 343,717 (652,650)
EXPENDITURES:
Current:
Public works and transportation 100,000 100,000 100,000
Total expenditures 100,000 100,000 100,000
REVENUES OVER (UNDER) EXPENDITURES 170,367 896,367 243,717 (652,650)
OTHER FINANCING SOURCES (USES):
Transfers out (165,040) (1,064,738) (44,623) 1,020,115
Total other financing sources (uses) (165,040) (1,064,738) (44,623) 1,020,115
Net change in fund balance $ 5,327 $ (168,371) 199,094 $ 367,465
FUND BALANCE:
Beginning of year 289,211
End of year $ 488,305
154
184
Attachment 2
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, 2024
REVENUES:
Intergovernmental
Interest
Total revenues
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
17,317 $ 24,689 $
- 492
7,372
492
- 17,317 25,181 7,864
$
(17,317) (17,317)
- (17,317) (17,317)
- $ - 7,864 $
17,774
$ 25,638
7,864
155
185
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 374,102 $ 374,102 $ 376,080 $ 1,978
Charges for services 7,820,000 8,854,395 8,829,581 (24,814)
Interest 20,350 20,350 50,627 30,277
Other revenues - 32,080 32,080
Total revenues 8,214,452 9,280,927 9,288,368 7,441
EXPENDITURES:
Current:
General government 7,820,000 8,854,395 8,853,392 1,003
Public works and transportation 520,285 777,838 600,513 177,325
Total expenditures 8,340,285 9,632,233 9,453,905 178,328
REVENUES OVER (UNDER) EXPENDITURES (125,833) (351,306) (165,537) 185,769
OTHER FINANCING SOURCES (USES):
Transfers out - (77,342) (72,982) 4,360
Total other financing sources (uses) - (77,342) (72,982) 4,360
Net change in fund balance $ (125,833) $ (428,648) (238,519) $ 190,129
FUND BALANCE:
Beginning of year 977,063
End of year $ 738,544
156
186
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 9,929 $ 9,929
Other revenues 100,000 100,000 100,000
Total revenues 100,000 100,000 109,929 9,929
EXPENDITURES:
Current:
General government 100,000 100,000 21,667 78,333
Total expenditures 100,000 100,000 21,667 78,333
REVENUES OVER (UNDER) EXPENDITURES - - 88,262 88,262
Net change in fund balance $ - $ - 88,262 $ 88,262
FUND BALANCE:
Beginning of year 318,866
End of year $ 407,128
157
187
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,200 $ 2,200 $ 6,970 $ 4,770
Total revenues 2,200 2,200 6,970 4,770
EXPENDITURES:
Current:
Public works and transportation 23,600 23,600 6,800 16,800
Total expenditures 23,600 23,600 6,800 16,800
REVENUES OVER (UNDER) EXPENDITURES (21,400) (21,400) 170 21,570
Net change in fund balance $ (21,400) $ (21,400) 170 $ 21,570
FUND BALANCE:
Beginning of year 233,093
End of year $ 233,263
158
188
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 5,500 $ 5,500 $ 12,272 $
6,772
Total revenues 5,500 5,500 12,272
6,772
Net change in fund balance $ 5,500 $ 5,500 12,272 $
FUND BALANCE:
Beginning of year 406,541
End of year $ 418,813
6,772
159
189
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 45,000 $ 45,000 $ 101,012 $ 56,012
Total revenues 45,000 45,000 101,012 56,012
EXPENDITURES:
Current:
Parks and community services 80,250 80,500 31,836 48,664
Total expenditures 80,250 80,500 31,836 48,664
REVENUES OVER (UNDER) EXPENDITURES (35,250) (35,500) 69,176 104,676
OTHER FINANCING SOURCES (USES):
Transfers out (500,000) (1,471,045) (244,479) 1,226,566
Total other financing sources (uses) (500,000) (1,471,045) (244,479) 1,226,566
Net change in fund balance $ (535,250) $ (1,506,545) (175,303) $ 1,331,242
FUND BALANCE:
Beginning of year 3,498,130
End of year $ 3,322,827
160
190
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 125,000 $ 125,000 $ 106,737 $ (18,263)
Interest 2,100 2,100 17,208 15,108
Development revenue 335 335 530 195
Total revenues 127,435 127,435 124,475 (2,960)
EXPENDITURES:
Current:
General government 35,000
46,566
46,566
Total expenditures 35,000
46,566
46,566
REVENUES OVER (UNDER) EXPENDITURES 92,435
80,869
77,909
(2,960)
Net change in fund balance $ 92,435 $
FUND BALANCE:
Beginning of year
End of year
80,869
77,909 $ (2,960)
567,428
$ 645,337
161
191
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 105,600 $ 334,525 $ 295,385 $ (39,140)
Total revenues 105,600 334,525 295,385 (39,140)
EXPENDITURES:
Current:
General government 99,000 108,795 65,967
Community development - 219,130 219,130
42,828
Total expenditures 99,000 327,925 285,097
42,828
REVENUES OVER (UNDER) EXPENDITURES 6,600 6,600 10,288
3,688
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 $ - $ - 3,688 $
FUND BALANCE:
Beginning of year 6,600
End of year $ 10,288
3,688
162
192
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 271,600 $ 271,600 $ - $ (271,600)
Total revenues 271,600 271,600 - (271,600)
OTHER FINANCING SOURCES (USES):
Transfers out - (1,736,846) (1,347,990) 388,856
Total other financing sources (uses) - (1,736,846) (1,347,990) 388,856
Net change in fund balance $ 271,600 $ (1,465,246) (1,347,990) $ 117,256
FUND BALANCE:
Beginning of year (557,154)
End of year $ (1,905,144)
163
193
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ - 266,438 $ 266,438
Total revenues - - 266,438 266,438
EXPENDITURES:
Current:
Community development - 998 998
Total expenditures - 998 998
REVENUES OVER (UNDER) EXPENDITURES - (998) 265,440 266,438
Net change in fund balance $ - $ (998) 265,440 $ 266,438
FUND BALANCE:
Beginning of year (278,850)
End of year $ (13,410)
164
194
Attachment 2
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, 2024
EXPENDITURES:
Current:
Community development
Total expenditures
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
- 432 432
- 432 432
$
- $ (432) (432) $
432
$
165
195
Attachment 2
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, 2024
EXPENDITURES:
Current:
General government
Total expenditures
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ - $
$ - $
$ 48,993 $ (48,993)
48,993 (48,993)
(48,993) $ (48,993)
59,074
$ 10,081
166
196
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,579,419 $ 1,579,419 $ 1,006,483 $ (572,936)
Total revenues 1,579,419 1,579,419 1,006,483 (572,936)
EXPENDITURES:
Current:
General government 1,237,717 1,954,030 431,695 1,522,335
Police 628,102 1,034,461 574,788 459,673
Community development - 593,941 - 593,941
Total expenditures 1,865,819 3,582,432 1,006,483 2,575,949
REVENUES OVER (UNDER) EXPENDITURES (286,400) (2,003,013) - 2,003,013
Net change in fund balance $ (286,400) $ (2,003,013) - $ 2,003,013
FUND BALANCE:
Beginning of year -
End of year $ -
167
197
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 411,609 $ - $ (411,609)
Total revenues - 411,609 - (411,609)
OTHER FINANCING SOURCES (USES):
Transfers out - (411,609) (411,609)
Total other financing sources (uses) - (411,609) (411,609)
Net change in fund balance $ - $ - (411,609) $ (411,609)
FUND BALANCE:
Beginning of year -
End of year $ (411,609)
168
198
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 5,500 $ 5,500 $ 20,310 $ 14,810
Special assessments 314,416 314,416 310,860 (3,556)
Total revenues 319,916 319,916 331,170 11,254
EXPENDITURES:
Current:
Public works and transportation 373,473 373,473
Total expenditures 373,473
373,473
REVENUES OVER (UNDER) EXPENDITURES (53,557)
(53,557)
Net change in fund balance $ (53,557) $
FUND BALANCE:
Beginning of year
End of year
(53,557)
352,510 20,963
352,510 20,963
(21,340) 32,217
(21,340) $ 32,217
687,162
$ 665,822
169
199
Attachment 2
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, 2024
REVENUES:
Interest
Special assessments
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
3,300 $
123,961
3,300 $
123,961
11,643 $
123,961
8,343
Total revenues 127,261 127,261 135,604 8,343
EXPENDITURES:
Current:
Public works and transportation 261,166 261,166 245,468
15,698
Total expenditures 261,166 261,166 245,468
15,698
REVENUES OVER (UNDER) EXPENDITURES (133,905) (133,905) (109,864)
24,041
Net change in fund balance $ (133,905) $ (133,905) (109,864) $
FUND BALANCE:
Beginning of year 410,421
End of year $ 300,557
24,041
170
200
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 4,950 $ 4,950 $ 20,580 $ 15,630
Special assessments 201,188 201,188 201,846 658
Total revenues
206,138 206,138 222,426 16,288
EXPENDITURES:
Current:
Public works and transportation 132,821 132,821 77,095 55,726
Total expenditures 132,821 132,821 77,095 55,726
REVENUES OVER (UNDER) EXPENDITURES 73,317 73,317 145,331 72,014
OTHER FINANCING SOURCES (USES):
Transfers out - (370,344) (11,983) 358,361
Total other financing sources (uses) - (370,344) (11,983) 358,361
Net change in fund balance $ 73,317 $ (297,027) 133,348 $ 430,375
FUND BALANCE:
Beginning of year 643,634
End of year $ 776,982
171
201
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 11,000 $ 11,000 $ 41,205 $
Special assessments 380,680 380,680 358,767
Total revenues
EXPENDITURES:
30,205
(21,913)
391,680 391,680 399,972 8,292
Current:
Public works and transportation 362,007 362,007 312,344 49,663
Total expenditures 362,007 362,007 312,344 49,663
REVENUES OVER (UNDER) EXPENDITURES 29,673 29,673 87,628 57,955
OTHER FINANCING SOURCES (USES):
Transfers out - (194,928) (3,860) 191,068
Total other financing sources (uses) - (194,928) (3,860) 191,068
Net change in fund balance $ 29,673 $ (165,255) 83,768 $ 249,023
FUND BALANCE:
Beginning of year 1,300,070
End of year $ 1,383,838
172
202
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 13,750 $ 13,750 $ 17,512 $
Special assessments 338,543 338,543 321,037
Total revenues
3,762
(17,506)
352,293 352,293 338,549 (13,744)
EXPENDITURES:
Current:
Public works and transportation 283,694 373,695 241,237 132,458
Total expenditures 283,694 373,695 241,237 132,458
REVENUES OVER (UNDER) EXPENDITURES 68,599 (21,402) 97,312 118,714
OTHER FINANCING SOURCES (USES):
Transfers out (42,000) (90,147) (2,528) 87,619
Total other financing sources (uses) (42,000) (90,147) (2,528) 87,619
Net change in fund balance $ 26,599 $ (111,549) 94,784 $ 206,333
FUND BALANCE:
Beginning of year 565,968
End of year $ 660,752
173
203
Attachment 2
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, 2024
REVENUES:
Interest
Special assessments
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
2,200 $
115,000
2,200 $
115,000
14,320 $
117,158
12,120
2,158
Total revenues 117,200 117,200 131,478 14,278
EXPENDITURES:
Current:
Public works and transportation 31,030
31,815
Total expenditures 31,030
31,815
REVENUES OVER (UNDER) EXPENDITURES 86,170
85,385
Net change in fund balance $ 86,170 $
FUND BALANCE:
Beginning of year
End of year
85,385
6,413 25,402
6,413 25,402
125,065 39,680
125,065 $ 39,680
427,281
$ 552,346
174
204
Attachment 2
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, 2024
REVENUES:
Intergovernmental
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
- $ 1,440,520 $ 60,520 $ (1,380,000)
1,440,520
60,520 (1,380,000)
Current:
General government - 60,520 60,520
Total expenditures - 60,520 60,520
REVENUES OVER (UNDER) EXPENDITURES - 1,380,000 - (1,380,000)
OTHER FINANCING SOURCES (USES):
Transfers out - (1,380,000) - 1,380,000
Total other financing sources (uses) - (1,380,000) - 1,380,000
Net change in fund balance $ $ $
FUND BALANCE:
Beginning of year
End of year $
175
205
Attachment 2
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
County Grants - General Special Revenue Fund
For the year ended June 30, 2024
REVENUES:
Intergovernmental
Total revenues
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
- $ 19,853 $
19,853 $
19,853
19,853
(19,853)
(19,853)
(19,853)
(19,853)
$
176
206
Attachment 2
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, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 3 $ 3
Total revenues - - 3 3
OTHER FINANCING SOURCES (USES):
Transfers out
Total other financing sources (uses)
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
$
- (2,568,498) (1,594,404) 974,094
- (2,568,498) (1,594,404) 974,094
- $ (2,568,498) (1,594,401) $ 974,097
2,843,045
$ 1,248,644
177
207
Attachment 2
This page intentionally left blank
178
208
Attachment 2
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.
179
209
Attachment 2
City of Dublin
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
Vehicle Building Equipment
Replacement Replacement Replacement
ASSETS
Current assets:
Cash and investments $ 2,867,792 $ 13,919,839 $ 8,487,052
Accounts receivable 3,014
Prepaids and other -
Total current assets 2,870,806 13,919,839 8,487,052
Noncurrent assets:
Capital assets:
Land
Construction in progress
Infrastructure
Building and improvements
Vehicles and equipment
Subscription based I.T. agreements
Less accumulated depreciation and amortization
8,613,435
(4,788,484)
10,774,792
7,383,424
622,831
63,177,051
(48,899,362)
4,563
122,183
3,020,039
655,000
(1,747,696)
Net capital assets 3,824,951 33,058,736 2,054,089
Total assets 6,695,757 46,978,575 10,541,141
LIABILITIES
Current liabilities:
Accounts payable and accruals
Due to other funds
SBITA liabilities, due in one year
17,115
Total current liabilities - 17,115
Long-term liabilities:
SBITA liabilities, due in more than one year -
Total long-term liabilities -
Total liabilities - 17,115
NET POSITION (DEFICIT)
Net investment in capital assets 3,824,951 33,058,736
Unrestricted 2,870,806 13,919,839
2,054,089
8,469,937
Total net position (deficit) $ 6,695,757 $ 46,978,575 $ 10,524,026
180
210
Attachment 2
City of Dublin
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2024
ASSETS
Current assets:
Cash and investments
Accounts receivable
Prepaids and other
Total current assets
Retiree Information
Health Care Technology
Total
$
- $ 2,434,949 $ 27,709,632
243,000 246,014
209,548 181,535 391,083
452,548 2,616,484 28,346,729
Noncurrent assets:
Capital assets:
Land - 10,774,792
Construction in progress - 898,474 8,286,461
Infrastructure - 745,014
Building and improvements - 42,732 63,219,783
Vehicles and equipment - 104,198 11,737,672
Subscription based I.T. agreements - 1,561,045 2,216,045
Less accumulated depreciation and amortization - (770,814) (56,206,356)
Net capital assets
1,835,635 40,773,411
Total assets 452,548 4,452,119 69,120,140
LIABILITIES
Current liabilities:
Accounts payable and accruals (11,719) 125,506 130,902
Due to other funds 60,227 60,227
SBITA liabilities, due in one year - 285,809 285,809
Total current liabilities 48,508 411,315 476,938
Long-term liabilities:
SBITA liabilities, due in more than one year
Total long-term liabilities
631,613 631,613
631,613 631,613
Total liabilities 48,508 1,042,928 1,108,551
NET POSITION (DEFICIT)
Net investment in capital assets
Unrestricted
- 918,213 39,855,989
404,040 2,490,978 28,155,600
Total net position (deficit) $ 404,040 $ 3,409,191 $ 68,011,589
181
211
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Internal Service Funds
For the year ended June 30, 2024
OPERATING REVENUES:
Charges for services
Other revenue
Vehicle Building Equipment
Replacement Replacement Replacement
$
638,058 $
21,444
390,531 $ 801,865
6,985
Total operating revenues 659,502 390,531 808,850
OPERATING EXPENSES:
Supplies and services
Retiree health premiums
Depreciation
184,404
523,380
59,684 277,568
2,088,047 356,954
Total operating expenses 707,784 2,147,731 634,522
OPERATING INCOME (LOSS) (48,282) (1,757,200) 174,328
NONOPERATING REVENUES (EXPENSES):
Interest income 90,880 376,497 257,791
Interest and fiscal charges -
Total nonoperating revenues (expenses) 90,880 376,497 257,791
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS: 42,598 (1,380,703)
Transfers in - 2,000,000
Transfers (out) -
432,119
Total transfers - 2,000,000
Change in net position 42,598 619,297 432,119
NET POSITION (DEFICIT):
Beginning of year 6,653,159 46,359,278 10,091,907
End of year $ 6,695,757 $ 46,978,575 $ 10,524,026
182
212
Attachment 2
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position (Continued)
Internal Service Funds
For the year ended June 30, 2024
OPERATING REVENUES:
Charges for services
Other revenue
Retiree Information
Health Care Technology
Total
$
- $ 3,729,205 $ 5,559,659
1,318,461 1,346,890
Total operating revenues 1,318,461 3,729,205 6,906,549
OPERATING EXPENSES:
Supplies and services - 2,683,566 3,205,222
Retiree health premiums 963,526 963,526
Depreciation - 375,373 3,343,754
Total operating expenses 963,526 3,058,939 7,512,502
OPERATING INCOME (LOSS) 354,935 670,266 (605,953)
NONOPERATING REVENUES (EXPENSES):
Interest income 411 106,590 832,169
Interest and fiscal charges
(28,943) (28,943)
Total nonoperating revenues (expenses) 411 77,647 803,226
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS: 355,346 747,913 197,273
Transfers in - 2,000,000
Transfers (out) - (15,606) (15,606)
Total transfers - (15,606) 1,984,394
Change in net position 355,346 732,307 2,181,667
NET POSITION (DEFICIT):
Beginning of year 48,694 2,676,884 65,829,922
End of year $ 404,040 $ 3,409,191 $ 68,011,589
183
213
Attachment 2
City of Dublin
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2024
Vehicle Building Equipment
Replacement Replacement Replacement
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers $ 2,703,839 $ 390,531 $ 801,865
Payments to suppliers and service providers (2,257,463) (64,601) (292,064)
Other revenues 21,444 - 6,985
Net cash provided by (used in) operating activities 467,820 325,930 516,786
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds 2,000,000
Cash disbursements to other funds -
Net cash provided by (used in) noncapital financing activities 2,000,000
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets
Interest paid on SBITAs
Principal payment made on SBITAs
Net cash used in capital and related financing activities
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received
Net cash provided by investing activities
(397,393)
(1,567,669)
(595,086)
(397,393)
(1,567,669) (595,086)
90,880
376,497 257,791
90,880
376,497 257,791
Net Cash Flows 161,307 1,134,758 179,491
CASH AND CASH EQUIVALENTS - Beginning of year 2,706,485 12,785,081 8,307,561
CASH AND CASH EQUIVALENTS - End of year $ 2,867,792 $ 13,919,839 $ 8,487,052
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) $ (48,282) $ (1,757,200) $ 174,328
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 523,380 2,088,047 356,954
Change in assets and liabilities
Accounts receivable 1,986 -
Prepaids -
Accounts payable and accruals (9,264) (4,917) (14,496)
Net cash provided by (used in) operating activities $ 467,820 $ 325,930 $ 516,786
184
214
Attachment 2
City of Dublin
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the year ended June 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Retiree Information
Health Care Technology
Total
Receipts from customers $ 422,455 $ 3,744,205 $ 8,062,895
Payments to suppliers and service providers (1,074,462) (2,997,684) (6,686,274)
Other revenues 1,318,461 - 1,346,890
Net cash provided by (used in) operating activities 666,454 746,521 2,723,511
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds
235,695 - 2,235,695
Cash disbursements to other funds (902,560) (15,606) (918,166)
Net cash provided by (used in) noncapital financing activities (666,865) (15,606) 1,317,529
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (146,264) (2,706,412)
Interest paid on SBITAs (28,943) (28,943)
Principal payment made on SBITAs (303,636) (303,636)
Net cash used in capital and related financing activities (478,843) (3,038,991)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 411 106,590 832,169
Net cash provided by investing activities 411 106,590 832,169
Net Cash Flows 358,662 1,834,218
CASH AND CASH EQUIVALENTS - Beginning of year 2,076,287 25,875,414
CASH AND CASH EQUIVALENTS - End of year $ - $ 2,434,949 $ 27,709,632
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) $ 354,935 $ 670,266 $ (605,953)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 375,373 3,343,754
Change in assets and liabilities
Accounts receivable 318,663 15,000 335,649
Prepaids (7,144) (32,782) (39,926)
Accounts payable and accruals (281,336) (310,013)
Net cash provided by (used in) operating activities $ 666,454 $ 746,521 $ 2,723,511
185
215
Attachment 2
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186
216
Attachment 2
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.
CFD East Ranch is used to account for bond issuances to finance the maintenance of and construction of
public improvements within the East Ranch development project within 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.
CFD Dublin Boulevard Extension is used to account for developing a facilities CFD to cover City
mitigation costs which the City is advancing as part of the Dublin Boulevard Extension project.
CFD Dublin Center is used to account for developing a facilities CFD to finance the maintenance of and
construction of public improvements within the Dublin Center project.
187
217
Attachment 2
City of Dublin
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2024
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schnaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
ASSETS
Cash and investments $ 9,897 $ 10,593,587 $ 6,707,736 $ 3,883,953 $ 27,779,044 $ 78,709
Accounts receivable 3,876 4,184 3,425 35,030 -
Total assets 9,897 10,597,463 6,711,920 3,887,378 27,814,074 78,709
LIABILITIES
Accounts payable 75,311 57,194 7,156 25,000
Total liabilities 75,311 57,194 7,156 25,000
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 9,897 10,522,152 6,654,726 3,880,222 27,814,074 53,709
Total net position $ 9,897 $ 10,522,152 $ 6,654,726 $ 3,880,222 $ 27,814,074 $ 53,709
188
218
Attachment 2
City of Dublin
Combining Statement of Fiduciary Net Position (Continued)
Custodial Funds
June 30, 2024
ASSETS
Cash and investments
Accounts receivable
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
$
- $ - $ 49,052,926
170,000 216,515
Total assets 170,000 49,269,441
LIABILITIES
Accounts payable 8,289 18,538 191,488
Total liabilities 8,289 18,538 191,488
NET POSITION
Restricted for:
Individuals, organizations, and
other governments (8,289) 151,462 49,077,953
Total net position $ (8,289) $ 151,462 $ 49,077,953
189
219
Attachment 2
City of Dublin
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2024
ADDITIONS:
Special assessments
Investment income
Proceeds from bonds
Property tax distribution
Other
Total additions
DEDUCTIONS:
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schnaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
$ - $ 1,256,127 $ 506,474 $ 745,928 $ 7,648,278 $ -
290 291,486 191,212 102,258 270,197 2,073
- - 18,363,562
2,952 887 1,101 21,595
149,102 160,000
290 1,550,565 698,573 849,287 26,452,734 162,073
Administration 10,594,216 347
Project payments 230,886 266,446 78,164 47,102 108,017
Payments of bonds principal 670,000
Interest expense 5,829,334
Total deductions 230,886 266,446 78,164 17,140,652 108,364
Change in net position 290 1,319,679 432,127 771,123 9,312,082 53,709
NET POSITION:
Beginning of year 9,607 9,202,473 6,222,599 3,109,099 18,501,992
End of year $ 9,897 $ 10,522,152 $ 6,654,726 $ 3,880,222 $ 27,814,074 $ 53,709
190
220
Attachment 2
City of Dublin
Combining Statement of Changes in Fiduciary Net Position (Continued)
Custodial Funds
For the year ended June 30, 2024
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
ADDITIONS:
Special assessments $ $ $ 10,156,807
Investment income 857,516
Proceeds from bonds 18,363,562
Property tax distribution 26,535
Other 170,000 479,102
Total additions 170,000 29,883,522
DEDUCTIONS:
Administration 10,594,563
Project payments 8,289 18,538 757,442
Payments of bonds principal 670,000
Interest expense 5,829,334
Total deductions 8,289 18,538 17,851,339
Change in net position (8,289) 151,462 12,032,183
NET POSITION:
Beginning of year
End of year
37,045,770
$ (8,289) $ 151,462 $ 49,077,953
191
221
Attachment 2
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192
222
Attachment 2
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.
193
223
Attachment 2
Governmental Activities
Net Investment in Capital Assets
Restricted
Unrestricted
Total Primary Government
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2015
2016
$ 444,832,546 $ 460,963,292
74,738,217
107,176,361
2017
$ 487,123,214
97,592,438 94,745,655
111, 725,077 120,464,219
$ 626,747,124 $ 670,280,807
Source: City of Dublin Finance Department
2018
$ 501,516,781
107,452,493
141,008,993
2019
$ 531,251,006
105,409,183
177,705,220
$ 702,333,088 $ 749,978,267 $ 814,365,409
194
224
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2020 2021 2022 2023 2024
Governmental Activities
Net Investment in Capital Assets $ 539,809,963 $ 537,970,764 $ 554,600,284 $ 545,146,807 $ 552,568,250
Restricted 109,947,040 107,140,245 118,161,236 115,479,147 121,997,027
Unrestricted 193,382,816 211,211,541 216,956,681 261,775,257 290,141,966
Total Primary Government $ 843,139,819 $ 856,322,550 $ 889,718,201 $ 922,401,211 $ 964,707,243
Source: City of Dublin Finance Department
195
225
Attachment 2
Expenses
Governmental Activities
General government
Police
Fire
Public works
Parks and community services
Community development
Interest on long-term debt
Total Governmental
Activities Expenses
Program Revenues
Governmental Activities
Charges for Services
General government
Police
Fire
Public works
Parks and community services
Community development
Operating Contributions and Grants
Capital Contributions and Grants
Total Governmental Activities
Program Revenues
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2015
$ 11,296,896
15,325,113
12,198,769
15,336,225
12,149,716
5,713,196
156,897
72,176,812
$ 5,777,971
399,802
1,746,581
2,987,235
3,009,383
7,657,467
955,677
21,931,981
2016
$ 19,689,049
18,316,420
14,725,476
13,883,008
14,625,459
11,410,946
147,195
92,797,553
2017 2018
$ 14,276,843 $ 16,803,802
17,080,942 19,423,830
13,687,195 13,315,788
18,351,543 17,147,611
11,193,876 15,640,280
14,249,950 7,074,630
136,867 125,881
88,977,216 89,531,822
2019
$ 15,387,028
21,814,982
14,152,331
24,131,711
12,750,878
5,606,118
93,843,048
$ 5,209,378 $ 5,402,925 $ 6,060,099 $ 6,520,152
362,054 322,231 335,929 330,280
1,633,056 1,426,973 1,551,899 1,708,807
2,698,767 3,386,621 3,517,700 3,132,543
2,931,553 2,950,625 4,638,050 5,287,193
13,217,027 9,334,477 10,139,788 7,742,076
1,629,137 8,008,289 12,577,699 7,633,916
38,433,119 21,133,748 23,438,110 34,517,687
$ 44,466,097 $ 66,114,091 $ 51,965,889 $ 62,259,274 $ 66,872,654
Net (Expense)/Revenue
Governmental Activities $ (27,710,715) $ (26,683,462) $ (37,011,327) $ (27,272,548) $ (26,970,394)
General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes
Special assessment taxes
Sales tax
Other taxes
Investment Income, Unrestricted
Other General Revenues
Total Governmental Activities
29,437,951 33,598,601 36,964,785 40,628,040 44,293,602
1,264,204 1,359,212 1,416, 721 1,472,933 1,469, 840
19,211,823 22,070,547 21,186,333 21,134,636 26,297,803
6,159,654 6,606,016 6,834,545 43,787 8,223,510
592,881 2,937,999 (710,595) (558,269) 8,589,252
429,328 3,644,670 3,371,819 3,335,600 2,483,530
57,095,841 70,217,045 69,063,608 66,056,727 91,357,537
Change in Net Position
Governmental Activities $ 29,385,126 $ 43,533,583 $ 32,052,281 $ 38,784,179 $ 64,387,143
Source: City of Dublin Finance Department
196
226
Attachment 2
Expenses
Governmental Activities
General government
Police
Fire
Public works
Parks and community services
Community development
Interest on long-term debt
Total Governmental
Activities Expenses
Program Revenues
Governmental Activities
Charges for Services
General government
Police
Fire
Public works
Parks and community services
Community development
Operating Contributions and Grants
Capital Contributions and Grants
Total Governmental Activities
Program Revenues
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2020
$ 24,851,393
22,483,378
14,122,166
21,103,350
10,548,537
5,406,572
2021 2022
$ 23,710,251 $
24,681,714
15,227,074
23,769,070
9,327,718
11,384,023
98,515,396 108,099,850
23,516,577
24,439,146
14,657,052
25,252,334
11,745,611
6,777,210
336,950
106,724,880
$ 7,507,286 $ 9,113,104 $
244,363 214,223
1,603,243 2,103,228
2,471,032 2,453,787
3,237,611 1,388,778
4,402,789 5,182,639
4,940,586 5,545,115
9,192,691 5,674,477
10,129,727
241,962
2,062,704
3,361,847
5,145,083
6,719,349
7,273,101
16,457,860
2023 2024
$ 27,027,922 $ 25,885,878
27,849,316 30,091,877
16,308, 574 17,453, 636
30,353,850 31,202,172
11,207,229 12,102,695
6,969,557 12,929,904
583,787 608,991
120,300,235 130,275,153
$ 10,855,746
253,956
2,147,455
2,606,030
5,495,143
6,189,741
11,046,967
7,033,281
$ 11,533,104
445,758
2,625,459
2,545,389
5,825,924
4,476,672
7,306,850
10,219,385
$ 33,599,601 $ 31,675,351 $ 51,391,633 $ 45,628,319 $ 44,978,541
Net (Expense)/Revenue
Governmental Activities $ (64,915,795) $ (76,424,499) $ (55,333,247) $ (74,671,916) $ (85,296,612)
General Revenues and Other Changes in
Net Position
Governmental Activities
Taxes
Property taxes
Special assessment taxes
Sales tax
Other taxes
Investment Income, Unrestricted
Other General Revenues
Total Governmental Activities
49,086,335 53,007,086 55,186,388 59,056,139 61,967,658
1,523,257 1,550,479 1,527,036 1,607,028 1,647,782
22,506,975 26,289,165 27,935,894 30,541,735 32,794,253
7,280,323 7,185,319 8,281,142 8,729,684 9,129,368
10,485,543 (975,548) (12,803,156) 2,759,385 16,228,168
2,276,391 2,550,729 8,601,594 4,660,955 5,835,415
93,158,824 89,607,230 88,728,898 107,354,926 127,602,644
Change in Net Position
Governmental Activities $ 28,243,029 $ 13,182,731 $ 33,395,651 $ 32,683,010 $ 42,306,032
Source: City of Dublin Finance Department
197
227
Attachment 2
General Fund
Unreserved, undesignated:
Non -Spendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Non -Spendable
Restricted
Unassigned
Total All Other Governmental
Funds
Total Governmental Funds
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2015 2016 2017
2018
2019
$ 1,475,691
500,000
38,531,179
35,875,264
21,324,360
$ 729,883
579,000
38,928,755
39,078,695
29,867,693
$ 97,706,494 $ 109,184,026
$ - $
75,646,848
(930,131)
$ 198,878
1,762,000
36,213,714
50,126,807
34,114,263
$ 122,415,662
- $
84,453,929
13,138,509
82,686,743
11,808,233
$ 7,391
1,938,000
43,740,492
57,267,840
39,15 8,943
$ 142,112,666
$ 12,818
1,938,000
47,267,326
60,771,810
61,235,819
$ 171,225,773
$ 650 $
105 ,476, 681 107, 090, 7 63
(1,998,366) (3,737,589)
74,716,717 97,592,438
94,494,976
103,478,965 103,353,174
$ 172,423,211 $ 206,776,464
Source: City of Dublin Finance Department
$ 216,910,638 $ 245,591,631 $ 274,578,947
198
228
Attachment 2
General Fund
Unreserved, undesignated:
Non -Spendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Non -Spendable
Restricted
Unassigned
Total All Other Governmental
Funds
Total Governmental Funds
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2020
2021
2022
2023
2024
$ 13,061
1,938,000
57,828,475
64,004,658
66,865,027
$ 190,649,221
$ 13,266
4,493,314
70,694,542
66,743,519
67,819,855
$ 209,764,496
$
10,541
4,261,640
73,346,367
93,266,322
52,972,636
$ 223,857,506
$ 25,000 $ - $
104,872,535 102,613,783
(3,522,706) (326,876)
$ 4,859
4,324,132
76,016,419
125,043,298
44,347,902
$ 249,736,610
$ 54,708
9,351,801
84,215,445
153,402,585
43,408,415
$ 290,432,954
- $ - $
122,93 9,512 111,155,015 105,092,702
(875,851) (876,004) (4,162,196)
101,374,829
102,286,907
122,063,661 110, 279, 011 100,930,506
$ 292,024,050
Source: City of Dublin Finance Department
$ 312,051,403 $ 345,921,167 $ 360,015,621 $ 391,363,460
199
229
Attachment 2
Revenues
Property taxes
Taxes other than property
Intergovernmental
Licenses and permits*
Charges for services
Investment income
Use of property
Fines and forteitures
Development fees*
Special assessments
Other revernues
Total Revenues
Expenditures
Current:
General government
Police
Fire
Public works
Parks and community services
Community development
Capital Outlay:
General
Community improvements
Parks
Public art
Streets
Debt Service:
Principal
Interest and fiscal charges
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources (Uses)
Proceeds from Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2015 2016
2017 2018 2019
$ 29,437,951 $ 33,598,601 $ 36,964,784
25,371,476 28,676,662 28,020,877
3,245,822 3,303,521 9,352,861
301,072 314,206 318,981
13,737,934 13,846,381 14,185,768
1,071,936 3,689,940 168,792
2,352,810 6,751,864 1,539,669
320,629 290,871 260,220
24,276,317 43,038,360 26,866,804
1,264,201 1,359,214 1,416,721
3,499,480 1,3 51,331 1,763,454
104, 879,628 136,220,951
120,858,931
$ 40,628,040 $ 44,293,602
27,089,866 32,949,484
12,415,367 8,961,332
318,400 291,788
17,8 59,770 16,786, 806
666,808 10,345,636
1,669,841 1,519,342
275,665 265,971
24,465,477 21,426,005
1,472,932 1,469,839
7,363,700 4,963,646
134,225, 866 143 ,273,451
11,471,412 20,715,735 13,313,517 14,020,898 14,894,745
15,697,432 17,886,990 17,183,853 19,355,889 21,983,278
11,930,245 12,265,614 13,442,239 13,431,891 14,269,535
8,481,686 8,616,323 13,433,983 10,718,547 14,708,764
9,731,003 10,791,185 8,934,718 13,585,706 9,708,040
6,059,180 11,348,674 11,652,735 6,700,773 5,543,073
1,241,494 666,478 1,922,766 2,380,766 11,240,369
68,190 117,104 3,854 76,795
4,742,328 23,469,847 26,113,810 10,606,254 1,081,809
3,568,142 3,652,808 10,516,675 12,832,455 14,666,554
1,345,484 1,368,186
72,991,112 109,530,758 116,518,150 105,055,458 109,464,353
31,888,516 26,690,193 4,340,781 29,170,408 33,809,098
9,625,456
(9,455,561)
27,912,037
(29,903,351)
5,450,042
38,313,026
(37,969,675)
169,895 (1,991,314) 5,793,393
24,363,489
(24,852,904)
27,100,426
(31,922,207)
(489,415) (4,821,781)
Net Change in Fund Balances $ 32,058,411 $ 24,698,879 $ 10,134,174 $ 28,680,993 $ 28,987,317
Debt Service as percentage of non -
capital expenditures
0.0% 0.0% 0.0%
* 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.
1.7%
1.9%
Source: City of Dublin Finance Department
200
230
Attachment 2
Revenues
Property taxes
Taxes other than property
Intergovernmental
Licenses and permits*
Charges for services
Investment income
Use of property
Fines and forteitures
Development fees*
Special assessments
Other revernues
Total Revenues
Expenditures
Current:
General government
Police
Fire
Public works
Parks and community services
Community development
Capital Outlay:
General
Community improvements
Parks
Public art
Streets
Debt Service:
Principal
Interest and fiscal charges
Total Expenditures
Excess of Revenues Over (Under)
Expenditures
Other Financing Sources (Uses)
Proceeds from Debt
Transfers In
Transfers Out
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
2020 2021
$ 49,086,335 $ 53,007,086
28,312,778 31,826,343
7,411,403 10,805,708
236,972 334,852
14,43 3,980 11,934,020
12,006,831 183,258
1,381,729 1,208,739
196,840 177,477
10,178,191 10,891,389
1,523,256 1,550,480
1,675,842 2,124,277
126,444,157 124,043,629
23,151,872
22,177,174
14,244,913
13,821,133
7,228,275
4,989,648
9,828,253
6,180,120
5,488,030
1,368,186
108,477,604
17,966,553
21,651,510
(22,172,960)
22,104,295
23,755,356
14,760,311
14,105,010
6,085,251
10,033,900
6,614,602
4,170,540
3,116,314
1,368,186
106,113,765
17,929,864
14,046,539
(11,949,050)
Total Other Financing Sources (Uses) (521,450) 2,097,489
Net Change in Fund Balances $ 17,445,103 $ 20,027,353
Debt Service as percentage of non -
capital expenditures
1.5% 1.4%
2022 2023
$ 55,186,388
34,391,349
9,579,161
354,643
15,941,968
(11,905,192)
2,032,711
193,018
24,862,035
7,760,922
1,527,035
$ 59,056,139
37,309,999
14,287,723
323,098
17,077,374
4,860,720
2,565,042
207,437
11,443,674
1,607,027
3,733,205
2024
$ 61,967,658
40,032,808
9,441,741
309,959
18,698,359
18,895,723
2,549,690
215,524
9,044,040
1,647,782
4,805,240
139,924,038 152,471,438 167,608,524
23,539,492
25,381,768
15,699,080
15,710,181
8,756,857
5,795,288
12,978,975
13,400,686
26,593,651
27,510,001
16,297,807
20,599,510
8,301,423
5,881,891
11,829,805
4,539,778
474,814
4,030,047 13,053,219
505,000
419,521
655,000
678,050
23,769,329
29,714,228
17,436,389
22,381,917
8,841,838
11,347,258
7,118,484
5,990,942
244,479
6,099,577
680,000
651,850
126,216, 895 136,414, 949 134,276,291
13,707,143 16,056,489
21,042,136
30,644,511
(31,524,026)
29,950,377
(31,912,412)
33,332,233
19,574,307
(21,558,701)
20,162,621 (1,962,035) (1,984,394)
$ 33,869,764 $ 14,094,454 $ 31,347,839
1.0%
* 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.
1.2%
Source: City of Dublin Finance Department
201
231
Attachment 2
Fiscal
Year
Ended
June 30
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
CITY OF DUBLIN, CALIFORNIA
Assessed Value of Taxable Property
Last Ten Fiscal Years
Real Property
Residential
Property
8,431,051,125
9,662,162,719
10,563,641,612
11,483,621,200
12,705,642,088
14,169,003,039
15,481,016,928
16,240,797,288
17,442,908,549
18,432,121,118
Commercial
Property
1,391,578,857
1,481,865,501
1,572,348,815
1,634,851,757
1,713,788,644
1,819,769,185
2,109,649,340
2,126,716,219
2,275,271,038
2,328,369,107
Industrial Unsecured/
Property Other Property
274,410,187
277,588,684
276,986,936
279,900,741
284,936,683
302,957,585
303,634,663
342,361,488
351,898,365
380,739,302
1,138,571,747
1,261,568,728
1,412,347,150
1,494,613,752
1,623,924,258
1,719,280,594
1,516,019,943
1,436,361,129
1,267,996,300
1,401,724,881
Less:
Exemptions
(185,639,690)
(152,705,687)
(151,208,054)
(91,891,868)
(181,733,659)
(181,569,809)
(240,382,905)
(240,405,849)
(217,582,049)
(222,045,596)
Net Taxable
Assessed
Value
11,049,972,226
12,530,479,945
13,674,116,459
14,801,095,582
16,146,558,014
17,829,440,594
19,169,937,969
19,905,830,274
21,120,492,204
22,320,908,812
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2014/15 through 2023/24
Note: Actual property value data not available in California.
City Wide
Average
Total Direct
Tax Rate
0.2373%
0.2367%
0.2365%
0.2364%
0.2363%
0.2360%
0.2359%
0.2358%
0.2347%
0.2347%
(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.
202
232
Attachment 2
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203
233
Attachment 2
Fiscal
Year
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)
Basic Total Bay Area
Levy Direct Rapid Transit
2014-15 1.00000 0.23730
2015-16 1.00000 0.23669
2016-17 1.00000 0.23650
2017-18 1.00000 0.23644
2018-19 1.00000 0.23632
2019-20 1.00000 0.23603
2020-21 1.00000 0.23593
2021-22 1.00000 0.23582
2022-23 1.00000 0.23469
2023-24 1.00000 0.23473
0.00750
0.00450
0.00260
0.00800
0.00700
0.01200
0.01390
0.00600
0.01400
0.01340
Castro Valley
Unified
School Bonds
0.08510
0.08520
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
0.00000
Chabot -Las Positas
Community
College Boards
0.02140
0.02170
0.01980
0.02460
0.04430
0.04220
0.02140
0.04580
0.03880
0.04160
Dublin
Unified
Bonds 1A & B
0.11470
0.10770
0.07670
0.09720
0.14520
0.14600
0.14240
0.19640
0.17160
0.16120
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2014/15 through 2023/24
(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.
204
234
Attachment 2
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 Wide Total City's Share
Regional State Water Joint Unified Go Bond Direct & Overlapping of 1% Levy per
Park Bonds School Board Tax Rate Proposition 13
0.00780 0.02570 0.05960 0.00000 1.32180 0.2818
0.00850 0.02500 0.04970 0.00000 1.30230 0.2817
0.00670 0.03430 0.00000 0.00000 1.14010 0.2818
0.00320 0.03330 0.00000 0.00000 1.16630 0.2818
0.00570 0.03320 0.00000 0.01120 1.24660 0.2818
0.00600 0.03090 0.00000 0.01080 1.24790 0.2818
0.00140 0.03090 0.00000 0.00360 1.21360 0.2818
0.00200 0.03070 0.00000 0.00410 1.28500 0.2817
0.00580 0.02790 0.00000 0.01030 1.26840 0.2817
0.00570 0.02670 0.00000 0.00880 1.25740 0.2817
205
235
Attachment 2
Taxpayer
Kaiser
Avalon Dublin Station LP
GH Pacvest LLC
Carl Zeiss Pension Trust Properties LLC
Dublin Station Owner LP
Dublin Corporate Center Owner LLC
Ross Dress for Less
Avalon West Dublin LP
Essex Dublin Owner LP
Oak Cottonwood 2017 LLC
Turst NOIP Dublin LP
4800 Tassajara Road Apartments Investors
Dublin Station Owner, LLC
Dublin Corporate Center Acquisitions
Bere Island Properties I, LLC
Tishman Speyer Archstone Smith Emerald
Ross Dress for Less, Inc.
Bit Holdings Sixty -Three Inc.
Kaiser Foundation Hospitals
Essex Dublin Owner LP
Subtotal
CITY OF DUBLIN, CALIFORNIA
Principal Property Tax Payers
Current year and Nine Years Ago
2023-24
Taxable
Assessed
Value Rank
346,513,767 1
269,144,408 2
149,498,127 3
131,822,919 4
127,783,773 5
121,657,984 6
120,314,876 7
117,362,800 8
115,701,493 9
108,006,530 10
$ 1,607,806,677
Percentage
of Total City
Taxable
Assessed
Value
1.55%
1.20%
0.67%
0.59%
0.57%
0.54%
0.54%
0.52%
0.52%
0.48%
2014-15
Taxable
Assessed
Value
Percentage
of Total City
Taxable
Assessed
Rank Value
$ 152,798,425 1 1.40%
113,834,785 2 1.05%
106,015,080 3 0.97%
100,576,750 4 0.92%
87,634,958 5 0.81%
84,204,834 6 0.77%
75,034,787 7 0.69%
75,080,421 8 0.69%
66,110,266 9 0.61%
65,728,948 10 0.60%
7.18% $ 927,019,254
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls
8.51%
206
236
Attachment 2
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
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 59,502,763 59,502,763 100.00% 799,001 60,301,764 100.00%
2024 62,884,696 62,756,758 99.80% 473,504 63,230,262 99.80%
Source: Alameda County Assessor Office
207
237
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Debt
June 30, 2024
Total Property Tax Assessed Value of Taxable Property
Percentage
Outstanding Debt Applicable to Estimated Share of
6/30/2024 City of Dublin (1) Overlapping Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Alameda County $ 497,295,000 5.586% $ 27,778,899
Bay Area Rapid Transit District 2,445,575,000 2.218% 54,242,854
Chabot -Las Positas Community College District 947,675,000 13.574% 128,637,405
Dublin Joint Unified School District 755,993,070 99.984% 755,872,111
East Bay Regional Park District 144,520,000 3.428% 4,954,146
City of Dublin Community Facilities District 135,315,000 100.00% 135,315,000
California Statewide Communities Development Authority 1915 Act Bonds 728,411 100.00% 728,411
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 1,107,528,826
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Alameda County General Fund Obligations 656,746,000 5.586% 36,685,832
Alameda -Contra Costa Transit District Certificates of Participation 10,420,000 0.162% 16,880
City of Dublin General Fund Obligations 19,789,275 100.000% 19,789,275
Dublin Unified School District General Fund Obligations 24,876,714 99.984% 24,872,734
Eden Township Healthcare District General Fund Obligations 13,235,000 0.792% 104,821
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 81,469,542
TOTAL DIRECT DEBT $ 19,789,275
TOTAL OVERLAPPING DEBT $ 1,169,209,093
COMBINED TOTAL DEBT (2) $ 1,188,998,368
RATIOS TO ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt 4.96%
Total Direct Debt 0.09%
Combined Total Debt 5 33%
Source: California Municipal Statistics, Inc.
Notes:
(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages
were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by
the district's total taxable assessed value.
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non -bonded capital lease obligations.
208
238
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
Fiscal Chevron Lease Subscription
Year Energy Revenue Based I.T. Percentage
Ended Capital Loans Bonds Agreements of Personal Per
June 30 Lease Payable Payable Payable Total 2 Income' Capita'
2015 $ 5,749,811 $ $ $ - $ 5,749,811 0.22% $ 100
2016 5,346,352 - - - 5,346,352 0.19% 90
2017 4,917,243 5,450,042 10,367,285 0.33% 170
2018 4,461,243 4,104,558 8,565,801 0.25% 135
2019 2,736,372 2,736,372 0.07% 42
2020 1,368,186 1,368,186 0.03% 19
2021 0.00% -
2022 20,454,565 20,454,565 0.42% 284
2023 19,675,709 1,221,058 20,896,767 0.39% 302
2024 18,871,853 917,422 19,789,275 n/a n/a
Note: Details regarding the City's outstanding debt can be found in the Notes to the Financial Statements.
1 See Demographic and Economic Statistics schedule for personal and population data.
2 Totals to not include other net pension payable, post -employment beneftis payable, or compensated absences.
n/a: not available
Source: Annual Comprehensive Financial Reports - City of Dublin, California
209
239
Attachment 2
Debt limit
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2014-15 2015-16
2016-17 2017-18
$ 416,774,836 $ 469,892,998 $ 512,779,367 $ 555,041,084
$ 416,774,836 $ 469,892,998 $ 512,779,367 $ 555,041,084
(1) Source: City of Dublin Finance Department
0.0% 0.0% 0.0% 0.0%
(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.
210
240
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
(Continued)
Legal Debt Margin Calculation for Fiscal Year 2023-24
Assessed value (net) - June 30, 2024 (1)
Debt limit: 15% of assessed value
Less total bonded debt, general obligation
Legal debt margin (2)
Conversion Percentage for Calculation of Debt Limit (3)
Fiscal Year
$ 22,320,908,812
3,348,136,322
$ 3,348,136,322
25%
$ 837,034,080
2018-19 2019-20
2020-21 2021-22
2022-23 2023-24
$ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635 $ 792,018,458 $ 837,034,080
$ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635 $ 792,018,458 $ 837,034,080
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
211
241
Attachment 2
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)
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
2023 69,128 5,318,777 76,941 5.2% 119
Sources: (1) US Census Buraeu, most recent estimates July 1, 2023
(2) State of California, Employment Development Department June 2024
(3) State of California, Department of Finance - California Cities Ranked by January 2024 Total Population
212
242
CITY OF DUBLIN, CALIFORNIA
Attachment 2
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)
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 0 119,498,163 272,846,465 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
2024 2,078 29,161,104 115,680,532 N/A
Source: 1) City of Dublin Community Development Department
213
243
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Years
(Dollars in thousands)
2015 2016 2017 2018
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 6 325 6 860 3 870 4
Dublin Unified School District 1,117 3 915 2 975 2 1,007 2
Ross Stores Headquarters 1,200 2 500 4 800 4 950 3
Zeiss Meditec 535 5 500 4 481 5 465 5
Kaiser Permanente NA NA NA NA
Patelco Credit Union - NA NA NA NA
Target Stores 388 7 350 5 350 8 325 9
Snowflake, Inc. - NA NA NA NA
TriNet - NA NA - NA 343 8
City of Dublin N/A N/A 237 9 377 7 433 6
SAP (Formerly: Sybase Corporation) 604 4 700 3 NA NA
De Silva Gates Construction 300 9 300 7 300 9 300 10
Whole Foods - NA 233 10 NA NA
Callidus Cloud 350 8 350 5 400 6 410 NA
Micro Dental Laboratories NA 300 7 - NA NA
Safeway 284 10 280 8 280 10 NA
Subtotal
7,343 7,090 6,923 7,203
Source: City of Dublin Office of Economic Development
214
244
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Employer
Principal Employers
Current Year and Prior Years
(Dollars in thousands)
(Continued)
2019 2020 2021 2022
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employees Rank Employees Rank Employees Rank Employees Rank
United States Government
& Federal Correction Institute 1,450 1 1,400 1 1,608 1 1,589 1
County of Alameda 975 4 1,165 2 1,165 2 1,307 2
Dublin Unified School District 1,096 3 1,115 3 1,070 4 1,200 3
Ross Stores Headquarters 1,100 2 1,100 4 1,100 3 1,160 4
Zeiss Meditec 450 6 450 6 620 5 692 6
Kaiser Permanente 600 5 510 5 600 6 601 7
Patelco Credit Union NA 380 8 404 7 831 5
Target Stores 380 9 380 8 350 9 344 8
Snowflake, Inc. - NA - NA NA 250 9
TriNet 400 8 400 7 363 8 215 10
City of Dublin 400 7 332 10 250 10 NA
SAP (Formerly: Sybase Corporation) - NA - NA - NA NA
De Silva Gates Construction - NA NA - NA - NA
Whole Foods 350 10 NA - NA - NA
Callidus Cloud - NA NA - NA - NA
Micro Dental Laboratories - NA NA - NA - NA
Safeway NA NA - NA - NA
Subtotal
7,201 7,232 7,530 8,189
Source: City of Dublin Office of Economic Development
215
245
CITY OF DUBLIN, CALIFORNIA
Attachment 2
Employer
Principal Employers
Current Year and Prior Years
(Dollars in thousands)
(Continued)
2023 2024
Estimated Estimated
Number of Number of
Employees Rank Employees Rank
United States Government
& Federal Correction Institute 3,275 1 3,109 1
County of Alameda 1,274 2 1,308 2
Dublin Unified School District 1,235 3 1,292 3
Ross Stores Headquarters 1,188 4 1,081 4
Zeiss Meditec 831 5 767 5
Kaiser Permanente 662 6 542 6
Patelco Credit Union 442 7 461 7
Target Stores 341 9 352 8
Snowflake, Inc. 350 8 350 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
9,813 9,477
Source: City of Dublin Office of Economic Development
216
246
Attachment 2
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217
247
Attachment 2
CITY OF DUBLIN CALIFORNIA
Full -Time Equivalent City Employees by Department
Last Ten Fiscal Years
2015 2016 2017 2018 2019
City Manager Office 18.25 18.50 18.00 19.00 20.10
Finance 7.75 7.75 8.00 8.00 8.00
Community Development 18.45 18.45 19.95 19.95 19.35
Fire Department 1.00 1.00 1.00 1.00 1.00
Police Department 5.00 5.00 4.00 4.00 4.00
Parks & Community Services 22.10 24.10 24.60 24.60 23.10
Public Works 18.95 18.95 19.45 18.45 18.45
Total 91.50 93.75 95.00 95.00 94.00
Source: City of Dublin Finance Department
218
248
Attachment 2
CITY OF DUBLIN CALIFORNIA
Full -Time Equivalent City Employees by Department
Last Ten Fiscal Years
(Continued)
2020 2021 2022 2023 2024
City Manager Office 19.10 22.00 25.00 26.00 28.00
Finance 9.00 9.00 9.00 8.00 8.00
Community Development 19.35 18.00 19.00 19.00 19.00
Fire Department 1.00 1.00 1.00 1.00 1.00
Police Department 4.00 4.00 4.00 4.00 4.00
Parks & Community Services 23.10 22.00 23.00 23.00 24.00
Public Works 18.45 18.00 18.00 21.00 22.00
Total 94.00 94.00 99.00 102.00 106.00
Source: City of Dublin Finance Department
219
249
Attachment 2
Function/Program
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
2015 2016 2017 2018 2019
Police:
Calls for Service 32,496 35,005 38,688 38,568 38,480
Citations Issued 7,175 7,087 7,164 7,051 7,968
Arrests 1,091 1,225 1,315 1,653 1,821
Fire:
Emergency calls 2,667 2,734 2,848 3,247 3,245
Inspections 3,948 4,304 4,141 4,034 4,284
Building Plan Reviews and Consultations 1,072 1,633 1,654 1,195 797
Public Works:
Street Sign Maintenance (number of signs) 368 510 359 1,838 2,569
Curb Painting (linear feet) 32,512 2,922 3,846 3,216 3,893
Replace Street Asphalt (square feet) 15,800 31,000 73,436 75,087 1,636,012
Street Sweeping (curb miles) 5,953 5,993 6,026 8,033 7,936
Encroachment Permits Issued 208 190 206 173 209
Parks and Community Services:
Museum Visitors 5,272 3,591 3,525 3,422 2,757
Afterschool Recreation (participants/day) 364 363 367 405 416
Preschool Classes Participants 327 335 158 131 160
Youth Basketball League Participants 994 1,074 1,156 1,035 1,075
Senior Center Average Daily Attendance 233 236 274 279 299
Community Development:
Planning Applications 56 52 58 48 31
Building Permits 2,068 2,812 2,806 2,803 2,350
Building Inspections 20,197 20,784 25,186 25,574 20,951
Source: City of Dublin
220
250
Attachment 2
Function/Program
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
(Continued)
2020 2021 2022 2023 2024
Police:
Calls for Service 34,643 30,018 30,414 34,191 34,455
Citations Issued 5,806 5,582 5,367 5,821 4,637
Arrests 1,510 1,514 1,496 1,778 1,596
Fire:
Emergency calls 3,443 3,692 4,797 4,565 4,883
Inspections 2,964 2,628 1,875 2,520 2,642
Building Plan Reviews and Consultations 490 606 873 917 1,274
Public Works:
Street Sign Maintenance (number of signs) 546 664 428 428 435
Curb Painting (linear feet) 14,502 123 305 2,472 3,814
Replace Street Asphalt (square feet) 2,270,000 117,767 36,695 750,000 26,172
Street Sweeping (curb miles) 7,210 8,146 8,733 8,735 10,349
Encroachment Permits Issued 158 357 353 215 240
Parks and Community Services:
Museum Visitors 2,011 147 560 365 1,973
Afterschool Recreation (participants/day) 334 649 528 664 274
Preschool Classes Participants 185 98 308 274 73
Youth Basketball League Participants 792 - 683 1,149 1,195
Senior Center Average Daily Attendance 245 222 166 475 679
Community Development:
Planning Applications 40 52 44 44 32
Building Permits 1,866 2,393 2,437 2,781 2,078
Building Inspections 13,339 10,759 14,178 12,633 10,880
Source: City of Dublin
221
251
CITY OF DUBLIN, CALIFORNIA
Attachment 2
Function/Program
Public safety:
Police stations
Fire stations
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
2015 2016 2017 2018 2019
1
3
1 1 1 1
3 3 3 3
Public works:
Street Lights 4,520 4,530 4,540 4,631 4,631
Street Centerline Miles 120 120 127 128 151
Signalized Intersections 93 94 95 97 98
Pedestrian Activated Traffic Control Devices 9 9 9 9 9
City Trees 7,521 8,556 8,526 8,776 9,263
Parks and recreation:
Number of Community Facilities 6 6 7 7 7
Number of City Parks 18 18 18 20 21
Acres of City Parks 171 171 171 200 210
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
222
252
CITY OF DUBLIN, CALIFORNIA
Attachment 2
Function/Program
Public safety:
Police stations
Fire stations
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
(Continued)
Fiscal Year
2020 2021 2022 2023 2024
1
3
1 1 1 1
3 3 3 3
Public works:
Street Lights 4,736 5,131 5,095 4,525 5,136
Street Centerline Miles 151 151 148 136 129
Signalized Intersections 98 98 98 98 97
Pedestrian Activated Traffic Control Devices 9 9 9 9 9
City Trees 12,355 12,208 13,130 13,844 13,178
Parks and recreation:
Number of Community Facilities 7 7 7 7 7
Number of City Parks 23 23 25 25 25
Acres of City Parks 223 223 267 267 267
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
223
253
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Top 25 Sales Tax Producers
2023-24
Business Name
Best Buy
Carl Zeiss Meditec USA
Curtis Blue Line
Dick's Sporting Goods
Dougherty Road Shell
Dublin Buick/GMC/Chevrolet/Infmiti
Dublin Hyundai Genesis
Dublin Nissan Dublin Infiniti
Dublin Toyota
Dublin Union 76
Eastbay Motorcars
Fallon Gateway Chevron
Graybar Electric
Honda
Lowes
Mazda
Nordstrom Rack
Pace Supply Corp
Safeway
Safeway Fuel Station
Target
Tesla Motors
TJ Maxx
Volkswagen
Volvo Cars Dublin
Business Category
Electronics/Appliances Store
Health/Medical
Machinery, Equipment, and Supplies
Sporting Goods/Bike Store
Service Station
Motor Vehicle Dealer
Motor Vehicle Dealer
Motor Vehicle Dealer
Motor Vehicle Dealer
Service Stations
Motor Vehicle Dealer
Service Station
Electrical Equipment
Motor Vehicle Dealer
Lumber/Building Materials
Motor Vehicle Dealer
Family Apparel
Plumbing/Electrical Supplies
Grocery/Liquor Stores
Service Stations
Discount Dept Stores
Motor Vehicle Dealer
Family Apparel
Motor Vehicle Dealer
Motor Vehicle Dealer
Source: City of Dublin Office of Economic Development
224
254
Attachment 2
CITY OF DUBLIN, CALIFORNIA
Miscellaneous Statistical Data
June 30, 2024
General
Date of Incorporation February 1, 1982
Form of Government Council/ Manager
Total Population (Estimated per the California Dept. of Finance, January, 2024) 72,917
Number of Registered Voters 36,655
Employees (Full Time Equivalent) 106
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 2
Continuation High School 1
Under Construction (Shamrock Hills K-8 open Fall 2026) 2
School Enrollment 12,932
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
Dublin Arts Center (Under Construction) 1
Source: City of Dublin
225
255
Attachment 3
i
City of
Dublin
Dublin, California
Auditor's Communication with
Those Charged with Governance
For the year ended June 30, 2024
LI
BADAWI & ASSOCIATES
Certified Public Accountants
J
256
Attachment 3
257
Attachment 3
BADAWI & ASSOCIATES
Certified Public Accountants
December 10, 2024
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
We have audited the financial statements of the City of Dublin (City) as of and for the year ended June
30, 2024, and have issued our report thereon dated December 10, 2024. Professional standards require
that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit
As communicated in our engagement letter dated May 24, 2024, our responsibility, as described by
professional standards, is to form and express opinions about whether the financial statements that
have been prepared by management with your oversight are presented fairly, in all material respects,
in accordance with accounting principles generally accepted in the United States of America. Our audit
of the financial statements does not relieve you or management of your respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes consideration of the system of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's
internal control over financial reporting. Accordingly, as part of our audit, we considered the system
of internal control of the City solely for the purpose of determining our audit procedures and not to
provide any assurance concerning such internal control.
We are also responsible for communicating significant matters related to the audit that are, in our
professional judgment, relevant to your responsibilities in overseeing the financial reporting process.
However, we are not required to design procedures for the purpose of identifying other matters to
communicate to you.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to
you.
Address:.355 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
258
Attachment 3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 4
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, and our firm, have complied with all relevant
ethical requirements regarding independence.
Significant Risks Identified
We have identified the following significant risks:
• Risk of Management Override of Internal Controls - A risk of management override of internal
controls exists at any entity where management can change or decide not to perform that entity's
internal controls.
• Revenue Recognition Risk - Errors in revenue recognition can affect bond covenant ratios and the
net position of the City.
Qualitative Aspects of the Entity's Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of
the significant accounting policies adopted by the City is included in Note 1 to the financial statements.
There have been no initial selection of accounting policies and no changes in significant accounting
policies or their application during the year ended June 30, 2024. No matters have come to our attention
that would require us, under professional standards, to inform you about (1) the methods used to
account for significant unusual transactions and (2) the effect of significant accounting policies in
controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates and Related Disclosures
Accounting estimates and related disclosures are an integral part of the financial statements prepared
by management and are based on management's current judgments. Those judgments are normally
based on knowledge and experience about past and current events and assumptions about future
events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ
markedly from management's current judgments.
The most sensitive accounting estimates affecting the financial statements are valuations, capital asset
depreciation and useful life, and pension and other post -employment benefits (OPEB) plan
assumptions.
259
Attachment 3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 5
Management's estimate of investment valuations, capital assets depreciation and useful life, and
pension and OPEB plan assumptions are based on historical useful lives of such assets, actuarial
assumptions, and the City's investment custodians, respectively. We evaluated the key factors and
assumptions used to develop the estimate of investment valuations, capital assets depreciation and
useful life, and pension and OPEB plan assumptions and determined that they are reasonable in
relation to the basic financial statements taken as a whole and in relation to the applicable opinion
units.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive
because of their significance to financial statement users. The most sensitive disclosures affecting the
City's financial statements relate to:
• Summary of Significant Accounting Policies
• Cash and Investments
• Long-term Debt
• Capital Assets
• Employee Retirement Plans
• Other Post -Employment Benefits
• Commitments and Contingencies
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of
the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards also require us to accumulate all known
and likely misstatements identified during the audit, other than those that we believe are trivial, and
communicate them to the appropriate level of management. Further, professional standards require
us to also communicate the effect of uncorrected misstatements related to prior periods on the relevant
classes of transactions, account balances or disclosures, and the financial statements as a whole and
each applicable opinion unit. Uncorrected misstatements or matters underlying those uncorrected
misstatements could potentially cause future -period financial statements to be materially misstated,
even though the uncorrected misstatements are immaterial to the financial statements currently under
audit.
In addition, professional standards require us to communicate to you all material, corrected
misstatements that were brought to the attention of management as a result of our audit procedures.
None of the misstatements identified by us as a result of our audit procedures and corrected by
management were material, either individually or in the aggregate, to the financial statements taken
as a whole or applicable opinion units.
260
Attachment 3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 6
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing
matter, which could be significant to the City's financial statements or the auditor's report. No such
disagreements arose during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management, which are included in the attached
letter dated December 10, 2024.
Management's Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters. Management informed us that, and to our knowledge, there were no consultations
with other accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the City, we generally discuss a variety of
matters, including the application of accounting principles and auditing standards, significant events or
transactions that occurred during the year, operating and regulatory conditions affecting the entity, and
operational plans and strategies that may affect the risks of material misstatement. None of the matters
discussed resulted in a condition to our retention as the City's auditors.
Required Supplementary Information
We applied certain limited procedures to the required supplementary information (RSI) that
supplements the basic financial statements. Our procedures consisted of inquiries of management
regarding the methods of preparing the information and comparing the information for consistency with
management's responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We did not audit the RSI and do not express
an opinion or provide any assurance on the RSI.
Supplementary Information
We were engaged to report on the combining and individual nonmajor fund statements and budgetary
comparison schedules for the major capital project funds and nonmajor governmental funds
(supplementary information) which accompany the financial statements but are not RSI. With respect to
this supplementary information, we made certain inquiries of management and evaluated the form,
content, and methods of preparing the information to determine that the information complies with
accounting principles generally accepted in the United States of America, the method of preparing it has
not changed from the prior period, and the information is appropriate and complete in relation to our
audit of the financial statements. We compared and reconciled the supplementary information to the
261
Attachment 3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 7
underlying accounting records used to prepare the financial statements or to the financial statements
themselves.
Other Information Included in the Annual Report
Pursuant to professional standards, our responsibility as auditors for the introductory and statistical
sections, whether financial or nonfinancial, included in the City's annual report, does not extend
beyond the information identified in the audit report, and we are not required to perform any
procedures to corroborate such other information. However, in accordance with such standards, we
have read the information and considered whether such information, or the manner of its presentation,
was materially inconsistent with its presentation in the financial statements.
Our responsibility also includes communicating to you any information which we believe is a material
misstatement of fact. Nothing came to our attention that caused us to believe that such information, or
its manner of presentation, is materially inconsistent with the information, or manner of its
presentation, appearing in the financial statements.
This report is intended solely for the information and use of the City Council, and management of the
City and is not intended to be and should not be used by anyone other than these specified parties.
sa, A.4
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
262
Attachment 4
City of Dublin
Measure B Funds
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2024
J
263
Attachment 4
264
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Financial Statements
For the year ended June 30, 2024
Table of Contents
Page
Independent Auditor's Report 1
Financial Statements:
Balance Sheet 5
Statement of Revenues, Expenditures and
Changes in Fund Balances 6
Notes to Financial Statements 7
Supplementary Information:
Budgets and Budgetary Accounting 12
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:
Measure B - ACTC Streets and Roads Special Revenue Fund 13
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:
Measure B - ACTC Bikes and Pedestrians Special Revenue Fund 14
Report on Internal Control over Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 15
Report on Compliance and on Internal Control
over Compliance for Measure B 17
265
Attachment 4
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266
Attachment 4
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 Measure B Funds (Measure B Funds) of the City of Dublin,
California (City), as of and for the year ended June 30, 2024, and the related notes to the 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 Measure B Funds of the City, as of June 30, 2024, and the respective changes in
financial position 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 Measure B Funds 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.
Emphasis of Matter
As discussed in Note A, the financial statements present only the Measure B Funds and do not purport to,
and do not, present fairly the financial position of the City as of June 30, 2024, and changes in its financial
position for the year then ended in accordance with accounting principles generally accepted in the United
States of America. Our opinion is not modified with respect to this matter.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
267
Attachment 4
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
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 Measure B Funds' ability to
continue as a going concern for twelve months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore
is not a guarantee that an audit conducted in accordance with GAAS 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 Measure B Funds' 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 Measure B Funds' 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.
268
2
Attachment 4
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Measure B Funds' financial statements. The budgetary comparison information is presented
for purposes of additional analysis and is not a required part of the financial statements.
The budgetary comparison information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, budgetary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 10, 2024 on our consideration of the City's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and
other matters. The purpose of that report is solely to describe the scope of our testing of internal control
over financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of 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.
B.t.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
3
269
Attachment 4
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4
270
Attachment 4
City of Dublin
Alameda County Transportation Commission- Measure B Funds
Balance Sheet
June 30, 2024
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
ASSETS:
Total
Cash and investments $ - $ 980 $ 980
Total assets $ - $ 980 $ 980
FUND BALANCES:
Restricted
Total fund balances
$
- $ 980 $ 980
$
$ 980 $ 980
See accompanying Notes to Financial Statements.
5
271
Attachment 4
City of Dublin
Alameda County Transportation Commission- Measure B Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
For the year ended June 30, 2024
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
REVENUES:
Total
Interest income $ 1,148 $ 1,001 $ 2,149
Total revenues 1,148 1,001 2,149
EXPENDITURES:
Bikes and Pedestrians
Streets and roads
68,200 68,200
100,132 - 100,132
Total expenditures 100,132 68,200 168,332
REVENUES OVER (UNDER)
EXPENDITURES (98,984) (67,199) (166,183)
FUND BALANCES:
Beginning of year 98,984 68,179 167,163
End of year $ - $ 980 $ 980
See accompanying Notes to Financial Statements.
6
272
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Alameda County Transportation Commission - Measure B Funds (Measure B
Funds) of the City of Dublin, California (City), are included as a separate special revenue fund in the basic
financial statements of the City. Measure B Funds are used to account for the City's share of revenues
earned and expenditures incurred under the City's local streets and roads, and bike and pedestrian
programs. The accompanying financial statements are for Measure B Funds only and are not intended to
fairly present the financial position or results of operations of the City.
B. Basis of Accounting and Measurement Focus
The accompanying financial statements are prepared on the modified accrual basis of accounting.
Revenues are generally recorded when measurable and available, and expenditures are recorded when
the related liabilities are incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. All governmental funds are accounted for using a current financial resources measurement focus,
wherein only current assets and current liabilities generally are included on the balance sheet. Operating
statements of governmental funds present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets.
C. Fund Accounting
The operations of the Measure B Funds are accounted for in separate special revenue funds. The funds
are separate accounting entities with a set of self -balancing accounts which comprise their assets,
liabilities, fund equity, revenues, and expenses.
D. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America 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 expenditures during the reporting
period. Actual results could differ from those estimates.
2. MEASURE B FUNDS
Under Measure B, approved by the voters of Alameda County in 1986 (ACTA Old Measure B) and in 2000,
(ACTC Measure B), the City receives a portion of the proceeds of an additional one-half cent sales tax to be
used for transportation -related expenditures. This measure was adopted with the intention that the funds
generated by the additional sales tax will not fund expenditures previously paid for by property taxes but,
rather, would be used for additional projects and programs.
Major projects funded by Measure B were as follows:
Streets and Roads Program - To improve, repair, and overlay city streets.
Bike and Pedestrian Program - To provide sidewalk and American Disability Act (ADA) improvements and
to implement the bikeway network.
273
7
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS
Measure B funds are pooled with the City's cash and investments in order to generate optimum interest
income.
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of three
months or less from date of acquisition. Cash and cash equivalents are combined with investments and
displayed as Cash and Investments.
Measure B Funds had the following cash and investments at June 30, 2024:
Cash and Investments $ 980
A. Investments
Under the provisions of the City's investment policy, and in accordance with California Government
Code, the following investments are authorized:
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum Minimum Credit
Maturity Quality
5 years
180 days
10 years
10 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
10 years
5 years
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40 %
No Limit
25% for callable
No Limit
25 %
10%
No Limit
20 %
30%
20 %
20 %
No Limit
30%
Maximum
Investment In
One Issuer
20%
20 % of Portfolio
No Limit
35%
No Limit
20 % of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
8
274
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS, Continued
A. Investments, Continued
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and
for External Investment Pools, investments were stated at fair value using the aggregate method in all funds
and component units. The City's investments are carried at fair market value as required by generally
accepted accounting principles. The City accounts for all changes in fair value that occurred during the
year and are reflected in the fund balance for the fiscal year. These investment value changes are
unrealized since the City's policy is to generally hold and buy investments until maturity dates.
B. Risk Disclosures
Interest Rate Risk - Interest rate risk is the fluctuation in fair value of investments due to changes in interest
rates. The City's exposure to losses caused by rising interest rates is minimized by limiting the average
maturity of the City's investment not to exceed five years.
Credit Risk - Credit risk is the risk of loss of value of a security or investment due to downgrade of its
rating due to a change in the ability of the issuer to fulfill its debt obligation. With the exception of U.S.
Treasury securities and authorized pools, no more than 50% of the City's total investment portfolio will
be invested in a single security type or with a single financial institution to reduce the City's exposure to
credit risks.
Custodial Credit Risk - The custodial credit risk for an investment is the risk that in the event of the failure of
the counterparty, the City will not be able to recover the value of its investments or collateral securities that
are in the possession of an outside party. None of the City's investments were subject to custodial credit risk.
C. Local Agency Investment Fund
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 at June 30, 2024 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, 2024, the City invested in LAIF, which had invested 3.00% of the pool investment funds in
Structured Notes and Asset -Backed Securities as compared to 2.78% in the previous year. The LAIF fair
value factor of .996316042 was used to calculate the fair value of the investments in LAIF.
275
9
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2024
4. COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs are subject to further examination by the
grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot
be determined at this time. The City expects such amounts, if any, to be immaterial.
276
10
Attachment 4
SUPPLEMENTARY INFORMATION
11
277
Attachment 4
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Supplementary Information
For the year ended June 30, 2024
1. 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 include 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.
• 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.
278
12
Attachment 4
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Streets and Roads
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest income $ - $ $ 1,148 $ 1,148
Total revenues - 1,148 1,148
EXPENDITURES:
Streets and roads
Total expenditures
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
$
128,223 100,132 28,091
128,223 100,132 28,091
$ (128,223) (98,984) $ 29,239
98,984
$
13
279
Attachment 4
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Bikes and Pedestrians
For the year ended June 30, 2024
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest income $ - $ $ 1,001 $ 1,001
Total revenues - 1,001 1,001
EXPENDITURES:
Bikes and Pedestrians
Total expenditures
Net change in fund balance
FUND BALANCE:
Beginning of year
End of year
$
68,200 68,200
68,200 68,200
$ (68,200) (67,199) $ 1,001
68,179
$ 980
14
280
Attachment 4
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members of City Council
of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure B Funds (Measure
B Funds) of the City of Dublin, California (City), as of and for the year ended June 30, 2024, and the related
notes to the financial statements, and have issued our report thereon dated December 10, 2024.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
281
Attachment 4
To the Honorable Mayor and Members of City Council
of the City of Dublin
Dublin, California
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Measure B Funds' financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and material
effect on the financial statement. However, providing an opinion on compliance with those provisions was
not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
21..
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
16
282
Attachment 4
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE B
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure B
Opinion on Compliance for Measure B
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure B 2000 Funds (Measure B Funds) for the year ended June 30, 2024.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above
that could have a direct and material effect on its Measure B Funds for the year ended June 30, 2024.
Basis for Opinion on Measure B
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with 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 opinion on compliance for the City's Measure B Funds.
Our audit does not provide a legal determination of the Measure B Funds compliance with the compliance
requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's
Measure B Funds.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
283
Attachment 4
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 Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the Measure B Fund's compliance based on our audit. 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, Government Auditing Standards, and the agreement between the City and Alameda County
Transportation Commission will always detect material noncompliance when it exists. The risk of not
detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Noncompliance with the compliance requirements referred to above is considered material, if there is a
substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the Measure B Fund's compliance with the requirements
of the agreement between the City and Alameda County Transportation Commission.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the agreement between
the City and Alameda County Transportation Commission, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 Measure B Funds' compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the
circumstances.
• Obtain an understanding of the City's internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on internal
control over compliance in accordance with the agreement between the City and Alameda County
Transportation Commission, but not for the purpose of expressing an opinion on the effectiveness of
City's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
284
18
Attachment 4
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
ButooL
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
19
285
Attachment 5
City of Dublin
Measure BB Funds
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2024
J
286
Attachment 5
287
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Financial Statements
For the year ended June 30, 2024
Table of Contents
Page
Independent Auditor's Report 1
Financial Statements:
Balance Sheet 5
Statement of Revenues, Expenditures and
Changes in Fund Balances 6
Notes to Financial Statements 7
Supplementary Information:
Budgets and Budgetary Accounting 12
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:
Measure BB - ACTC Streets and Roads Special Revenue Fund 13
Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual:
Measure BB - ACTC Bikes and Pedestrians Special Revenue Fund 14
Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 15
Report on Compliance and on Internal Control
over Compliance for Measure BB 17
288
Attachment 5
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289
Attachment 5
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 Measure BB Funds (Measure BB Funds) of the City of
Dublin, California (City), as of and for the year ended June 30, 2024, and the related notes to the 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 Measure BB Funds of the City, as of June 30, 2024, and the respective changes in
financial position 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 Measure BB Funds 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.
Emphasis of Matter
As discussed in Note A, the financial statements present only the Measure BB Funds and do not purport to,
and do not, present fairly the financial position of the City as of June 30, 2024, and changes in its financial
position for the year then ended in accordance with accounting principles generally accepted in the United
States of America. Our opinion is not modified with respect to this matter.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
290
Attachment 5
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
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 Measure BB Funds' ability to
continue as a going concern for twelve months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore
is not a guarantee that an audit conducted in accordance with GAAS 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 Measure BB Funds' 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 Measure BB Funds' 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.
291
2
Attachment 5
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Measure BB Funds' financial statements. The budgetary comparison information is presented
for purposes of additional analysis and is not a required part of the financial statements.
The budgetary comparison information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, budgetary information is fairly stated, in
all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 10, 2024
on our consideration of the City's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of 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.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
3
292
Attachment 5
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4
293
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Balance Sheet
June 30, 2024
ASSETS:
Cash and investments
Direct local distribution program receivables
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 1,610,618 $ 896,896 $ 2,507,514
238,311 80,750 319,061
Total assets $ 1,848,929 $ 977,646 $ 2,826,575
FUND BALANCES:
Restricted
Total fund balances
$ 1,848,929 $ 977,646 $ 2,826,575
$ 1,848,929 $ 977,646 $ 2,826,575
See accompanying Notes to Financial Statements.
5
294
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
For the year ended June 30, 2024
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Bikes and pedestrians
Streets and roads
Total expenditures
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCES:
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 1,412,275 $ 478,538 $ 1,890,813
44,439 24,078 68,517
1,456,714 502,616 1,959,330
187,779 187,779
976,762 - 976,762
976,762 187,779 1,164,541
479,952 314,837 794,789
Beginning of year 1,368,977 662,809 2,031,786
End of year $ 1,848,929 $ 977,646 $ 2,826,575
See accompanying Notes to Financial Statements.
6
295
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Alameda County Transportation Commission - Measure BB Funds (Measure BB
Funds) of the City of Dublin, California (City), are included as a separate special revenue fund in the basic
financial statements of the City. Measure BB Funds are used to account for the City's share of revenues
earned and expenditures incurred under the City's paratransit, local streets and roads, and bike and
pedestrian programs. The accompanying financial statements are for Measure BB Funds only and are not
intended to fairly present the financial position or results of operations of the City.
B. Basis of Accounting and Measurement Focus
The accompanying financial statements are prepared on the modified accrual basis of accounting.
Revenues are generally recorded when measurable and available, and expenditures are recorded when
the related liabilities are incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. All governmental funds are accounted for using a current financial resources measurement focus,
wherein only current assets and current liabilities generally are included on the balance sheet. Operating
statements of governmental funds present increases (revenues and other financing sources) and decreases
(expenditures and other financing uses) in net current assets.
C. Fund Accounting
The operations of the Measure BB Funds are accounted for in separate special revenue funds. The funds
are separate accounting entities with a set of self -balancing accounts which comprise their assets,
liabilities, fund equity, revenues, and expenses.
D. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America 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 expenditures during the reporting
period. Actual results could differ from those estimates.
2. MEASURE BB FUNDS
Under Measure BB, approved by the voters of Alameda County in 2014, the City receives a portion of the
proceeds of an additional one-half cent sales tax to be used for transportation -related expenditures. This
measure was adopted with the intention that the funds generated by the additional sales tax will not fund
expenditures previously paid for by property taxes but, rather, would be used for additional projects and
programs.
Major projects funded by Measure BB were as follows:
Streets and Roads Program - To improve, repair, and overlay city streets.
Bike and Pedestrian Program - To provide sidewalk and American Disability Act (ADA) improvements and
to implement the bikeway network.
296
7
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS
Measure BB funds are pooled with the City's cash and investments in order to generate optimum interest
income.
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of three
months or less from date of acquisition. Cash and cash equivalents are combined with investments and
displayed as Cash and Investments.
Measure BB Funds had the following cash and investments at June 30, 2024:
Cash and Investments $2,507,514
A. Investments
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.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum Minimum Credit
Maturity Quality
5 years
180 days
10 years
10 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
10 years
5 years
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40 %
No Limit
25% for callable
No Limit
25 %
10%
No Limit
20 %
30%
20 %
20 %
No Limit
30%
Maximum
Investment In
One Issuer
20%
20 % of Portfolio
No Limit
35%
No Limit
20 % of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
8
297
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS, Continued
A. Investments, Continued
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and
for External Investment Pools, investments were stated at fair value using the aggregate method in all funds
and component units. The City's investments are carried at fair market value as required by generally
accepted accounting principles. The City accounts for all changes in fair value that occurred during the
year and are reflected in the fund balance for the fiscal year. These investment value changes are
unrealized since the City's policy is to generally hold and buy investments until maturity dates.
B. Risk Disclosures
Interest Rate Risk - Interest rate risk is the fluctuation in fair value of investments due to changes in interest
rates. The City's exposure to losses caused by rising interest rates is minimized by limiting the average
maturity of the City's investment not to exceed five years.
Credit Risk - Credit risk is the risk of loss of value of a security or investment due to downgrade of its
rating due to a change in the ability of the issuer to fulfill its debt obligation. With the exception of U.S.
Treasury securities and authorized pools, no more than 50% of the City's total investment portfolio will
be invested in a single security type or with a single financial institution to reduce the City's exposure to
credit risks.
Custodial Credit Risk - The custodial credit risk for an investment is the risk that in the event of the failure of
the counterparty, the City will not be able to recover the value of its investments or collateral securities that
are in the possession of an outside party. None of the City's investments were subject to custodial credit risk.
C. Local Agency Investment Fund
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 at June 30, 2024 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, 2024, the City had invested in LAIF, which had invested 3.00% of the pool investment funds
in Structured Notes and Asset -Backed Securities as compared to 2.78% in the previous year. The LAIF
fair value factor of .996316042 was used to calculate the fair value of the investments in LAIF.
298
9
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2024
4. DIRECT LOCAL DISTRIBUTION FROGRAM RECEIVABLES
The receivables represent the Measure BB sales tax revenues for the fiscal year received from the Alameda
County Transportation Commission after June 30, 2024.
5. COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs are subject to further examination by the
grantors and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot
be determined at this time. The City expects such amounts, if any, to be immaterial.
299
10
Attachment 5
SUPPLEMENTARY INFORMATION
11
300
Attachment 5
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Supplementary Information
For the year ended June 30, 2024
1. 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 include 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.
• 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.
301
12
Attachment 5
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Streets and Roads
For the year ended June 30, 2024
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 1,314,556 $ 1,314,556 $ 1,412,275 $ 97,719
4,000 4,000 44,439
1,318,556 1,318,556
40,439
1,456,714 138,158
Streets and roads 1,110,000 1,678,026 976,762 701,264
Total expenditures 1,110,000 1,678,026 976,762 701,264
Net change in fund balance $ 208,556 $ (359,470) 479,952 $ 839,422
FUND BALANCE:
Beginning of year
End of year
1,368,977
$ 1,848,929
13
302
Attachment 5
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Bikes and Pedestrians
For the year ended June 30, 2024
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 453,152 $ 453,152 $ 478,538 $ 25,386
1,000 1,000 24,078 23,078
454,152 454,152 502,616 48,464
Bikes and pedestrians 368,453 615,803 187,779 428,024
Total expenditures 368,453 615,803 187,779 428,024
Net change in fund balance $ 85,699 $ (161,651) 314,837 $ 476,488
FUND BALANCE:
Beginning of year
End of year
662,809
$ 977,646
14
303
Attachment 5
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure BB Funds (Measure
BB Funds) of the City of Dublin, California (City), as of and for the year ended June 30, 2024, and the related
notes to the financial statements, and have issued our report thereon dated December 10, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting in relation to Measure BB Funds (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial
statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material weaknesses
or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in
internal control that we consider to be material weaknesses. However, material weaknesses may exist that
have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
304
Attachment 5
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Measure BB Funds' financial statements are
free from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and material
effect on the financial statements. However, providing an opinion on compliance with those provisions
was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our
tests disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Bit. 44.4
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
16
305
Attachment 5
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE BB
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure BB
Opinion on Compliance for Measure BB
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure BB Funds (Measure BB Funds) for the year ended June 30, 2024.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above
that could have a direct and material effect on its Measure BB Funds for the year ended June 30, 2024.
Basis for Opinion on Measure BB
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with 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 opinion on compliance for the City's Measure BB
Funds. Our audit does not provide a legal determination of the Measure BB Funds compliance with the
compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's
Measure BB Funds.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
306
Attachment 5
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 Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the Measure BB Fund's compliance based on our audit. 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, Government Auditing Standards, and the agreement between the City and Alameda County
Transportation Commission will always detect material noncompliance when it exists. The risk of not
detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Noncompliance with the compliance requirements referred to above is considered material, if there is a
substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the Measure BB Fund's compliance with the requirements
of the agreement between the City and Alameda County Transportation Commission.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the agreement between
the City and Alameda County Transportation Commission, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 Measure BB Funds' compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the
circumstances.
• Obtain an understanding of the City's internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on internal
control over compliance in accordance with the agreement between the City and Alameda County
Transportation Commission, but not for the purpose of expressing an opinion on the effectiveness of
City's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Other Matters
Under Measure BB, approved by the voters of Alameda County in 2014, the City has received a total of 12
months of revenue from July 2023 through June 2024. The Local Street and Roads program has received
$1,412,275 and the Bike and Pedestrian program has received $478,538.
307
18
Attachment 5
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
19
308
Attachment 6
City of Dublin
Measure F Alameda
County Vehicle
Registration Fee Fund
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2024
J
309
Attachment 6
310
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Financial Statements
For the year ended June 30, 2024
Table of Contents
Page
Independent Auditor's Report 1
Financial Statements:
Balance Sheet 5
Statement of Revenues, Expenditures and
Changes in Fund Balance 6
Notes to Financial Statements 7
Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 11
Report on Compliance and Internal Control
over Compliance for Measure F 13
311
Attachment 6
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312
Attachment 6
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 Measure F Alameda County Vehicle Registration Fee Fund
(VRF Fund) of the City of Dublin, California (City), as of and for the year ended June 30, 2024, and the related
notes to the financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the VRF Fund of the City, as of June 30, 2024, and the changes in financial position 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 VRF Fund 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.
Emphasis of Matter
As discussed in Note A, the financial statements present only the VRF Fund and do not purport to, and do
not, present fairly the financial position of the City as of June 30, 2024, and changes in its financial position
for the year then ended in accordance with accounting principles generally accepted in the United States of
America. Our opinion is not modified with respect to this matter.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
313
Attachment 6
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
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 VRF Fund's ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not
a guarantee that an audit conducted in accordance with GAAS 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 VRF Fund'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 VRF Fund'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.
314
2
Attachment 6
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 10, 2024
on our consideration of the City's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose
of that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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.
3u1sux 4 A46004/
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
3
315
Attachment 6
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4
316
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Balance Sheet
June 30, 2024
ASSETS:
Cash and investments
Direct local distribution program receivables
Total assets
LIABILITIES AND FUND BALANCE:
Fund Balance:
Restricted
$ 432,204
56,101
$ 488,305
488,305
Total fund balance 488,305
Total liabilities and fund balance $ 488,305
See accompanying Notes to Financial Statements.
5
317
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended June 30, 2024
REVENUES:
Measure F revenues
Use of money and property
$ 334,165
9,552
Total revenues 343,717
EXPENDITURES:
Contractual services
Streets and roads
100,000
44,623
Total expenditures 144,623
REVENUES OVER
EXPENDITURES
FUND BALANCE:
Beginning of year
End of year
199,094
289,211
$ 488,305
See accompanying Notes to Financial Statements.
6
318
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Measure F Alameda County Vehicle Registration Fees are reported in a special
revenue fund (VRF Fund) of the City of Dublin, California (City). The special revenue fund is included
as part of the State Construction and Maintenance Fund in the basic financial statements of the City.
The Fund is used to account for the City's revenues earned and expenditures incurred under the City's
various street maintenance and construction projects. The accompanying financial statements are for
the VRF Fund only and are not intended to fairly present the financial position of the City.
B. Basis of Accounting and Measurement Focus
The accompanying financial statements are prepared on the modified accrual basis of accounting.
Revenues are generally recorded when measurable and available, and expenditures are recorded when
the related liabilities are incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. All governmental funds are accounted for using a current financial resources measurement focus,
wherein only current assets and current liabilities generally are included on the balance sheet.
Operating statements of governmental funds present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current assets.
C. Fund Accounting
The operations of the VRF Fund are accounted for as part of the State Construction and Maintenance
Fund. Funds are separate accounting entities with a set of self -balancing accounts which comprise their
assets, liabilities, fund equity, revenues, and expenditures.
D. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America 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 expenditures during the reporting
period. Actual results could differ from those estimates.
E. Cash, Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of
three months or less from date of acquisition. Cash and cash equivalents are combined with investments
and displayed as Cash and Investments.
319
7
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
E. Cash, Cash Equivalents, and Investments, Continued
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
❑ Overall
❑ Custodial Credit Risk
❑ Concentrations of Credit Risk
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 market investments with maturities of one
year or less at time of purchase are stated at amortized cost.
The City participates in an investment pool managed by the State of California titled 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 change in interest rates.
F. Revenues and Receivables
During the course of normal operations, the fund carries various receivable balances for
intergovernmental revenue and interest. Revenues are recorded when received in cash, except revenues
subject to accrual (generally 60 days after year-end) are recognized when due. The primary revenue
sources, which have been treated as susceptible to accrual by the fund, are Measure F vehicle
registration fees.
2. MEASURE F ALAMEDA COUNTY VEHICLE REGISTRATION FEES
The Measure F Alameda County Vehicle Registration Fee (VRF) Program was approved by the voters in
November 2010, with 63 percent of the vote. The fee will generate about $11 million per year by a $10 per
year vehicle registration fee. The collection of the $10 per year vehicle registration fee started in the first
week of May 2011.
The goal of the VRF program is to sustain the County's transportation network and reduce traffic
congestion and vehicle related pollution. The program includes four categories of projects:
• Local Road Improvement and Repair Program (60 percent)
• Transit for Congestion Relief (25 percent)
• Local Transportation Technology (10 percent)
• Pedestrian and Bicyclist Access and Safety Program (5 percent)
320
8
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS
The VRF Fund's cash and investments are pooled with the City's cash and investments in order to generate
optimum interest income.
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of
three months or less from date of acquisition. Cash and cash equivalents are combined with investments
and displayed as Cash and Investments.
VRF Fund had the following cash and investments at June 30, 2024:
Cash and Investments $ 432,204
A. Investments
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.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum Minimum Credit
Maturity Quality
5 years
180 days
10 years
10 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
10 years
5 years
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25%
10%
No Limit
20%
30%
20%
20%
No Limit
30%
Maximum
Investment In
One Issuer
20%
20 % of Portfolio
No Limit
35 %
No Limit
20 % of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, investments were stated at fair value using the
aggregate method in all funds and component units. The City's investments are carried at fair market
value as required by generally accepted accounting principles. The City accounts for all changes in fair
value that occurred during the year and are reflected in the fund balance for the fiscal year. These
investment value changes are unrealized since the City's policy is to hold and buy investments until
maturity dates.
321
9
Attachment 6
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2024
3. CASH AND INVESTMENTS, Continued
B. Risk Disclosures
Interest Rate Risk - Interest rate risk is the fluctuation in fair value of investment due to changes in
interest rates. The City's exposure to losses caused by rising interest rates is minimized by limiting the
average maturity of the City's investment not to exceed five years.
Credit Risk - Credit risk is the risk of loss of value of a security or investment due to downgrade of its
rating due to a change in the ability of the issuer to fulfill its debt obligation. With the exception of U.S.
Treasury securities and authorized pools, no more than 50% of the City's total investment portfolio will
be invested in a single security type or with a single financial institution to reduce the City's exposure to
credit risks.
Custodial Credit Risk - The custodial credit risk for an investment is the risk that in the event of the failure
of the counterparty, the City will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. None of the City's investments were subject to custodial
credit risk.
C. Local Agency Investment Fund
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 at June 30, 2024, 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, 2024, the City had invested in LAIF, which had invested 3.00% of the pool investment
funds in Structured Notes and Asset -Backed Securities as compared to 2.78% in the previous year. The
LAIF fair value factor of 0.996316042 was used to calculate the fair value of the investments in LAIF.
4. DIRECT LOCAL DISTRIBUTION PROGRAM RECEIVABLES
The receivables represent the Measure F VRF revenues for the fiscal year received from the Alameda
County Transportation Commission after June 30, 2024.
5. COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs are subject to any 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.
322
10
Attachment 6
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure F Alameda County
Vehicle Registration Fee Fund (VRF Fund) of the City of Dublin, California (City), as of and for the year
ended June 30, 2024, and the related notes to the financial statements, and have issued our report thereon
dated December 10, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
323
Attachment 6
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the VRF Fund's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
12
324
Attachment 6
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE F
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure F
Opinion on Compliance for Measure F
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure F Alameda County Vehicle Registration Fee Fund (VRF Fund) for the year
ended June 30, 2024.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above
that could have a direct and material effect on its VRF Fund for the year ended June 30, 2024.
Basis for Opinion on Measure F
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with 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 opinion on compliance for the City's VRF Fund. Our
audit does not provide a legal determination of the VRF Fund's compliance with the compliance requirements
referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's VRF
Fund.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
325
Attachment 6
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 Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the VRF Fund's compliance based on our audit. 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,
Government Auditing Standards, and the agreement between the City and Alameda County Transportation
Commission will always detect material noncompliance when it exists. The risk of not detecting material
noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Noncompliance with the compliance requirements referred to above is considered material, if there is a
substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the VRF Fund's compliance with the requirements of the
agreement between the City and Alameda County Transportation Commission.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the agreement between
the City and Alameda County Transportation Commission, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 VRF Fund's compliance with the compliance requirements referred
to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the City's internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on internal
control over compliance in accordance with the agreement between the City and Alameda County
Transportation Commission, but not for the purpose of expressing an opinion on the effectiveness of
City's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
326
14
Attachment 6
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
ButooL
claim
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
15
327
Attachment 7
City of Dublin
Transportation
Development Act
Fund
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2024
J
328
Attachment 7
329
Attachment 7
City of Dublin
Transportation Development Act Fund
Financial Statements
For the year ended June 30, 2024
Table of Contents
Page
Independent Auditor's Report 1
Financial Statements:
Balance Sheet 5
Statement of Revenues, Expenditures and
Changes in Fund Balance 6
Notes to Financial Statements 7
Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 11
Report on Compliance and on Internal Control
over Compliance for Transportation Development Act Fund 13
330
Attachment 7
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331
Attachment 7
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 Transportation Development Act Fund (TDA Fund) of the
City of Dublin, California (City), as of and for the year ended June 30, 2024, and the related notes to the
financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial
position of the TDA Fund of the City, as of June 30, 2024, and the changes in financial position 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 TDA Fund 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.
Emphasis of Matter
As discussed in Note A, the financial statements present only the TDA Fund and do not purport to, and do
not, present fairly the financial position of the City as of June 30, 2024, and changes in its financial position
for the year then ended in accordance with accounting principles generally accepted in the United States of
America. Our opinion is not modified with respect to this matter.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
332
Attachment 7
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
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 TDA Fund's ability to continue as
a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not
a guarantee that an audit conducted in accordance with GAAS 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 TDA Fund'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 TDA Fund'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.
333
2
Attachment 7
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 10, 2024
on our consideration of the City's internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose
of that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of 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.
Blom 4A46044/
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
3
334
Attachment 7
This page intentionally left blank.
4
335
Attachment 7
City of Dublin
Transportation Development Act Fund
Balance Sheet
June 30, 2024
ASSETS:
Cash and investments
Intergovernmental receivables
Total assets
$ 1,043
24,689
$ 25,732
LIABILITIES AND FUND BALANCE:
Liabilities:
Due to City of Dublin $ 94
Total liabilities 94
Fund Balance:
Restricted
25,638
Total fund balance 25,638
Total liabilities and fund balance
$ 25,732
See accompanying Notes to Financial Statements.
5
336
Attachment 7
City of Dublin
Transportation Development Act Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended June 30, 2024
REVENUES:
Intergovernmental revenues
Use of money and property
$ 24,689
492
Total revenues 25,181
EXPENDITURES:
Streets and roads
Total expenditures
REVENUES OVER
EXPENDITURES
FUND BALANCE:
17,317
17,317
7,864
Beginning of year 17,774
End of year $ 25,638
See accompanying Notes to Financial Statements.
6
337
Attachment 7
City of Dublin
Transportation Development Act Fund
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
All transactions of the Transportation Development Act (TDA) are reported in a special revenue fund
(TDA Fund) of the City of Dublin, California (City). The special revenue fund is included as part of the
State Construction and Maintenance Fund in the basic financial statements of the City. The Fund is
used to account for the City's revenues earned and expenditures incurred under the City's various
street maintenance and construction projects. The accompanying financial statements are for the TDA
Fund only and are not intended to fairly present the financial position of the City.
B. Basis of Accounting and Measurement Focus
The accompanying financial statements are prepared on the modified accrual basis of accounting.
Revenues are generally recorded when measurable and available, and expenditures are recorded when
the related liabilities are incurred.
The accounting and financial reporting treatment applied to a fund is determined by its measurement
focus. All governmental funds are accounted for using a current financial resources measurement focus,
wherein only current assets and current liabilities generally are included on the balance sheet.
Operating statements of governmental funds present increases (revenues and other financing sources)
and decreases (expenditures and other financing uses) in net current assets.
C. Fund Accounting
The operations of the TDA Fund are accounted for as part of the State Construction and Maintenance
Fund. Funds are separate accounting entities with a set of self -balancing accounts which comprise their
assets, liabilities, fund equity, revenues, and expenditures.
D. Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in
the United States of America 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 expenditures during the reporting
period. Actual results could differ from those estimates.
E. Cash, Cash Equivalents and Investments
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of
three months or less from date of acquisition. Cash and cash equivalents are combined with investments
and displayed as Cash and Investments.
338
7
Attachment 7
City of Dublin
Transportation Development Act Fund
Notes to Financial Statements
For the year ended June 30, 2024
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
E. Cash, Cash Equivalents, and Investments, Continued
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
❑ Overall
❑ Custodial Credit Risk
❑ Concentrations of Credit Risk
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 market investments with maturities of one
year or less at time of purchase are stated at amortized cost.
The City participates in an investment pool managed by the State of California titled 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 change in interest rates.
F. Revenues and Receivables
During the course of normal operations, the fund carries various receivable balances for
intergovernmental revenue and interest. Revenues are recorded when received in cash, except revenues
subject to accrual (generally 60 days after year-end) are recognized when due. The primary revenue
sources, which have been treated as susceptible to accrual by the fund, are TDA grant revenues.
2. CASH AND INVESTMENTS
The TDA Fund's cash and investments are pooled with the City's cash and investments in order to generate
optimum interest income.
The City pools its available cash for investment purposes. The City's cash and cash equivalents are
considered to be cash on hand, demand deposits, and short-term investments with original maturity of
three months or less from date of acquisition. Cash and cash equivalents are combined with investments
and displayed as Cash and Investments.
TDA Fund had the following cash and investments at June 30, 2024:
Cash and Investments $ 1,043
339
8
Attachment 7
City of Dublin
Transportation Development Act Fund
Notes to Financial Statements
For the year ended June 30, 2024
2. CASH AND INVESTMENTS, Continued
A. Investments
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.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
10 years
10 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
10 years
5 years
Minimum Credit
Quality
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25%
10%
No Limit
20%
30%
20%
20%
No Limit
30%
Maximum
Investment In
One Issuer
20%
20% of Portfolio
No Limit
35%
No Limit
20 % of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, investments were stated at fair value using the
aggregate method in all funds and component units. The City's investments are carried at fair market
value as required by generally accepted accounting principles. The City accounts for all changes in fair
value that occurred during the year and are reflected in the fund balance for the fiscal year. These
investment value changes are unrealized since the City's policy is to hold and buy investments until
maturity dates.
340
9
Attachment 7
City of Dublin
Transportation Development Act Fund
Notes to Financial Statements
For the year ended June 30, 2024
2. CASH AND INVESTMENTS, Continued
B. Risk Disclosures
Interest Rate Risk - Interest rate risk is the fluctuation in fair value of investment due to changes in
interest rates. The City's exposure to losses caused by rising interest rates is minimized by limiting the
average maturity of the City's investment not to exceed five years.
Credit Risk - Credit risk is the risk of loss of value of a security or investment due to downgrade of its
rating due to a change in the ability of the issuer to fulfill its debt obligation. With the exception of U.S.
Treasury securities and authorized pools, no more than 50% of the City's total investment portfolio will
be invested in a single security type or with a single financial institution to reduce the City's exposure to
credit risks.
Custodial Credit Risk - The custodial credit risk for an investment is the risk that in the event of the failure
of the counterparty, the City will not be able to recover the value of its investments or collateral securities
that are in the possession of an outside party. None of the City's investments were subject to custodial
credit risk.
C. Local Agency Investment Fund
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 at June 30, 2024, 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, 2024, the City had invested in LAIF, which had invested 3.00% of the pool investment
funds in Structured Notes and Asset -Backed Securities as compared to 2.78% in the previous year. The
LAIF fair value factor of 0.996316042 was used to calculate the fair value of the investments in LAIF.
3. COMMITMENTS AND CONTINGENCIES
The City participates in several grant programs. These programs are subject to any 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.
341
10
Attachment 7
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Transportation
Development Act Fund (TDA Fund) of the City of Dublin, California (City), as of and for the year ended
June 30, 2024, and the related notes to the financial statements, and have issued our report thereon dated
December 10, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
342
Attachment 7
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the TDA Fund's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
12
343
Attachment 7
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR TRANSPORTATION DEVELOPMENT ACT FUNDS
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for TDA Funds
Opinion on Compliance for TDA Funds
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
Section 6666 of the Rules and Regulations of the California Administrative Code in the Transportation Development
Act Statutes and Administrative Code for 1987 (Transportation Development Act) and the allocation instructions
and resolutions of the Metropolitan Transportation Commission applicable to the City's Transportation
Development Act Fund (TDA Fund) for the year ended June 30, 2024.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above
that could have a direct and material effect on its TDA Fund for the year ended June 30, 2024.
Basis for Opinion on TDA Funds
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the Transportation Development Act. Our responsibilities under those standards and are further
described in the Auditor's Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with 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 opinion on compliance for the City's TDA Fund. Our
audit does not provide a legal determination of the TDA Fund's compliance with the compliance
requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's TDA
Fund.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
344
Attachment 7
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 Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the TDA Fund's compliance based on our audit. 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,
Government Auditing Standards, and the Transportation Development Act, will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher
than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Noncompliance with the compliance requirements
referred to above is considered material, if there is a substantial likelihood that, individually or in the
aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the
TDA Fund's compliance with the requirements referred to above.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Transportation
Development Act, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 TDA Fund's compliance with the compliance requirements referred
to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the City's internal control over compliance relevant to the audit in order
to design audit procedures that are appropriate in the circumstances and to test and report on internal
control over compliance in accordance with the Transportation Development Act, but not for the
purpose of expressing an opinion on the effectiveness of City's internal control over compliance.
Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
345
14
Attachment 7
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the Transportation
Development Act on a timely basis. A material weakness in internal control over compliance is a deficiency, or
combination of deficiencies in internal control over compliance, such that there is a reasonable possibility that
material noncompliance with a type of compliance requirement of the Transportation Development Act will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the Transportation Development Act that is less severe than a material weakness
in internal control over compliance, yet important enough to merit attention by those charged with
governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the
Transportation Development Act. Accordingly, this report is not suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
15
346
Attachment 8
BADAWI & ASSOCIATES
Certified Public Accountants
Independent Accountant's Report
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
We have examined the City of Dublin, California (City)'s compliance with the compliance
requirements "activities allowed or unallowed" and "allowable cost/cost principles" (the
specified requirements) as described in Part IV "Requirements for an Alternative Compliance
Examination Engagement for Recipients That Would Otherwise be Required to Undergo a
Single Audit or Program -Specific Audit as a Result of Receiving Coronavirus State and Local
Fiscal Recovery Funds" of the CSLFRF section of the 2024 OMB Compliance Supplement (referred
to herein as "Requirements for an Alternative CSLFRF Compliance Examination Engagement")
during the year ended June 30, 2024. Management of the City is responsible for the City's
compliance with the specified requirements. Our responsibility is to express an opinion on the
City's compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the
AICPA; the standards applicable to attestation engagements contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and in the "Requirements for
an Alternative CSLFRF Compliance Examination Engagement." Those standards and
requirements require that we plan and perform the examination to obtain reasonable assurance
about whether the City complied, in all material respects, with the specified requirements
referenced above. An examination involves performing procedures to obtain evidence about
whether the City complied with the specified requirements. The nature, timing, and extent of
the procedures selected depend on our judgment, including an assessment of the risks of
material noncompliance, whether due to fraud or error. We believe that the evidence we
obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
We are required to be independent and meet our other ethical responsibilities in accordance
with relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the City's compliance with
specified requirements.
In our opinion, the City complied, in all material respects, with the specified requirements
referenced above during the year ended June 30, 2024.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
347
Attachment 8
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we are required to report all deficiencies that
are considered to be significant deficiencies or material weaknesses in internal control; fraud,
and noncompliance with provisions of laws, regulations, contracts, or grant agreements that
have a material effect on the City's compliance with the specified requirements and any other
instances that warrant the attention of those charged with governance. We are also required to
obtain and report the views of responsible officials concerning the findings, conclusions, and
recommendations, as well as any planned corrective actions. We performed our examination to
express an opinion on the City's compliance with the specified requirements and not for the
purpose of expressing an opinion on the internal control over the specified requirements or on
compliance and other matters; accordingly, we express no such opinions. The results of our
tests disclosed no matters that are required to be reported under Government Auditing Standards.
Intended Purpose
The purpose of this examination report is solely to express an opinion on whether the City
complied, in all material respects with the specified requirements referenced above during the
year ended June 30, 2024. Accordingly, this report is not suitable for any other purpose.
Blot 4A460E4ai
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
348
Attachment 9
City of
Dublin
Dublin, California
Independent Accountants' Report on
Agreed -Upon Procedures Applied to
Appropriations Limit Schedule
For the fiscal year ending June 30, 2025
linBADAWI & ASSOCIATES
Certified Public Accountants
}
349
Attachment 9
350
Attachment 9
BADAWI & ASSOCIATES
Certified Public Accountants
INDEPENDENT ACCOUNTANTS' REPORT
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have performed the procedures enumerated below on the accompanying Appropriations Limit
Schedule of the City of Dublin (City) for the fiscal year ending June 30, 2025. The City's management is
responsible for the accompanying Appropriations Limit Schedule.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the
intended purpose of the requirements of Section 1.5 of Article XIII-B of the California Constitution.
Additionally, the League of California Cities (as presented in the publication entitled Agreed -upon
Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California
Constitution) has agreed to and acknowledged that the procedures performed are appropriate for their
purposes. This report may not be suitable for any other purpose. The procedures performed may not
address all the items of interest to a user of this report and may not meet the needs of all users of this
report and, as such, users are responsible for determining whether the procedures performed are
appropriate for their purposes.
The procedures performed and our findings are described below:
1. We obtained the completed worksheets used by the City to calculate its appropriations limit
for the fiscal year ending June 30, 2025, and determined that the limit and annual calculation
factors were adopted by resolution of City Council. We also determined that the population
and inflation options were selected by a recorded vote of City Council.
Finding: No exceptions were noted as a result of our procedures.
2. For the accompanying Appropriations Limit Schedule, we added the prior year's limit to the
total adjustments, and agreed the resulting amount to the current year's limit.
Finding: No exceptions were noted as a result of our procedures.
3. We agreed the current year information presented in the accompanying Appropriations Limit
Schedule to corresponding information in worksheets used by the City.
Finding: No exceptions were noted as a result of our procedures.
4. We agreed the prior year appropriations limit presented in the accompanying Appropriations
Limit Schedule to the prior year appropriations limit adopted by the City Council during the
prior year.
Finding: No exceptions were noted as a result of our procedures.
Address: 2855 Telegraph Avenue, Suite 312 Berkeleyy CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
351
Attachment 9
To the Honorable Mayor and Members of City Council
of the City of Dublin
Dublin, California
We were engaged by the City to perform this agreed -upon procedures engagement and conducted our
engagement in accordance with attestation standards established by the American Institute of Certified
Public Accountants. We were not engaged to and did not conduct an examination or review, the objective
of which would be the expression of an opinion or conclusion, respectively, on the accompanying
Appropriation Limit Schedule. Accordingly, we do not express such an opinion or conclusion. Had we
performed additional procedures, other matters might have come to our attention that would have been
reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements related to our agreed -upon procedures engagement.
This report is intended solely for the information and use of the City Council and management of the City
and is not intended to be and should not be used by anyone other than these specified parties. However,
this report is a matter of public record, and its distribution is not limited.
But.
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
2
352
Attachment 9
City of Dublin
Appropriations Limit Schedule
For the fiscal year ending June 30, 2025
Amount Source
A. Appropriations limit for the year ended June 30, 2024 $ 468,263,521 Prior year resolution
B. Calculation Factors:
1. Population increase %
2. Inflation increase %
3. Total adjustment factor %
0.9997
1.0362
1.0359
State Department of Finance
City of Dublin
B1*B2
C. Annual Adjustment Increase 16,810,660 [(B3-1)A)]
D. Other Adjustments - N/A
E. Total Adjustments 16,810,660 (C+D)
F. Appropriations limit for the year ending June 30, 2025 $ 485,074,181 (A+E)
3
353
Attachment 9
City of Dublin
Notes to Appropriations Limit Schedule
For the fiscal year ending June 30, 2025
1. PURPOSE OF LIMITED PROCEDURES REVIEW
Under Article XIIIB of the California Constitution (the Gann Spending Limitation Initiative), California
governmental agencies are restricted as to the amount of annual appropriations from proceeds of taxes.
Effective for years beginning on or after July 1, 1990, under Section 1.5 of Article XIIIB, the annual
calculation of the appropriations limit is subject to a limited procedures review in connection with the
annual audit.
2. METHOD OF CALCULATION
Under Section 10.5 of Article XIIIB, for fiscal years beginning on or after July 1990, the appropriations limit
is required to be calculated based on the limit for the fiscal year 1986-1987, adjusted for the inflation and
population factors discussed in Notes 3 and 4 below.
3. INFLATION FACTORS
A California governmental agency may adjust its appropriations limit by either the annual percentage
change in the 4th quarter per capita personal income (which percentage is supplied by the State Department
of Finance), or the percentage change in the local assessment roll from the preceding year due to the change
of local nonresidential construction. The factor adopted by the City of Dublin for the fiscal year 2024-2025
represents the annual percentage change in the 4th quarter per capita personal income.
4. POPULATION FACTORS
A California governmental agency may adjust its appropriations limit by either the annual percentage
change of the jurisdiction's own population, or the annual percentage change in population in the County
where the jurisdiction is located. The factor adopted by the City of Dublin for fiscal year 2024-2025
represents the annual percentage change in population for the City.
5. OTHER ADJUSTMENTS
A California government agency may be required to adjust its appropriations limit when certain events
occur, such as the transfer of responsibility for municipal services, to, or from, another government agency
or private entity. There were no adjustments made for fiscal year ending June 30, 2025.
354
4
Attachment 10
BADAWI & ASSOCIATES
Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the governmental activities,
each major fund, and the aggregate remaining fund information of the City of Dublin, California (City), as
of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively
comprise the City's basic financial statements and have issued our report thereon dated December 10, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
355
Attachment 10
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statement. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed
no instances of noncompliance or other matters that are required to be reported under Government Auditing
Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Zzie. 4 A.4
Badawi & Associates, CPAs
Berkeley, California
December 10, 2024
356