HomeMy WebLinkAbout8.3 Fiscal Year 2024-25 4th Quarter Financial Review and Additional Special
STAFF REPORT
CITY COUNCIL
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Agenda Item 8.3
DATE: November 4, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Fiscal Year 2024-25 4th Quarter Financial Review and Additional Special
Designation of General Fund Reserves
Prepared by: Jay Baksa, Finance Director
EXECUTIVE SUMMARY:
The City Council will receive a financial report on the fourth quarter of Fiscal Year 2024 -25 and
consider amendments to the General Fund reserve designations.
STAFF RECOMMENDATION:
Adopt the Resolution Authorizing Additional Special Designations of General Fund Reserves
for Fiscal Year 2024-25 and confirm additional General Fund reserve designations as of June
30, 2025.
FINANCIAL IMPACT:
City Council confirmation of General Fund reserve designations will not alter amounts received
or spent but will allow Staff to close the Fiscal Year 2024-25 financial books.
Total General Fund reserves are projected at $325.4 million as of June 30, 2025, with $50.4
million in the unassigned cash flow reserve, representing 5.2 months of the Fiscal Year 2025-
26 Adopted General Fund Budget.
DESCRIPTION:
This report transmits the preliminary financial results of Fiscal Year 2024-25, focusing on the
General Fund. At this time, the numbers are essentially final, and though adjustments may
happen as the audit is finalized, Staff does not expect substantial changes from the numbers in
this report. The Annual Comprehensive Financial Report, which will be presented to the City
Council at the second meeting in December, will contain the final audited results.
General Fund Overview
General Fund operating revenues totaled $138.2 million in Fiscal Year 2024-25, an increase of
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$3.7 million over the prior year. Including unrealized gains and transfers in, total revenues
were $149.7 million, up $8 million from the prior year.
General Fund operating expenditures totaled $102 million, an increase of $7.3 mi llion from the
prior year. Including contributions to other funds and transfers out, total expenditures were
$114.6 million, up $13.6 million from the prior year. Contributions to capital projects,
reimbursable expenditures, and transfers to other funds totaled $12.7 million, an increase of
$6.3 million from the prior year.
The resulting impact from operations (revenues less expenditures) was a net increase of $36.2
million to total General Fund reserves. Overall, General Fund reserves increased by $35 .0
million from the prior year, as summarized in Table 1. Year-over-year variances are discussed
in greater detail in the following sections.
Table 1: General Fund Summary
FY 2023-24 FY 2024-25
Total Reserves, Beginning of Year $249,736,608 $249,736,608
Revenues 134,468,344 138,222,222
Expenditures (94,698,737) (102,007,918)
Net Operating Budget Impact 39,769,637 36,214,304
Transfers In 227,051 162,885
Unrealized Gain/Loss/Adjustments 7,022,273 9,181,038
Transfers Out/Contribution to Other (6,322,616) (12,668,399)
CIP Reimbursement Revenue 1,888,264
Total Reserves, End of Year $290,432,952 $325,474,797
Change from Prior Year $35,041,845
Specific revenue and expenditure changes (+/-$250,000 compared to Fiscal Year 2023-24
actuals and to the Fiscal Year 2024-25 amended budget) are discussed below. The General
Fund Summary (Attachment 3) presents this data by major category.
Revenues
Property Tax (+$1,871,014 vs. prior year / + $613,031 vs. budget). Property Tax
revenue was largely in line with projections. The increase over the prior year is attributed to the
2% Consumer Price Index (CPI) adjustment—the maximum annual increase permitted by
law—combined with new development coming online throughout th e year. Overall, net
assessed valuation increased by approximately $1.02 billion, or 4.6%, compared to the prior
year. When compared to the Amended Budget, revenue increased due to higher -than-
anticipated Supplemental Property Tax payments, which exceeded budget by $368,000, and
prior-period payments that came in $331,000 higher than projected. These variances are
primarily related to continued development activity and the timing of property tax payments on
new construction.
Sales Tax (-$2,121,287 vs. prior year / -$1,363,945 vs. budget). During the
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Preliminary Budget presentation in April 2025, Staff provided an updated financial forecast that
included revised Sales Tax projections. At that time, there was significant uncertainty in the
national economic climate, and the City was experiencing lower Sales Tax revenue across
nearly all business sectors. As a result, Staff lowered the Fiscal Year 2024 -25 Sales Tax
projection from $30.5 million to $28.7 million , but due to this uncertainty did not recommend
any formal budget adjustment.
While Sales Tax revenue ultimately came in below the original Adopted Budget of $30.5
million, actual receipts exceeded Staff’s preliminary projection by approximately $400,000.
This stronger-than-expected performance reflects the continued resilience of Dublin’s local
economy—particularly within the auto sector, where local dealerships outperformed statewide
averages.
Development Revenue (+$3,509,054 vs. prior year / +$1,208,182 vs. budget). This
category includes revenue from permits associated with new development—primarily building
permits—as well as tenant improvements to existing structures. It also encompasses fees for
City services, including zoning review and plan check services. Development revenue can
fluctuate significantly from year to year and is directly tied to the volume and timing of active
development projects. The increase in revenue compared to both the prior year and the
Amended Budget is primarily due to the acceleration of the Dublin Centre and Francis Ranc h
development projects.
Other Taxes (-$115,777 vs. prior year / +$386,724 vs. budget). The net increase
compared to the Amended Budget was due to higher-than-anticipated revenue from Electric
Franchise Fees, which increased as a result of utility rate increases. The year-over-year
decrease in Other Taxes is due to lower Property Transfer Tax revenue —which can fluctuate
annually with real estate market activity—and a continued decline in Cable Franchise Fees.
The latter has been steadily decreasing since 2016 as consumers shift away from traditional
cable television subscriptions toward alternative streaming services .
Interest (+$2,663,865 vs. prior year / +$1,540,895 vs. budget). Interest earnings
came in higher than both the prior year and the Amended Budget due to two primary factors.
First, the Federal Reserve’s federal funds target range remained between 4.25% and 4.50%
from December 2024 through the end of Fiscal Year 2024 -25, despite earlier expectations of
rate cuts. Second, the City’s cash balance remained higher than projected, driven by General
Fund revenues exceeding expenditures by approximately $38 million and the timing of capital
project spending. Of the $51.6 million appropriated in the General Fund for Capital
Improvement Projects, only $8.8 million was expended during the fiscal year. These factors
resulted in an average year-over-year cash balance increase of approximately $30 million,
leading to interest earnings that were $1.5 million above the Amended Budget and $2.6 million
higher than the prior year.
Charges for Services (-$1,008,410 vs. prior year / +$1,230,163 vs. budget). The
increase over the Amended Budget is primarily due to higher-than-projected revenue from the
annual Santa Rita Services payment. This revenue reimburses the City for costs associated
with Alameda County Fire’s responses to service calls at the Santa Rita Jail. Although a
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program change implemented in the prior fiscal year was expected to reduce service calls and
related reimbursements, actual revenues were $1.4 million above the Amended Budget,
despite a year-over-year decrease of $300,000.
In addition to the Santa Rita Jail reimbursement, year-over-year revenue declines were
primarily driven by Parks and Community Services (PCS), which experienced a $680,000
decrease compared to the prior year. About $200,000 of this decrease reflects moving some
recreation revenue to the Rents and Leases category. While PCS programs continued to see
strong participation and revenues exceeded budget estimates, overall receipts declined from
the prior year. Contract program revenue decreased following an exceptional surge in F iscal
Year 2022-23, when post-pandemic demand temporarily spiked. Participation levels have
since stabilized at a level consistent with regional trends.
Revenues from The Wave also declined due to cooler early-summer weather and lower
demand for swim lessons. Additionally, Cultural Arts revenue came under budget due to the
Dublin Arts Center not being opened during the fiscal year.
Other Revenue (-$1,082,432 vs. prior year / +$539,578 vs. budget). Many revenues
in this category are non-recurring, such as community benefit payments and one -time
reimbursements. The increase from the Amended Budget is primarily due to a $1 million
community benefit payment received from the Dublin Centre development. The year-over-year
decrease reflects the receipt of a one-time settlement payment in FY 2023-24
Expenditures
Salaries and Wages (+$537,258 vs. prior year / -$1,627,509 vs. budget). Staffing
costs came in lower than the Amended Budget due to several high-level vacancies and the
timing of new hires throughout the year. The year-over-year increase is primarily attributable to
annual cost-of-living adjustments and merit-based salary increases.
Benefits (+$1,038,805 vs. prior year / -$695,888 vs. budget). Like Salaries and
Wages, benefit costs came in lower than the Amended Budget due to vacant positions
throughout the year. The year-over-year increase reflects higher retirement contribution rates
through CalPERS and rising health care costs.
Services and Supplies (+$561,261 vs. prior year / -$1,728,439 vs. budget).
Expenditures for Services and Supplies were higher than the prior year, primarily due to
increased insurance costs through the City’s Plan Joint Powers Agreement. Insurance
premiums nationwide have risen significantly over the past few years, resulting in the City’s
total cost increasing from $1.48 million in Fiscal Year 2022 -23 to $3.99 million in Fiscal Year
2024-25. Despite this substantial increase, the final premium amount was approximately
$250,000 lower than originally projected.
Year-over-year increases also reflect one-time purchases within the Maintenance Division,
including hammocks installed at Don Biddle Community Park and three-stream receptacle bins
for various City facilities. Expenditures came in lower than the Amended Budget due lower -
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than-anticipated costs for repairs and maintenance of City vehicles and facilities, and reduced
fuel costs. Additionally, opioid settlement funds received in the current fiscal year were not
spent and will be carried forward into Fiscal Year 2025 -26.
Utilities (+$517,887 vs. prior year / -$732,480 vs. budget). Utility costs can be difficult
to project and are often influenced by factors outside of the City’s control. For example, a
prolonged rainy season can lead to savings in water expenditures, while an especially warm
summer can significantly increase energy consumption and costs. Utility expenditures in Fiscal
Year 2024-25 were higher than the prior fiscal year but remained significantly below the
Amended Budget. Staff had anticipated a double -digit increase in energy costs based on
information provided by the utility companies, indicating significant rate hikes for both electricity
and natural gas. However, actual City costs of these utilities remained relatively flat. The
overall year-over-year increase in utility expenditures is attributed to higher than projected
recycled water costs associated with both park and landscape irrigation.
Contracted Services (+$4,848,369 vs. prior year / -$4,668,369 vs. budget).
Contracted Services expenditures increased year-over-year primarily due to planned cost
increases in Police Services, Fire Services, and Maintenance contracts.
When compared to the Amended Budget, overall Contract Services expenditures stayed
approximately $4.6 million under budget, with about $900,000 to be carried forward into F iscal
Year 2025-26 for ongoing or uncompleted projects. Additional savings occurred in Public
Works due to lower-than-expected building maintenance costs and the timing of development -
related work and inspections. The Finance Department also realized savings from bu dgeted
funds intended for additional investments with Chandler Asset Management, which were not
made due to financial market uncertainty. Finally, Parks and Community Services experienced
budget savings resulting from the delayed opening of the Dublin Arts Center.
Capital Outlay (-$228,919 vs. prior year / -$711,769 vs. budget). Underspending in
Capital Outlay was primarily due to project timing. The Amended Budget included funding for
upgrades to the City’s fire station alerting system and costs associated with the opening of the
Dublin Arts Center. The alerting system project, led by Alameda County Fire, experienced
delays and has begun in the current fiscal year, with the related funding carried forward.
Similarly, capital costs for the Dublin Arts Center were not incurred due to the timing of the
facility’s opening; those budgets have been carried forward to Fiscal Year 2025-26 as well.
Transfers Out for Capital Improvement Program (CIP) Projects
The General Fund transferred out $10.7 million in Fiscal Year 2024-25 for capital project
expenditures. Of that amount, $5.4 million was covered by Committed/Assigned Reserves,
$3.3 million was covered by Undesignated Reserves (i.e., cash flow), and $1.9 million was
reimbursed, as shown in Table 2. A total of $43.2 million in unspent capital project budgets has
been carried over to Fiscal Year 2025-26.
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Table 2: General Fund CIPs
Category / Project
Amount
Committed/Assigned Reserves
Civic Center Rehabilitation $475,753
Cultural Arts Center 3,000,175
Dublin Blvd Extension 21,177
Dublin Irrigation System Upgrades 438,000
Fallon Park Flag Installation 118,989
Fallon Sports Park Phase 3 48,537
Green Stormwater Infrastructure 923,599
IT Infrastructure Improvement 2,976
Village Parkway Reconstruction 430,794
Subtotal - Committed/Assigned $5,460,000 Undesignated Reserves
Alamo Creek Park & Assessment Dist. Fence Replacement $7,073
Annual Street Resurfacing 1,839,821
Audio Visual System Upgrade 239,905
Citywide Energy Improvements 30,161
Downtown Dublin Street Grid Network 28,791
Dublin Standard Plans Update 512
Financial System Replacement 312,500
Iron Horse Nature Park & Open Space 7,750
Jordan Ranch Neighborhood Square 900
Kolb Park Renovation 933
Resiliency and Disaster Preparedness 466,557
Restrooms Replacement 758
Situational Awareness Camera 384,352
Waste Enclosure Upgrade 123
Subtotal - Undesignated $3,320,135
Reimbursable
Green Stormwater Infrastructure $1,888,264
Subtotal – Reimbursable $1,888,264
Total - General Fund Transfers Out to CIPs $10,668,401
General Fund Reserves
General Fund Reserves allocations are generally made twice a year: in June, with preliminary
close of the fiscal year books, and again in the fall/winter, when the books are essentially
closed. With this report, Staff is recommending changes to Committed and Assigned Reserve
allocations, as well as to how some reserves are named and categorized. These changes are
described below.
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Allocation Changes
In June 2025, Staff recommended making only two reserve designations ($1.0 million to the
Lease Revenue Bond Payoff, and $3.6 million to the Dublin Boulevard Extension Ad vance)
and deferring additional designations until the close of the fiscal year due to economic
uncertainty at the time. With the close of the financial books, Staff now recommends additional
designations, as shown in Table 3 and discussed further below.
Table 3. Committed/Specific Assigned Reserve Recommendations
Reserve Category
June 2025
Approval
Q4
Adjustment
FY 24-25
Total
Adjustment
Adjustment
Type
Committed
Emergency Communications ($532,113) ($532,113) Eliminate
Lease Revenue Bond Payment $1,000,000 $1,000,000 Increase
Downtown Public Improvements $8,885,798 $8,885,798 Increase
One-Time Initiative – Capital ($1,917,848) ($1,917,848) Transfer Out
One-Time Initiative – Operating ($503,860) ($503,860) Transfer Out
Innovations & New Opportunities $2,421,708 $2,421,708 Transfer In
Contribution to Public Facility
Fees $4,000,000 $4,000,000 Increase
Advance to Public Facility Fees $5,000,000 $5,000,000 Increase
Assigned
Dublin Blvd Extension Advance $3,563,913 $8,000,000 11,563,913 Increase
Emergency Communications Reserve – Decrease $532,113 (Eliminate). The
Emergency Communications Reserve was originally established to fund the City’s share of a
Countywide Emergency Communications System Upgrade. After the project was completed,
the remaining balance was retained to potentially fund future communication infrastructure
needs, such as upgrades to the City’s phone system.
Since that time, Staff has established dedicated Internal Service Fund s to support ongoing
replacement and upgrades of communication systems. As a result, this reserve is no longer
necessary. Staff recommends liquidating the reserve and reallocating the remaining balance to
other City priorities.
Downtown Public Improvement Reserve – Increase $8,885,798. Based on Strategic
Objective 1B of the City’s Strategic Plan, Staff is recommending designating an additional
$8,885,798 to the Downtown Public Improvement Reserve, for a total set-aside of $45.0
million.
Innovation & New Opportunity Reserve – Transfer $2,421,708 from Other
Reserves. This reserve was established to provide funding for unique or emerging initiatives.
Examples of projects supported by this reserve include the purchase and installation of
situational awareness cameras and the installation of electric vehicle charging stations.
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Upon review of the City’s reserve structure, Staff determined that maintaining three separate
reserves with similar purposes was unnecessary. To streamline the City’s reserve framework
and consolidate funds for flexibility and efficiency, Staff recommends closing the One-Time
Initiative – Capital Reserve and the One-Time Initiative – Operating Reserve and transferring
their balances to the Innovation and New Opportunity Reserve.
Contribution to Public Facility Fee – Increase $4,000,000. This reserve was
established to set aside funds to address a potential funding shortfall in the Public Facility Fee
(PFF) Program once the program reaches full buildout, which is expected to coinc ide with
overall City buildout. A shortfall may occur if actual fee collections are lower than projected, or
if the assumptions used to calculate the PFF differ from the facilities ultimately constructed or
the type of development that occurs. This reserve serves as a financial safeguard to ensure
sufficient funding is available to complete all projects identified in the PFF.
Advance to Public Facility Fee – Increase $5,000,000. This reserve was established
to provide funding advances for major community projects, including Wallis Ranch Community
Park, Jordan Ranch Neighborhood Square, and Library Tenant Improvements. Funds
advanced from the General Fund will be reimbursed as Public Facility Impact Fees are
collected from future development.
Staff recommends adding an additional $5,000,000 to this reserve to advance the purchase of
community nature park land, as outlined in the Developer Agreement between the City and GH
Pac Vest.
Dublin Boulevard Extension Advance – Increase $8,000,000. The Dublin Boulevard
Extension Advance Reserve was established to set aside funds as a cash -flow advance to the
Eastern Dublin Transportation Impact Fee (EDTIF) program. This reserve provides upfront
funding for the construction of the Dublin Boulevard Extension, which will be completed prior to
development occurring in the area. As development proceeds, EDTIF revenues will reimburse
the General Fund for the advance.
The current EDTIF advance is estimated at $63 million. Staff recommends adding an
additional $8 million to this reserve based on updated project cost estimates and the potential
need for General Fund participation in certain mitigation -related expenses. With this additional
designation, the total amount set aside in the Dublin Boulevard Extension Advance Reserve
will be $71.0 million.
The attached Resolution confirms designations of additional Committed Reserves for Fiscal
Year 2024-25. City Council approval of Assigned Reserves is not necessary by resolution.
Reserve Name / Category Changes
Catastrophic Loss Reserve – Change Name to Asset Contingency Reserve. The
Catastrophic Loss Reserve was established to maintain a reserve balance equal to 15% of the
book value of the City’s assets. While this is a long-standing reserve in Dublin, there is no
external requirement or industry best practice that any reserve, replacement or other, be tied to
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a fixed percentage of an organization’s asset book value. In fact, setting a percentage
threshold is generally discouraged, as it may not accurately reflect the current replacement
cost or condition of assets. This can result in underfunding (if replacement costs exceed book
value) or overfunding (if the assets have significant remaining useful life).
While Staff supports maintaining a reserve to address unforeseen costs related to City assets,
it is recommended that the reserve name and purpose be updated to allow for broader use.
This would enable the reserve to cover a wider range of asset -related needs beyond
catastrophic loss or damage—such as repairs, damage mitigation, or unanticipated
infrastructure costs.
Category Changes. To increase clarity on the City’s funding sources, Staff has made a
revision to how the General Fund reserves are categorized and presented. Within the major
categories of Committed and Assigned reserves, Staff created sub categories as shown in
Table 4. Attachment 2 shows the regrouping of reserves into the new subcategories.
Table 4. Updated Reserve Categories
Description
Committed Reserves
Contingency Reserves Funds set aside to address future liabilities and significant
unanticipated events.
Project Specific
Reserves
Funds designated for current or future CIP projects or other
defined initiatives.
Assigned Reserves
Accounting Adjustment
Reserves
Used to book annual accounting and year-end adjustments to
ensure compliance with reporting standards.
Specific Use Reserves
Funds set aside for defined or restricted purposes, such as
paying off the lease revenue bonds or relocating the Parks and
Community Services Department when the Dublin Arts Center
opens.
Non-Specific Use
Reserves
Funds set aside for more broadly defined objectives, providing
flexibility for purposes consistent with the City’s strategic and
financial objectives.
STRATEGIC PLAN INITIATIVE:
Strategy 1: Economic Development, Small Business Support, and Downtown Dublin
Objective B: Work with ARA and Hines on the development of the Dublin Commons project,
including associated public improvements, relocation of tenants, development agreement and
appropriate incentives to effectuate physical changes to the area, as well as support for small
businesses.
Strategy 4: Inclusive and Effective Government
Objective A: Set reserves aside for major infrastructure investments which are key to the City’s
economic future.
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Strategy 5: Long-Term Infrastructure and Sustainability Investments
Objective A: Continue to explore funding mechanisms for capital and ongoing maintenance
needs.
Strategy 5: Long-Term Infrastructure and Sustainability Investments
Objective B: Focus on major street improvements to assist in improving safety and traffic
movement, including Village Parkway, Tassajara Road, and Dublin Boulevard extension.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Authorizing Additional Special Designations of General Fund Reserves for
Fiscal Year 2024-25
2) Exhibit A to the Resolution – General Fund Reserves
3) Fiscal Year 2024-25 General Fund Summary
399
Attachment 1
Reso. No. XX-25, Item X.X, Adopted XX/XX/2025 Page 1 of 2
RESOLUTION NO. XX – 25
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
AUTHORIZING ADDITIONAL SPECIAL DESIGNATIONS OF GENERAL FUND RESERVES
FOR FISCAL YEAR 2024-25
WHEREAS, the City's Fund Balance and Reserves Policy requires special fund balance
allocations to be adopted by the City Council, and allows the City Council to take action prior to
the end of the fiscal year to direct a specific assignment of the fund balance; and
WHEREAS, Staff reviewed updated information regarding fund balance and estimated
one-time revenues during the preparation of the Fiscal Year 2025 -26 Budget; and
WHEREAS, the City Council approved allocations to specific Committed Reserves and
Assigned Reserves on June 17, 2025, based on estimated revenues and expenditures at that
time.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby make a special allocation of the estimated Fiscal Year 2024-25 year-end balance to the
Committed fund balance as follows:
Decrease the reserve for Emergency Communication by $532,113
Increase the reserve for Downtown Public Improvements by $8,885,798
Decrease the reserve for One-Time Initiative – Capital by $1,917,848
Decrease the reserve for One-Time Initiative – Operating by $503,860
Increase the reserve for Innovations & New Opportunities by $2,421,708
Increase the reserve for Contribution to Public Facility Fees by $4,000,000
Increase the reserve for the Advance to Public Facility Fees by $5,000,000
BE IT FURTHER RESOLVED that, any net resources remaining after special designations,
and after meeting the Fund Balance and Reserves Policy requirements, will be left in the
Unassigned (Available) Reserve.
BE IT FURTHER RESOLVED, that the City Council of the City of Dublin does hereby
approve the proposed changes to the categorization of the Reserves as shown in Exhibit A to
the Resolution.
{Signatures on the following page}
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Reso. No. XX-25, Item X.X, Adopted XX/XX/2025 Page 2 of 2
PASSED, APPROVED AND ADOPTED this 4th day of November 2025, by the following
vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
______________________________
Mayor
ATTEST:
_________________________________
City Clerk
401
FISCAL YEAR 2024-25 Q4 UPDATE GENERAL FUND RESERVES SUMMARY
RESERVE DESCRIPTION
Actual Increase Decrease Net Change Actual
Non-Spendable $54,709 ($14,586)($14,586) $40,123
Prepaid Expenses 54,709 (14,586)(14,586)40,123
Restricted $9,351,801 $6,890,844 $0 $6,890,844 $16,242,645
Cemetery Endowment 60,000 60,000
Developer Contribution - Downtown 1,490,000 1,490,000
Developer Contr - Heritage Park 19,000 19,000
Developer Contr - Nature Park 60,000 60,000
Heritage Park Maintenance 750,000 750,000
Public Facilities Advance 4,901,566 6,704,350 6,704,350 11,605,916
Section 115 Trust - Pension 2,071,235 186,494 186,494 2,257,730
Committed $180,760,419 $20,449,711 ($3,980,725)$16,468,986 $197,229,405
Contigency Reserves
(Assigned) -Asset Contingency 17,714,064 17,714,064
Economic Stability 8,000,000 8,000,000
Fire Svcs Pension/OPEB 2,211,094 2,211,094
- Parks and Streets Contingency 201,270 201,270
- Pavement Management 2,000,000 2,000,000
- Pension & OPEB 18,000,000 18,000,000
Public Safety Reserve 4,600,000 4,600,000
- Service Continuity 3,150,000 3,150,000
Project Specific Reserves
Cultural Arts Center (CIP) - GI0120 4,402,990 (3,000,175)(3,000,175)1,402,815
Don Biddle Park (CIP) - PK0115 675,193 675,193
Downtown Public Improvement - ST0319 36,118,491 8,885,798 (4,289)8,881,509 45,000,000
Dublin Blvd Extension Advance ST0216 59,500,000 11,563,913 (21,177)11,542,736 71,042,736
Fallon Sports Park III Contingency - PK0119 100,000 (48,537)(48,537)51,462
- HVAC Replace. & Civic Ctr Improv. (CIP) - GI0122 2,288,697 (475,753)(475,753)1,812,944
- Library Tenant Improvement - GI0521 1,000,000 1,000,000
Maintenance Facility (CIP) - GI0509 55,008 55,008
- Village Pkwy Pavement Reconstruction - ST0323 20,743,613 (430,794)(430,794)20,312,819
Assigned $56,857,608 $25,994,180 ($23,515,540)$2,478,640 $59,336,248
Accounting Adjustment Reserves
Accrued Leave 1,518,423 70,971 70,971 1,589,394
CIP Carryovers 16,670,673 17,186,131 (16,670,673)515,458 17,186,131
Façade Improvement Grants 429,972 429,972
Operating Carryovers 963,754 1,690,898 (963,754)727,144 1,690,898
Specific Use Reserves
(Committed) - Advance to Public Facility Fee 6,704,350 5,000,000 (6,704,350)(1,704,350)5,000,000
ARPA Revenue Replacement 990,187 990,187
- Contribution to Public Facility Fee 6,000,000 4,000,000 4,000,000 10,000,000
) - Lease Revenue Bond Payoff 8,000,000 1,000,000 1,000,000 9,000,000
- One-Time Initiative - Capital 1,917,848 (1,917,848)(1,917,848)0
- One-Time Initiative - Operating 503,860 (503,860)(503,860)0
Relocate Parks Dept 500,000 500,000
- Utility Undergrounding 3,500,000 3,500,000
Non-Specific Use Reserves
Climate Action Plan 2,669,424 (114,906)(114,906)2,554,518
- Emergency Communications 532,113 (532,113)(532,113)0
- Innovations & New Opportunity 894,498 2,421,708 2,421,708 3,316,206
Municipal Regional Permit 1,809,022 (923,599)(923,599)885,422
Non-Streets CIP Commitments 3,253,486 (559,965)(559,965)2,693,521
Unassigned $43,408,415 $27,510,850 ($18,292,890) $9,217,961 $52,626,375
Unassigned-Unrealized Gains (7,039,428)9,181,038 9,181,038 2,141,609
Unassigned (Available)50,447,843 50,484,766
TOTAL RESERVES $290,432,952 $80,845,585 ($45,803,740) $35,041,845 $325,474,797
Attachment 2 - Exhibit A to Resolution
402
FISCAL YEAR 2024-25 GENERAL FUND SUMMARY
Actual
2023-24
Adopted
2024-25
Amended
2024-25
Actuals
2024-25
Revenues
Property Tax $61,967,658 63,225,641 63,225,641 63,838,672
Sales Tax 31,293,707 30,536,365 30,536,365 29,172,420
Sales Tax Reimbursements (390,267) (375,000) (375,000) (350,000)
Development Revenue 6,857,011 7,803,163 9,157,883 10,366,065
Transient Occupancy Tax 1,481,868 1,550,000 1,550,000 1,324,612
Other Taxes 7,647,501 7,145,000 7,145,000 7,531,724
Licenses & Permits 230,552 239,300 239,300 344,825
Fines & Penalties 98,693 67,400 67,400 53,168
Interest Earnings 8,499,829 5,622,800 9,622,800 11,163,695
Rentals and Leases 2,172,046 2,223,573 2,223,573 2,159,045
Intergovernmental 441,518 300,000 300,000 540,580
Charges for Services 9,678,380 7,372,703 7,439,807 8,669,970
Other Revenue 4,489,879 2,556,358 2,867,870 3,407,448
Subtotal Revenues - Operating $134,468,374 $128,267,303 $134,000,639 $138,222,222
Transfers In $227,051 $162,885
CIP Reimbursement Payments $2,152,018
Unrealized Gains/Losses/Adjustments 7,022,273 9,181,038
Total Revenues $141,717,698 $128,267,303 $134,000,639 $149,718,163
Expenditures
Salaries & Wages $13,508,508 $15,706,648 $15,673,275 $14,045,766
Benefits 4,500,714 6,235,407 6,235,407 5,539,519
Services & Supplies 5,831,603 8,047,629 8,121,663 6,393,224
Internal Service Fund Charges 5,443,999 5,475,186 5,475,186 5,475,186
Utilities 2,602,582 3,852,949 3,852,949 3,120,469
Contracted Services 61,003,255 67,575,579 70,520,386 65,851,624
Capital Outlay 462,908 869,000 945,758 233,989
Debt Service Payment 1,331,850 1,334,650 1,334,650 1,334,650
Contingency & Miscellaneous 13,318 224,000 224,000 13,491
Subtotal Expenditures - Operating $94,698,737 $109,321,048 $112,383,274 $102,007,918
Operating Impact (REV-EXP)$39,769,637 $18,946,255 $21,617,365 $36,214,304
Transfer Outs & Contributions to Other Funds
Transfers Out (CIPs) - Com./Assig. Reserve 3,720,645 1,695,229 31,106,948 5,460,000
Transfers Out (CIPs) - Undesignated 601,971 3,401,794 20,506,267 3,320,135
Transfers Out (CIPs) - Reimbursable 2,335,687 1,888,264
Contribution to ISF & Other 2,000,000 2,000,000 2,000,000 2,000,000
Subtotal - Transfers Out & Contributions $6,322,616 $7,097,023 $55,948,902 $12,668,399
Total Expenditures $101,021,353 $116,418,071 $168,332,176 $114,676,318
GF Impact (Include CIP & Transfers) $40,696,344 $11,849,232 ($34,331,537) $35,041,845
TOTAL GENERAL FUND BALANCE $290,432,952 $302,282,184 $256,101,415 $325,474,797
Attachment 3
403
Fiscal Year 2024-25
4th Quarter Financial Review
and Additional Special
Designation of General Fund
Reserves
November 4, 2025
404
General Fund (GF) Overview
•Revenues = $138.2 Million
•$4.2 Million over budget
•$3.8 Million over prior year
•Expenditures = $102.0 Million
•$10.3 Million under budget
•$7.3 Million over Prior Year
•Transfers Out = $12.7 Million
Table 1: General Fund Summary
FY 2023-24 FY 2024-25
405
GF Revenue Summary
Revenues –$4.2 Million over budget
•Property Tax (+$0.6 Million)
•Assessed Value (AV) increase of $1.02 Billion (4.6%)
•2% Consumer Price Index adjustment
•Supplement and Prior Period Property Tax higher than budgeted
•Sales Tax (-$1.4 Million)
•Economic Uncertainty lowered projections $30.5 Million $28.5 Million
•Actual revenue = $29.1 Million
•Dublin Businesses resilient
406
GF Revenue Summary, 2
•Development Revenue (+$1.2 Million)
•Accelerated Development
•Dublin Center and Francis Ranch
•Other Taxes (+$0.4 Million)
•Increase in Electric Franchise Fee
•Decrease in Property Transfer Taxes and Cable Franchise Fees
•Interest Earnings (+$1.5 Million)
•Rates (4.25%-4.50%)
•Portfolio Market Yield Increase
•Cash Balance
407
GF Revenue Summary, 3
•Charges for Services (+$1.2 Million)
•Santa Rita
•Recreation Programming (Aquatics/Sports)
•Recreation Programming (Cultural Arts)
•Other Revenue (+$0.5 Million)
•Community Benefit Payment –Dublin Centre
408
GF Expenditure Summary
Expenditures –$10.4 Million Under Budget
•Salaries and Wages (-$1.6 Million)
•Vacant Positions
•Hiring Timing
•Benefits (-$0.7 Million)
•Vacant Positions
•Services and Supplies (-$1.7 Million)
•Lower insurance premiums
•Lower costs for repairs and maintenance (vehicles/facilities)
•Opioid Funds
409
GF Expenditure Summary, 2
•Utilities (-$0.7 Million)
•Higher Rates Offset by Lower Utilization
•Contracted Services (-$4.6 Million)
•Building Maintenance
•Dublin Arts Center opening
•Finance investment savings
•Capital Outlay (-$0.7 Million)
•Fire Station Alerting System
•Dublin Arts Center opening
410
Transfers Out
•Total GF Transfers Out = $12.7 Million
•Designated Reserves = $5.5 Million
•Unassigned Reserves = $3.3 Million
•CIPs –Reimbursable = $1.9 Million
•Other (Pension/ISF) = $2.0 Million
Amended
2024-25
Actuals
2024-25 Difference
Transfers Out (CIPs) - Com./Assig. Reserve 31,106,948 5,460,000 (25,646,948)
Transfers Out (CIPs) - Undesignated 20,506,267 3,320,135 (17,186,132)
Transfers Out (CIPs) - Reimbursable 2,335,687 1,888,264 (447,423)
Contribution to ISF & Other 2,000,000 2,000,000 -
Subtotal - Transfers Out & Contributions $55,948,902 $12,668,399 ($43,280,502)
411
GF Reserves
Recommendations -Based on Strategic Objectives
•Downtown Public Improvement Reserve
•Increase $8,885,798 –New Balance = $45.0 Million
•Emergency Communication Reserve
•Decrease $532,113 –New Balance = $0.0 Million
•Remove Reserve
•Contribution to Public Facility Fee Reserve
•Increase $4.0 Million –New Balance = $10.0 Million
412
GF Reserves, 2
•Advance to Public Facility Fee Reserve
•Increase $5.0 Million –New Balance = $5.0 Million
•Dublin Boulevard Extension Advance
•June increased $3,563,913
•Increase $8.0 Million –New Balance = $71,042,736
•Innovation & New Opportunity Reserve
•Transfer $2,421,708 –New Balance = $3,316,206
•One-Time Initiative –Capital
•Transfer $1,917,848 –New Balance = $0.0 Million
•Remove Reserve
413
GF Reserves, 3
•One-Time Initiative –Operating
•Transfer $503,860 –New Balance = $0.0 Million
•Remove Reserve
•Total Reserves = $325.4 Million
•$50.5 Million Unassigned Cashflow Reserve
•5.2 months of operating expenses
•Policy calls for 2-4 months
414
GF Reserves, 4
•Reserve Updates
•Name Change:Catastrophic Loss to Asset Contingency
•Reserve Recategorization:Easier to understand/greater transparency
415
Staff Recommendations
•Adopt the Authorizing Additional Special Designations of
General Fund Reserves for Fiscal Year 2024-25 and confirm
additional General Fund reserve designations as of June 30, 2025.
416