HomeMy WebLinkAbout5.4 Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2025 and Supplemental Reports Completed by the City’s Independent Auditors
STAFF REPORT
CITY COUNCIL
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Agenda Item 5.4
DATE: December 16, 2025
TO: Honorable Mayor and City Councilmembers
FROM: Colleen Tribby, City Manager
SUBJECT:
Annual Comprehensive Financial Report (ACFR) and Annual Audit for
Fiscal Year Ending June 30, 2025 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 (FY) ending June 30, 2025. 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 examination of the American Rescue Plan Act (ARPA) Fund; and 5)
a review of the City's Annual Appropriations Limit Calculation .
The reports have been reviewed by the City Council Ad-Hoc Audit Subcommittee.
STAFF RECOMMENDATION:
Receive the reports.
FINANCIAL IMPACT:
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 3-8.
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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, 2025. 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 Hu and
Councilmember Morada, to review the results of the audit. The interaction of the auditors
directly with representatives of the elected body is a key component of the audit standards and
provides the Committee an opportunity to discuss the report and ask questions of the auditors.
Based on their testing and review, the auditors granted the City a "clean opinion" (see ACFR
pages 1-4), meaning that the financial statements present fairly, in all material respects, the
financial position of the City.
The compliance audits for the additional reports found that, based on the information reviewed
and presented, expenditures were materially in compliance with the program requirements
(Attachments 4-7).
Financial Overview
Attachment 1 provides a guide to key elements contained in the ACFR. Some of the important
financial results include an increase of $64.6 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. $560.4 million (54% of total net assets) in investments in capital assets (e.g. land,
infrastructure, buildings, and equipment).
2. $137.6 million (13% of total net assets) that is subject to external restrictions on how it
can be used, such as development impact fee funds.
3. $331.3 million (33% of total net assets) in net assets that are unrestricted.
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TABLE 1: SUMMARY OF NET POSITION
June 30, 2025 and 2024
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 2024-25.
Designation of Fund Balances
The City's designation of fund balances and Reserves Policy conforms to required standards
enacted by the Governmental Accounting Standards Board (GASB). A listing of the FY 2024 -
25 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, 2025 and 2024
As shown above, General Fund Reserves totaled $325.5 million as of June 30, 2025. Of that
amount, $50.4 million is available for cash flow purposes, equating to approximately 5.2
months of budgeted operating expenditures in FY 2025 -26. This exceeds the target as guided
by the policy, which sets the cash flow goal at between two and four months of the next year's
budget.
Additional Reports Prepared by Auditors
In addition to the audit of the financial statements, the audit engagement also included the
completion of specialized reports. The five supplemental reports include:
1. A compliance audit of Alameda County Transportation Commission (ACTC) Measure B
Funds.
2. A compliance audit of the ACTC Measure BB Funds.
3. A compliance audit of the ACTC Vehicle Registration Fee (Measure F) Program .
4. A compliance examination of the American Rescue Plan Act (ARPA) Fund.
5. A review of the City's Annual Appropriations Limit Calculation.
ACTC Measure B Funds Report (Attachment 4)
ACTC provides local funding via two local programs: 1) Local Street Improvements; and 2)
Bicycle and Pedestrian Improvements.
As of June 30, 2025, the Measure B Fund reported a zero fund balance for Local Streets and
Roads and had $1,015 restricted for Bicycle and Pedestrian improvements. No capital
expenditures for projects were funded by Measure B during FY 2024 -25.
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.
As of June 30, 2025, the Measure BB Fund had a restricted fund balance of $2,963,660 for
Local Streets and Roads, and $169,942 restricted for Bicycle and Pedestrian improvements.
During FY 2024-25, the following projects were funded by Measure BB:
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Annual Street Resurfacing
Citywide Bicycle and Pedestrian Improvements
Citywide Signal Communication Upgrade
Forest Park
Traffic Signal Re-Lamping
Traffic Signal and Roadway Safety
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, 2025, the ACTC VRF Measure F Fund had a balance of $243,568 in restricted
funds. During FY 2024-25, the following projects were funded by Measure F:
Citywide Bicycle and Pedestrian Improvements
Citywide Signal Communication Upgrade
Traffic Signal Re-Lamping
Traffic Signal and Streetlight Maintenance
American Rescue Plan Act (ARPA) Fund Examination (Attachment 7)
The City is required to complete the Alternative Compliance Examination if total Coronavirus
State and Local Fiscal Recovery Funds (CSLFRF) and/or American Rescue Plan Act (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 2024-25 the City had $1,000,314 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 30,2025.
Appropriation Limit Schedule Report (Attachment 8)
State law requires the adoption of an Appropriations Limit which must be included in the
budget document. The City Council adopts the Limit by resolution, and it is adjusted annually
based on factors 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
$527,518,172 limit as presented in the FY 2025 -26 Budget, and there were no exceptions
noted in the findings.
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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 2024-25
3) Fiscal Year 2024-25 Auditors’ Communication with Those Charged with Governance
4) Fiscal Year 2024-25 Measure B Report
5) Fiscal Year 2024-25 Measure BB Report
6) Fiscal Year 2024-25 Measure F Report
7) Fiscal Year 2024-25 ARPA Examination
8) Appropriations Limit Fiscal Year 2025-26
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Attachment 1
SUMMARY - KEY INFORMATION
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDING JUNE 30, 2025
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 5-21): 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 26-28 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 197-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 81 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 202 4-25 does not note any
findings. This information is presented as a separate document and is included as
Attachment 3.
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Attachment 2
City of Dublin
CALIFORNIA
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
Fiscal Year ended June 30, 2025
33
City of
Dublin
Dublin, California
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Prepared by :
Finance Department
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City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2025
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 ................................................................................................... 26
Government-Wide Statement of Activities ........................................................................................................ 28
Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet ...................................................................................................................................................... 32
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position ................................................................................. 35
Statement of Revenues, Expenditures and Changes in Fund Balances ...................................................... 36
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Government-Wide
Statement of Activities ................................................................................................................................... 39
Statement of Revenues, Expenditures and Changes in Fund Balance – Budget and Actual:
General Fund ................................................................................................................................................... 41
Affordable Housing Special Revenue Fund ................................................................................................ 42
Proprietary Fund Financial Statements:
Statement of Net Position ................................................................................................................................. 44
Statement of Revenues, Expenses and Changes in Fund Net Position ...................................................... 45
Statement of Cash Flows ................................................................................................................................... 46
35
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position................................................................................................................ 48
Statement of Changes in Fiduciary Net Position ........................................................................................... 49
Notes to Basic Financial Statements ....................................................................................................................... 53
Required Supplementary Information (Unaudited):
Defined Benefit Pension Plan
Schedule of the City’s Proportionate Share of the Net Pension Liability – Last 10 Years ......................... 101
Schedule of Contributions – Last 10 Years ...................................................................................................... 102
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 .............................................................. 103
Schedule of City Retiree Health Plan Contributions – Last 10 Years ........................................................... 104
Supplementary Information:
General Fund – Budget Versus Actual
Schedule of Budget Versus Actual Revenue by Sources ............................................................................... 107
Schedule of Budget Versus Actual Departmental Expenditures .................................................................. 108
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 .............................................................................. 112
Parks Projects Capital Projects Fund ............................................................................................................. 113
Streets Projects Capital Projects Fund ........................................................................................................... 114
Public Art Capital Projects Fund ................................................................................................................... 115
Public Facilities Impact Fees Capital Projects Fund .................................................................................... 116
Fire Impact Fees Capital Projects Fund ......................................................................................................... 117
Traffic Impact Fees Capital Projects Fund .................................................................................................... 118
Dublin Crossing Contribution Capital Projects Fund ................................................................................. 119
36
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2025
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Non-Major Governmental Funds:
Combining Balance Sheet ................................................................................................................................... 124
Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................. 134
Schedules of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual .................. 143
Internal Service Funds:
Combining Statement of Net Position .............................................................................................................. 184
Combining Statement of Revenues, Expenses and Changes in Net Position ............................................. 186
Combining Statement of Cash Flows ............................................................................................................... 188
Custodial Funds:
Combining Statement of Fiduciary Net Position ............................................................................................ 192
Combining Statement of Changes in Fiduciary Net Position ....................................................................... 194
STATISTICAL SECTION (Unaudited)
Net Position by Component ..................................................................................................................................... 198
Changes in Net Position ............................................................................................................................................ 200
Fund Balances of Governmental Funds .................................................................................................................. 202
Changes in Fund Balances of Governmental Funds ............................................................................................. 204
Assessed Value of Taxable Property ....................................................................................................................... 206
Direct and Overlapping Property Tax Rates .......................................................................................................... 208
Principal Property Taxpayers .................................................................................................................................. 210
Property Tax Levies and Collections ...................................................................................................................... 211
Direct and Overlapping Debt ................................................................................................................................... 212
Ratios of Outstanding Debt by Type ....................................................................................................................... 213
Legal Debt Margin Information ............................................................................................................................... 214
Demographic and Economic Statistics .................................................................................................................... 216
Property Value, Construction, and Bank Deposits ............................................................................................... 217
Principal Employers .................................................................................................................................................. 218
Full-Time Equivalent City Employees by Department ........................................................................................ 222
Operating Indicators by Function/Program .......................................................................................................... 224
Capital Asset Statistics by Function/Program ...................................................................................................... 226
Top 25 Sales Tax Producers ...................................................................................................................................... 228
Miscellaneous Statistical Data .................................................................................................................................. 229
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December 16, 2025
Honorable Mayor, City Council, and Citizens:
Presented with this letter is the City of Dublin (City) Annual Comprehensive Financial
Report (ACFR) for the year ended June 30, 2025. 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 providing 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, 2025.
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 108 full-time
equivalent City employees in Fiscal Year (FY) 2024-25, in addition to temporary and
contract personnel. As of January 2025 and according to the California Department of
Finance, the City of Dublin serves a population of 74,691 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, operating 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 consists of a directly elected Mayor,
who serves a two-year term, and four Councilmembers who each serve four-year
terms. Currently, two of the City Councilmembers are elected through district-based
elections and two Councilmembers are elected at large. This is due to the City Council,
.,.
DUBLIN
CALIFORNIA
THE NEW
AMERICAN
BACKYARD
City Council
925.833.6650
City Manager
925.833.6650
Community Development
925.833.66 I 0
Economic Development
925.833.6650
Finance/IT
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
I 00 Civic Plaza
Dublin, CA 94568
P 925.833.6650
F 925.833.6651
www.dublin.ca.gov 39
in September 2022, amending the Dublin Municipal Code to transition to district-based elections. Under this
transition, two Council seats became district-based beginning with the 2024 election, and the remaining two
seats will shift to district-based representation in the 2026 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
litigation.
The City’s biennial budget serves as the foundation for the City’s financial planning and control. The
operating budget is adopted by the City Council on an annual basis prior to July 1 of each year. During
mid-cycle, a review and update are prepared and presented to the City Council for the adoption of the
second year’s budget. The City Council exercises budgetary control at the fund level, and budgeted
funds are adopted on a basis consistent with Generally Accepted Accounting Principles (GAAP) in the
United States. Expenditures may not legally exceed budgeted appropriations at the fund level, and
Management does not have the authority to increase the budget without the approval of the City
Council. However, the City Manager may authorize budgetary transfers from one account to another
within the same fund, appropriate funds from Committed and Assigned fund balances that have been
approved by the City Council for specific purposes, and appropriate funds for asset replacement funded
by the City’s Internal Services Funds.
Current City services include the City Manager’s Office (General Administration, Human Resources/Risk
Management, Community Engagement, City Clerk/Records, Disaster Preparedness, Economic
Development, and Civic and Strategic Affairs), Information Technology, Finance, City Attorney, Police
Services, Fire Services, Community Development (Building and Safety/Code
Enforcement/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 build-out, was planned
in the voter-approved 1994 Eastern Dublin Specific Plan. This vision has allowed a strong foundation,
quality neighborhoods, and public facilities to be built citywide. New developments in the Downtown
Dublin Specific Plan area, specifically in the Transit District, have provided housing opportunities as well
as retail space that will support a high quality of life in Dublin. In addition, the City’s aquatics complex,
The Wave, offers residents and visitors a recreation destination with pools, slides, and play structures
situated in the center of the community.
Development over the past decade has had positive budgetary impacts, allowing the City to make
significant investment in our community-serving facilities, such as parks. While careful financial
stewardship has put Dublin in a strong fiscal position, it is important to ensure the stability of the
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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 FY 2024-25 include the following:
Economic Development
Fiscal Year 2024–25 was another productive year for Economic Development as Staff continued
advancing initiatives that strengthen Dublin’s business community, foster innovation, and enhance the
City’s reputation as a welcoming place to start and grow a business. It also marked the adoption of a
new Economic Development Strategy and the beginning of its implementation, setting the stage for the
next phase of Dublin’s economic growth and vitality.
Supporting and Connecting Local Businesses
The City’s long-standing commitment to small business success remained central to its work this year.
Through the Small Business Navigator Program, seven small business owners received free professional
consulting services in key areas such as business planning, marketing, design, technology, financial
management, and architectural design. Feedback from participating businesses continued to be
positive, underscoring the program’s role as a vital resource for entrepreneurs in Dublin.
The Business Concierge Program continued to serve as a one-stop support system for general business
inquiries, or for businesses opening, expanding, or relocating within the city. In FY 2024–25, more than
300 businesses benefited from direct Staff assistance navigating the business license, planning, and
building processes.
To further connect with the business community, staff continued another round of outreach efforts
including hosting Open Office Hours, Virtual Business Roundtable Sessions, and staffing a table at the
Dublin Police Services Community Safety Fair at Emerald Glen Park. These informal settings encouraged
open dialogue and helped Staff better understand the needs of Dublin’s business owners.
Promoting and Celebrating Business Success
Dublin’s business community continued to grow and diversify over the past year. New additions
included Biryani Spot, Boba & More, Desi Pizza Bites, Auto Pro Detailing, K Beauty Bar Salon, Grand
Prospects Financial & Insurance Services, Allure Furniture, Inchin’s Bamboo Garden, Enlight Academy,
Gio Marine, Mad for Sushi, Tequila Bar & Grill, Elite Indoor Cricket, Little Scissors Barber Shop, G&C
Auto Body, Baithak, Foodle Market, Raya Dublin, Chip Cookies, Dublin Unique Dentistry, Joe’s Pho, Club
Pilates, Bódrum Mezze & Cocktails, Prepaze Academy, Roc Auto Repair, California Window Solutions,
BB.Q Chicken, and Mom’s Pho & Banh Mi, Electric Bike Center, and Jack London Kitchen and Bath
Showroom.
In addition, Staff attended and/or promoted grand opening / ribbon cutting ceremonies for Elite Indoor
Cricket, Airport Appliances, Toyota Service Station, Tequila Bar & Grill, and Bódrum Mezze & Cocktails.
Staff also attended the groundbreaking for The Whitford of Dublin, a senior living community, and the
25-year business anniversary celebration of Zeiss Innovation Center.
The Business Spotlight video series continued highlighting local entrepreneurs, sharing their stories
with the broader community, and showcasing the creativity and diversity that drives Dublin’s economy.
Participants included Cherie’s Southern Kitchen, Pallen’s Martial Arts – Tri-Valley, Yafa Hummus, Body
Bar Pilates, and Ducky Wash Laundromat.
Community engagement initiatives such as Small Business Night at the Farmers’ Market continued to
raise awareness of local businesses and encouraged residents to support Dublin-based establishments.
The event featured more than 20 participating businesses and provided exposure to over 2,000
community members.
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The annual Holiday Gift Guide, which is distributed to more than 35,000 households in Dublin and
Pleasanton, once again offered businesses an affordable way to promote their products and services
during the holiday season.
Strengthening Regional Partnerships and Innovation
The City maintained strong partnerships with regional organizations that advanced business
development and innovation. Through its collaboration with Visit Tri-Valley, Dublin participated in the
Taste Tri-Valley Restaurant Week, with 12 local restaurants taking part. Two Dublin establishments
ranked among the top five for customer engagement, demonstrating strong community support.
Staff worked with Startup Tri-Valley to deliver an AI Summit exploring topics such as AI privacy, bias,
transparency, legislation, and guardrails. This session, held in Dublin, drew regional participation and
reinforced the City’s role as a center for emerging technologies and business innovation in the Tri-
Valley.
In addition, Staff worked with Startup Tri-Valley and i-GATE Innovation Hub to help organize The
Unseen Opportunity in Women’s Health held in Dublin. This event was designed to spotlight the vast,
and largely untapped, economic potential in women’s health innovation.
Planning for Dublin’s Economic Future
This year marked continued progress on the update to the Economic Development Strategy. Staff
began implementing strategies in the document, starting with developing a marketing and branding
campaign to highlight Dublin’s unique advantages, competitive assets, transformational development
projects, and existing business and development incentives.
To ensure Dublin remains business-friendly, the City began preparing to implement a new business
registration system that could deliver a higher quality of service to the business community and better
address the needs of the program. In tandem, the Dublin Municipal Code Chapter 4.04 (Business
Registration) was amended to improve clarity, enhance operational efficiency, and support a better
customer experience for businesses.
There were a few noteworthy leases during FY 2024-25, including Spring Education Group leasing
81,575 square feet at 7950 Dublin Boulevard, All Natural Stone leasing 50,789 square feet at 6955-6979
Siera Court, SavvyMoney renewing its lease of 149,000 square feet of office space at 4160 Dublin
Boulevard, and Sana Market and Baker leasing 11,739 square feet at 6513 Regional Street.
Recognition of Excellence
The City’s efforts received statewide recognition when Dublin was honored with the California
Association for Local Economic Development (CALED) Award of Merit in the category of Programs and
Promotions for the Economic Development Strategy and General Plan Economic Development Element,
acknowledging the City’s leadership and innovation in developing a short- and long-range economic
development strategy to help shape the City’s long-term economic goals and implementation plan.
Community Development
Housing Production
Both Trumark Homes and LandSea Homes broke ground on mixed income housing developments
during the past year. The two projects combined will have nearly 1,100 homes once complete. Trumark
is building the Francis Ranch development which is made up of 573 single-family, multi-family and duet
housing units, and at least 50 accessory dwelling units across six neighborhoods. The project also
includes a two-acre future affordable housing site and includes two parks totaling 10 acres. LandSea is
building the Dublin Centre project with 500 single-family and multi-family housing units and 105
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accessory dwelling units. The project includes a two-acre park and a site reserved for a future
affordable housing project by Sunflower Hill.
Housing Element
The City has a certified and adopted 2023-2031 Housing Element. The Housing Element contains
policies and programs to be implemented at various times throughout the planning period. The City has
made significant progress toward implementing those policies and programs. The City Council has also
adopted several Zoning Ordinance Amendments to adopt policies that address recent changes in State
law.
Affordable Housing
Eden Housing broke ground in early 2025, on the 113-unit Dublin Family Affordable Apartments, an
affordable housing project for seniors. The City has committed significant resources to the project. This
includes dedicating the project site to Eden Housing at no cost (a $5M value), securing a $3.3M Local
Housing Trust Fund Grant for the project from the State of California, and allocating $5M from the
City’s share of the Alameda County Measure A-1 Bond Funds to the project.
Sunflower Hill is proposing to construct an affordable housing development for individuals with
intellectual and developmental disabilities at the Dublin Centre project. The City is facilitating the
acquisition of the project site at no cost to Sunflower Hill. In addition, in November of 2024, the City
allocated $5M from the City’s Affordable Housing Fund to help pay for the construction of the project.
The City Council adopted amendments to the City’s First Time Homebuyer Loan Program. The changes
are intended to increase the use of the program and ensure that it is compatible with other loan
programs. These changes included: 1) lowering the interest rate to 3%; 2) lowering the required
minimum downpayment to 3%; 3) increasing the maximum loan amount to 20 percent of the purchase
price and increasing the maximum loan amount to $100,000; and 4) allowing subordination of the
City’s lienholder position when other government homebuyer assistance programs are utilized in
conjunction with a City loan.
Public Safety
Dublin Police Services (DPS) Crime Prevention Unit (CPU) continued its crime enforcement and
community policing programs during FY 2024-25, 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 volunteering at the Alameda County Food Bank over the holidays.
In October 2024, Dublin Police hosted the 3rd Annual Trunk or Treat event at Emerald Glen Park. The
event was a huge success with more than 5,000 community members participating and about 100
pounds of candy passed out.
In early 2025, the School Resource Officer (SRO) unit added two Alameda County Sheriff’s Office (ACSO)
Retired Annuitants (RA) to run the Drug Awareness Resilience Education (D.A.R.E.) program in the
sixth grade. For the upcoming school year, the 10-week D.A.R.E. program will be taught at all the
middle schools in Dublin.
On Saturday, May 17, DPS organized the Dublin Community Safety Fair at Emerald Glen Park. The
Safety Fair provided community members with safety tips, resources from local businesses and non-
profits, and programs that strengthen the community. ACSO and DPS were among several first
responder agencies building positive community contacts with the citizens in attendance.
Dublin Police held an in-person, 10-week Citizens Academy in the spring and a five-day Youth
Academy in the summer for those interested in criminal justice.
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The DPS Traffic Unit was awarded more than $256,000 in grants from the California Office of Traffic
Safety and the CHP Cannabis Tax Fund Grant. The grant funds will be used for the education,
prevention, and enforcement of laws related to driving under the influence of alcohol or drugs,
including cannabis and cannabis products. A majority of these funds were used to purchase and outfit a
DUI Command Vehicle which will be used during future DUI Checkpoint Operations.
Since October 2024, DPS has been working diligently to replace all cameras used for Situational
Awareness (SitCams) and License Plate Readers with updated technology. The current cameras are
eight years old and the upgrades will include more than 80 cameras throughout strategic locations in
the City.
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 framework for achieving the City’s greenhouse gas reduction targets for
2030 and reaching carbon neutrality by 2045. In support of these goals, Staff continues to develop an
Electric Vehicle Infrastructure Plan to identify optimal locations for future charging stations and
encourage the transition to electric vehicles in alignment with the CAP and State policy objectives. Staff
has also begun work on an Existing Building Electrification Plan to identify barriers and potential
solutions for residents and businesses considering the transition from gas to electric appliances.
On June 3, 2025, the City Council approved a new 10-year agreement with Waste Management of
Alameda County, Inc. for both organics processing and solid waste disposal. Unlike the prior disposal-
only contract, the new agreement incorporates organics processing, allowing for greater efficiency and
cost savings by consolidating services at a single facility. Waste Management may also broker compost
on the City’s behalf to meet SB1383 procurement requirements, and the agreement includes provisions
for disaster support services as well as education and outreach components.
To meet new requirements in the Municipal Regional Stormwater National Pollutant Discharge
Elimination System Permit, Staff implemented a plan to reach 100% trash load reduction. Small trash
capture devices will be placed in existing storm drain inlets to ensure all litter and debris greater than
five millimeters in size is retained in the devices and prevented from entering the storm drain system.
Geographic Information System (GIS)
Access to City data was increased and several projects were undertaken to link documents and other
data sources to the GIS data system. Interactive web-based applications were created to increase
public, consultant, and staff engagement with City projects and data. Staff were trained to collect data
in the field using GIS-based mobile applications.
Capital Improvement Program
On June 17, 2025, City Council adopted an update to the Five-Year Capital Improvement Program 2024-
2029. The updated Capital Improvement Program (CIP) included a new online platform and software
tool by ClearGov, which produces an online public portal, as well as a conventional CIP book. The new
portal provides a new way for the public to engage in the CIP and is consistent with the online City of
Dublin Operating Budget Book.
Infrastructure and Capital Improvement Projects
The following was undertaken, continued, or completed on capital improvement projects in FY 2024-
25:
Annual Street Resurfacing – Citywide
City Council awarded a construction contract for the 2025 Street Resurfacing Project to
resurface 3.7 million square feet of city streets. This project maintains and preserves streets
44
based upon the City’s Pavement Management System, which optimizes the resurfacing
treatment in relation to the available project budget. Additionally, localized pavement repairs
were completed on Amador Plaza Road and on Tassajara Road at the northern city limit.
City Buildings - Exterior Improvements
In May, the City Council awarded a progressive design-build agreement for preliminary design
and collaboration services for the preventative maintenance of the exterior building envelopes
of the following City of Dublin facilities: Civic Center, Library, Clock Tower, Kolb House
Museum, Sunday School Barn, Murray Schoolhouse Museum, Old St. Raymond’s Church, Senior
Center, The Wave, Fire Stations 16, 17, and 18.
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 throughout the fiscal year.
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 – North Canyons Parkway Extension
The project design phase continued for the future 1.5-mile extension of Dublin Boulevard
through unincorporated Alameda County to North Canyons Parkway in Livermore. The final
(100%) design of the project is anticipated to be completed in mid-2027. The project is a joint
effort between the cities of Dublin and Livermore, and the Alameda County Transportation
Commission.
Forest Park
On July 16, 2024, City Council awarded the contract for construction of Forest Park. The two-
acre neighborhood square park includes a multi-use sports court, flex lawn, playground, fitness
stations, and picnic areas. Construction continued throughout the fiscal year.
Green Stormwater Infrastructure
Construction of the Green Stormwater Infrastructure project continued throughout the fiscal
year. The project is constructing a bioretention and hydromodification management facility
located south of Amador Valley Boulevard along the Iron Horse Regional Trail corridor.
Iron Horse Nature Park and Open Space – Phase 1
Construction of the Iron Horse Nature Park and Open Space – Phase 1 continued through the
fiscal year. Phase 1 consists 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 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 of the Iron Horse Trail Bridge over Dublin Boulevard was completed and the
opening dedication ceremony took place on November 23, 2024.
Irrigation System Upgrades
45
On June 3, 2025, City Council awarded the contract for construction of the Irrigation System
Upgrades project. The project includes replacement of more than sixty irrigation controllers,
improved communication between the central station and controllers, and site-specific
watering schedules all which will reduce the amount of water needed to irrigate these sites.
Regional Street Crosswalk Improvements Project
The design for the Downtown Dublin Streetscape Plan, Regional Street Crosswalk
improvements, was completed, and the project was put out to bid in May 2025. The project
will construct a mid-block crosswalk with a Rectangular Rapid Flashing Beacon, curb ramps,
bulb outs, drainage and streetlight improvements between Amador Valley Boulevard and
Dublin Boulevard.
Safe Routes to School Improvements Project
On July 16, 2024, City Council awarded the contract for the construction of the Safe Routes to
School Improvements project. Construction continued throughout the fiscal year. The project is
installing 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.
Tassajara Road Improvements – North Dublin Ranch Drive to Quarry Lane School
Design of the project continued throughout the fiscal year. Right-of-way was acquired from
three properties. The project will construct street improvements for Tassajara Road to a four-
lane arterial standard with bike lanes, sidewalks, landscaped median, and stormwater
treatment areas.
Village Parkway Reconstruction and Complete Streets
The design phase for the Village Parkway Reconstruction project began in the summer of 2024
and continued throughout the fiscal year. 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.
Wallis Ranch Community Park
Construction of Wallis Ranch Community Park continued throughout the fiscal year. The project
will construct an 8.75-acre community park which includes a 0.9-acre dog park, lighted
pickleball, tennis, and basketball courts, twenty-five 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)
with landscape maintenance and weed abatement services through the Tri-Valley Intergovernmental
Reciprocal Services Master Agreement.
Parks & Community Services
In Fiscal Year 2024-2025, 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, and 87 special events. These offerings contributed to a vibrant and inclusive community
experience.
Work continued on several significant Public Art projects including the Village Parkway Downtown Art
Project and the relocation and rehabilitation of the Historic Camp Parks Sign and Guard Shack, the latter
46
scheduled for completion in the upcoming Fiscal Year. The next round of Utility Box Art, featuring 10
utility boxes, was successfully planned and artist selections finalized. Artists were commissioned to paint
functional murals directly on four basketball courts, with the City Council approving the artworks in
January 2024 and artworks completed by mid-year. In partnership with the Dublin Arts Collective, the
“High Life” student art show took place at Splatter, and the annual Nature in Your Backyard Photo
Contest returned as a highlight of Dublin Pride Week.
Construction continued on Wallis Ranch Community Park, with its grand opening anticipated in August
2025. Work also began on the two-acre Forest Park in September 2024, marked by a groundbreaking
ceremony organized by Staff on September 18; the park is scheduled to open in December 2025. The
community input process was completed for two new parks in the Francis Ranch development, with the
City Council approving the concept designs in December 2024. Additionally, the Council approved a Park
Improvement Agreement in June 2025 for a new linear park in the Dublin Centre development.
The Department continued to expand on it’s partnership with Futures Explored, an organization
dedicated to supporting individuals with intellectual and developmental disabilities (I/DD), successfully
placing 15 individuals in various City positions, including roles at The Wave, Senior Center, Summer
Camps, Afterschool Programs, and Heritage Park.
The Department had a bustling year with crowd-drawing events like Splatter and the St. Patrick’s Day
Celebration, collectively attracting more than 100,000 attendees. The Shamrock 5K Fun Run, part of the
St. Pat’s festivities, continued to be a popular event hosting 2,200 participants. Additionally, innovative
community events and programs such as a celebration for the Army’s 250th Birthday and the Community
Garage Sale were held. The People of the Parks program, which engages residents, businesses and
organizations to keep public spaces clean and green, wrapped up its first year with 869 service hours,
more than 2,500 pounds of litter removed, and its first Golden Shamrock Award presented to Girl Scout
Troop #32591 for their dedication to keeping Dublin clean and green. Two new exhibits at Heritage Park
Museums were curated, Welcome to the Memories Within and Ohlone Medicine and Spirituality,
showcasing Dublin's rich and vibrant history. The Junior Warriors youth basketball league continued to
shine as one of Dublin’s most popular programs, drawing more than 600 young athletes this season. For
the fourth year in a row, one of Dublin’s standout teams earned a coveted spot in the prestigious Junior
Warriors Classic, this year taking center court as the official tip-off to NBA All-Star Weekend.
On average, the Dublin Senior Center welcomed more than 3,000 monthly participants, utilizing the
programs and services offered at the Dublin Senior Center. More than 60 volunteers were recognized
during the annual Volunteer Recognition Luncheon, and the Holiday Boutique provided a festive
marketplace for seniors to shop early for family and friends. The Hometown Heroes wall returned
honoring local veterans, and the Senior Info Fair was held to connect older adults and their families with
a wide range of resources, services, and organizations that support aging well.
The Department also expanded adaptive recreation offerings with new programs and inclusive
amenities, providing opportunities for participants of all abilities to stay active, build confidence, and
connect. Highlights included the launch of Dublin Dynamic Kids and Sensory Splash. The installation of
communication boards at several parks to support interaction and accessibility in recreation spaces was
also a highlight of the year.
The Wave experienced a year of growth, innovation, and preparation for the future. The Waterpark
welcomed more than 60,000 visitors, over 4,000 recreation swim participants, and 5,000 swim lesson
registrations. More than 160 part-time staff were employed during the year, supported by a renewed
partnership with the American Red Cross and an expanded internal training program that doubled the
amount of in-service training time during the summer season to better prepare Staff for emergencies.
As The Wave approaches its 10th year of operation, significant attention was dedicated to long-term
facility sustainability through a complete inventory and assessment of mechanical equipment. This effort
47
resulted in the creation of a 10-year preventative maintenance plan, and a Request for Proposals was
issued to secure a pool maintenance contractor with a larger onsite presence throughout the year to
help implement the plan and ensure the continued success of the facility. The new maintenance contract
is expected to begin in FY 2025-26.
FINANCIAL OUTLOOK AND GENERAL FUND SUMMARY
Fiscal Year 2024-25
General Fund operating revenues increased by $3.7 million (2.8%) from FY 2023–24, reflecting the
continued strength of Dublin’s local economy. Growth was led by higher Property Tax revenues, strong
interest earnings, and increased development activity.
Property Tax revenue increased by $1.9 million (3.0%), driven by a $1.02 billion (4.6%) gain in net
assessed valuation and higher-than-anticipated Supplemental Property Tax payments. Home values
remained stable, new developments continued to progress, and the City experienced no significant
delinquencies during the fiscal year.
Sales Tax revenues decreased by $2.1 million (-6.8%) from FY 2023–24, with most business sectors
experiencing declines. In April 2025, Staff revised the FY 2024–25 Sales Tax projection downward by
$1.8 million due to national economic uncertainty, adjusting the estimate from $30.5 million to $28.7
million.
While actual receipts were below the Adopted Budget, they ultimately exceeded Staff’s revised
projection by approximately $400,000, reflecting continued resilience in Dublin’s economy—
particularly within the auto sector, where local dealerships outperformed statewide averages.
Interest earnings increased by $2.7 million (31.3%), attributable to higher-than-expected interest rates
and a General Fund cash balance that exceeded projections. The elevated cash balance resulted from
the timing of capital project expenditures and General Fund revenues exceeding expenditures by
approximately $36 million.
Development revenues totaled $10.4 million, an increase of $3.5 million (51.2%) from the prior year.
This growth is primarily attributable to accelerated activity at the Dublin Centre and Francis Ranch
development sites. Development revenue varies significantly based on project timelines; as such, Staff
budgets conservatively and adjusts projections throughout the year as needed.
Revenue from Charges for Service decreased by $1.0 million (10.4%) compared to FY 2023–24. The
decline was largely driven by Parks and Community Services (PCS), which experienced a $680,000
reduction following an exceptional surge in FY 2022–23 driven by post-pandemic demand. Additional
declines occurred at The Wave due to cooler early-summer weather and reduced demand for swim
lessons. Cultural Arts revenue was also lower, largely due to the timing of the opening of the Dublin
Arts Center.
Staff remains cautiously optimistic following a stronger-than-expected finish in Sales Tax receipts
during the fourth quarter of FY 2024–25. However, the U.S. economy continues to face significant
uncertainty, particularly due to rapidly evolving federal tariff policies. Ongoing shifts in trade policy
have increased market volatility and disrupted business planning, complicating economic forecasting.
Staff will continue closely monitoring economic indicators—including inflation, interest rates, and
global political and economic developments—and will watch for any signs of a potential slowdown.
10-Year Forecast
While Fiscal Year 2024–25 concluded with a sizeable General Fund operating surplus of approximately
$36.2 million, long-term fiscal sustainability remains a central focus of the City’s financial planning.
48
Despite ongo ing growth i n Property Tax and Deve lopment-related revenues, the City continues to face
severa l structura l challenges-includ i ng decl in i ng or flatten i ng Sa les Tax trends, r isi ng contracted
servi ce costs, and overall expenditure growth .
These factors, taken together, contribute to the project ion that the City may begin experienc i ng a
Genera l Fund deficit as early as Fi sca l Year 2030-31, as sho wn in the 10-Year Forecast (Fi gure 1 ). The
anticipated deficit underscores the importance of strategi c decision-making in the com i ng operati ng
budget cycles, particu larly regard ing the use of reserves, prioriti zation of services, and long-term
financial p lann ing efforts.
250,000
200,000
150,000
100,000
50,000
0
Figure 1. 10-Year Forecast
10 Year Fo re cast
24-25 25 -26 26 -27 27-28 28-29 29-30 30-31 31 -32 32-33 33-34 34-35
-Property Taxes -Sales Tax -Development -Licenses & Perm its
-Other Taxes -Fines -Interest -Rents & Leases
-Intergovernmental -Charges for Svcs -Other -Tota l Expend itures
FINANCIAL PLANNING AND POLICIES
In June 2025, the City Counci l adopted the Fi scal Year 2025-26 Budget, representi ng the secon d year of
the City's Bi-Ann ua l Budget. Consistent w ith prior budget cycles, the primary goa ls of th i s budget are
to: 1) fu ll y fund current City operat ions; 2) set aside reserves to suppo rt future capital needs; and 3)
ma i nta i n adequate operati ng reserves to ensure long-term fiscal stability. In add it i on, the Two-Year
Strategic Plan p laces emphas is on both infrastructure maintenance and reinvestment, as well as
organ i zationa l hea lth-each of w hich carri es associated budgetary impacts .
The City adopts a ba lanced operationa l budget each year in accordance w ith its financia l po licies and
ut ilizes a two-year budget format. The City Council forma l ly adopts the budget and appropri ates funds
prior to the Ju ly 1 start of the new fisca l year. Histori cally, major cap ita l i nvestments funded by Impact
Fees have been constructed using a pay-as-you-go philosophy. More recently, the City has begun
setting aside one-t ime Genera l Fund reserves i nto project-specific rese rves for major cap ita l projects
where Impact Fees may not be i mmed i ate ly ava il ab le . These reserves se rve as bri dge fund i ng that can
be repa i d over t ime and support the City's long-standing practice of operating w ith litt le to no debt.
Thi s approach has genera ll y allowed the City to avoid debt financ i ng. The exception occurred i n FY
2021-22, w hen the City Counci l authorized the issuance of 25-year lease revenue bonds to finance the
Energy Efficiency Improvements Project . This decision was driven by the h i storically low i nterest rate
49
environment at that time. Since then, the City has established a dedicated reserve to support future
bond payments—or to pay down the debt early if financially advantageous—further underscoring the
City’s commitment to minimal reliance on long-term borrowing.
The City’s financial policies also provide for the use of Internal Service Funds (ISFs) to ensure that
resources are available for the replacement of public safety vehicles and apparatus, computer systems,
and critical building components. In addition, the City has proactively funded its pension and retiree
health (OPEB) liabilities, reflecting a longstanding practice of preparing for future long-term obligations.
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, 2024. A copy of the award from
this entity is included in this report. This award represents the 34th 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 Jay Baksa
City Manager Finance Director
'f~ ~~
50
CITY OF DUBLIN
PRINCIPAL OFFICERS
Fiscal Year 2024/2025
Mayor
Sherry Hu
Vice Mayor Councilmember
Kashef Qaadri Jean Josey
Councilmember Councilmember
Michael McCorriston John Morada
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
xvii 51
Organizational Chart
Citizens of Dublin
City Council
City Attorney City Manager
Deputy
City Manager
Economic
Development
Communications
Civic & Strategic
Affairs
Finance
Police Services
Fire Services
City Manager's
Office
Administration
Human Resources
Information
Services
City Clerk
Assistant
City Manager
Community
Development
Public Works
Parks &
Community
Services
52
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, 2024
Executive Director/CEO
•
53
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54
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, 2025, 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, 2025, 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.
BAD AW i & ASSOC IA TES
Certified Publ ic Accountants
Address: 5901 Oiristie Avenue, Suite 307, Emer,ville, CA 94608 • Phone: 510.768.8251 • Fax: 510.768.8249
55
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 5-21 and 101-104 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 56
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 budgetary comparison schedules of revenues by sources
and departmental expenditures for the General Fund, 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 budgetary comparison schedules of revenues by sources and departmental expenditures for the
General Fund, 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 budgetary comparison schedules of revenues by sources and departmental
expenditures for the General Fund, the combining and individual nonmajor fund statements, and the
budgetary comparison schedules for the major capital project funds and nonmajor governmental funds are
fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial
report. The other information comprises the information included in the annual comprehensive financial
report but does not include the financial statements and our auditor's report thereon. Our opinions on the
financial statements do not cover the other information, and we do not express an opinion or any form of
assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the
other information and consider whether a material inconsistency exists between the other information and
the financial statements, or the other information otherwise appears to be materially misstated. If, based on
the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
3 57
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, 2025
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
Emeryville, California
December 10, 2025
4 58
Management’s Discussion and Analysis (MDA) For the Year Ended June 30, 2025
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, 2025.
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 are 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 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 City’s assets and liabilities 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 the changes in 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 net position are among the 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.
59
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.
As illustrated in the above table, the City’s net position increased by $64.6 million (6.7%) during FY 2024-
25. This is due to the following:
Total assets increased $74.4 million, due to a $52.5 million increase in Current and Other Assets, which
resulted from operating revenues exceeding expenditures and investment asset appreciation. Capital
assets increased by $12.6 million due to the continued progress of capital projects during the year, net
of depreciation expense (e.g., $3.0 million on the Cultural Arts Center and $5.7 million on Wallis Ranch
Community Park), Leases receivable also increased $1.2 million as a result of extending the lease
agreement with Alameda County Fire Department.
Total liabilities increased $6.8 million over the prior year. Current liabilities primarily represent
obligations outstanding for current operations (accounts payable), capital projects (such as retention
payables), deferred revenue, and deposits held. Current liabilities increased $8.2 million due to an
increase in accounts payable balances, due to the timing of the property tax passthrough payment for
refuse services and payment to Alameda County for police services. Noncurrent liabilities decreased
$1.4 million due to a reduction in long-term debt.
TABLE 1: SUMMARY OF NET POSITION
June 30, 2025 and 2024
June 30, 2025 June 30, 2024 $ Change % Change
Current and Other Assets 491,475,047$ 439,003,341$ 52,471,706$ 12.0%
Notes Receivable (Note 5) 22,561,902 14,532,180 8,029,722 55.3%
Leases Receivable (Note 6) 3,817,482 2,632,916 1,184,566 45.0%
OPEB Asset (Note 12)3,558,579 3,412,032 146,547 4.3%
Capital Assets (Note 7)585,822,768 573,219,493 12,603,275 2.2%
Total Assets 1,107,235,778 1,032,799,962 74,435,816 7.2%
Deferred Outflows of Resources 10,698,209 12,226,603 (1,528,394) -12.50%
Current Liabilities 40,876,722 32,656,445 8,220,277 25.2%
Noncurrent Liabilities 40,511,974 41,920,700 (1,408,726) -3.4%
Total Liabilities 81,388,696 74,577,145 6,811,551 9.1%
Deferred Inflows of Resources 7,209,439 5,742,177 1,467,262 25.6%
Net Investment in Capital Assets 560,426,738 552,568,250 7,858,488 1.4%
Restricted 137,631,948 121,997,027 15,634,921 12.8%
Unrestricted 331,277,166 290,141,966 41,135,200 14.2%
Total Net Position 1,029,335,852$ 964,707,243$ 64,628,609$ 6.7%
Governmental Activities
60
The City’s $560.4 million in Net Investment in Capital Assets represents 54.4% of the reported net
position. Capital asset investments include the City’s investments in land, infrastructure, buildings, and
equipment. As the City uses these capital assets to provide current services to residents, the assets are
not available for future spending. The change in annual capital assets reflects the addition of capital
assets (including Construction in Progress) less accumulated depreciation.
Restricted net positions, which include 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 2024-25, the City’s restricted net positions increased by a net of $64.6 million, attributed to
highways and street improvement capital project expenses. Approximately $331.3 million of the City’s
total assets (an increase of $41.1 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 assets classified as
unrestricted in the General Fund have been designated as committed or assigned reserves for specific
purposes.
61
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 details behind the numbers shown in the Summary of Net Position
(Table 1).
As shown in Table 2, revenues from all sources totaled $199.9 million and expenses for all City programs
totaled $135.2 million in FY 2024-25, increasing the City’s net position by $64.6 million.
TABLE 2: SUMMARY OF CHANGES IN NET POSITION
June 30, 2025 and 2024
June 30, 2025 June 30, 2024 $ Change % Change
Revenues
Program Revenues
Charges for Services 35,664,634$ 27,452,306$ 8,212,328$ 29.9%
Operating Contributions and Grants 12,960,261 7,306,850 5,653,411 77.4%
Capital Grants and Contributions 17,469,722 10,219,385 7,250,337 70.9%
Total Program Revenue 66,094,617 44,978,541 21,116,076 46.9%
General Revenues
Property Taxes 63,838,672 61,967,658 1,871,014 3.0%
Special Assessments Taxes 1,688,287 1,647,782 40,505 2.5%
Sales Taxes 30,761,823 32,794,253 (2,032,430) -6.2%
Other Taxes 8,856,335 9,129,368 (273,033) -3.0%
Investment Income, Unrestricted 21,251,726 16,228,168 5,023,558 31.0%
Intergovernmental, Unrestricted 540,580 441,518 99,062 22.4%
Other General Revenues 6,845,612 5,393,897 1,451,715 26.9%
Total General Revenue 133,783,035 127,602,644 6,180,391 4.8%
Total Revenues 199,877,652 172,581,185 27,296,467 15.8%
Expenses
Governmental Activities:
General Government 26,443,855 25,885,878 557,977 2.2%
Police 31,174,389 30,091,877 1,082,512 3.6%
Fire 19,084,703 17,453,636 1,631,067 9.3%
Public Works and Transportation 38,829,100 31,202,172 7,626,928 24.4%
Park and Community Services 11,948,197 12,102,695 (154,498) -1.3%
Community Development 7,247,934 12,929,904 (5,681,970) -43.9%
Interest on Long-Term Debt 520,865 608,991 (88,126) -14.5%
Total Governmental Activities 135,249,043 130,275,153 4,973,890 3.8%
Total Expenses 135,249,043 130,275,153 4,973,890 3.8%
Increase In Net Position 64,628,609 42,306,032 22,322,577 52.8%
Net Position - Beginning of Year 964,707,243 922,401,211 42,306,032 4.6%
Net Position - End of Year 1,029,335,852$ 964,707,243$ 64,628,609$ 6.7%
62
Revenues
Total revenues increased $27.3 million, or 15.8%, in FY 2024-25 over the prior year. Details of changes
are as follows:
Charges for Services revenue increased by $8.2 million compared to FY 2023–24, driven by
Development activities, residential garbage and recycling passthrough revenue and a
reclassification in how an affordable housing loan was booked.
Capital Grants and Contributions increased $7.3 million over the prior year. The increase is
primarily attributable to a $6.6 million community benefit payment made by the developers of the
Francis (East) Ranch project and a $1.0 million developer contribution to the City’s First-Time
Homebuyer Program by the developer of the Dublin Centre project.
Operating Contribution and Grants increased by $5.7 million over FY 2023–24, due to a $3.3
million grant from the California Department of Housing and Community Development (HCD) for
the Regional Street Affordable Apartment Project and $2.1 million in funds from the Alameda
County Transportation Commission (ACTC) for the Iron Horse Trail Bike/Pedestrian Bridge
Project.
Investment Income increased $5.0 million over FY 2023-24. 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 higher than projected cash
balance due to the timing of expenditures on capital projects.
Expenses
Total expenses increased $5.0 million, or 3.8%, in FY 2024-25 compared to the prior year. Major
contributors to this change are outlined below:
Public Works Transportation expenses increased $7.6 million over the prior year, due to an increase
in MCE contract services: Key drivers included added special event support, a City Council-
directed hazardous tree removal and replacement program, increased park and landscape
maintenance needs, and unanticipated facility infrastructure repairs. There was also an increase in
consultant inspection services required due to increase in larger development currently under
construction, including Francis Ranch and Dublin Centre.
Police Services expenses increased $1.1 million over the prior year, primarily due to planned
contract cost increases, including negotiated cost-of-living and related personnel cost adjustments
under the Police Services contract.
Fire Services expenses increased $1.6 million over the prior year, largely reflecting scheduled cost-
of-living and benefit increases provided for in the Fire Services contract.
Community Development expenses decreased $5.7 million compared to the prior year. In FY 2023-
24, the City issued $5.3 million in affordable housing and development loans for two major
projects: the Eden Housing Regional Street Project and the Amador Station Affordable Housing
Project. Because these were one-time loans Community Development costs show a significant
year-over-year decrease.
63
Revenues and Expenses by Category
The following cha.it presents the Government-Wide revenue s for FY 2024-25 . Approxima tely 65 .1 % of the
total revenues ai·e derived from three p1ima1y sources: I ) Prope1ty taxes, 31.9%; 2) Sales Taxes, 15.4%;
and 3) Charges for Se1vices, 17.8%. This distiibution is generally consistent with the prior year.
Other Taxes
8,856,335
Sales Taxes 4.4%
30,761,823
15.4%-------
Special
Assessments
1,688,28=7 ---,...:
0.8%
Property Taxes ----
63,838,67 ~
31 .9%
Investment Income,
Unrestr icted
21,251,726
10.6%
Intergovernmenta l,
Unrestr icted
540,580
0 .3%
Other General
Revenues
6,845,612
3.4%
\Cha,ge, Jo , SeNices
35,664,634
17 .8%
Operating
~ Contributions & Grants
12,960,261
_. ---Capital Grants &
~ Contributions
17,469,722
8 .7%
6.5%
64
The following chart demonstrates the allocatio n of Government-Wide expenses in FY 2024-25. Of the
$135 .2 mill ion in total expenses, Public Safety (Police and Fire Services), Public Works and Transportation
repre sent the largest program costs, making up a combined 65.8% of the total, followed by General
Government and Parks and Community Services, at 19 .6% and 8.8%, respec tively.
Community
Development
$7,247,934 ----
Parks & Commun ity
Services $11,948,197
8 .8%
Tr ansportation
$38,829,100
28.7%
5.4% -------
Interest on Long-Term
Debt $520,865
0.4%
----Fire Services
$19,084,703
14.1%
General
Government
$26,443,855
19.6%
~Pol i ce $31,174,389
23 .0%
FUND FINANC IAL STATEMENTS -DE SCRIPTIONS
These statements provide more detai led information about the City 's major funds. A fund is a grouping of
related accounts that is used to maintain control over re sources that have bee n segregated for specific
ac tivities or objectives. The City, like oth er 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 .
Go vern mental fun ds: Governmental funds ar·e used to account fo r essentially the same functions reported
as governmental activi ties in the Government-wide financial statements . However, unlike the Government
wide financial statements, Governmental fund financial stateme nts 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 focu s of Governmental funds is narrnwer than that of the Government-wide financial
statements , it is useful to comp ar·e the inform ation presented for Governmental funds with similar·
information presented fo r governmental activities in th e Government-wide financial statements. By doing
so, re aders may better understand the long-term impact of the government's near·-term financ ing decisions.
Both the Governme ntal fund balance sheet and Governmental fund statement of revenues, expenditure s,
65
and changes in fund balances provide a reconciliation to facilitate this comparison between Governmental
funds and governmental activities.
The City maintains 90 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 80 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.
GOVERNMENTAL FUNDS – FINANCIAL ANALYSIS
As of June 30, 2025, the City’s governmental funds reported combined ending fund balances of $440.6
million, an increase of $49.3 million over 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.
66
GENERAL FUND
The General Fund is the chief operating fund of the City. At the end of FY 2024-25, the total fund balance
was $325.5 million. The unassigned amount of $50.1 million reflects an amount calculated for the
unrealized gain on investments combined with the cashflow amount for ongoing operations. The unassigned
cash flow reserve was $50.4 million, representing approximately 5.2 months of budgeted FY 2025-26
expenditures. The remaining balances are committed or assigned as discussed in Note 9 to the financial
statements.
During FY 2024-25, General Fund revenues exceeded expenditures by $38.5 million, before transfers in/out
and the recognition of unrealized gains. Compared to the prior year, General Fund revenues were $5.9
million higher, from $134.6 million in FY 2023-24 to $140.5 million in FY 2024-25. Revenues, including
an unrealized gain adjustment of $9.2 million, totaled $149.7 million, which is $8.1 million higher than the
prior year.
Operating expenditures in General Fund departments totaled $102.0 million in FY 2024-25, which was
$10.4 million below the final amended budget and $7.3 million higher than the prior year. The year-over-
year increase was driven primarily by planned contract cost escalations, including scheduled increases in
Police Services, Fire Services, and City maintenance contracts, reflecting adjustments built into long-term
service agreements. These increases were partially offset by savings from staffing vacancies, lower-than-
projected insurance and utility costs, and reduced repairs and maintenance spending.
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 $42.6 million as of June 30, 2025, an increase of $17.3 million
over the prior year due to the increase of $7.7 million in developer revenue, the receipt of a $3.3 million
grant from the California Department of Housing and Community Development (HCD) for the Regional
Street Affordable Apartment Projects, $1.0 million loan repayment from EDEN Housing and $4.3 million
due to the reclassification of the loan for Amador Station Housing Project.
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:
TABLE 3: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2025 and 2024
June 30, 2025 June 30, 2024 $ Change % Change
General Fund 325,474,798$ 290,432,954$ 35,041,844$ 12.1%
Affordable Housing Fund 42,563,090 25,285,171 17,277,919 68.3%
Capital Improvement Funds 50,731,213 56,116,205 (5,384,992) -9.6%
Other Governmental Funds 21,849,205 19,529,130 2,320,075 11.9%
Total Governmental Funds 440,618,306$ 391,363,460$ 49,254,846$ 12.6%
67
Public Facilities Fee Fund: This fund includes developer fees collected to develop parks and other
public facilities. Total revenue collected in FY 2024-25 was $4.4 million (including interest
earned), an increase of $2.3 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 2024-25
was approximately $90,000 (including interest earned), about $46,000 higher than was collected in
the prior year, due to an increase 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 2024-25 totaled $4.0
million (including interest earned), approximately $1.9 million higher than was collected in the
prior year due to an increase 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.
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 2024-25 totaled $442,000 (including interest earned), $77,000 higher than was collected in the
prior year, due to continued development and 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 increased $2.3 million in these funds. Based on the designated use of the funds they can be arranged
by function as shown in Table 4 below:
68
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.
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.
June 30, 2025 June 30, 2024 $ Change % Change
SPECIAL REVENUE FUNDS:
Public Safety 2,063,425$ 1,515,761$ 547,664$ 36.1%
Transportation 9,081,732 8,556,701 525,031 6.1%
Environmental 1,528,747 1,390,620 138,127 9.9%
Parks, Culture, Arts 1,204,905 2,062,683 (857,778) -41.6%
Health & Welfare 2,003,483 414,424 1,589,059 383.4%
Maintenance Districts 4,718,265 4,340,297 377,968 8.7%
CAPITAL PROJECTS FUND:
Energy Improvement Lease Bond 1,248,648 1,248,644 4 0.0%
TOTAL FUND BALANCE 21,849,205$ 19,529,130$ 2,320,075$ 11.9%
TABLE 4: ANALYSIS OF FUND BALANCES -
NON-MAJOR GOVERNMENTAL FUNDS, ARRANGED BY FUNCTION
June 30, 2025 and 2024
69
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.
TABLE 5: SUMMARY OF GENERAL FUND ORIGINAL AND FINAL BUDGET AND ACTUAL
Period Ending June 30, 2025
Actual Variance from
Original Final Amount Final Budget
REVENUE
Taxes 102,082,006$ 102,082,006$ 101,517,427$ (564,579)$
Intergovernmental 300,000 300,000 540,580 240,580
Licenses and Permits 311,300 311,300 344,825 33,525
Charges for Services 7,372,703 7,439,807 8,669,970 1,230,163
Use of Money and Property 7,846,373 11,846,373 22,503,777 10,657,404
Fines and Forfeitures 67,400 67,400 53,168 (14,232)
Development Revenue 7,731,163 9,085,883 10,366,065 1,280,182
Other Revenue 2,556,358 2,867,871 5,692,813 2,824,942
Total Revenue 128,267,303 134,000,640 149,688,625 15,687,985
EXPENDITURE
General Government 17,804,971 18,624,091 15,382,709 3,241,382
Police 29,964,927 30,168,967 29,881,560 287,407
Fire 19,023,348 19,020,164 18,792,662 227,502
Public Works 24,489,928 26,170,102 22,359,608 3,810,494
Park and Community Services 10,542,359 10,659,299 8,961,041 1,698,258
Community Development 6,160,866 6,406,007 5,295,689 1,110,318
Debt Principal 710,000 710,000 710,000 -
Interest and Fiscal Charges 624,650 624,650 624,650 -
Total Expenditure 109,321,049 112,383,280 102,007,919 10,375,361
OTHER FINANCING SOURCES (USES)
Transfer In - - 29,539 29,539
Transfer Out (7,097,023) (55,948,901) (12,668,401) 43,280,500
Total Other Financing Sources (Uses) (7,097,023) (55,948,901) (12,638,862) 43,310,039
NET CHANGE IN FUND BALANCE 11,849,231$ (34,331,541)$ 35,041,844$ 69,373,385$
Budget Amounts
70
The General Fund total revenue was $15.7 million higher than the final budget as of June 30, 2025, due
mainly to the following factors:
Use of Money and Property Revenue: $10.7 million higher than budget – Interest earnings
revenue came in $1.5 million over the budget due to the continued high-interest rate environment,
with the Federal Funds Rate staying between 4.25% to 4.50% from December 2024 through the
end of FY 2024-25. In addition, the City maintained a higher-than-anticipated General Fund cash
balance resulting from 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 $9.2 million in FY 2024-25.
Other Revenue: $2.8 million higher than budget – The increase over the budget was due to a
$1.0 million community benefit payment received from the Dublin Centre development and $2.1
million reimbursement payment received from Alameda County Transportation Commission for
the City’s Green Stormwater Infrastructure project.
Development Revenue: $1.3 million higher than budget – Development revenue includes
revenue from permits associated with new development as well as tenant improvements to existing
structures. It also encompasses fees for City services, including zoning review and plan check
services. The increase over the budget was primarily due to the acceleration of the Dublin Centre
and Francis Ranch development projects.
Charges for Services: $1.2 million higher than budget – The increase over the budget was
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 program change implemented mid-FY 2023-24 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 approximately $300,000.
General Fund expenditures came in $10.4 million lower than the final budget, reflecting overall savings
across departments. The following is a discussion of the changes:
• Public Works: $3.8 million lower than budget. Savings in Public Works were primarily driven
by lower-than-anticipated costs in both the Maintenance and Engineering divisions. The
Maintenance Division experienced savings in contract services for repairs and maintenance, as well
as reduced utility costs. Staff had anticipated double-digit increases in utility expenses based on
early notifications from providers indicating significant rate hikes for electricity and natural gas;
however, actual costs came in lower than projected.
• The Engineering Division also realized savings due to position vacancies and the timing of several
projects, which reduced contract service costs for traffic engineering and development inspection
services.
• General Government: $3.2 million lower than budget. General Government savings resulted
from lower-than-anticipated contract service expenditures across multiple departments, some of
which will carry over into the new fiscal year. Salary and benefit costs also came in below budget
due to vacancies and delays in filling authorized positions.
• Contract services were further under budget due to project timing, while insurance premiums and
claims costs were lower than originally projected. Although insurance costs have risen significantly
nationwide in recent years, the City’s final premium and claims expenditures were below
anticipated levels.
71
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City’s investment in capital assets for its governmental activities as of June 30, 2025, amounts to $585.8
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 2024-25, the City’s
investment in capital assets increased by approximately $10.6 million (1.8%), 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.
The City continued its active Capital Improvement Program (CIP) with significant progress made on a
variety of community assets. A comprehensive list of all CIP expenditures during FY 2024-25 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 about capital assets balances, see Note 7
to the financial statements.
TABLE 6: SUMMARY OF INVESTMENT IN CAPITAL ASSETS
June 30, 2025 and 2024
June 30, 2025 June 30, 2024 $ Change
Land 182,170,145$ 182,170,145$ -$ 0.0%
Streets Right of Way 37,760,857 37,760,857 - 0.0%
Construction in Progress 158,736,819 134,142,105 24,594,714 18.3%
Infrastructure 448,236,611 448,236,611 - 0.0%
Buildings and Improvements 118,093,759 118,093,759 - 0.0%
Machinery and Equipment 27,619,569 26,850,793 768,776 2.9%
Subscription Based I.T. Agreements 3,285,296 3,263,114 22,182 0.7%
Subtotal 975,903,056 950,517,384 25,385,672 2.7%
Less: Accumulated Depreciation (390,080,288) (375,252,267) (14,828,021) 4.0%
Total Net of Depreciation 585,822,768$ 575,265,117$ 10,557,651$ 1.8%
Captial Assets for Governmental Activities
72
TABLE 7: SUMMARY OF CAPITAL IMPROVEMENT PROJECT ACTIVITY
As of June 30, 2025
ACTUAL
FY 2024/25
GENERAL IMPROVEMENTS 5,792,403
IT Infrastructure Improvement 48,570 In Progress
Cultural Arts Center 3,000,175 In Progress
Citywide Energy Improvements 30,161 In Progress
Civic Center Rehabilitation 475,753 In Progress
Dublin Standard Plans Update 512 In Progress
Cvic Ctr Exterior Glazing, Sealing 59,462 In Progress
Resiliency and Disaster Preparedness 466,557 In Progress
Exterior Painting 9,454 In Progress
Irrigation System Upgrades 697,438 In Progress
Financial System Replacement 312,500 In Progress
Audio Visual System Upgrade 239,905 In Progress
Roof Replacement 964 In Progress
Waste Enclosures Upgrades 123 In Progress
Library Tenant Improvements 66,477 In Progress
Situational Awareness Camera 384,352 In Progress
PARKS 10,388,342
Emerald Glen Park Recre & Aquatic 930 In Progress
Don Biddle Community Park 166,641 In Progress
Fallon Sports Park Phase 3 77,329 In Progress
Alamo Creek Pk and Assmt Dist Fence Replacement 28,292 In Progress
Persimmon Dr Ped Path Rehab 70,097 In Progress
Kolb Park Renovation 933 In Progress
Fallon Park Flag Installation 118,989 In Progress
Restrooms Replacement 758 In Progress
Forest Park 2,248,424 In Progress
Wallis Ranch Community Park 5,680,460 In Progress
Iron Horse Nature Park and Open Space 1,995,489 In Progress
PUBLIC ART 44,277
Camp Parks Sign 19,003 In Progress
Downtown Dublin 20,774 In Progress
Heritage Park 4,500 In Progress
STREETS 14,686,001
Tassajara Road Realignment and Design 11,873 In Progress
Annual Street Resurfacing 6,316,307 In Progress
Iron Horse Trail Bridge at Dublin Blvd 1,527,465 In Progress
Tassajara Rd Impro - N Dublin to Quarry 1,066,901 In Progress
Green Stormwater Infrastructure 2,811,864 In Progress
Traffic Signal and Roadway Safety 49,074 In Progress
Dublin Blvd Extension 817,650 In Progress
Downtown Dublin Street Grid Network 28,791 In Progress
Traffic Signal Re-Lamping 119,460 In Progress
Village Parkway Reconstruction 430,794 In Progress
Golden Gate Drive Improvement 9,092 In Progress
Citywide Bicycle & Pedestrian Improvements 1,362,113 In Progress
Citywide Signal Comm. Upgrade 134,617 In Progress
TOTAL 30,911,023
STATUSPROJECT NAME
73
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.
The City’s long-term debt as of June 30, 2025 amounted to $18,669,610, a decrease of $1.1 million from
FY 2023-24. The decrease is primarily due to the bond payments and the amortization of premium on the
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 2024-25, the City continued to experience strong revenue across the majority of revenue
categories. Property Tax and Sales Tax remained the two largest revenue sources. Property Tax revenue
was in line with projections, driven by an annual 2% Consumer Price Index (CPI) adjustment and ongoing
development. Sales Tax revenue fell short of the Amended Budget but did finish stronger than originally
projected. The revenue shortfall was largely due to the significant uncertainty around the national economy,
which led to weakening performance across nearly all business sectors. Interest earnings surpassed prior-
year levels, benefiting from the Federal Reserve's federal funds target range holding steady between 4.25%
and 4.50% from December 2024 through the end of Fiscal Year 2024-25 and the City’s higher than
projected cash balance, which was the result of the timing of capital project spending.
In the upcoming budget, Staff anticipates modest growth in Property Tax revenue. However, Sales Tax
revenue is projected to decline, primarily driven by a drop in the automotive sector. This local trend aligns
with heightened uncertainty in the U.S. economy, exacerbated by evolving federal tariff policies that have
created market volatility and complicated economic forecasting. Development Revenues are expected to
remain strong based on the continuing progress of two major projects, Dublin Centre and Francis Ranch.
On the expenditure side, contracted services costs (Police, Fire, and Maintenance) are projected to rise
between 4-5% in FY 2025–26, while personnel costs (salaries and benefits) are anticipated to increase by
7.0%.
The City finished FY 2024-25 with a General Fund surplus and is also projecting a surplus in the FY 2025-
26 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 2030-31. 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
identifying long-term budget-balancing solutions and strengthening reserves for future use.
TABLE 8: SUMMARY OF LONG-TERM DEBT
June 30, 2025 and 2024
June 30, 2025 June 30, 2024 $ Change
Bonds and premium 18,037,997$ 18,871,853$ (833,856)$ -4.4%
Subscription Based I.T. Agreements 631,613 917,422 (285,809) -31.2%
Total Long-Term Debt 18,669,610$ 19,789,275$ (1,119,665)$ -5.7%
Long-Term Debt
74
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.
75
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76
BASIC
FINANCIAL STATEMENTS
77
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78
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
79
City of Dublin
Government-Wide Statement of Net Position
Primary Government
Governmental
Activities
ASSETS
Current assets:
Cash and investments (Note 3)470,252,441$
Accounts receivable 17,814,890
Leases receivable, current portion (Note 6) 482,672
Accrued interest receivable 2,778,794
Prepaids 628,922
Total current assets 491,957,719
Noncurrent assets:
Notes receivable (Note 5)22,561,902
Leases receivable (Note 6)3,334,810
Net OPEB asset - City of Dublin (Note 12) 3,558,579
Capital assets (non-depreciable) (Note 7):
Land 182,170,145
Streets right of way 37,760,857
Construction in progress 158,736,819
Capital assets (depreciable):
Infrastructures 448,236,611
Building and improvements 118,093,759
Vehicles and equipment 27,619,569
Subscription based I.T. agreements 3,285,296
less accumulated depreciation (390,080,288)
Total capital assets 585,822,768
Total noncurrent assets 615,278,059
Total assets 1,107,235,778
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pension (Note 11) 6,895,597
Deferred outflows of resources related to OPEB - City of Dublin (Note 12) 3,802,612
Total deferred outflows of resources 10,698,209
June 30, 2025
80
City of Dublin
Government-Wide Statement of Net Position (Continued)
Primary Government
Governmental
Activities
LIABILITIES
Current liabilities:
Accounts payable 26,443,201
Accrued wages and other payroll liabilities 614,722
Deposits payable 3,537,294
Contract retention payable 2,723,501
Other payables 402,054
Unearned revenue 4,672,967
Compensated absences - due within one year 1,442,546
Long-term debt - due within one year (Note 8) 1,040,437
Total current liabilities 40,876,722
Noncurrent liabilities:
Claims payable 85,264
Compensated absences - due in more than one year 146,848
Long-term debt - due in more than one year (Note 8) 17,629,173
Net pension liability (Note 11)22,650,689
Total noncurrent liabilities 40,511,974
Total liabilities 81,388,696
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases (Note 6) 3,379,384
Deferred inflows of resources related to pension (Note 11) 1,177,789
Deferred inflows of resources related to OPEB - City of Dublin (Note 12) 2,652,266
Total deferred inflows of resources 7,209,439
NET POSITION
Net investment in capital assets 560,426,738
Restricted for:
Public safety 2,063,426
Impact fee projects 68,966,220
Highways and streets 17,510,812
Health and welfare 44,181,225
Culture and leisure 1,351,686
OPEB 3,558,579
Total restricted 137,631,948
Unrestricted 331,277,166
1,029,335,852$ Total net position
June 30, 2025
81
City of Dublin
Government-Wide Statement of Activities
For the year ended June 30, 2025
Net (Expense)
Revenue and
Changes in Net
Position
Operating Capital
Charges for Grants and Grants and Governmental
Functions/Programs Expenses Services Contributions Contributions Total Activities
Governmental activities:
General government 26,443,855$ 12,082,594$ 4,255,381$ 122,132$ 16,460,107$ (9,983,748)$
Police 31,174,389 237,514 384,105 - 621,619 (30,552,770)
Fire 19,084,703 2,247,985 - - 2,247,985 (16,836,718)
Public works and transportation 38,829,100 3,756,181 8,108,230 8,941,750 20,806,161 (18,022,939)
Park and community services 11,948,197 5,217,209 136,242 - 5,353,451 (6,594,746)
Community development 7,247,934 12,123,151 76,303 8,405,840 20,605,294 13,357,360
Interest on long-term debt 520,865 - - - - (520,865)
Total governmental activities 135,249,043$ 35,664,634$ 12,960,261$ 17,469,722$ 66,094,617$ (69,154,426)
General revenues:
Taxes:
Property taxes 63,838,672
Special assessment taxes 1,688,287
Sales tax 30,761,823
Other taxes 8,856,335
Total taxes 105,145,117
Intergovernmental, unrestricted 540,580
Miscellaneous 6,845,612
Unrestricted investment earnings 21,251,726
Total general revenues 133,783,035
Change in net position 64,628,609
Net position - beginning of year 964,707,243
Net position - end of year 1,029,335,852$
Program Revenues
82
FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
83
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84
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 FacilitiesImpact FeesCapital ProjectsFund - is used to accountfor 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.
GOVERNMENTAL FUND FINANCIAL STATEMENTS
85
Cit of Dubli
Balance Sheet
Governmental Funds
June 30, 2025
Special
Revenue Fund
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
ASSETS
Cash and investments 287,958,443$ 20,040,377$ 1,929,285$ 1,590,137$ 3,909,772$
Accounts receivable 13,240,524 - - - -
Accrued interest receivable 2,778,794 - - - -
Due from other funds 30,466,056 - - - -
Notes receivable - 22,551,905 - - -
Leases receivable 3,817,482 - - - -
Advances to other funds 11,605,916 - - - -
Pre aids 40,122 - - - -
Total assets 349,907,337$ 42,592,282$ 1,929,285$ 1,590,137$ 3,909,772$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts a able 15,323,777$ 14,684$ 766,232$ 947,595$ 2,962,772$
Accrued wa es and other a roll liabilities 564,673 14,508 6,759 10,175 14,214
De osits a able 3,320,636 - - - -
Contract retention a able - - 1,156,294 632,367 932,786
Other a ables 350,000 - - - -
Unearned revenue 1,494,069 - - - -
Due to other funds - - - - -
Advances from other funds - - - - -
Total liabilities 21,053,155 29,192 1,929,285 1,590,137 3,909,772
Deferred inflows of resources:
Related to leases 3,379,384 - - - -
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources 3,379,384 - - - -
Fund Balances:
Nons endable 40,122 - - - -
Restricted 16,242,645 42,563,090 - - -
Committed 197,229,405 - - - -
Assi ned 59,336,249 - - - -
Unassi ned 52,626,377 - - - -
Total fund balances 325,474,798 42,563,090 - - -
Total liabilities, deferred inflows of
resources, and fund balances 349,907,337$ 42,592,282$ 1,929,285$ 1,590,137$ 3,909,772$
Capital Project Funds
86
Cit of Dubli
Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Public Dublin
Facilities Fire Impact Traffic Impact Crossing
Public Art Impact Fees Fees Fees Contribution
ASSETS
Cash and investments 7,776$ 44,135,962$ 268,243$ 33,439,588$ 12,650,020$
Accounts receivable - - - 181,110 -
Accrued interest receivable - - - - -
Due from other funds - - - - -
Notes receivable - - - - -
Leases receivable - - - - -
Advances to other funds - - - - -
Pre aids - - - - -
Total assets 7,776$ 44,135,962$ 268,243$ 33,620,698$ 12,650,020$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts a able 7,596$ -$ -$ 567,372$ -$
Accrued wa es and other a roll liabilities 180 - - - -
De osits a able - - - - 6,427
Contract retention a able - - - - -
Other a ables - - - - -
Unearned revenue - - - 120,000 -
Due to other funds - 27,643,995 - - -
Advances from other funds - 11,605,916 - - -
Total liabilities 7,776 39,249,911 - 687,372 6,427
Deferred inflows of resources:
Related to leases - - - - -
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nons endable - - - - -
Restricted - 4,886,051 268,243 32,933,326 12,643,593
Committed - - - - -
Assi ned - - - - -
Unassi ned - - - - -
Total fund balances - 4,886,051 268,243 32,933,326 12,643,593
Total liabilities, deferred inflows of
resources, and fund balances 7,776$ 44,135,962$ 268,243$ 33,620,698$ 12,650,020$
Capital Project Funds
87
Cit of Dubli
Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Other Total
Governmental Governmental
Funds Funds
ASSETS
Cash and investments 31,830,305$ 437,759,908$
Accounts receivable 4,133,937 17,555,571
Accrued interest receivable - 2,778,794
Due from other funds - 30,466,056
Notes receivable 9,997 22,561,902
Leases receivable - 3,817,482
Advances to other funds - 11,605,916
Pre aids 11,667 51,789
Total assets 35,985,906$ 526,597,418$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts a able 5,633,060$ 26,223,088$
Accrued wa es and other a roll liabilities 4,213 614,722
De osits a able 210,231 3,537,294
Contract retention a able 2,054 2,723,501
Other a ables - 350,000
Unearned revenue 3,058,898 4,672,967
Due to other funds 2,748,963 30,392,958
Advances from other funds - 11,605,916
Total liabilities 11,657,419 80,120,446
Deferred inflows of resources:
Related to leases - 3,379,384
Unavailable revenue - accounts receivable 2,479,282 2,479,282
Total deferred inflows of resources 2,479,282 5,858,666
Fund Balances:
Nons endable 11,667 51,789
Restricted 24,314,868 133,851,816
Committed - 197,229,405
Assi ned - 59,336,249
Unassi ned 2,477,330 50,149,047
Total fund balances 21,849,205 440,618,306
Total liabilities, deferred inflows of
resources, and fund balances 35,985,906$ 526,597,418$
88
Reconciliation of the Governmental Funds Balance Sheet
Total Fund Balances - Total Governmental Funds 440,618,306$
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:
Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Non-depreciable 378,667,821$ (19,176,727)$ 359,491,094
Depreciable, net 207,154,947 (19,268,483) 187,886,464
Total capital assets 585,822,768$ (38,445,210)$ 547,377,558
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.70,849,371
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.2,479,282
Interest payable is not due and payable in the current period and, therefore are not
reported in the governmental funds balance sheet.(52,054)
In the Government-Wide Financial Statements, deferred employer contributions for
and other adjustments resulting from changes in assumptions and benefits are
deferred in the current year.
6,895,597
3,802,612
(1,177,789)
(2,652,266)
Long-term assets and liabilities were not due and payable in the current period.
Therefore, they were not reported in the Governmental Funds Balance Sheet.
Government-
Wide Statement
of Net Position
Internal Service
Funds Total
Compensated absences - due within one year
Claims payable
Compensated absences - due in more than one year (146,848) - (146,848)
Long term debt - due within one year (1,040,437) 305,437 (735,000)
Long term debt - due in more than one year
Net OPEB asset - City of Dublin
Net pension liability (22,650,689) - (22,650,689)
(39,436,378)$ 631,613$ (38,804,765)
Net Position of Governmental Activities 1,029,335,852$
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:
City of Dublin
to the Government-Wide Statement of Net Position
June 30, 2025
35 89
City of Dublin
Statement of Revenues, Expenditures and Chan es in Fund Balances
Governmental Funds
For the year ended June 30, 2025
Special
Revenue Fund
General
General Affordable Improvement Parks Streets
Fund Housing Projects Projects Projects
REVENUES:
Property taxes 63,838,672$ -$ -$ -$ -$
Sales tax 28,822,420 - - - -
Other taxes 8,856,335 - - - -
Intergovernmental 540,580 3,333,333 - - -
Licenses and permits 344,825 - - - -
Charges for service 8,669,970 85,749 - - -
Interest income 11,163,694 660,181 - - -
Use of property 2,159,045 5,908,152 - - -
Unrealized gains (losses) on investments 9,181,038 - - - -
Fines and forfeitures 53,168 - - - -
Development revenue 10,366,065 7,740,007 - - -
Other revenue 5,692,813 17,983 - - -
Special assessments - - - - -
Total revenues 149,688,625 17,745,405 - - -
EXPENDITURES:
Current:
General government 15,382,709 31,471 - - -
Police 29,881,560 - - - -
Fire 18,792,662 - - - -
Public works and transportation 22,359,608 - - - -
Park and community services 8,961,041 - - - -
Community development 5,295,689 436,015 - - -
Capital outlay:
General improvements - - 5,792,403 - -
Parks - - - 10,388,342 -
Public art - - - - -
Streets - - - - 14,686,001
Debt service:
Principal 710,000 - - - -
Interest and fiscal charges 624,650 - - - -
Total expenditures 102,007,919 467,486 5,792,403 10,388,342 14,686,001
REVENUES OVER (UNDER) EXPENDITURES 47,680,706 17,277,919 (5,792,403) (10,388,342) (14,686,001)
OTHER FINANCING SOURCES (USES):
Transfers in 29,539 - 5,792,403 12,433,966 14,686,001
Transfers out (12,668,401) - - - -
Total other financing sources (uses)(12,638,862) - 5,792,403 12,433,966 14,686,001
Net change in fund balances 35,041,844 17,277,919 - 2,045,624 -
FUND BALANCES (DEFICITS):
Beginning of year, as previously stated 290,432,954 25,285,171 - - -
Restatements - - - (2,045,624) -
Beginning of year, as restated 290,432,954 25,285,171 - (2,045,624) -
End of year 325,474,798$ 42,563,090$ -$ -$ -$
Capital Project Funds
90
City of Dublin
Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
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 - 1,375,307 7,640 1,044,732 442,324
Use of property - - - - -
Unrealized gains (losses) on investments - - - - -
Fines and forfeitures - - - - -
Development revenue - 3,050,276 82,227 2,906,697 -
Other revenue - - - - -
Special assessments - - - - -
Total revenues - 4,425,583 89,867 3,951,429 442,324
EXPENDITURES:
Current:
General government - - - 17,347 -
Police - - - - -
Fire - - - - -
Public works and transportation - - - 260 -
Park and community services - - - - -
Community development - - - - -
Capital outlay:
General improvements - - - - -
Parks - - - - -
Public art 44,277 - - - -
Streets - - - - -
Debt service:
Principal - - - - -
Interest and fiscal charges - - - - -
Total expenditures 44,277 - - 17,607 -
REVENUES OVER (UNDER) EXPENDITURES (44,277) 4,425,583 89,867 3,933,822 442,324
OTHER FINANCING SOURCES (USES):
Transfers in 44,277 - - - -
Transfers out - (11,545,330) - (2,531,258) (200,000)
Total other financing sources (uses)44,277 (11,545,330) - (2,531,258) (200,000)
Net change in fund balances - (7,119,747) 89,867 1,402,564 242,324
FUND BALANCES (DEFICITS):
Beginning of year, as previously stated - 12,005,798 178,376 31,530,762 12,401,269
Restatements - - - - -
Beginning of year, as restated - 12,005,798 178,376 31,530,762 12,401,269
End of year -$ 4,886,051$ 268,243$ 32,933,326$ 12,643,593$
Capital Project Funds
91
City of Dublin
Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Other Total
Governmental Governmental
Funds Funds
REVENUES:
Property taxes -$ 63,838,672$
Sales tax - 28,822,420
Other taxes - 8,856,335
Intergovernmental 11,318,555 15,192,468
Licenses and permits - 344,825
Charges for service 9,129,936 17,885,655
Interest income 855,740 15,549,618
Use of property - 8,067,197
Unrealized gains (losses) on investments - 9,181,038
Fines and forfeitures 86,959 140,127
Development revenue 209,917 24,355,189
Other revenue 772,590 6,483,386
Special assessments 1,688,288 1,688,288
Total revenues 24,061,985 200,405,218
EXPENDITURES:
Current:
General government 9,529,761 24,961,288
Police 1,108,704 30,990,264
Fire 277,743 19,070,405
Public works and transportation 2,857,499 25,217,367
Park and community services 42,481 9,003,522
Community development - 5,731,704
Capital outlay:
General improvements - 5,792,403
Parks - 10,388,342
Public art - 44,277
Streets - 14,686,001
Debt service:
Principal - 710,000
Interest and fiscal charges - 624,650
Total expenditures 13,816,188 147,220,223
REVENUES OVER (UNDER) EXPENDITURES 10,245,797 53,184,995
OTHER FINANCING SOURCES (USES):
Transfers in 600,000 33,586,186
Transfers out (8,525,722) (35,470,711)
Total other financing sources (uses)(7,925,722) (1,884,525)
Net change in fund balances 2,320,075 51,300,470
FUND BALANCES (DEFICITS):
Beginning of year, as previously stated 19,529,130 391,363,460
Restatements - (2,045,624)
Beginning of year, as restated 19,529,130 389,317,836
End of year 21,849,205$ 440,618,306$
92
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes
Net Change in Fund Balances - Total Governmental Funds 51,300,470$
Governmental funds reported capital outlay as expenditures. However, in the Government-Wide Statement
of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This
was the amount of capital assets recorded in the current period, net of Internal Service Funds.24,746,016
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 $3,142,049.(11,860,164)
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.(70,971)
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 710,000
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 115,843
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.2,936,309
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.(4,348,530)
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.(200,792)
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.(1,661,210)
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.2,837,782
Change in Net Position of Governmental Activities 64,628,609$
Amounts reported for governmental activities in the Statement of Activities were different because:
City of Dublin
in Fund Balances to the Government-Wide Statement of Activities
For the year ended June 30, 2025
93
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94
Statement of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
General Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 63,225,641$ 63,225,641$ 63,838,672$ 613,031$
Sales tax 30,161,365 30,161,365 28,822,420 (1,338,945)
Other taxes 8,695,000 8,695,000 8,856,335 161,335
Intergovernmental 300,000 300,000 540,580 240,580
Licenses and permits 311,300 311,300 344,825 33,525
Charges for services 7,372,703 7,439,807 8,669,970 1,230,163
Investment income (loss) 5,622,800 9,622,800 11,163,694 1,540,894
Use of property 2,223,573 2,223,573 2,159,045 (64,528)
Unrealized gains (losses) on investments - - 9,181,038 9,181,038
Fines and forfeitures 67,400 67,400 53,168 (14,232)
Development revenue 7,731,163 9,085,883 10,366,065 1,280,182
Other revenues 2,556,358 2,867,871 5,692,813 2,824,942
Total revenues 128,267,303 134,000,640 149,688,625 15,687,985
EXPENDITURES:
Current:
General government 17,804,971 18,624,091 15,382,709 3,241,382
Police 29,964,927 30,168,967 29,881,560 287,407
Fire 19,023,348 19,020,164 18,792,662 227,502
Public works and transportation 24,489,928 26,170,102 22,359,608 3,810,494
Parks and community services 10,542,359 10,659,299 8,961,041 1,698,258
Community development 6,160,866 6,406,007 5,295,689 1,110,318
Debt service:
Principal 710,000 710,000 710,000 -
Interest and fiscal charges 624,650 624,650 624,650 -
Total expenditures 109,321,049 112,383,280 102,007,919 10,375,361
REVENUES OVER (UNDER) EXPENDITURES 18,946,254 21,617,360 47,680,706 26,063,346
OTHER FINANCING SOURCES (USES):
Transfers in - - 29,539 29,539
Transfers (out)(7,097,023) (55,948,901) (12,668,401) 43,280,500
Total other financing sources (uses)(7,097,023) (55,948,901) (12,638,862) 43,310,039
Net change in fund balance 11,849,231$ (34,331,541)$ 35,041,844 69,373,385$
FUND BALANCE:
Beginning of year 290,432,954
End of year 325,474,798$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
95
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Affordable Housing
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 3,333,333$ 3,333,333$
Charges for services 72,664 72,664 85,749 13,085
Interest 250,000 250,000 660,181 410,181
Use of property - - 5,908,152 5,908,152
Development revenue - - 7,740,007 7,740,007
Other revenues - - 17,983 17,983
Total revenues 322,664 322,664 17,745,405 17,422,741
EXPENDITURES:
Current:
General government 68,000 68,000 31,471 36,529
Community development 807,938 5,987,938 436,015 5,551,923
Total expenditures 875,938 6,055,938 467,486 5,588,452
REVENUES OVER (UNDER) EXPENDITURES (553,274) (5,733,274) 17,277,919 23,011,193
Net change in fund balance (553,274)$ (5,733,274)$ 17,277,919 23,011,193$
FUND BALANCE:
Beginning of year 25,285,171
End of year 42,563,090$
City of Dublin
For the year ended June 30, 2025
Budgeted Amounts
42 96
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.
PROPRIETARY FUND FINANCIAL STATEMENTS
97
City of Dublin
Statement of Net Position
Proprietary Funds
June 30, 2025
Governmental
Activities-
Internal Service
Funds
ASSETS
Current assets:
Cash and investments 32,492,533$
Accounts receivable 259,319
Prepaids and other 577,133
Total current assets 33,328,985
Noncurrent assets:
Capital Assets:
Land 10,774,792
Construction in progress 8,401,935
Infrastructure 745,014
Building and improvements 63,219,783
Vehicles and equipment 12,266,309
Subscription based I.T. agreements 2,238,227
Less accumulated depreciation (59,200,850)
Net capital assets 38,445,210
Total assets 71,774,195
LIABILITIES
Current liabilities:
Accounts payable and accruals 220,113
Due to other funds 73,098
SBITA liabilities, due in one year 305,437
Total current liabilities 598,648
Long-term liabilities:
SBITA liabilities, due in more than one year 326,176
Total long-term liabilities 326,176
Total liabilities 924,824
NET POSITION
Net investment in capital assets 37,813,597
Unrestricted 33,035,774
Total net position 70,849,371$
98
City of Dublin
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Funds
For the year ended June 30, 2025
Governmental
Activities-
Internal Service
Funds
OPERATING REVENUES:
Charges for services 5,594,162$
Other revenue 1,187,914
Total operating revenues 6,782,076
OPERATING EXPENSES:
Supplies and services 2,745,871
Retiree health premiums 1,054,472
Depreciation 3,142,049
Total operating expenses 6,942,392
OPERATING INCOME (LOSS)(160,316)
NONOPERATING REVENUES (EXPENSES):
Interest income 1,133,644
Interest and fiscal charges (20,071)
Total nonoperating revenues (expenses)1,113,573
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS:953,257
Transfers in 2,000,000
Transfers (out)(115,475)
Total transfers 1,884,525
Change in net position 2,837,782
NET POSITION:
Beginning of year 68,011,589
End of year 70,849,371$
99
City of Dublin
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2025
Governmental
Activities-
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from other funds 7,748,444$
Payments to suppliers and service providers (6,064,769)
Other revenues 1,187,914
Net cash provided by (used in) operating activities 2,871,589
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash receipts from other funds 2,235,695
Cash disbursements to other funds (338,299)
Cash provided by (used in) noncapital financing activities 1,897,396
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Purchase of capital assets (813,848)
Cash used in capital and related financing activities (1,119,728)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 1,133,644
Cash flows rovided b (used in) investin activities 1,133,644
Net Cash Flows 4,782,901
CASH AND CASH EQUIVALENTS - Beginning of year 27,709,632
CASH AND CASH EQUIVALENTS - End of year 32,492,533$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss)(160,316)$
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 3,142,049
Change in assets and liabilities
Accounts receivable (13,305)
Prepaids (186,050)
Accounts payable and accruals 89,211
Net cash provided by (used in) operating activities 2,871,589$
100
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.
101
City of Dublin
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2025
Custodial
Funds
ASSETS
Cash and investments 46,681,266$
Accounts receivable 53,188
Total assets 46,734,454
LIABILITIES
Accounts payable 82,979
Total liabilities 82,979
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 46,651,475
Total net position 46,651,475$
102
City of Dublin
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the year ended June 30, 2025
Custodial
Funds
ADDITIONS:
Special assessments 10,466,496$
Investment income 915,800
Property tax distribution 26,918
Total additions 11,409,214
DEDUCTIONS:
Administration 5,775,356
Project payments 658,778
Payments of bonds principal 865,000
Interest expense 6,536,558
Total deductions 13,835,692
Change in net position (2,426,478)
NET POSITION:
Beginning of year 49,077,953
End of year 46,651,475$
103
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104
NOTES TO BASIC
FINANCIAL STATEMENTS
105
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106
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025 was 74,691. 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, 2025, the City’s staff comprised 108
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,
2025, the City had approximately 308 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.
107
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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.
108
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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:
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.
109
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Major Funds, Continued
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.
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.
110
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
D. Basis of Accounting, Continued
Governmental funds are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Under this method, revenues are recognized when measurable and
available. The City considers all revenues reported in the governmental funds to be available if the revenues
are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is
incurred, except for principal and interest on general long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures to the extent they have matured.
Governmental capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of
governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
Non-exchange transactions, in which the City gives or receives value without directly receiving or giving
equal value in exchange, include taxes, grants, entitlements, and donations. On the accrual basis, revenue
from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenues from grants,
entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been
satisfied.
Grant revenues are recognized in the fiscal year in which all eligibility requirements are met. Under the
terms of grant agreements, the City may fund certain programs with a combination of cost-reimbursement
grants, categorical block grants, and general revenues. Certain indirect costs are included in program
expenses reported for individual functions and activities.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
City's internal service funds are charges to customers for sales and services. Operating expenses for internal
service funds include the cost of sales and services, administrative expenses, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
E. Cash, Cash Equivalents, and Investments
The City pools cash resources from all funds in order to facilitate the management of cash. The balance in
the pooled cash account is available to meet current operating requirements. Cash in excess of current
requirements is invested in various interest-bearing accounts and other investments for varying terms.
In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB No. 3),
certain disclosure requirements for Deposits and Investment Risks were made in the following areas:
• Interest Rate Risk
• Credit Risk
o Overall
o Custodial Credit Risk
o Concentrations of Credit Risk
111
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
E. Cash, Cash Equivalents, and Investments, Continued
In addition, other disclosures are specified including use of certain methods to present deposits and
investments, highly sensitive investments, credit quality at year-end, and other disclosures.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and for
External Investment Pools, highly liquid money market investments with maturities of one year or less at
time of purchase are stated at amortized cost. All other investments are stated at fair value. The City
categorizes the fair value measurements of its investments based on the hierarchy established by generally
accepted accounting principles. The fair value hierarchy, which has three levels, is based on the valuation
inputs used to measure an asset’s fair value: Level 1 inputs are quoted prices in active markets for identical
assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable
inputs. The City does not have any investments that are measured using Level 3 inputs.
The City participates in an investment pool managed by the State of California entitled Local Agency
Investment Fund (LAIF) which has invested a portion of the pooled funds in Structured Notes and Asset-
Backed Securities. LAIF’s investments are subject to credit risk with the full faith and credit of the State of
California collateralizing these investments. In addition, these Structured Notes and Asset-Backed
Securities are subject to market risk as to the change in interest rates.
Cash equivalents are considered amounts in demand deposits and short-term investments with a maturity
date within three months of the date acquired by the City and are presented as “Cash and Investments” in
the accompanying Basic Financial Statements.
For the purpose of the statement of cash flows, the City considers all pooled cash and investments
(consisting of cash and investments and restricted cash and investments) held by the City as cash and cash
equivalents because the pool is used essentially as a demand deposit account from the standpoint of the
funds. The City also considers all non-pooled cash and investments (consisting of cash with fiscal agent
and restricted cash and investments held by fiscal agent) as cash and cash equivalents because investments
meet the criteria for cash equivalents defined above.
F. Property Tax Revenues
Alameda County assesses properties and bills, collects, and distributes property taxes to the City. The
County remits the entire amount paid and handles the collection of all delinquencies. The City receives
proportionate shares of prior year collections including interest and penalties. Secured and unsecured
property taxes are levied on January 1 of the preceding fiscal year. The property tax assessments are
formally due on November 1 and February I, and become delinquent after December 10 and April 10,
respectively. Taxes become a lien on the property effective January 1 of the preceding year.
G. Use of Restricted Resources
When both restricted and unrestricted resources are available for use, it is the City's policy to use restricted
resources first, and then unrestricted resources as needed.
112
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
H. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid costs in both government-wide and fund financial statements, using the consumption method.
Prepaid costs in governmental funds are equally offset with nonspendable fund balance to indicate they do
not constitute resources available for appropriation. Prepaids in governmental funds are treated using the
consumption method, where the prepaid expenditure is recognized in the period in which the service is
provided or the item is put into use.
I. Leases Receivable
The City’s leases receivable are measured at the present value of lease payments expected to be received
during the lease terms. Deferred inflows of resources are recorded for the leases. The deferred inflow of
resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease
receivable.
J. Compensated Absences
The City recognizes a liability for compensated absences for leave time that (1) has been earned for services
previously rendered by employees, (2) accumulates and is allowed to be carried over to subsequent years,
and (3) is more likely than not to be used as time off or settled (for example paid in cash to the employee)
during or upon separation from employment. Based on the criteria listed, two types of leave qualify for
liability recognition for compensated absences – vacation and sick leave. The liability for compensated
absences is reported as incurred in the government-wide and proprietary fund financial statements. A
liability for compensated absences in recorded in the governmental funds only if the liability has matured
because of employee resignations or retirements. The liability for compensated absences includes salary-
related benefits, where applicable. The flow assumption used by the City in estimating compensated
absence amounts is that most recently accrued leave is used first by employees.
Compensated absences activities were as follows for the year ended June 30, 2025:
General Leave Other Leave Total
Beginning Balance 1,516,521$ 1,902$ 1,518,423$
Additions 1,360,389 54,561 1,414,950
Payments (1,287,516) (56,463) (1,343,979)
Ending Balance 1,589,394$ -$ 1,589,394$
Current Portion 1,442,546$ -$ 1,442,546$
Noncurrent Portion 146,848$ -$ 146,848$
113
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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.
114
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
M. Pension
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to
pensions, and pension expense, information about the fiduciary net position of the City’s California Public
Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’
fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
N. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s
plan (OPEB Plan) and additions to/deductions from the OPEB Plan’s fiduciary net position have been
determined on the same basis. For this purpose, benefit payments are recognized when currently due and
payable in accordance with the benefit terms. Investments are reported at fair value. Generally accepted
accounting principles require that the reported results must pertain to liability and asset information within
certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
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 / lnflows 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.
115
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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.
116
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Q. Net Position and Fund Balance, Continued
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.
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 2025, the City adopted new accounting standards in order to conform to the following Governmental
Accounting Standard Board Statements:
GASB Statement No. 101, Compensated Absences - The objective of this Statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance for
compensated absences. That objective is achieved by aligning the recognition and measurement guidance
under a unified model and by amending certain previously required disclosures. The City implemented
this Statement in the current year.
GASB Statement No. 102, Certain Risk Disclosures - The objective of this Statement is to provide users of
government financial statements with essential information about risks related to a government’s
vulnerabilities due to certain concentrations or constraints. The City implemented this Statement and it
resulted in no disclosure for the current year.
63 117
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025.
118
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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 470,252,441$
Fiduciary Funds:
Cash and investments 46,681,266
Total cash and investments 516,933,707$
119
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
3. CASH AND INVESTMENTS, Continued
B. Classification, Continued
Cash and investments as of June 30, 2025 consisted of the following:
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.
Cash on hand 5,201$
Deposits with financial institutions 3,239,073
Investments 488,799,707
Section 115 Trust 2,257,730
Cash and investments with fiscal agent 22,631,996
Total cash and investments 516,933,707$
Authorized Investment Type
Maximum
Maturity
Minimum Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment In
One Issuer
Ne otiable Certificates of Deposit 5 ears A-1 30%20%
Bankers' Acceptance 180 da s A-1 40% 20% of Portfolio
U.S. Treasur Bills and Notes 10 ears N/A No Limit No Limit
U.S. Government A enc Securities 10 ears N/A 25% for callable 35%
California Asset Mana ement Pro ram N/A N/A No Limit No Limit
Commercial Paper 270 da s A-1 25% 20% of Portfolio
Time Certificates of Deposit 1 ear N/A 10%No Limit
State Local A enc Investment Fund N/A N/A No Limit No Limit
Asset-Backed Securities 5 ears AA 20%5%
Medium-Term Notes 5 ears A 30%5%
Mutual Funds N/A AAA 20%10%
Mone Market Funds N/A AAA 20%No Limit
Municipal Securities 10 ears A No Limit 5%
Supranationals 5 ears AA 30%10%
120
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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:
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, 2025, 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, 2025, the City had $28,382,958 invested in LAIF, which had invested 3.81% of the pool
investment funds in Structured Notes and Asset-Backed Securities as compared to 3.00% in the previous
year. The LAIF fair value factor of 1.001198310 was used to calculate the fair value of the investments in
LAIF.
Investment Type
12 Months or
less
13 to 24
Months
25 to 60
Months Total
Asset-Backed Securities 3,989,822$ 80,279$ 34,468,222$ 38,538,323$
U.S. Treasury Notes 26,885,176 - 117,580,410 144,465,586
Supranationals - 6,180,613 20,997,420 27,178,033
Medium-Term Notes 14,083,018 7,848,217 55,345,236 77,276,471
U.S. Government Agency Securities - - 7,239,578 7,239,578
Local Agency Investment Fund 28,382,958 - - 28,382,958
California Asset Management Program 150,768,678 - - 150,768,678
Commercial Mortgage-Backed Securities (CMBS) 1,972,166 - 12,085,802 14,057,968
Money Market Funds 892,112 - - 892,112
Total Investments 226,973,930$ 14,109,109$ 247,716,668$ 488,799,707$
121
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, these investments have an average maturity of 45 days.
The City's investments include Asset-Backed Securities in the amount of $38,538,323 that are highly
sensitive to interest rate fluctuations to a greater degree than already indicated above.
E. Fair Value Hierarchy
The City categorizes its fair value measurements within the fair value hierarchy established by generally
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure fair value of
the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are
significant other observable inputs; and Level 3 inputs are significant unobservable inputs.
The following is a summary of the fair value hierarchy of the fair value of investments of the City as of
June 30, 2025:
Level 1 Level 2 Total
Investments By Fair Value Level:
Asset-Backed Securities -$ 38,538,323$ 38,538,323$
U.S. Treasury Notes - 144,465,586 144,465,586
Supranationals - 27,178,033 27,178,033
Medium-Term Notes - 77,276,471 77,276,471
U.S. Government Agency Securities - 7,239,578 7,239,578
Commercial Mortgage-Backed Securities (CMBS)- 14,057,968 14,057,968
Total -$ 308,755,959$ 308,755,959
Investments Exempt From Disclosure:
Local Agency Investment Fund 28,382,958
California Asset Management Program 150,768,678
Money Market Funds 892,112
Total 488,799,707$
122
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025 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, 2025.
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.
Commercial State
Asset California Mortgage Local Agency
U.S. Medium Backed U.S. Gov't Asset Mgmt Backed Money Investment
Rating Treasuries Term Notes Securities Supranationals Agency Program Securities Market Fund Total
AAA -$ -$ 28,411,495$ 27,178,033$ -$ 150,768,678$ 4,450,214$ 12,697$ -$ 210,821,117$
AA+ 144,465,586 6,962,770 - - 7,239,578 - 9,607,754 - - 168,275,688
AA - 7,048,076 - - - - - - - 7,048,076
AA-- 4,640,524 - - - - - - - 4,640,524
A+- 11,922,426 - - - - - - - 11,922,426
A - 19,983,835 - - - - - - - 19,983,835
A-- 23,661,035 - - - - - - - 23,661,035
AAAm - - - - - - - 879,415 - 879,415
BBB+- 3,057,805 - - - - - - - 3,057,805
No t
rated - - 10,126,828 - - - - - 28,382,958 38,509,786
Total 144,465,586$ 77,276,471$ 38,538,323$ 27,178,033$ 7,239,578$ 150,768,678$ 14,057,968$ 892,112$ 28,382,958$ 488,799,707$
123
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
4. INTERFUND TRANSACTIONS
A. Transfers between Funds
Transfers between funds during the year ended June 30, 2025 were as follows:
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, 2025, the following funds have balances due to the General Fund:
Transfers Out General
General
Improvements
Projects
Capital
Projects
Parks Pro ects
Capital
Projects
Streets
Projects
Capital
Projects
Public Art
Capital
Projects
Non-major
Governmental
Funds
Internal
Service Funds Total
Major Funds
General Fund -$ 5,351,013$ 184,940$ 5,132,448$ -$ -$ 2,000,000$ 12,668,401$
Public Facilities Impact
Fees Capital Projects - 66,477 11,478,853 - - - - 11,545,330
Traffic Impact Fees
Capital Projects - - - 1,931,258 - 600,000 - 2,531,258
Dublin Crossing Contribution
Capital Projects - - - 200,000 - - - 200,000
Non-major Governmental Funds 29,539 259,438 770,173 7,422,295 44,277 - - 8,525,722
Governmental funds subtotal 29,539 5,676,928 12,433,966 14,686,001 44,277 600,000 2,000,000 35,470,711
Internal Service Funds - 115,475 - - - - - 115,475
Total 29,539$ 5,792,403$ 12,433,966$ 14,686,001$ 44,277$ 600,000$ 2,000,000$ 35,586,186$
Transfers In
Due to General Fund:
Public Facilities Impact Fees Capital Projects Fund 27,643,995$
Non-Major Governmental Funds 2,748,963
Internal Service Funds 73,098
Total 30,466,056$
124
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
4. INTERFUND TRANSACTIONS, Continued
C. Advances between Funds
During the 2021-2022, 2022-2023-2024, and 2024-2025 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, 2025:
5. NOTES RECEIVABLE
The following table summarizes the notes receivable outstanding as of June 30, 2025:
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 from 3% to 3.5% per annum, as of June 30, 2025 was
$1,293,373. As of June 30, 2025, there were no loans in default.
Advances from General Fund
Public Facilities Impact Fees Capital Projects Fund 11,605,916$
Total 11,605,916$
First Time Homebuyer Loan Program 1,293,373$
Eden (Wicklow) Square Senior Affordable Housing 3,145,574
SBA Microloan Program Receivables 9,997
Arroyo Vista Predevelopment/Construction Loan - Family Housing 1,954,457
Arroyo Vista Predevelopment/Construction Loan - Senior Housing 759,668
Veterans Family Apartment Development Loan 7,548,077
Regional Street Loan 3,340,273
Amador Station Loan 4,510,483
Total 22,561,902$
125
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
5. NOTES RECEIVABLE, Continued
Details of the Revolving Home Loans as of June 30, 2025 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$ 12,183$ -$ 31,793$
#07-04 10/31/2007 50,000 30,921 - 80,921
#07-15 12/4/2007 24,536 15,094 - 39,630
#07-16 12/28/2007 8,000 4,903 - 12,903
#07-18 2/29/2008 24,170 14,665 - 38,835
#08-07 4/10/2009 27,425 15,575 - 43,000
#08-08 6/30/2009 39,576 22,168 - 61,744
#09-02 9/29/2009 36,595 20,179 - 56,774
#11-01 12/9/2011 26,025 12,367 - 38,392
#11-05 1/13/2012 29,999 14,137 - 44,136
#11-08 1/31/2012 35,249 16,550 - 51,799
#12-01 10/30/2012 29,999 13,303 - 43,302
#12-04 4/12/2013 36,749 15,718 - 52,467
#12-05 4/26/2013 35,249 (84,958) 49,709 -
#12-06 6/12/2013 31,499 13,288 - 44,787
#13-04 12/9/2013 40,000 16,184 - 56,184
#17-01 5/25/2018 40,000 9,942 - 49,942
#19-02 11/22/2019 40,000 7,851 - 47,851
#21-01 10/29/2021 40,000 5,140 - 45,140
#22-01 7/12/2023 40,000 2,758 - 42,758
#23-01 10/24/2023 40,000 2,360 - 42,360
#23-02 11/20/2023 40,000 2,257 - 42,257
#23-03 11/20/2023 40,000 2,257 - 42,257
#23-04 4/1/2024 40,000 1,748 - 41,748
#24-01 1/132025 60,734 984 - 61,718
#24-02 1/14/2025 78,944 1,271 - 80,215
#24-03 5/14/2025 100,000 460 - 100,460
Totals 1,054,359$ 189,305$ 49,709$ 1,293,373$
126
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, the outstanding loan amount was $3,145,574.
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, 2025, the outstanding
loan amount was $9,997.
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, 2025, the outstanding
loan amounts for the Family Project and the Senior Project were $1,954,457 and $759,668, respectively.
127
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, the outstanding loan amount was $7,548,077.
Regional Street Apartments Development Loan – On January 1, 2025, the City entered into an agreement to
provide a loan to Regional Street Investors, L.P., a California limited partnership. The City entered into an
agreement and provided a loan in the amount of $3,333,333 to the Regional Street Investors, L.P. to assist in
the development of the Regional Street Apartments, an affordable multifamily rental housing project
located in Dublin, California. The project will provide affordable rental housing units consistent with the
City’s Affordable Housing Assistance Agreement. The loan bears interest at 1% simple interest per annum.
Principal and interest are payable from the City’s prorata share of 50% of Residual Receipts as defined in
the Affordable Housing Assistance Agreement. The unpaid principal balance, together with the accrued
interest, shall be payable in full no later than the 55th anniversary of the date the City issues a final
certificate of occupancy for the development. The City has the right to accelerate the maturity date and
declare all sums immediately due and payable upon the occurrence of an event of default by the developer,
including failure to comply with terms of the agreement or to complete construction within the time period
specified in the note. As of June 30, 2025, the outstanding loan amount was $3,340,273.
Amador Station Pre-Development Loan – On February 21, 2023, the City entered into an agreement to provide
a loan to The Related Companies of California, LLC, in partnership with BRIDGE Dublin LLC, a California
limited liability company. The City entered into an agreement and provided a loan in the amount of
$4,300,000 to assist in the pre-development of the Amador Station Affordable Housing Project, a 300-unit
affordable multifamily rental housing development located on a 3.59-acre site adjacent to the West
Dublin/Pleasanton BART Station. The loan bears interest at 3% simple interest per annum. The City has the
right to accelerate the maturity date and declare all sums immediately due and payable to the City upon the
occurrence of an event of developer default, including failure to complete pre-development activities or
advance the project as required under the agreement. As of June 30, 2025, the outstanding loan amount was
$4,510,483.
74 128
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, the City recognized $11,433 of lease revenue and
$201 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, 2025, the City recognized $9,954 of lease revenue and
$1,584 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, 2025, the City recognized $21,720 of lease revenue and $30,683 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, 2025, the City
recognized $150,566 of lease revenue and $113,473 of interest revenue under the lease.
Alameda County Fire Department Lease – Fire Department Administration
In January 2025, 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 4.26%. For the
year ended June 30, 2025, the City recognized $164,676 of lease revenue and $33,847 of interest revenue
under the lease.
129
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
6. LEASES RECEIVABLE, Continued
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, 2025, the City recognized $47,936 of
lease revenue and $84,331 of interest revenue under the lease.
The future payments on the leases as of June 30, 2025 were as follows:
Year Ending
June 30, Principal Interest Principal Interest Principal Interest
2026 28,285$ 31,674$ 108,594$ 106,434$ 292,364$ 58,619$
2027 30,772 30,752 129,426 98,503 315,801 45,712
2028 33,447 29,683 138,396 89,532 340,578 31,780
2029 23,886 28,460 162,094 79,511 366,763 16,766
2030 13,589 27,522 173,328 68,277 192,203 2,395
2031-2035 106,662 118,149 921,174 133,964 - -
2036-2040 195,483 65,134 - - - -
2041-2042 72,663 3,782 - - - -
Total 504,787$ 335,156$ 1,633,012$ 576,221$ 1,507,709$ 155,272$
Year Ending
June 30, Principal Interest Principal Interest
2026 53,429$ 65,611$ 482,672$ 262,338$
2027 82,246 36,794 558,245 211,761
2028 36,299 3,381 548,720 154,376
2029 - - 552,743 124,737
2030 - - 379,120 98,194
2031-2035 - - 1,027,836 252,113
2036-2040 - - 195,483 65,134
2041-2042 - - 72,663 3,782
Total 171,974$ 105,786$ 3,817,482$ 1,172,435$
11805 Dublin Blvd Total
Cell Tower Leases ACFD Fleet ACFD (Fire Dept Admin)
130
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
7. CAPITAL ASSETS
A. Current Year Activities
Capital asset activities during the year ended June 30, 2025 were as follows:
B. Project Commitments
As of June 30, 2025, the City had outstanding commitments with contractors for the following projects:
Balance
July 1, 2024 Balance
(as restated) Additions Retirements June 30, 2025
Non-depreciable assets:
Land 182,170,145$ -$ -$ 182,170,145$
Streets right of way 37,760,857 - - 37,760,857
Construction in progress 134,142,105 24,594,714 - 158,736,819
Total non-depreciable assets 354,073,107 24,594,714 - 378,667,821
Depreciable assets:
Infrastructure 448,236,611 - - 448,236,611
Buildings and improvements 118,093,759 - - 118,093,759
Vehicles and equipment 26,850,793 818,212 (49,436) 27,619,569
Subscription based I.T. agreements 3,263,114 146,938 (124,756) 3,285,296
Total depreciable assets 596,444,277 965,150 (174,192) 597,235,235
Less accumulated depreciation/
amortization:
Infrastructure (292,724,584) (9,079,624) - (301,804,208)
Buildings and improvements (65,546,564) (3,620,082) - (69,166,646)
Vehicles and equipment (16,270,627) (1,902,025) 49,436 (18,123,216)
Subscription based I.T. agreements (710,492) (400,482) 124,756 (986,218)
Total accumulated depreciation/
amortization (375,252,267) (15,002,213) 174,192 (390,080,288)
Total depreciable assets, net 950,517,384 25,559,864 (174,192) 975,903,056
Total capital assets 575,265,117$ 10,557,651$ -$ 585,822,768$
Project Commitment
General Improvement Projects 616,506$
Parks Projects 451,680
Streets Projects 2,859,169
Public Art Projects 542,377
131
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
7. CAPITAL ASSETS, Continued
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:
8. LONG TERM DEBT
A. Current Year Transactions and Balances
Long-term debt transactions and balances during the year ended June 30, 2025 were as follows:
Governmental Activities:
General Government 1,879,914$
Police 422,848
Fire 566,853
Public Works 7,055,342
Parks and Community Service 3,777,109
Community Development 1,300,147
Total depreciation expense 15,002,213$
Due in
Balance Balance Due Within More than
July 1, 2024 Deletions June 30, 2025 One Year One Year
Governmental Activities:
2021 Lease Revenue Bonds 16,725,000$ (710,000)$ 16,015,000$ 735,000$ 15,280,000$
Premium on bond 2,146,853 (123,856) 2,022,997 - 2,022,997
Subscription based I.T. agreements 917,422 (285,809) 631,613 305,437 326,176
Total long-term debt 19,789,275$ (1,119,665)$ 18,669,610$ 1,040,437$ 17,629,173$
132
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025,
including unamortized bond premium of $2,022,997 amounted to $18,037,997.
The annual debt service requirements on the bonds at June 30, 2025 are as follow:
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 $238,326. The City has used a 2.4% discount rate for this arrangement based on similar
debt during the same fiscal year. There are no options to extend the arrangement or purchase the software.
For the Years
Ending June 30, Principal Interest Total
2026 735,000$ 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 860,000 471,250 1,331,250
2031-2035 4,845,000 1,811,650 6,656,650
2036-2040 5,885,000 774,100 6,659,100
2041 1,300,000 32,500 1,332,500
Total 16,015,000$ 5,293,300$ 21,308,300$
2021 Lease Revenue Bonds
133
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
8. LONG TERM DEBT, Continued
C. Subscription Based Information Technology Arrangements, Continued
Activenet software arrangement is a three-year agreement with automatic renewals for three year terms,
initiated in fiscal year 2019 with an annual payment of $53,040. The City has used a 2.4% discount rate for
this arrangement based on similar debt during the same fiscal year. There are no options to extend the
arrangement or purchase the software.
Rubrik software arrangement is a three-year subscription-based information technology agreement for
cloud data protection and backup services, initiated in fiscal year 2025 with a total subscription cost of
$146,938. The agreement covers a fixed term of 36 months and was billed and paid in full at
commencement.
The annual debt service requirements on the bonds at June 30, 2025 are as follow:
For the Years
Ending June 30, Principal Interest Total
2026 305,437$ 13,085$ 318,522$
2027 326,176 5,620 331,796
Total 631,613$ 18,705$ 650,318$
Subscription Based I.T. Agreements
134
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
9.FUND BALANCES
Detailed classifications of the City's Fund Balances, as of June 30, 2025, are stated below:
Public Dublin Other
General Affordable Facilities Fire Impact Traffic Impact Crossing Governmental
Fund Housing Impact Fees Fees Fees Contribution Funds Total
Nonspendable:
Prepaids 40,122$ -$ -$ -$-$-$11,667$ 51,789$
Subtotal Non-Spendable Fund Balance 40,122 - - - - - 11,667 51,789
Restricted for:
Cemetery Endowment 60,000 - - - - - - 60,000
Public Safety Programs - - - - - - 2,063,426 2,063,426
Street Maintenance and Construction - - - - - - 15,031,530 15,031,530
Health and Welfare Programs - - - - - - 1,618,135 1,618,135
Heritage Park Maintenance 750,000 - - - - - - 750,000
Culture and Leisure - - - - - - 522,686 522,686
Impact Fee Capital Projects - - 4,886,051 268,243 32,933,326 - - 38,087,620
Capital Improvement Projects - - - - - 12,643,593 5,079,091 17,722,684
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 11,605,916 - - - - - - 11,605,916
Pension 2,257,729 - - - - - - 2,257,729
Housing -42,563,090 - - - - - 42,563,090
Subtotal Restricted Fund Balance 16,242,645 42,563,090 4,886,051 268,243 32,933,326 12,643,593 24,314,868 133,851,816
Committed to:
Asset Contingency 17,714,064 - - - - - - 17,714,064
Economic Stability 8,000,000 - - - - - - 8,000,000
Fire Services Pension/OPEB 2,211,094 - - - - - - 2,211,094
Parks and Street Contingency Maintenance 201,270 - - - - - - 201,270
Pavement Management 2,000,000 - - - - - - 2,000,000
Pension and Post Employment Benefits 18,000,000 - - - - - - 18,000,000
Public Safety 4,600,000 - - - - - - 4,600,000
Service Continuity Obligations 3,150,000 - - - - - - 3,150,000
Cultural Arts Center 1,402,815 - - - - - - 1,402,815
Don Biddle Community Park 675,193 - - - - - - 675,193
Downtown Public Improvements 45,000,000 - - - - - - 45,000,000
Dublin Boulevard Extension 71,042,736 - - - - - - 71,042,736
Fallon Sports Park 51,462 - - - - - - 51,462
HVAC Replacement 1,812,944 - - - - - - 1,812,944
Library Tenant Improvement 1,000,000 - - - - - - 1,000,000
Maintenance Facility 55,008 - - - - - - 55,008
Village Parkway Pavement 20,312,819 - - - - - - 20,312,819
Subtotal Committed Fund Balance 197,229,405 - - - - - - 197,229,405
Assigned to:
Employees Accrued Leave 1,589,394 - - - - - - 1,589,394
ClP Carryovers 17,186,131 - - - - - - 17,186,131
Commercial Facade Improvement Grant 429,972 - - - - - - 429,972
Operating Carryovers 1,690,898 - - - - - - 1,690,898
Advance to Public Facility Fee 5,000,000 - - - - - - 5,000,000
ARPA Revenue Replacement 990,187 - - - - - - 990,187
Contribution to Public Facility Fee 10,000,000 - - - - - - 10,000,000
Lease Revenue Bonds Payment 9,000,000 - - - - - - 9,000,000
Relocate Parks 500,000 - - - - - - 500,000
Utility Undergrounding 3,500,000 - - - - - - 3,500,000
Climate Action Plan 2,554,518 - - - - - - 2,554,518
Innovations and New Opportunities 3,316,206 - - - - - - 3,316,206
Municipal Regional Permit 885,422 - - - - - - 885,422
Non-street CIP 2,693,521 - - - - - - 2,693,521
Subtotal Assigned Fund Balance 59,336,249 - - - - - - 59,336,249
Unassigned Fund Balance:
Fund Balance Deficits - - - - - - (2,477,330) (2,477,330)
Unrealized Gain/(Loss) on Investments 2,141,609 - - - - - - 2,141,609
Cash Flow Per City Policy 50,484,768 - - - - - - 50,484,768
Subtotal Unassigned Fund Balance 52,626,377 - - - - -(2,477,330) 50,149,047
Total Fund Balance (Deficit)325,474,798$ 42,563,090$ 4,886,051$ 268,243$ 32,933,326$ 12,643,593$ 21,849,205$ 440,618,306$
Major Funds
81 135
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025 the cash flow reserves, which are part of the Unassigned
Fund Balance, were above the minimum at approximately 5.2 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, 2025. These deficits are expected
to be eliminated by future revenues.
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
(CalPERS). PERF C consists of a miscellaneous pool and a safety pool (also referred to as "risk pools"),
which comprised individual employer miscellaneous and safety rate plans, respectively. Individual
employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in
one cost-sharing multiple-employer defined benefit pension plan regardless of the number of rate plans the
employer sponsors. The City sponsors two rate plans (miscellaneous). Benefit provisions under the Plan are
established by State statute and City resolution. CalPERS issues publicly available reports that include a full
description of the pension plan regarding benefit provisions, assumptions and membership information
that can be found on the CalPERS website.
Fun un e c t
Measure BB Grants 74,960$
Transportation for Clean Air (TFCA)8,293
State Grant Park 2,294,000
Buildin Homes and Jobs Act 13,410
Measure RR - Safe Routes to BART 75,000
136
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
11. PENSION PLAN, Continued
A. General Information about the CalPERS Pension Plan, Continued
Benefits Provided - CalPERS provides service retirement and disability benefits, annual cost of living
adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits
are based on years of credited service, equal to one year of full time employment. All members are eligible
for non-duty disability benefits after 10 years of service. The death benefit is one of the following: the Basic
Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of living
adjustments for each plan are applied as specified by the Public Employees' Retirement Law. The Pension
Reform Act of 2013 (PEPRA), Assembly Bill 340, is applicable to employees new to CalPERS and hired after
December 31, 2012.
The Plan's provisions and benefits in effect as of June 30, 2025, are summarized as follows:
Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the
employer contribution rates for all public employers be determined on an annual basis by the actuary and
shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan
are determined annually on an actuarial basis as of June 30 by CalPERS. The actuarially determined rate is
the estimated amount necessary to finance the costs of benefits earned by employees during the year, with
an additional amount to finance any unfunded accrued liability. The City is required to contribute the
difference between the actuarially determined rate and the contribution rate of employees.
For the measurement period ended June 30, 2024, the City's contributions to the Plan were $2,240,690.
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions
As of June 30, 2025, the City reported $22,650,689 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, 2024, and the total pension liability
for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of
June 30, 2023 rolled forward to June 30, 2024 using standard update procedures. The 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.
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 16.02%7.87%
Required unfunded liability payment $1,761,315 $15,841
137
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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,
2023 and 2024 was as follows:
For the year ended June 30, 2025, the City recognized net pension expense of $4,348,530 for the
Miscellaneous Plan on the Statement of Activities. As of June 30, 2025, the City reported deferred outflows
of resources and deferred inflows of resources related to pensions from the following sources:
Proportion - June 30, 2023 0.18255%
Proportion - June 30, 2024 0.18677%
Change - Increase (Decrease) 0.00422%
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Pension contributions subsequent to
measurement date 2,604,778$ -$
Changes of assumptions 582,170 -
Differences between expected and
actual experience 1,958,360 76,414
Changes in employer's proportion 446,316
Differences between the employer's
contribution and the employer's
proportionate share of contributions - 1,101,375
Net differences between projected and
actual earnings on plan investments 1,303,973 -
Total 6,895,597$ 1,177,789$
138
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The $2,604,778 reported as deferred outflows of resources related to contributions subsequent to the
measurement date will be recognized as a reduction of the net pension liability in the year ended
June 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized as pension expense as follows:
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The
following presents the City's proportionate share of the net pension liability for the Plan, calculated using
the discount rate for the Plan, as well as what the City's proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
Fiscal Year
Ending June 30:
2026 941,800$
2027 2,696,260
2028 (78,175)
2029 (446,855)
1% Decrease 5.90%
Net Pension Liability 35,951,119$
Current Discount Rate 6.90%
Net Pension Liability 22,650,689$
1% Increase 7.90%
Net Pension Liability 11,702,477$
139
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2024, the total pension liabilities were
determined by rolling forward the June 30, 2023 total pension liability. The June 30, 2024 total pension
liabilities were based on the following actuarial methods and assumptions:
All other actuarial assumptions used in the June 30, 2023 valuation were based on the results of a December
2021 actuarial experience study. Further details of the Experience Study can found on the CalPERS website.
Discount Rate - The discount rate used to measure the total pension liability was 6.90% for the Plan. To
determine whether the municipal bond rate should be used in the calculation of a discount rate for each
plan, CalPERS stress tested plans that would most likely result in a discount rate that would be different
from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets.
Therefore, the current 6.90% discount rate is adequate and the use of the municipal bond rate calculation is
not necessary. The long term expected discount rate of 6.90% will be applied to all plans in the Public
Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be
obtained from the CalPERS website.
In determining the long-term expected rate of return, CalPERS took into account long-term market return
expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are
estimated and, combined with risk estimates, are used to project compound (geometric) returns over the
long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio
return.
The table on the following page reflects the long-term expected real rate of return by asset class. The rate of
return was calculated using the capital market assumptions applied to determine the discount rate and
asset allocation. These rates of return are net of administrative expenses.
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.90%
Inflation 2.30%
Projected Salary Increases Varies by entry age and service
Investment Rate of Return (1)6.90%
Mortality Derived by CalPERS' Membership Data for all Funds
(1) Net of pension plan administrative expenses
140
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net
position is available in the separately issued CalPERS financial reports.
Payable to the Pension Plan – There were no outstanding contributions to the pension plan as of
June 30, 2025.
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.
Asset Class
Assumed Asset
Allocation Real Return(1)(2)
Global Equity - Cap-Weighted 30.00%4.45%
Global Equity - Non-Cap-
Weighted
12.00%3.84%
Private Equity 13.00%7.28%
Treasury 5.00%0.27%
Mortgage-Backed Securities 5.00%0.50%
Investment Grade Corporates 10.00%1.56%
High Yield 5.00%2.27%
Emerging Market Debt 5.00%2.48%
Private Debt 5.00%3.57%
Real Assets 15.00%3.21%
Leverage -5.00%-0.59%
Total 100.00%
(1) An expected inflation of 2.30% used for this period.
(2) Figures are based on the 2021-22 Asset Liability Management study.
141
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Contributions - There is no requirement imposed by CalPERS, to contribute any amount beyond the pay-as-
you-go contributions. The cost of monthly insurance premiums may be shared between the retiree and the
City. The contribution and cost sharing varies depending on: date of hire; the dependent status; and plan
selected. The City contributes PEMHCA to retirees hired after January 1, 2016. A minimum employer
monthly contribution requirement is established and may be amended by the CalPERS Board of
Administration and applicable laws. Within the parameters of the law, individual contracting agencies,
such as the City, are allowed to establish and amend the level of contributions made by the employer
towards the monthly cost of the plans. Changes to the employer contribution rate towards retiree benefits
are recorded in a resolution adopted by the City Council.
For the measurement period 2023-24, the City contributed $305,089.
Employees Covered
Net OPEB Liability
The City’s net OPEB liability was measured as of June 30, 2024 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:
Inactive employees or beneficiaries
currently receiving benefits 79
Inactive employees entitled to but not yet
receiving benefits 8
Active employees 108
Total 195
Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry-Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.20%
Inflation 2.50%
Contribution Policy Contributes full ADC
Salary Increases Varies by Entry Age and Service
Investment Rate of Return 6.20%
Mortality CalPERS 2021 Experience Study
Post Retirement Benefit
Increase MacLeod Watts Scale 2022
Healthcare Trend 6.0% in 2026 fluctuating down to 3.9% by 2075
142
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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 below.
Discount Rate
The discount rate used to measure the total OPEB liability was 6.20 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.
Target General Expected Real Compound General Expected Real Compound
Asset Class Allocation Inflation Rate of Return Return Inflation Rate of Return Return
Global Equity 34.00% 2.40% 3.90% 6.30% 2.40% 4.70% 7.10%
Fixed Income 41.00% 2.40% 2.70% 5.10% 2.40% 2.60% 5.00%
Global Real Estate (REITs)17.00% 2.40% 3.70% 6.10% 2.40% 4.00% 6.40%
Treasury Inflation Protected Securities 5.00% 2.40% 1.70% 4.10% 2.40% 1.40% 3.80%
Commodities 3.00% 2.40% 2.90% 5.30% 2.40% 2.00% 4.40%
Volatility 9.50%Weighted 5.90%Weighted 6.20%
Years 1-5 Years 6-20CERBT Strategy 2
I I I
143
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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:
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, 2024:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability/(Asset)
Balance at June 30, 2024 $ 20,075,570 $ 23,487,602 $ (3,412,032)
Changes in the year:
Service cost 518,069 - 518,069
Interest on the total pension
liability 1,097,763 - 1,097,763
Differences between actual and
expected experience 2,048,651 - 2,048,651
Changes in assumptions (1,594,479) - (1,594,479)
Contribution - employer - 305,089 (305,089)
Net investment income - 1,919,023 (1,919,023)
Administrative expenses - (7,561) 7,561
Benefit payments , including
refunds of employee
contributions (1,268,615) (1,268,615) -
Net changes 801,389 947,936 (146,547)
Balance at June 30, 2025 $ 20,876,959 $ 24,435,538 $ (3,558,579)
Increase (Decrease)
Current
1% Decrease Discount Rate 1% Increase
(5.20%) (6.20%) (7.20%)
Net OPEB Liability (Asset) $ (1,214,166) (3,558,579)$ (5,505,196)$
144
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2024:
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:
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB
For the fiscal year ended June 30, 2025, the City recognized OPEB expense (income) of $200,792.
Current Healthcare
1% Decrease Trend Rate 1% Increase
Net OPEB Liability (Asset) $ (5,750,670) (3,558,579)$ (910,528)$
Net difference between pro ected 5 year straight-line recognition
and actual earnin s on OPEB plan
investments
All other amounts Straight-line recogntion over the expected average remaining service lifetime
(EARSL) of all members that are provided with benefits, determined as of the
beginning of the Measurement Period. In determining the EARSL, all active,
retired and inactive (vested) members are counted, with the latter two groups
having 0 remaining service years.
145
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, the City reported deferred outflows of resources related to OPEB
from the following sources:
The $331,531 reported as deferred outflows of resources related to contributions subsequent to the
June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal
year ending June 30, 2026. Other amounts reported as deferred outflows of resources related to OPEB will
be recognized as expense as follows:
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, 2025 those cost
totaled $46,028.
Deferred Outflows
of Resources
Deferred Inflows of
Resources
OPEB contributions subsequent to
measurement date $ 331,531 $ -
Differences between actual and expected
experience 1,754,727 1,176,286
Changes in assumptions 918,808 1,475,980
Net differences between projected and
actual earnings on plan investments 797,546 -
Total 3,802,612$ 2,652,266$
Fiscal Year
Ending June 30:
2026 (107,205)$
2027 1,014,133
2028 36,876
2029 (94,581)
2030 (93,614)
Thereafter 63,206
146
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, the City paid
The Cities Group $1,959 in premium. Financial Statements may be obtained from The Cities Group, P.O.
Box 111, Burlingame, CA 94011-0111.
147
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, $85,264, is adequate to cover IBNR claims.
Therefore no adjustment was made in fiscal year 2024-2025 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 2024-2025, the City contributed $257,674 or 13.07% toward the annual operating shelter
services and $18,720 representing 1.78% 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.
148
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, was
$2,561,320 which is net of the $35,310 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, 2025 was $128,633,314. The increase of $29,533,620
was mainly due to the value appreciation of the Neighborhood Park and Community Park totaled
$29,929,383 offset by the credit used for the fiscal year which was $2,649,277.
C. Alameda County Fire Department (ACFD)
The City of Dublin contracts to have the Alameda County Fire Department to provide fire services. As part
of the contract, the City pays for its share of ACFD's retiree health plan and retirement plan. In 2012 ACFD
began working with CalPERS to create side funds within its OPEB trust to allow for member agencies to
fund their share of the obligation. In preparation for this, in June 2012 the City Council authorized a
contribution of $6.487 million towards the liability that was then moved to a General Fund Reserve, which
was reclassified as an assigned fund balance upon the City's implementation of GASB Statement No. 54.
Since then, the City continued to add funds to that fund balance assignment.
149
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2024, the City’s Actuarial Accrued Liability (AAL) for
benefits was $14,252,947 and the Actuarial Value of Plan Asset was $16,374,168 resulting in a net OPEB
asset of $2,121,221. At June 30, 2025, the Actuarial Value of the Plan Asset was $17,143,838.
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, 2025 was $134,450,000.
150
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2025
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, 2025, under these sales-tax reimbursement agreements, the City has
abatements totaling $350,000.
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.
18. RESTATEMENTS
The City recorded a restatements for prior year error for capital project expenditures incurred in fiscal year
2024 that were not accrued as accounts payable as of the end of the year. There was no net impact on
governmental activities, however Parks Projects Capital Project Fund’s fund balance was understated by
$2,045,624 and expenditures were understated by $2,045,624. The restatements to beginning fund balance or
net position are summarized in the table below:
Previously Capital Accounts
Reported Assets Payable Restated
Government-Wide
Financial Statements
Governmental Activities 964,707,243$ 2,045,624$ (2,045,624)$ 964,707,243$
Fund Financial Statements
Parks Project Capital Project Fund -$ -$ (2,045,624)$ (2,045,624)$
Restatements - Correction of Error
151
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152
REQUIRED
SUPPLEMENTARY INFORMATION
153
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154
City of Dublin
Required Supplementary Information
For the year ended June 30, 2025
1. DEFINED BENEFIT PENSION PLAN
A. Schedule of the City’s Proportionate Share of the Net Pension Liability – Last 10 Years
Fiscal year:2025 2024 2023 2022 2021
Measurement date:6/30/2024 6/30/2023 6/30/2022 6/30/2021 6/30/2020
Proportion of the net pension liability 0.18677% 0.18255% 0.17861% 0.16280% 0.15646%
Proportionate share of the net pension liability 22,650,689$ 22,774,284$ 20,630,516$ 8,804,512$ 17,023,464$
Covered payroll 13,216,926$ 12,738,446$ 11,245,216$ 10,751,196$ 10,591,772$
Proportionate Share of the net pension liability as
percentage of covered payroll 171.38% 172.31% 183.46% 81.89% 160.72%
Plan fiduciary net position as a percentage of the
total pension liability 78.08% 76.21% 76.68% 88.29% 75.10%
Fiscal year:2020 2019 2018 2017 2016
Measurement date:6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015
Proportion of the net pension liability 0.15132% 0.14569% 0.14518% 0.15006% 0.14788%
Proportionate share of the net pension liability 15,505,908$ 14,038,811$ 14,398,145$ 12,984,969$ 10,150,590$
Covered payroll 10,124,753$ 9,753,107$ 10,443,838$ 9,268,029$ 8,463,027$
Proportionate Share of the net pension liability as
percentage of covered payroll 153.15% 143.94% 137.86% 140.10% 119.94%
Plan fiduciary net position as a percentage of the
total pension liability 75.26% 75.26% 73.31% 74.06% 78.40%
Notes to Schedule:
The CalPERS mortality assumptions were adjusted in fiscal year 2019.
The CalPERS discount rate was increased from 7.5% to 7.65% in fiscal year 2016, decreased from 7.65% to 7.15% in fiscal year 20 18, and then decreased from
7.15% to 6.9% in fiscal year 2023.
155
City of Dublin
Required Supplementary Information
For the year ended June 30, 2025
1. DEFINED BENEFIT PENSION PLAN, Continued
B. Schedule of Contributions – Last 10 Years
Fiscal year 2025 2024 2023 2022 2021
Contractually required contribution (actuarially
determined) 2,604,778$ 2,240,690$ 2,194,205$ 1,928,720$ 1,712,167$
Contribution in relation to the actuarially
determined contributions (2,604,778) (2,240,690) (2,194,205) (1,928,720) (1,712,167)
Contribution deficienc (excess)-$ -$ -$ -$ -$
Covered payroll $ 13,617,556 $ 13,216,926 $ 12,738,446 $ 11,245,216 $ 10,751,196
Contributions as a percentage of covered payroll 19.13% 16.95% 17.23% 17.15% 15.93%
Fiscal year 2020 2019 2018 2017 2016
Contractually required contribution (actuarially
determined) 1,522,330$ 1,241,065$ 1,018,096$ 988,634$ 869,497$
Contribution in relation to the actuarially
determined contributions (1,522,330) (1,241,065) (1,018,096) (1,738,634) (869,497)
Contribution deficienc (excess)-$ -$ -$ (750,000)$ -$
Covered payroll $ 10,591,772 $ 10,124,753 $ 9,753,107 $ 10,443,838 $ 9,268,029
Contributions as a percentage of covered payroll 14.37% 12.26% 10.44% 26.79% 22.41%
Note to Schedule
Methods and assumptions used to determine contribution rates:
Fiscal year: 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Valuation date : 6/30/2022 6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013
Actuarial cost method: Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization method: (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
Assets valuation method: Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Market
Value
Inflation: 2.30% 2.30% 2.50% 2.50% 2.50% 2.63% 2.75% 2.75% 2.75% 2.75%
Salary increases: (2) (2) (2) (2) (2) (2) (2) (2) (2) (2)
Investment rate of return: 6.80% 6.80% 7.00% 7.00% 7.00% 7.25% 7.375% 7.50% 7.50% 7.50%
Retirement age: (3) (3) (3) (3) (3) (3) (3) (3) (3) (3)
Mortality: (4) (4) (4) (4) (4) (4) (4) (4) (4) (4)
(1)Level percentage of payroll, closed
(2)Depending on age, service, and type of employment
(3)50 for all plans, with the exception of 52 for Miscellaneous PEPRA 2%@62
(4)Mortality assumptions are based on mortality rates resulting from the most recent CalPERS Experience Study adopted by the
CalPERS Board.
156
City of Dublin
Required Supplementary Information
For the year ended June 30, 2025
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)
(1) Fiscal year 2018 was the 1st year of implementation.
Measurement Period 2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost 518,069$ 564,680$ 483,571$ 895,299$ 869,222$ 843,905$ 852,382$ 827,000$
Interest on the total OPEB liability 1,097,763 1,147,181 1,158,191 1,164,147 1,103,053 1,169,182 1,099,559 1,032,000
Differences between expected and
actual experience 2,048,651 (1,063,544) - (775,744) - (1,450,926) - -
Changes of assumptions (1,594,479) (77,341) 1,459,903 307,694 - (716,501) - -
Benefit payments (1,268,615) (1,201,325) (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000)
Net change in total OPEB liability 801,389 (630,349) 1,916,302 525,737 996,242 (1,036,392) 1,175,030 1,054,000
Total OPEB liability - beginning 20,075,570 20,705,919 18,789,617 18,263,880 17,267,638 18,304,030 17,129,000 16,075,000
Total OPEB liability - ending (a)20,876,959$ 20,075,570$ 20,705,919$ 18,789,617$ 18,263,880$ 17,267,638$ 18,304,030$ 17,129,000$
Plan Fiduciary Net Position
Contributions - employer 305,089$ 284,727$ 252,514$ 411,587$ 1,116,396$ 1,073,623$ 1,588,507$ 1,878,000$
Net investment income 1,919,023 839,987 (3,327,511) 6,149,340 763,014 1,244,479 1,431,381 1,665,000
Benefit payments (1,268,615) (1,201,325) (1,185,363) (1,065,659) (976,033) (882,052) (776,911) (805,000)
Administrative expense (7,561) (6,756) (7,026) (8,444) (10,512) (6,155) (33,206) (8,000)
Net change in plan fiduciary net position 947,936 (83,367) (4,267,386) 5,486,824 892,865 1,429,895 2,209,771 2,730,000
Plan fiduciary net position - beginning 23,487,602 23,570,969 27,838,355 22,351,531 21,458,666 20,028,771 17,819,000 15,089,000
Plan fiduciary net position - ending (b)24,435,538$ 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)(3,558,579)$ (3,412,032)$ (2,865,050)$ (9,048,738)$ (4,087,651)$ (4,191,028)$ (1,724,741)$ (690,000)$
Plan fiduciar net position as a percenta e of
the total OPEB liability 117.0% 117.0% 113.8% 148.2% 122.4% 124.3% 109.4% 104.0%
Covered-employee payroll 13,223,301$ 12,640,215$ 11,706,708$ 10,751,196$ 10,533,380$ 10,037,794$ 9,997,000$ 10,431,000$
Net OPEB liabilit as a percenta e of covered
employee payroll -26.9% -27.0% -24.5% -84.2% -38.8% -41.8% -17.3% -6.6%
157
City of Dublin
Required Supplementary Information
For the year ended June 30, 2025
2. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
B. Schedule of City Retiree Health Plan Contributions – Last 10 Years (1)
Fiscal Year Ended June 30 2025 2024 2023 2022 2021 2020 2019 2018
Actuarially Determined Contribution (ADC) 331,531$ -$ -$ -$ 122,000$ 138,000$ 851,000$ 861,000$
Contributions in relation to the ADC (331,531) (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 13,071,074$ 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 2.54% 2.31% 2.25% 2.16% 3.83% 10.60% 10.72% 15.89%
(1) Fiscal year 2018 was the 1st year of implementation.
Notes to Schedule - assumptions to develop Actuarially Determined Contributions
Valuation date 6/30/2023
Amortization method Level Dollar
Amortization period 30 yrs remain 9 yrs remain 11 yrs remain
Asset valuation method Market Value
Inflation 2.50%
6.5% in 2025
to 3.9% by
2075
Salary increases 3.00%
Investment rate of return 5.50%
Retirement age From 50 to 75
CalPERS 2021
Experience
Study
CalPERS 2017 Experience StudyMortality
Mortality improvement
6/30/2017
Level % of pay
Actuarial Value
2.75%2.50%
6/30/2019
Level % of pay
Actuarial Value
2.75%
6/30/2021
Level Dollar
30 yrs remain
Market Value
Actuarial cost method
8 yrs remain 10 yrs remain
Non-Medicare - 7.5% and
Medicare 6.5% for 2019, both
decreasing to ultimate 4% rate
3.00%3.00%
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
Healthcare cost trend rates
3.00%
MacLeod
Watts Scale
2022
MacLeod Watts Scale 2022 Scale MP-2019 Scale MP-2017
Entry Age
Normal Entry Age Normal Entry Age Normal Entry Age Normal
6.25%6.25%
From 50 to 75 From 50 to 75
CalPERS 1997-2015 Experience
Study
CalPERS 1997-2011 Experience
Study
6.10%
From 50 to 75
I I
158
SUPPLEMENTARY INFORMATION
159
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160
Schedule of Bud et Versus Actual Revenues B Sources
General Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Property taxes 63,225,641$ 63,225,641$ 63,838,672$ 613,031$
Sales tax 30,161,365 30,161,365 28,822,420 (1,338,945)
Other taxes 8,695,000 8,695,000 8,856,335 161,335
Intergovernmental 300,000 300,000 540,580 240,580
Licenses and permits 311,300 311,300 344,825 33,525
Charges for services:
General government 2,015,107 2,015,107 2,083,226 68,119
Police 33,750 33,750 65,126 31,376
Fire 689,410 689,410 2,234,999 1,545,589
Public works and transportation 43,320 43,320 66,583 23,263
Parks and community services 4,590,111 4,657,215 4,218,830 (438,385)
Community development 1,005 1,005 1,206 201
Investment income (loss): 5,622,800 9,622,800 11,163,694 1,540,894
Use of property 2,223,573 2,223,573 2,159,045 (64,528)
Unrealized gain/(loss) on investment - - 9,181,038 9,181,038
Fines and forfeitures 67,400 67,400 53,168 (14,232)
Development revenue 7,731,163 9,085,883 10,366,065 1,280,182
Other revenues 2,556,358 2,867,871 5,692,813 2,824,942
Total revenues 128,267,303$ 134,000,640$ 149,688,625$ 15,687,985$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
161
Schedule of Bud et Versus Actual Departmental Expenditure
General Fund
For the ear ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
General government:
City council 689,028$ 706,509$ 510,139$ 196,370$
City manager 2,447,464 2,447,464 1,966,426 481,038
City clerk 914,321 930,937 698,082 232,855
Election 330,050 544,955 327,813 217,142
Human resources 1,000,503 1,045,223 1,011,928 33,295
Insurance 4,360,601 4,510,940 3,939,117 571,823
Finance 2,417,776 2,461,793 2,153,480 308,313
Non-departmental 1,067,500 1,091,874 821,014 270,860
Disaster preparedness 307,769 369,906 97,707 272,199
Crossing guards 404,055 408,666 396,745 11,921
Animal control 321,605 321,605 276,394 45,211
Community TV 136,127 156,127 140,218 15,909
Communications 674,728 676,985 555,772 121,213
Economic development 920,320 1,130,783 843,874 286,909
Human services 177,400 177,400 102,808 74,592
Library services 1,130,651 1,137,851 1,069,962 67,889
Dougherty Regional Fire Authority 505,073 505,073 471,230 33,843
Sub-total 17,804,971 18,624,091 15,382,709 3,241,382
Police:
Police operations 26,794,925 26,794,925 27,332,403 (537,478)
Police operations support 3,170,002 3,374,042 2,549,157 824,885
Sub-total 29,964,927 30,168,967 29,881,560 287,407
Fire:
Fire operations 18,101,287 18,101,287 17,952,559 148,728
Fire prevention 582,967 582,967 548,817 34,150
Fire station maintenance 339,094 335,910 291,286 44,624
Sub-total 19,023,348 19,020,164 18,792,662 227,502
Public works:
Maintenance 17,007,935 17,265,873 15,628,229 1,637,644
Engineering 4,433,609 5,303,416 4,054,515 1,248,901
Public works administration 2,060,594 2,093,689 1,831,673 262,016
Environmental services 987,790 1,507,124 845,191 661,933
Sub-total 24,489,928 26,170,102 22,359,608 3,810,494
City of Dubli
Budgeted Amounts
162
Schedule of Budget Versus Actual Departmental Expenditures (Continued)
General Fund
For the year ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Parks and community services:
Cultural and special events 1,046,537 1,052,792 945,794 106,998
Heritage Center and programs 439,252 442,006 325,962 116,044
Parks and community services administration 2,183,323 2,266,874 1,796,369 470,505
Shannon Center and programs 1,415,838 1,420,839 1,219,267 201,572
Stager and other facility operations 1,338,829 1,355,456 1,130,766 224,690
Senior Center and programs 749,376 749,376 651,900 97,476
The Wave and programs 2,606,804 2,609,556 2,357,070 252,486
Arts Center and programs 762,400 762,400 533,913 228,487
Sub-total 10,542,359 10,659,299 8,961,041 1,698,258
Community development:
Planning 2,137,286 2,182,427 1,644,885 537,542
Building and safety 4,023,580 4,223,580 3,650,804 572,776
Sub-total 6,160,866 6,406,007 5,295,689 1,110,318
Debt service:
Principal 710,000 710,000 710,000 -
Interest and fiscal charges 624,650 624,650 624,650 -
Sub-total 1,334,650 1,334,650 1,334,650 -
Total current expenditures 109,321,049 112,383,280 102,007,919 10,375,361
Total expenditures 109,321,049$ 112,383,280$ 102,007,919$ 10,375,361$
City of Dubli
Budgeted Amounts
163
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164
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 Pro ects Ca ital Pro ects Fun -is used to manage the programmin 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 Cit 's arks and facilities.
The Streets Pro ects Ca ital Pro ects Fun -is used to manage the programmin 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
s stems.
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.
BUDGETED MAJOR GOVERNMENTAL FUNDS OTHER THAN
GENERAL FUND AND SPECIAL REVENUE FUNDS
165
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
General Improvement Pro ects Capital Pro ects Fun
For the ear ended June 30, 2025
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
General improvements 10,425,459$ 27,024,192$ 5,792,403$ 21,231,789$
Total expenditures 10,425,459 27,024,192 5,792,403 21,231,789
OTHER FINANCING SOURCES (USES):
Transfers in 10,425,459 27,006,445 5,792,403 (21,214,042)
Total other financing sources (uses)10,425,459 27,006,445 5,792,403 (21,214,042)
Net change in fund balance -$ (17,747)$ - 17,747$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
Budgeted Amounts
166
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Parks Pro ect Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Parks 1,943,185$ 22,714,690$ 10,388,342$ 12,326,348$
Total expenditures 1,943,185 22,714,690 10,388,342 12,326,348
OTHER FINANCING SOURCES (USES):
Transfers in 1,943,185 22,714,690 12,433,966 (10,280,724)
Total other financing sources (uses)1,943,185 22,714,690 12,433,966 (10,280,724)
Net change in fund balance -$ -$ 2,045,624 2,045,624$
FUND BALANCE:
Beginning of year, as previously stated -
Restatements (2,045,624)
Beginning of year, as restated (2,045,624)
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
167
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Streets Pro ects Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Streets 9,950,578$ 77,201,360$ 14,686,001$ 62,515,359$
Total expenditures 9,950,578 77,201,360 14,686,001 62,515,359
OTHER FINANCING SOURCES (USES):
Transfers in 9,950,578 77,201,360 14,686,001 (62,515,359)
Total other financing sources (uses)9,950,578 77,201,360 14,686,001 (62,515,359)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
168
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Public Art Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Public art 500,000$ 1,826,566$ 44,277$ 1,782,289$
Total expenditures 500,000 1,826,566 44,277 1,782,289
OTHER FINANCING SOURCES (USES):
Transfers in 500,000 1,826,566 44,277 (1,782,289)
Total other financing sources (uses)500,000 1,826,566 44,277 (1,782,289)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
169
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Public Facilities Impact Fees Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 637,550$ 637,550$ 1,375,307$ 737,757$
Development revenue 486,893 486,893 3,050,276 2,563,383
Total revenues 1,124,443 1,124,443 4,425,583 3,301,140
OTHER FINANCING SOURCES (USES):
Transfers out (1,563,505) (18,395,612) (11,545,330) 6,850,282
Total other financing sources (uses)(1,563,505) (18,395,612) (11,545,330) 6,850,282
Net change in fund balance (439,062)$ (17,271,169)$ (7,119,747) 10,151,422$
FUND BALANCE:
Beginning of year 12,005,798
End of year 4,886,051$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
170
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Fire Impact Fees Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 1,000$ 1,000$ 7,640$ 6,640$
Development revenue 26,712 26,712 82,227 55,515
Total revenues 27,712 27,712 89,867 62,155
EXPENDITURES:
Current:
General government 50,000 50,000 - 50,000
Total expenditures 50,000 50,000 - 50,000
REVENUES OVER (UNDER) EXPENDITURES (22,288) (22,288) 89,867 112,155
Net change in fund balance (22,288)$ (22,288)$ 89,867 112,155$
FUND BALANCE:
Beginning of year 178,376
End of year 268,243$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
171
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Traffic Impact Fees Capital Pro ects Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 161,000$ 161,000$ 1,044,732$ 883,732$
Development revenue 300,816 300,816 2,906,697 2,605,881
Total revenues 461,816 461,816 3,951,429 3,489,613
EXPENDITURES:
Current:
General government 60,000 77,389 17,347 60,042
Public works and transportation - - 260 (260)
Total expenditures 60,000 77,389 17,607 59,782
REVENUES OVER (UNDER) EXPENDITURES 401,816 384,427 3,933,822 3,549,395
OTHER FINANCING SOURCES (USES):
Transfers out (816,320) (23,320,140) (2,531,258) 20,788,882
Total other financing sources (uses)(816,320) (23,320,140) (2,531,258) 20,788,882
Net change in fund balance (414,504)$ (22,935,713)$ 1,402,564 24,338,277$
FUND BALANCE:
Beginning of year 31,530,762
End of year 32,933,326$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
172
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Dublin Crossin Contribution Capital Pro ect Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 200,000$ 200,000$ 442,324$ 242,324$
Total revenues 200,000 200,000 442,324 242,324
OTHER FINANCING SOURCES (USES):
Transfers out - (200,000) (200,000) -
Total other financing sources (uses)- (200,000) (200,000) -
Net change in fund balance 200,000$ -$ 242,324 242,324$
FUND BALANCE:
Beginning of year 12,401,269
End of year 12,643,593$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
173
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174
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.
NON-MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE 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.
175
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.
SPECIAL REVENUE FUNDS, Continued
NON-MAJOR GOVERNMENTAL FUNDS
176
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 to account for funding from California Department of Housing and
Community Development (HCD) to increase the affordable housing stock in California.
Tri-Valley Transportation Commission established to account for funding from Tri-Valley Transportation
Commission for capital projects.
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.
Energy Improvement Lease Revenue Bond Fund accounts for the funds received from the City's lease revenue
bond for energy improvements and related expenditures.
CAPITAL PROJECT FUNDS
SPECIAL REVENUE FUNDS, Continued
NON-MAJOR GOVERNMENTAL FUNDS
Capital Project Funds are used to account for financial resources used for the acquisition and construction of capital
projects.
177
Cit of Dubli
Combining Balance Sheet
Governmental Funds
June 30, 2025
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
ASSETS
Cash and investments 778,768$ 450,971$ 518,805$ 148,420$ 185,110$
Accounts receivable - - - 6,954 1,155
Notes receivable - - - - -
Prepaids - - - - -
Total assets 778,768$ 450,971$ 518,805$ 155,374$ 186,265$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 512$ -$ -$ 2,629$ -$
Accrued wages and other payroll liabilities - - - - -
Deposits payable 206,406 - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - -
Total liabilities 206,918 - - 2,629 -
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs 571,850 450,971 518,805 152,745 186,265
Street maintenance and construction - - - - -
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 571,850 450,971 518,805 152,745 186,265
Total liabilities, deferred inflows of
resources, and fund balances 778,768$ 450,971$ 518,805$ 155,374$ 186,265$
Special Revenue Funds
178
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Measure B Measure B
Enforcement Sales Tax Sales Tax
Grants State Gas Tax SAFETEA-LU Local Streets Bike/Pedestrian
ASSETS
Cash and investments 177,945$ 3,723,044$ -$ -$ 1,015$
Accounts receivable 4,913 175,449 - - -
Notes receivable - - - - -
Prepaids - - - - -
Total assets 182,858$ 3,898,493$ -$ -$ 1,015$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 68$ 550,002$ -$ -$ -$
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - 2,054 - - -
Unearned revenue - - - - -
Due to other funds - - - - -
Total liabilities 68 552,056 - - -
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs 182,790 - - - -
Street maintenance and construction - 3,346,437 - - 1,015
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 182,790 3,346,437 - - 1,015
Total liabilities, deferred inflows of
resources, and fund balances 182,858$ 3,898,493$ -$ -$ 1,015$
Special Revenue Funds
179
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
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 204,683$ 2,709,834$ 83,523$ -$ -$
Accounts receivable - 253,826 86,419 102,198 8,293
Notes receivable - - - - -
Prepaids - - - - -
Total assets 204,683$ 2,963,660$ 169,942$ 102,198$ 8,293$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ -$ -$ -$ -$
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - 88,579 8,293
Total liabilities - - - 88,579 8,293
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - 88,579 8,293
Total deferred inflows of resources - - - 88,579 8,293
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - - -
Street maintenance and construction 204,683 2,963,660 169,942 - -
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned - - - (74,960) (8,293)
Total fund balances 204,683 2,963,660 169,942 (74,960) (8,293)
Total liabilities, deferred inflows of
resources, and fund balances 204,683$ 2,963,660$ 169,942$ 102,198$ 8,293$
Special Revenue Funds
180
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
ACTC AVI Economic
Road Maint & Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA)Fee TDA Recycling Program
ASSETS
Cash and investments 1,926,984$ 183,879$ 25,638$ 5,259,519$ 512,689$
Accounts receivable 358,061 59,689 - 106,889 -
Notes receivable - - - - 9,997
Prepaids - - - - -
Total assets 2,285,045$ 243,568$ 25,638$ 5,366,408$ 522,686$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ -$ -$ 4,497,979$ -$
Accrued wages and other payroll liabilities - - - 3,806 -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - -
Total liabilities - - - 4,501,785 -
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - - -
Street maintenance and construction 2,285,045 243,568 25,638 - -
Health and welfare programs - - - 864,623 -
Culture and leisure - - - - 522,686
Capital improvement projects - - - - -
Unassigned - - - - -
Total fund balances 2,285,045 243,568 25,638 864,623 522,686
Total liabilities, deferred inflows of
resources, and fund balances 2,285,045$ 243,568$ 25,638$ 5,366,408$ 522,686$
Special Revenue Funds
181
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenue Block Grant
ASSETS
Cash and investments 238,779$ 433,884$ 3,567,927$ 714,928$ -$
Accounts receivable - - - 22,040 33,798
Notes receivable - - - - -
Prepaids - - - - -
Total assets 238,779$ 433,884$ 3,567,927$ 736,968$ 33,798$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 8,540$ -$ 3,250$ -$ 13,267$
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - 3,825 -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - - - 10,243
Total liabilities 8,540 - 3,250 3,825 23,510
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - - -
Street maintenance and construction 230,239 433,884 - - -
Health and welfare programs - - - 733,143 10,288
Culture and leisure - - - -
Capital improvement projects - - 3,564,677 - -
Unassigned - - - - -
Total fund balances 230,239 433,884 3,564,677 733,143 10,288
Total liabilities, deferred inflows of
resources, and fund balances 238,779$ 433,884$ 3,567,927$ 736,968$ 33,798$
Special Revenue Funds
182
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Federal
Building Tri-Valley COVID-19 American
State Grant Homes and Transportation Financial Rescue
Park Jobs Act Commission Assistance Plan Act
ASSETS
Cash and investments -$ -$ 1,859,156$ 10,081$ 1,900,771$
Accounts receivable 2,294,000 13,410 - - -
Notes receivable - - - - -
Prepaids - - - - 11,667
Total assets 2,294,000$ 13,410$ 1,859,156$ 10,081$ 1,912,438$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ -$ -$ -$ 303,133$
Accrued wages and other payroll liabilities - - - - 407
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - 1,450,000 - 1,608,898
Due to other funds 2,294,000 13,410 - - -
Total liabilities 2,294,000 13,410 1,450,000 - 1,912,438
Deferred inflows of resources:
Unavailable revenue - accounts receivable 2,294,000 13,410 - - -
Total deferred inflows of resources 2,294,000 13,410 - - -
Fund Balances:
Nonspendable - - - - 11,667
Restricted:
Public safety programs - - - - -
Street maintenance and construction - - 409,156 - -
Health and welfare programs - - - 10,081 -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned (2,294,000) (13,410) - - (11,667)
Total fund balances (2,294,000) (13,410) 409,156 10,081 -
Total liabilities, deferred inflows of
resources, and fund balances 2,294,000$ 13,410$ 1,859,156$ 10,081$ 1,912,438$
Special Revenue Funds
183
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
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 -$ 635,976$ 353,443$ 908,729$ 1,435,414$
Accounts receivable 75,000 1,576 (287) 952 1,148
Notes receivable - - - - -
Prepaids - - - - -
Total assets 75,000$ 637,552$ 353,156$ 909,681$ 1,436,562$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable -$ 63,524$ 54,257$ 25,648$ 63,531$
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds 75,000 - - - -
Total liabilities 75,000 63,524 54,257 25,648 63,531
Deferred inflows of resources:
Unavailable revenue - accounts receivable 75,000 - - - -
Total deferred inflows of resources 75,000 - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - - -
Street maintenance and construction - 574,028 298,899 884,033 1,373,031
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - - - -
Unassigned (75,000) - - - -
Total fund balances (75,000) 574,028 298,899 884,033 1,373,031
Total liabilities, deferred inflows of
resources, and fund balances 75,000$ 637,552$ 353,156$ 909,681$ 1,436,562$
Maintenance Districts
Special Revenue Funds
184
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Capital
Projects
Fund
Energy
1999-1 Dublin Improvement
East Dublin Crossing Federal Grants - County Grants -Lease Revenue
Street Lighting CFD No. 2017-1 General General Bond
ASSETS
Cash and investments 949,311$ 682,431$ -$ -$ 1,248,648$
Accounts receivable 2,778 472 525,204 - -
Notes receivable - - - - -
Prepaids - - - - -
Total assets 952,089$ 682,903$ 525,204$ -$ 1,248,648$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 46,395$ 325$ -$ -$ -$
Accrued wages and other payroll liabilities - - - - -
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - - -
Due to other funds - - 259,438 - -
Total liabilities 46,395 325 259,438 - -
Deferred inflows of resources:
Unavailable revenue - accounts receivable - - - - -
Total deferred inflows of resources - - - - -
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - - -
Street maintenance and construction 905,694 682,578 - - -
Health and welfare programs - - - - -
Culture and leisure - - - - -
Capital improvement projects - - 265,766 - 1,248,648
Unassigned - - - - -
Total fund balances 905,694 682,578 265,766 - 1,248,648
Total liabilities, deferred inflows of
resources, and fund balances 952,089$ 682,903$ 525,204$ -$ 1,248,648$
Maintenance Districts
Special Revenue Funds
185
Cit of Dubli
Combining Balance Sheet (Continued)
Governmental Funds
June 30, 2025
Total Nonmajor
Governmental
Funds
ASSETS
Cash and investments 31,830,305$
Accounts receivable 4,133,937
Notes receivable 9,997
Prepaids 11,667
Total assets 35,985,906$
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable 5,633,060$
Accrued wages and other payroll liabilities 4,213
Deposits payable 210,231
Contract retention payable 2,054
Unearned revenue 3,058,898
Due to other funds 2,748,963
Total liabilities 11,657,419
Deferred inflows of resources:
Unavailable revenue - accounts receivable 2,479,282
Total deferred inflows of resources 2,479,282
Fund Balances:
Nonspendable 11,667
Restricted:
Public safety programs 2,063,426
Street maintenance and construction 15,031,530
Health and welfare programs 1,618,135
Culture and leisure 522,686
Capital improvement projects 5,079,091
Unassigned (2,477,330)
Total fund balances 21,849,205
Total liabilities, deferred inflows of
resources, and fund balances 35,985,906$
186
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187
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balance
Governmental Funds
For the year ended June 30, 2025
Special Supplemental Emergency
Criminal Vehicle Law Traffic Medical
Activity Abatement Enforcement Safety Services
REVENUES:
Intergovernmental -$ 35,073$ 219,374$ -$ -$
Charges for service - - - - -
Interest 19,494 15,986 20,905 3,993 8,842
Fines and forfeitures - - - 86,959 -
Development revenue - - - - -
Other revenue 540,684 - - - -
Special assessments - - - - 216,037
Total revenues 560,178 51,059 240,279 90,952 224,879
EXPENDITURES:
Current:
General government - - - - -
Police 130,744 - 219,373 - -
Fire - - - - 277,743
Public works - - - 47,052 -
Park and community services - - - - -
Total expenditures 130,744 - 219,373 47,052 277,743
REVENUES OVER (UNDER) EXPENDITURES 429,434 51,059 20,906 43,900 (52,864)
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - (22,937) - - -
Total other financing sources (uses)- (22,937) - - -
Net change in fund balances 429,434 28,122 20,906 43,900 (52,864)
FUND BALANCES (DEFICITS):
Beginning of year 142,416 422,849 497,899 108,845 239,129
End of year 571,850$ 450,971$ 518,805$ 152,745$ 186,265$
Special Revenue Funds
188
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Measure B Measure B
Enforcement Sales Tax Sales Tax Bike
Grants State Gas Tax SAFETEA-LU Local Streets /Pedestrian
REVENUES:
Intergovernmental 197,768$ 2,058,093$ -$ -$ -$
Charges for service - - - - -
Interest - 128,906 - - 35
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments - - - - -
Total revenues 197,768 2,186,999 - - 35
EXPENDITURES:
Current:
General government - - - - -
Police 119,601 - - - -
Fire - - - - -
Public works - 1,096,672 - - -
Park and community services - - - - -
Total expenditures 119,601 1,096,672 - - -
REVENUES OVER (UNDER) EXPENDITURES 78,167 1,090,327 - - 35
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - (1,403,207) - - -
Total other financing sources (uses)- (1,403,207) - - -
Net change in fund balances 78,167 (312,880) - - 35
FUND BALANCES (DEFICITS):
Beginning of year 104,623 3,659,317 - - 980
End of year 182,790$ 3,346,437$ -$ -$ 1,015$
Special Revenue Funds
189
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
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 -$ 1,446,811$ 492,592$ 2,266,442$ -$
Charges for service - - - - -
Interest 7,110 79,542 32,078 - -
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments - - - - -
Total revenues 7,110 1,526,353 524,670 2,266,442 -
EXPENDITURES:
Current:
General government - - - - -
Police - - - - -
Fire - - - - -
Public works - - - - -
Park and community services - - - - -
Total expenditures - - - - -
REVENUES OVER (UNDER) EXPENDITURES 7,110 1,526,353 524,670 2,266,442 -
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - (411,622) (1,332,374) (517,662) -
Total other financing sources (uses)- (411,622) (1,332,374) (517,662) -
Net change in fund balances 7,110 1,114,731 (807,704) 1,748,780 -
FUND BALANCES (DEFICITS):
Beginning of year 197,573 1,848,929 977,646 (1,823,740) (8,293)
End of year 204,683$ 2,963,660$ 169,942$ (74,960)$ (8,293)$
Special Revenue Funds
190
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
ACTC AVI Economic
Road Maint & Vehicle Benefit/Business
Rehab Account Registration Garbage/ Assistance
(RMRA)Fee TDA Recycling Program
REVENUES:
Intergovernmental 2,031,892$ 345,704$ -$ 286,376$ -$
Charges for service - - - 9,037,371 -
Interest 96,519 12,978 - 82,085 15,558
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - 131,906 100,000
Special assessments - - - - -
Total revenues 2,128,411 358,682 - 9,537,738 115,558
EXPENDITURES:
Current:
General government - - - 9,066,027 -
Police - - - - -
Fire - - - - -
Public works - 192,151 - 345,632 -
Park and community services - - - - -
Total expenditures - 192,151 - 9,411,659 -
REVENUES OVER (UNDER) EXPENDITURES 2,128,411 166,531 - 126,079 115,558
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out (3,445,321) (411,268) - - -
Total other financing sources (uses)(3,445,321) (411,268) - - -
Net change in fund balances (1,316,910) (244,737) - 126,079 115,558
FUND BALANCES (DEFICITS):
Beginning of year 3,601,955 488,305 25,638 738,544 407,128
End of year 2,285,045$ 243,568$ 25,638$ 864,623$ 522,686$
Special Revenue Funds
191
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Storm Miscellaneous Community
Water Box Special Development
Management Culvert Public Art Revenue Block Grant
REVENUES:
Intergovernmental -$ -$ -$ -$ 76,303$
Charges for service - - - 92,565 -
Interest 8,436 15,071 123,259 23,376 -
Fines and forfeitures - - - - -
Development revenue - - 205,349 4,568 -
Other revenue - - - - -
Special assessments - - - - -
Total revenues 8,436 15,071 328,608 120,509 76,303
EXPENDITURES:
Current:
General government - - - 32,703 69,703
Police - - - - -
Fire - - - - -
Public works 11,460 - - - -
Park and community services - - 42,481 - -
Total expenditures 11,460 - 42,481 32,703 69,703
REVENUES OVER (UNDER) EXPENDITURES (3,024) 15,071 286,127 87,806 6,600
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - - (44,277) - (6,600)
Total other financing sources (uses)- - (44,277) - (6,600)
Net change in fund balances (3,024) 15,071 241,850 87,806 -
FUND BALANCES (DEFICITS):
Beginning of year 233,263 418,813 3,322,827 645,337 10,288
End of year 230,239$ 433,884$ 3,564,677$ 733,143$ 10,288$
Special Revenue Funds
192
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Federal
Building Tri-Valley COVID-19 American
State Grant Homes and Transportation Financial Rescue
Park Jobs Act Commission Assistance Plan Act
REVENUES:
Intergovernmental -$ -$ -$ -$ 1,000,314$
Charges for service - - - - -
Interest - - - - -
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments - - - - -
Total revenues - - - - 1,000,314
EXPENDITURES:
Current:
General government - - - - 361,328
Police - - - - 638,986
Fire - - - - -
Public works - - - - -
Park and community services - - - - -
Total expenditures - - - - 1,000,314
REVENUES OVER (UNDER) EXPENDITURES - - - - -
OTHER FINANCING SOURCES (USES):
Transfers in - - 600,000 - -
Transfers out (388,856) - (190,844) - -
Total other financing sources (uses)(388,856) - 409,156 - -
Net change in fund balances (388,856) - 409,156 - -
FUND BALANCES (DEFICITS):
Beginning of year (1,905,144) (13,410) - 10,081 -
End of year (2,294,000)$ (13,410)$ 409,156$ 10,081$ -$
Special Revenue Funds
193
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
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 336,609$ -$ -$ -$ -$
Charges for service - - - - -
Interest - 22,559 10,742 28,991 49,599
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments - 314,396 126,695 205,694 358,512
Total revenues 336,609 336,955 137,437 234,685 408,111
EXPENDITURES:
Current:
General government - - - - -
Police - - - - -
Fire - - - - -
Public works - 428,749 139,095 106,415 348,821
Park and community services - - - - -
Total expenditures - 428,749 139,095 106,415 348,821
REVENUES OVER (UNDER) EXPENDITURES 336,609 (91,794) (1,658) 128,270 59,290
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - - - (21,219) (70,097)
Total other financing sources (uses)- - - (21,219) (70,097)
Net change in fund balances 336,609 (91,794) (1,658) 107,051 (10,807)
FUND BALANCES (DEFICITS):
Beginning of year (411,609) 665,822 300,557 776,982 1,383,838
End of year (75,000)$ 574,028$ 298,899$ 884,033$ 1,373,031$
Maintenance Districts
Special Revenue Funds
194
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Capital
Projects
Fund
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 -$ -$ 525,204$ -$ -$
Charges for service - - - - -
Interest 28,234 21,438 - - 4
Fines and forfeitures - - - - -
Development revenue - - - - -
Other revenue - - - - -
Special assessments 351,384 115,570 - - -
Total revenues 379,618 137,008 525,204 - 4
EXPENDITURES:
Current:
General government - - - - -
Police - - - - -
Fire - - - - -
Public works 134,676 6,776 - - -
Park and community services - - - - -
Total expenditures 134,676 6,776 - - -
REVENUES OVER (UNDER) EXPENDITURES 244,942 130,232 525,204 - 4
OTHER FINANCING SOURCES (USES):
Transfers in - - - - -
Transfers out - - (259,438) - -
Total other financing sources (uses)- - (259,438) - -
Net change in fund balances 244,942 130,232 265,766 - 4
FUND BALANCES (DEFICITS):
Beginning of year 660,752 552,346 - - 1,248,644
End of year 905,694$ 682,578$ 265,766$ -$ 1,248,648$
Maintenance Districts
Special Revenue Funds
195
Cit of Dubli
Combinin Statement of Revenues, Expenditures and Chan es in Fund Balances (Continued)
Governmental Funds
For the year ended June 30, 2025
Total Nonmajor
Governmental
Funds
REVENUES:
Intergovernmental 11,318,555$
Charges for service 9,129,936
Interest 855,740
Fines and forfeitures 86,959
Development revenue 209,917
Other revenue 772,590
Special assessments 1,688,288
Total revenues 24,061,985
EXPENDITURES:
Current:
General government 9,529,761
Police 1,108,704
Fire 277,743
Public works 2,857,499
Park and community services 42,481
Total expenditures 13,816,188
REVENUES OVER (UNDER) EXPENDITURES 10,245,797
OTHER FINANCING SOURCES (USES):
Transfers in 600,000
Transfers out (8,525,722)
Total other financing sources (uses)(7,925,722)
Net change in fund balances 2,320,075
FUND BALANCES (DEFICITS):
Beginning of year 19,529,130
End of year 21,849,205$
196
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Special Criminal Activit Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 3,000$ 3,000$ 19,494$ 16,494$
Other revenues - 453,831 540,684 86,853
Total revenues 3,000 456,831 560,178 103,347
EXPENDITURES:
Current:
Police - 576,242 130,744 445,498
Total expenditures - 576,242 130,744 445,498
REVENUES OVER (UNDER) EXPENDITURES 3,000 (119,411) 429,434 548,845
Net change in fund balance 3,000$ (119,411)$ 429,434 548,845$
FUND BALANCE:
Beginning of year 142,416
End of year 571,850$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
197
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Vehicle Abatement Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 34,000$ 34,000$ 35,073$ 1,073$
Interest 7,000 7,000 15,986 8,986
Total revenues 41,000 41,000 51,059 10,059
OTHER FINANCING SOURCES (USES):
Transfers out (50,000) (50,000) (22,937) 27,063
Total other financing sources (uses)(50,000) (50,000) (22,937) 27,063
Net change in fund balance (9,000)$ (9,000)$ 28,122 37,122$
FUND BALANCE:
Beginning of year 422,849
End of year 450,971$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
198
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Supplemental Law Enforcement Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 219,373$ 219,374$ 1$
Interest 6,500 6,500 20,905 14,405
Total revenues 6,500 225,873 240,279 14,406
EXPENDITURES:
Current:
Police - 219,373 219,373 -
Total expenditures - 219,373 219,373 -
REVENUES OVER (UNDER) EXPENDITURES 6,500 6,500 20,906 14,406
Net change in fund balance 6,500$ 6,500$ 20,906 14,406$
FUND BALANCE:
Beginning of year 497,899
End of year 518,805$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
199
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Traffic Safet Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 50$ 50$ 3,993$ 3,943$
Fines and forfeitures 100,000 100,000 86,959 (13,041)
Total revenues 100,050 100,050 90,952 (9,098)
EXPENDITURES:
Current:
Public works and transportation 94,000 94,000 47,052 46,948
Total expenditures 94,000 94,000 47,052 46,948
REVENUES OVER (UNDER) EXPENDITURES 6,050 6,050 43,900 37,850
Net change in fund balance 6,050$ 6,050$ 43,900 37,850$
FUND BALANCE:
Beginning of year 108,845
End of year 152,745$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
200
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Emer enc Medical Services Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 5,000$ 5,000$ 8,842$ 3,842$
Special assessments 218,000 218,000 216,037 (1,963)
Total revenues 223,000 223,000 224,879 1,879
EXPENDITURES:
Current:
Fire 289,579 289,579 277,743 11,836
Total expenditures 289,579 289,579 277,743 11,836
REVENUES OVER (UNDER) EXPENDITURES (66,579) (66,579) (52,864) 13,715
Net change in fund balance (66,579)$ (66,579)$ (52,864) 13,715$
FUND BALANCE:
Beginning of year 239,129
End of year 186,265$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
201
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Enforcement Grants Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 331,681$ 487,728$ 197,768$ (289,960)$
Total revenues 331,681 487,728 197,768 (289,960)
EXPENDITURES:
Current:
Police - 156,047 119,601 36,446
Total expenditures - 156,047 119,601 36,446
REVENUES OVER (UNDER) EXPENDITURES 331,681 331,681 78,167 (253,514)
Net change in fund balance 331,681$ 331,681$ 78,167 (253,514)$
FUND BALANCE:
Beginning of year 104,623
End of year 182,790$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
202
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
State Gas Tax Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 2,015,285$ 2,015,285$ 2,058,093$ 42,808$
Interest 80,000 80,000 128,906 48,906
Other revenues - 34,101 - (34,101)
Total revenues 2,095,285 2,129,386 2,186,999 57,613
EXPENDITURES:
Current:
Public works and transportation 1,212,067 1,246,168 1,096,672 149,496
Total expenditures 1,212,067 1,246,168 1,096,672 149,496
REVENUES OVER (UNDER) EXPENDITURES 883,218 883,218 1,090,327 207,109
OTHER FINANCING SOURCES (USES):
Transfers out (750,000) (3,113,988) (1,403,207) 1,710,781
Total other financing sources (uses)(750,000) (3,113,988) (1,403,207) 1,710,781
Net change in fund balance 133,218$ (2,230,770)$ (312,880) 1,917,890$
FUND BALANCE:
Beginning of year 3,659,317
End of year 3,346,437$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
203
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
SAFETEA-LU Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
204
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure B Sales Tax Local Streets Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 10,000$ 10,000$ -$ (10,000)$
Total revenues 10,000 10,000 - (10,000)
OTHER FINANCING SOURCES (USES):
Transfers out - (28,091) - 28,091
Total other financing sources (uses)- (28,091) - 28,091
Net change in fund balance 10,000$ (18,091)$ - 18,091$
FUND BALANCE:
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
205
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure B Sales Tax Bike/Pedestrian Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 4,000$ 4,000$ 35$ (3,965)$
Total revenues 4,000 4,000 35 (3,965)
Net change in fund balance 4,000$ 4,000$ 35 (3,965)$
FUND BALANCE:
Beginning of year 980
End of year 1,015$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
206
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure B Grants Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 7,110$ 7,110$
Total revenues - - 7,110 7,110
Net change in fund balance -$ -$ 7,110 7,110$
FUND BALANCE:
Beginning of year 197,573
End of year 204,683$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
207
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure BB Sales Tax Streets and Roads Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,340,847$ 1,340,847$ 1,446,811$ 105,964$
Interest 17,000 17,000 79,542 62,542
Total revenues 1,357,847 1,357,847 1,526,353 168,506
OTHER FINANCING SOURCES (USES):
Transfers out (2,080,000) (2,821,264) (411,622) 2,409,642
Total other financing sources (uses)(2,080,000) (2,821,264) (411,622) 2,409,642
Net change in fund balance (722,153)$ (1,463,417)$ 1,114,731 2,578,148$
FUND BALANCE:
Beginning of year 1,848,929
End of year 2,963,660$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
208
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure BB Sales Tax Bike/Pedestrian Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 462,215$ 462,215$ 492,592$ 30,377$
Interest 10,000 10,000 32,078 22,078
Total revenues 472,215 472,215 524,670 52,455
OTHER FINANCING SOURCES (USES):
Transfers out (948,228) (1,367,837) (1,332,374) 35,463
Total other financing sources (uses)(948,228) (1,367,837) (1,332,374) 35,463
Net change in fund balance (476,013)$ (895,622)$ (807,704) 87,918$
FUND BALANCE:
Beginning of year 977,646
End of year 169,942$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
209
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure BB Grants Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 872,001$ 2,266,442$ 1,394,441$
Total revenues - 872,001 2,266,442 1,394,441
OTHER FINANCING SOURCES (USES):
Transfers out - (1,389,662) (517,662) 872,000
Total other financing sources (uses)- (1,389,662) (517,662) 872,000
Net change in fund balance -$ (517,661)$ 1,748,780 2,266,441$
FUND BALANCE:
Beginning of year (1,823,740)
End of year (74,960)$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
210
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Transportation for Clean Air (TFCA) Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 128,000$ -$ (128,000)$
Total revenues - 128,000 - (128,000)
OTHER FINANCING SOURCES (USES):
Transfers out - (200,936) - 200,936
Total other financing sources (uses)- (200,936) - 200,936
Net change in fund balance -$ (72,936)$ - 72,936$
FUND BALANCE:
Beginning of year (8,293)
End of year (8,293)$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
211
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Road Maintenance & Rehabilitation Account (RMRA) Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 1,899,234$ 1,899,234$ 2,031,892$ 132,658$
Interest 45,000 45,000 96,519 51,519
Total revenues 1,944,234 1,944,234 2,128,411 184,177
OTHER FINANCING SOURCES (USES):
Transfers out (2,745,000) (4,599,147) (3,445,321) 1,153,826
Total other financing sources (uses)(2,745,000) (4,599,147) (3,445,321) 1,153,826
Net change in fund balance (800,766)$ (2,654,913)$ (1,316,910) 1,338,003$
FUND BALANCE:
Beginning of year 3,601,955
End of year 2,285,045$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
212
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
ACTC Vehicle Re istration Fee Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 273,224$ 273,224$ 345,704$ 72,480$
Interest 5,000 5,000 12,978 7,978
Total revenues 278,224 278,224 358,682 80,458
EXPENDITURES:
Current:
Public works and transportation 200,000 200,000 192,151 7,849
Total expenditures 200,000 200,000 192,151 7,849
REVENUES OVER (UNDER) EXPENDITURES 78,224 78,224 166,531 88,307
OTHER FINANCING SOURCES (USES):
Transfers out (35,040) (1,021,974) (411,268) 610,706
Total other financing sources (uses)(35,040) (1,021,974) (411,268) 610,706
Net change in fund balance 43,184$ (943,750)$ (244,737) 699,013$
FUND BALANCE:
Beginning of year 488,305
End of year 243,568$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
213
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
TDA Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 286,445$ -$ (286,445)$
Total revenues - 286,445 - (286,445)
OTHER FINANCING SOURCES (USES):
Transfers out - (286,445) - 286,445
Total other financing sources (uses)- (286,445) - 286,445
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year 25,638
End of year 25,638$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
214
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Garba e/Rec clin Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 557,900$ 662,453$ 286,376$ (376,077)$
Charges for services 8,810,000 8,981,231 9,037,371 56,140
Interest 10,500 10,500 82,085 71,585
Other revenues - 131,906 131,906 -
Total revenues 9,378,400 9,786,090 9,537,738 (248,352)
EXPENDITURES:
Current:
General government 8,810,000 9,113,138 9,066,027 47,111
Public works and transportation 405,312 453,946 345,632 108,314
Total expenditures 9,215,312 9,567,084 9,411,659 155,425
REVENUES OVER (UNDER) EXPENDITURES 163,088 219,006 126,079 (92,927)
OTHER FINANCING SOURCES (USES):
Transfers out - (107,684) - 107,684
Total other financing sources (uses)- (107,684) - 107,684
Net change in fund balance 163,088$ 111,322$ 126,079 14,757$
FUND BALANCE:
Beginning of year 738,544
End of year 864,623$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
215
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
AVI Economic Benefit/Business Assistance Pro ram Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 15,558$ 15,558$
Other revenues 100,000 100,000 100,000 -
Total revenues 100,000 100,000 115,558 15,558
EXPENDITURES:
Current:
General government 100,000 100,000 - 100,000
Total expenditures 100,000 100,000 - 100,000
REVENUES OVER (UNDER) EXPENDITURES - - 115,558 115,558
Net change in fund balance -$ -$ 115,558 115,558$
FUND BALANCE:
Beginning of year 407,128
End of year 522,686$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
216
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Storm Water Mana ement Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 3,750$ 3,750$ 8,436$ 4,686$
Total revenues 3,750 3,750 8,436 4,686
EXPENDITURES:
Current:
Public works and transportation 13,600 13,600 11,460 2,140
Total expenditures 13,600 13,600 11,460 2,140
REVENUES OVER (UNDER) EXPENDITURES (9,850) (9,850) (3,024) 6,826
Net change in fund balance (9,850)$ (9,850)$ (3,024) 6,826$
FUND BALANCE:
Beginning of year 233,263
End of year 230,239$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
217
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Box Culvert Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 8,000$ 8,000$ 15,071$ 7,071$
Total revenues 8,000 8,000 15,071 7,071
Net change in fund balance 8,000$ 8,000$ 15,071 7,071$
FUND BALANCE:
Beginning of year 418,813
End of year 433,884$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
218
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Public Art Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 70,000$ 70,000$ 123,259$ 53,259$
Development revenue - - 205,349 205,349
Total revenues 70,000 70,000 328,608 258,608
EXPENDITURES:
Current:
Parks and community services 80,250 80,250 42,481 37,769
Total expenditures 80,250 80,250 42,481 37,769
REVENUES OVER (UNDER) EXPENDITURES (10,250) (10,250) 286,127 296,377
OTHER FINANCING SOURCES (USES):
Transfers out (500,000) (1,826,566) (44,277) 1,782,289
Total other financing sources (uses)(500,000) (1,826,566) (44,277) 1,782,289
Net change in fund balance (510,250)$ (1,836,816)$ 241,850 2,078,666$
FUND BALANCE:
Beginning of year 3,322,827
End of year 3,564,677$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
219
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Miscellaneous Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services 125,000$ 125,000$ 92,565$ (32,435)$
Interest 5,500 5,500 23,376 17,876
Development revenue 335 335 4,568 4,233
Total revenues 130,835 130,835 120,509 (10,326)
EXPENDITURES:
Current:
General government 35,000 35,000 32,703 2,297
Total expenditures 35,000 35,000 32,703 2,297
REVENUES OVER (UNDER) EXPENDITURES 95,835 95,835 87,806 (8,029)
OTHER FINANCING SOURCES (USES):
Transfers out (300,000) (300,000) - 300,000
Total other financing sources (uses)(300,000) (300,000) - 300,000
Net change in fund balance (204,165)$ (204,165)$ 87,806 291,971$
FUND BALANCE:
Beginning of year 645,337
End of year 733,143$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
220
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Communit Development Block Grant Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 105,600$ 105,600$ 76,303$ (29,297)$
Total revenues 105,600 105,600 76,303 (29,297)
EXPENDITURES:
Current:
General government 105,600 105,600 69,703 35,897
Total expenditures 105,600 105,600 69,703 35,897
REVENUES OVER (UNDER) EXPENDITURES - - 6,600 6,600
OTHER FINANCING SOURCES (USES):
Transfers out - - (6,600) (6,600)
Total other financing sources (uses)- - (6,600) (6,600)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year 10,288
End of year 10,288$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
221
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
State Grant Park Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
OTHER FINANCING SOURCES (USES):
Transfers out -$ (388,856)$ (388,856)$ -$
Total other financing sources (uses)- (388,856) (388,856) -
Net change in fund balance -$ (388,856)$ (388,856) -$
FUND BALANCE:
Beginning of year (1,905,144)
End of year (2,294,000)$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
222
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Buildin Homes and Jobs Act Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year (13,410)
End of year (13,410)$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
223
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Tri-Valle Transportation Commission Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 1,450,000$ -$ (1,450,000)$
Total revenues - 1,450,000 - (1,450,000)
OTHER FINANCING SOURCES (USES):
Transfers in - - 600,000 600,000
Transfers out - (2,050,000) (190,844) 1,859,156
Total other financing sources (uses)- (2,050,000) 409,156 2,459,156
Net change in fund balance -$ (600,000)$ 409,156 1,009,156$
FUND BALANCE:
Beginning of year -
End of year 409,156$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
224
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Federal COVID-19 Financial Assistance Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year 10,081
End of year 10,081$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
225
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
American Rescue Plan Act Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 937,302$ 937,302$ 1,000,314$ 63,012$
Total revenues 937,302 937,302 1,000,314 63,012
EXPENDITURES:
Current:
General government 259,531 1,356,075 361,328 994,747
Police 677,771 1,253,137 638,986 614,151
Total expenditures 937,302 2,609,212 1,000,314 1,608,898
REVENUES OVER (UNDER) EXPENDITURES - (1,671,910) - 1,671,910
Net change in fund balance -$ (1,671,910)$ - 1,671,910$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
226
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Measure RR Special Revenue Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 336,609$ 336,609$
Total revenues - - 336,609 336,609
Net change in fund balance -$ -$ 336,609 336,609$
FUND BALANCE:
Beginning of year (411,609)
End of year (75,000)$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
227
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Maintenance Districts 1983-1 Street Li htin Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 13,000$ 13,000$ 22,559$ 9,559$
Special assessments 314,670 314,670 314,396 (274)
Total revenues 327,670 327,670 336,955 9,285
EXPENDITURES:
Current:
Public works and transportation 430,672 505,671 428,749 76,922
Total expenditures 430,672 505,671 428,749 76,922
REVENUES OVER (UNDER) EXPENDITURES (103,002) (178,001) (91,794) 86,207
Net change in fund balance (103,002)$ (178,001)$ (91,794) 86,207$
FUND BALANCE:
Beginning of year 665,822
End of year 574,028$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
228
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Maintenance Districts 1983-2 Sta ecoach Landscape Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 7,000$ 7,000$ 10,742$ 3,742$
Special assessments 126,846 126,846 126,695 (151)
Total revenues 133,846 133,846 137,437 3,591
EXPENDITURES:
Current:
Public works and transportation 99,096 139,096 139,095 1
Total expenditures 99,096 139,096 139,095 1
REVENUES OVER (UNDER) EXPENDITURES 34,750 (5,250) (1,658) 3,592
Net change in fund balance 34,750$ (5,250)$ (1,658) 3,592$
FUND BALANCE:
Beginning of year 300,557
End of year 298,899$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
229
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Maintenance Districts 1986-1 Dou hert Landscape Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 10,000$ 10,000$ 28,991$ 18,991$
Special assessments 205,114 205,114 205,694 580
Total revenues 215,114 215,114 234,685 19,571
EXPENDITURES:
Current:
Public works and transportation 111,887 111,888 106,415 5,473
Total expenditures 111,887 111,888 106,415 5,473
REVENUES OVER (UNDER) EXPENDITURES 103,227 103,226 128,270 25,044
OTHER FINANCING SOURCES (USES):
Transfers out - (358,361) (21,219) 337,142
Total other financing sources (uses)- (358,361) (21,219) 337,142
Net change in fund balance 103,227$ (255,135)$ 107,051 362,186$
FUND BALANCE:
Beginning of year 776,982
End of year 884,033$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
230
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Maintenance Districts 1997-1 Santa Rita Landscape Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 26,000$ 26,000$ 49,599$ 23,599$
Special assessments 380,680 380,680 358,512 (22,168)
Total revenues 406,680 406,680 408,111 1,431
EXPENDITURES:
Current:
Public works and transportation 378,147 378,147 348,821 29,326
Total expenditures 378,147 378,147 348,821 29,326
REVENUES OVER (UNDER) EXPENDITURES 28,533 28,533 59,290 30,757
OTHER FINANCING SOURCES (USES):
Transfers out - (191,069) (70,097) 120,972
Total other financing sources (uses)- (191,069) (70,097) 120,972
Net change in fund balance 28,533$ (162,536)$ (10,807) 151,729$
FUND BALANCE:
Beginning of year 1,383,838
End of year 1,373,031$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
231
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Maintenance Districts 1999-1 East Dublin Street Li htin Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 7,000$ 7,000$ 28,234$ 21,234$
Special assessments 370,146 370,146 351,384 (18,762)
Total revenues 377,146 377,146 379,618 2,472
EXPENDITURES:
Current:
Public works and transportation 403,688 403,688 134,676 269,012
Total expenditures 403,688 403,688 134,676 269,012
REVENUES OVER (UNDER) EXPENDITURES (26,542) (26,542) 244,942 271,484
OTHER FINANCING SOURCES (USES):
Transfers out (42,000) (129,619) - 129,619
Total other financing sources (uses)(42,000) (129,619) - 129,619
Net change in fund balance (68,542)$ (156,161)$ 244,942 401,103$
FUND BALANCE:
Beginning of year 660,752
End of year 905,694$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
232
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Dublin Crossin Communit Facilities District No. 2017-1 Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest 7,500$ 7,500$ 21,438$ 13,938$
Special assessments 117,300 117,300 115,570 (1,730)
Total revenues 124,800 124,800 137,008 12,208
EXPENDITURES:
Current:
Public works and transportation 137,533 138,848 6,776 132,072
Total expenditures 137,533 138,848 6,776 132,072
REVENUES OVER (UNDER) EXPENDITURES (12,733) (14,048) 130,232 144,280
Net change in fund balance (12,733)$ (14,048)$ 130,232 144,280$
FUND BALANCE:
Beginning of year 552,346
End of year 682,578$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
233
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Federal Grants - General Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental 127,230$ 127,230$ 525,204$ 397,974$
Total revenues 127,230 127,230 525,204 397,974
OTHER FINANCING SOURCES (USES):
Transfers out (321,106) (1,701,106) (259,438) 1,441,668
Total other financing sources (uses)(321,106) (1,701,106) (259,438) 1,441,668
Net change in fund balance (193,876)$ (1,573,876)$ 265,766 1,839,642$
FUND BALANCE:
Beginning of year -
End of year 265,766$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
234
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Count Grants - General Special Revenue Fun
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ 400,000$ -$ (400,000)$
Total revenues - 400,000 - (400,000)
OTHER FINANCING SOURCES (USES):
Transfers out - (400,000) - 400,000
Total other financing sources (uses)- (400,000) - 400,000
Net change in fund balance -$ -$ - -$
FUND BALANCE:
Beginning of year -
End of year -$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
235
Schedule of Revenues, Expenditures and Chan es in Fund Balance - Bud et and Actua
Ener Improvement Lease Revenue Bond Capital Pro ects Fund
Variance with
Final Budget
Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 4$ 4$
Total revenues - - 4 4
OTHER FINANCING SOURCES (USES):
Transfers out - (974,094) - 974,094
Total other financing sources (uses)- (974,094) - 974,094
Net change in fund balance -$ (974,094)$ 4 974,098$
FUND BALANCE:
Beginning of year 1,248,644
End of year 1,248,648$
City of Dubli
For the ear ended June 30, 2025
Budgeted Amounts
236
INTERNAL SERVICE FUNDS
Vehicle Replacement this fund is an interest bearing Internal ServiceFund 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.
237
City of Dublin
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
Vehicle Building Equipment
Replacement Replacement Replacement
ASSETS
Current assets:
Cash and investments 3,429,237$ 16,801,514$ 9,482,047$
Accounts receivable 14,906 - -
Prepaids and other - - -
Total current assets 3,444,143 16,801,514 9,482,047
Noncurrent assets:
Capital assets:
Land - 10,774,792 -
Construction in progress - 7,453,304 4,563
Infrastructure - 622,831 122,183
Building and improvements - 63,177,051 -
Vehicles and equipment 8,915,359 - 3,246,752
Subscription based I.T. agreements - - 655,000
Less accumulated depreciation and amortization (5,299,877) (50,801,487) (2,152,930)
Net capital assets 3,615,482 31,226,491 1,875,568
Total assets 7,059,625 48,028,005 11,357,615
LIABILITIES
Current liabilities:
Accounts payable and accruals 25,425 - 83,047
Due to other funds - - -
SBITA liabilities, due in one year - - -
Total current liabilities 25,425 - 83,047
Long-term liabilities:
SBITA liabilities, due in more than one year - - -
Total long-term liabilities - - -
Total liabilities 25,425 - 83,047
NET POSITION (DEFICIT)
Net investment in capital assets 3,615,482 31,226,491 1,875,568
Unrestricted 3,418,718 16,801,514 9,399,000
Total net position (deficit)7,034,200$ 48,028,005$ 11,274,568$
238
City of Dublin
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2025
Retiree Information
Health Care Technology Total
ASSETS
Current assets:
Cash and investments -$ 2,779,735$ 32,492,533$
Accounts receivable 232,406 12,007 259,319
Prepaids and other 233,013 344,120 577,133
Total current assets 465,419 3,135,862 33,328,985
Noncurrent assets:
Capital assets:
Land - - 10,774,792
Construction in progress - 944,068 8,401,935
Infrastructure - - 745,014
Building and improvements - 42,732 63,219,783
Vehicles and equipment - 104,198 12,266,309
Subscription based I.T. agreements - 1,583,227 2,238,227
Less accumulated depreciation and amortization - (946,556) (59,200,850)
Net capital assets - 1,727,669 38,445,210
Total assets 465,419 4,863,531 71,774,195
LIABILITIES
Current liabilities:
Accounts payable and accruals (11,719) 123,360 220,113
Due to other funds 73,098 - 73,098
SBITA liabilities, due in one year - 305,437 305,437
Total current liabilities 61,379 428,797 598,648
Long-term liabilities:
SBITA liabilities, due in more than one year - 326,176 326,176
Total long-term liabilities - 326,176 326,176
Total liabilities 61,379 754,973 924,824
NET POSITION (DEFICIT)
Net investment in capital assets - 1,096,056 37,813,597
Unrestricted 404,040 3,012,502 33,035,774
Total net position (deficit)404,040$ 4,108,558$ 70,849,371$
239
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Internal Service Funds
For the year ended June 30, 2025
Vehicle Building Equipment
Replacement Replacement Replacement
OPERATING REVENUES:
Charges for services 701,863$ 429,586$ 879,653$
Other revenue 46,620 - 3,690
Total operating revenues 748,483 429,586 883,343
OPERATING EXPENSES:
Supplies and services 2,873 (69,881) 60,637
Retiree health premiums - - -
Depreciation 534,194 1,902,125 405,233
Total operating expenses 537,067 1,832,244 465,870
OPERATING INCOME (LOSS)211,416 (1,402,658) 417,473
NONOPERATING REVENUES (EXPENSES):
Interest income 127,027 521,969 333,069
Interest and fiscal charges - - -
Total nonoperating revenues (expenses)127,027 521,969 333,069
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS:338,443 (880,689) 750,542
Transfers in - 2,000,000 -
Transfers (out)- (69,881) -
Total transfers - 1,930,119 -
Change in net position 338,443 1,049,430 750,542
NET POSITION (DEFICIT):
Beginning of year 6,695,757 46,978,575 10,524,026
End of year 7,034,200$ 48,028,005$ 11,274,568$
240
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position (Continued)
Internal Service Funds
For the year ended June 30, 2025
Retiree Information
Health Care Technology Total
OPERATING REVENUES:
Charges for services -$ 3,583,060$ 5,594,162$
Other revenue 1,054,472 83,132 1,187,914
Total operating revenues 1,054,472 3,666,192 6,782,076
OPERATING EXPENSES:
Supplies and services - 2,752,242 2,745,871
Retiree health premiums 1,054,472 - 1,054,472
Depreciation - 300,497 3,142,049
Total operating expenses 1,054,472 3,052,739 6,942,392
OPERATING INCOME (LOSS)- 613,453 (160,316)
NONOPERATING REVENUES (EXPENSES):
Interest income - 151,579 1,133,644
Interest and fiscal charges - (20,071) (20,071)
Total nonoperating revenues (expenses)- 131,508 1,113,573
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS:- 744,961 953,257
Transfers in - - 2,000,000
Transfers (out)- (45,594) (115,475)
Total transfers - (45,594) 1,884,525
Change in net position - 699,367 2,837,782
NET POSITION (DEFICIT):
Beginning of year 404,040 3,409,191 68,011,589
End of year 404,040$ 4,108,558$ 70,849,371$
241
City of Dublin
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2025
Vehicle Building Equipment
Replacement Replacement Replacement
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 2,753,766$ 429,586$ 879,653$
Payments to suppliers and service providers (2,041,243) 69,881 5,295
Other revenues 46,620 - 3,690
Net cash provided by (used in) operating activities 759,143 499,467 888,638
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds - 2,000,000 -
Cash disbursements to other funds - (69,881) -
Net cash provided by (used in) noncapital financing activities - 1,930,119 -
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (324,725) (69,880) (226,712)
Interest paid on SBITAs - - -
Principal payment made on SBITAs - - -
Net cash used in capital and related financing activities (324,725) (69,880) (226,712)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 127,027 521,969 333,069
Net cash provided by investing activities 127,027 521,969 333,069
Net Cash Flows 561,445 2,881,675 994,995
CASH AND CASH EQUIVALENTS - Beginning of year 2,867,792 13,919,839 8,487,052
CASH AND CASH EQUIVALENTS - End of year 3,429,237$ 16,801,514$ 9,482,047$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss)211,416$ (1,402,658)$ 417,473$
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 534,194 1,902,125 405,233
Change in assets and liabilities
Accounts receivable (11,892) - -
Prepaids - - -
Accounts payable and accruals 25,425 - 65,932
Net cash provided by (used in) operating activities 759,143$ 499,467$ 888,638$
242
City of Dublin
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the year ended June 30, 2025
Retiree Information
Health Care Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers 114,386$ 3,571,053$ 7,748,444$
Payments to suppliers and service providers (1,181,729) (2,916,973) (6,064,769)
Other revenues 1,054,472 83,132 1,187,914
Net cash provided by (used in) operating activities (12,871) 737,212 2,871,589
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds 235,695 - 2,235,695
Cash disbursements to other funds (222,824) (45,594) (338,299)
Net cash provided by (used in) noncapital financing activities 12,871 (45,594) 1,897,396
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets - (192,531) (813,848)
Interest paid on SBITAs - (20,071) (20,071)
Principal payment made on SBITAs - (285,809) (285,809)
Net cash used in capital and related financing activities - (498,411) (1,119,728)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received - 151,579 1,133,644
Net cash provided by investing activities - 151,579 1,133,644
Net Cash Flows - 344,786 4,782,901
CASH AND CASH EQUIVALENTS - Beginning of year - 2,434,949 27,709,632
CASH AND CASH EQUIVALENTS - End of year -$ 2,779,735$ 32,492,533$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss)-$ 613,453$ (160,316)$
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation - 300,497 3,142,049
Change in assets and liabilities
Accounts receivable 10,594 (12,007) (13,305)
Prepaids (23,465) (162,585) (186,050)
Accounts payable and accruals - (2,146) 89,211
Net cash provided by (used in) operating activities (12,871)$ 737,212$ 2,871,589$
243
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244
CUSTODIAL FUNDS
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.
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.
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.
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 wereformed underprovisions 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 custodian 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.
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.
245
City of Dublin
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2025
Dublin
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
ASSETS
Cash and investments 10,254$ 11,198,152$ 7,243,416$ 4,682,076$ 23,449,136$ 55,717$
Accounts receivable - 3,208 4,314 8,958 36,708 -
Total assets 10,254 11,201,360 7,247,730 4,691,034 23,485,844 55,717
LIABILITIES
Accounts payable - 11,822 27,634 9,622 25,612 -
Total liabilities - 11,822 27,634 9,622 25,612 -
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 10,254 11,189,538 7,220,096 4,681,412 23,460,232 55,717
Total net position 10,254$ 11,189,538$ 7,220,096$ 4,681,412$ 23,460,232$ 55,717$
Geologic Hazard Abatement Districts
192 246
City of Dublin
Combining Statement of Fiduciary Net Position (Continued)
Custodial Funds
June 30, 2025
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
ASSETS
Cash and investments -$ 42,515$ 46,681,266$
Accounts receivable - - 53,188
Total assets - 42,515 46,734,454
LIABILITIES
Accounts payable 8,289 - 82,979
Total liabilities 8,289 - 82,979
NET POSITION
Restricted for:
Individuals, organizations, and
other governments (8,289) 42,515 46,651,475
Total net position (8,289)$ 42,515$ 46,651,475$
247
City of Dublin
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2025
Dublin
Boulevard Fallon Community
Extension Crossing Facilities CFD
Assessment Fallon Schaefer (North District East
District Village Ranch Tassajara) No. 2015-1 Ranch
ADDITIONS:
Special assessments -$ 498,960$ 522,090$ 776,462$ 8,668,984$ -$
Investment income 357 383,008 244,587 149,312 133,109 2,008
Property tax distribution - 1,624 1,961 2,354 20,979 -
Total additions 357 883,592 768,638 928,128 8,823,072 2,008
DEDUCTIONS:
Administration - - - - 5,775,356 -
Project payments - 216,206 203,268 126,938 - -
Payments of bonds principal - - - - 865,000 -
Interest expense - - - - 6,536,558 -
Total deductions - 216,206 203,268 126,938 13,176,914 -
Change in net position 357 667,386 565,370 801,190 (4,353,842) 2,008
NET POSITION:
Beginning of year 9,897 10,522,152 6,654,726 3,880,222 27,814,074 53,709
End of year 10,254$ 11,189,538$ 7,220,096$ 4,681,412$ 23,460,232$ 55,717$
Geologic Hazard Abatement Districts
194 248
City of Dublin
Combining Statement of Changes in Fiduciary Net Position (Continued)
Custodial Funds
For the year ended June 30, 2025
CFD
Dublin CFD Total
Boulevard Dublin Custodial
Extension Center Funds
ADDITIONS:
Special assessments -$ -$ 10,466,496$
Investment income - 3,419 915,800
Property tax distribution - - 26,918
Total additions - 3,419 11,409,214
DEDUCTIONS:
Administration - - 5,775,356
Project payments - 112,366 658,778
Payments of bonds principal - - 865,000
Interest expense - - 6,536,558
Total deductions - 112,366 13,835,692
Change in net position - (108,947) (2,426,478)
NET POSITION:
Beginning of year (8,289) 151,462 49,077,953
End of year (8,289)$ 42,515$ 46,651,475$
249
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250
Index
Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
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.
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.
These schedules contain trend information to help the reader understand how the City’s
financial performance and well-being have changed over time.
These schedules contain information to help the reader assess the City’s most significant local
revenue source, the property tax.
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.
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the City’s financial activities take place.
251
2016 2017 2018 2019 2020
Governmental Activities
Net Investment in Capital Assets 460,963,292$ 487,123,214$ 501,516,781$ 531,251,006$ 539,809,963$
Restricted 97,592,438 94,745,655 107,452,493 105,409,183 109,947,040
Unrestricted 111,725,077 120,464,219 141,008,993 177,705,220 193,382,816
Total Primary Government 670,280,807$ 702,333,088$ 749,978,267$ 814,365,409$ 843,139,819$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
252
2021 2022 2023 2024 2025
Governmental Activities
Net Investment in Capital Assets 537,970,764$ 554,600,284$ 545,146,807$ 552,568,250$ 560,426,738$
Restricted 107,140,245 118,161,236 115,479,147 121,997,027 137,631,948
Unrestricted 211,211,541 216,956,681 261,775,257 290,141,966 331,277,166
Total Primary Government 856,322,550$ 889,718,201$ 922,401,211$ 964,707,243$ 1,029,335,852$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
253
Expenses 2016 2017 2018 2019 2020
Governmental Activities
General government 19,689,049$ 14,276,843$ 16,803,802$ 15,387,028$ 24,851,393$
Police 18,316,420 17,080,942 19,423,830 21,814,982 22,483,378
Fire 14,725,476 13,687,195 13,315,788 14,152,331 14,122,166
Public works 13,883,008 18,351,543 17,147,611 24,131,711 21,103,350
Parks and community services 14,625,459 11,193,876 15,640,280 12,750,878 10,548,537
Community development 11,410,946 14,249,950 7,074,630 5,606,118 5,406,572
Interest on long-term debt 147,195 136,867 125,881 - -
Total Governmental
Activities Expenses 92,797,553 88,977,216 89,531,822 93,843,048 98,515,396
Program Revenues
Governmental Activities
Charges for Services
General government 5,209,378$ 5,402,925$ 6,060,099$ 6,520,152$ 7,507,286$
Police 362,054 322,231 335,929 330,280 244,363
Fire 1,633,056 1,426,973 1,551,899 1,708,807 1,603,243
Public works 2,698,767 3,386,621 3,517,700 3,132,543 2,471,032
Parks and community services 2,931,553 2,950,625 4,638,050 5,287,193 3,237,611
Community development 13,217,027 9,334,477 10,139,788 7,742,076 4,402,789
Operating Contributions and Grants 1,629,137 8,008,289 12,577,699 7,633,916 4,940,586
Capital Contributions and Grants 38,433,119 21,133,748 23,438,110 34,517,687 9,192,691
Total Governmental Activitie
Program Revenues 66,114,091$ 51,965,889$ 62,259,274$ 66,872,654$ 33,599,601$
Net (Expense)/Revenue
Governmental Activities (26,683,462)$ (37,011,327)$ (27,272,548)$ (26,970,394)$ (64,915,795)$
General Revenues and Other Chan es in
Net Position
Governmental Activities
Taxes
Property taxes 33,598,601 36,964,785 40,628,040 44,293,602 49,086,335
Special assessment taxes 1,359,212 1,416,721 1,472,933 1,469,840 1,523,257
Sales tax 22,070,547 21,186,333 21,134,636 26,297,803 22,506,975
Other taxes 6,606,016 6,834,545 43,787 8,223,510 7,280,323
Investment Income, Unrestricted 2,937,999 (710,595) (558,269) 8,589,252 10,485,543
Other General Revenues 3,644,670 3,371,819 3,335,600 2,483,530 2,276,391
Total Governmental Activities 70,217,045 69,063,608 66,056,727 91,357,537 93,158,824
Change in Net Position
Governmental Activities 43,533,583$ 32,052,281$ 38,784,179$ 64,387,143$ 28,243,029$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
254
Expenses 2021 2022 2023 2024 2025
Governmental Activities
General government 23,710,251$ 23,516,577$ 27,027,922$ 25,885,878$ 26,443,855$
Police 24,681,714 24,439,146 27,849,316 30,091,877 31,174,389
Fire 15,227,074 14,657,052 16,308,574 17,453,636 19,084,703
Public works 23,769,070 25,252,334 30,353,850 31,202,172 38,829,100
Parks and community services 9,327,718 11,745,611 11,207,229 12,102,695 11,948,197
Community development 11,384,023 6,777,210 6,969,557 12,929,904 7,247,934
Interest on long-term debt - 336,950 583,787 608,991 520,865
Total Governmental
Activities Expenses 108,099,850 106,724,880 120,300,235 130,275,153 135,249,043
Program Revenues
Governmental Activities
Charges for Services
General government 9,113,104$ 10,129,727$ 10,855,746$ 11,533,104$ 12,082,594$
Police 214,223 241,962 253,956 445,758 237,514
Fire 2,103,228 2,062,704 2,147,455 2,625,459 2,247,985
Public works 2,453,787 3,361,847 2,606,030 2,545,389 3,756,181
Parks and community services 1,388,778 5,145,083 5,495,143 5,825,924 5,217,209
Community development 5,182,639 6,719,349 6,189,741 4,476,672 12,123,151
Operating Contributions and Grants 5,545,115 7,273,101 11,046,967 7,306,850 12,960,261
Capital Contributions and Grants 5,674,477 16,457,860 7,033,281 10,219,385 17,469,722
Total Governmental Activitie
Program Revenues 31,675,351$ 51,391,633$ 45,628,319$ 44,978,541$ 66,094,617$
Net (Expense)/Revenue
Governmental Activities (76,424,499)$ (55,333,247)$ (74,671,916)$ (85,296,612)$ (69,154,426)$
General Revenues and Other Chan es in
Net Position
Governmental Activities
Taxes
Property taxes 53,007,086 55,186,388 59,056,139 61,967,658 63,838,672
Special assessment taxes 1,550,479 1,527,036 1,607,028 1,647,782 1,688,287
Sales tax 26,289,165 27,935,894 30,541,735 32,794,253 30,761,823
Other taxes 7,185,319 8,281,142 8,729,684 9,129,368 8,856,335
Investment Income, Unrestricted (975,548) (12,803,156) 2,759,385 16,228,168 21,251,726
Other General Revenues 2,550,729 8,601,594 4,660,955 5,835,415 7,386,192
Total Governmental Activities 89,607,230 88,728,898 107,354,926 127,602,644 133,783,035
Change in Net Position
Governmental Activities 13,182,731$ 33,395,651$ 32,683,010$ 42,306,032$ 64,628,609$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
255
2016 2017 2018 2019 2020
General Fund
Unreserved, undesignated:
Non-Spendable 729,883$ 198,878$ 7,391$ 12,818$ 13,061$
Restricted 579,000 1,762,000 1,938,000 1,938,000 1,938,000
Committed 38,928,755 36,213,714 43,740,492 47,267,326 57,828,475
Assigned 39,078,695 50,126,807 57,267,840 60,771,810 64,004,658
Unassigned 29,867,693 34,114,263 39,158,943 61,235,819 66,865,027
Total General Fund 109,184,026$ 122,415,662$ 142,112,666$ 171,225,773$ 190,649,221$
All Other Governmental Funds
Non-Spendable -$ -$ 650$ -$ 25,000$
Restricted 84,453,929 82,686,743 105,476,681 107,090,763 104,872,535
Unassigned 13,138,509 11,808,233 (1,998,366) (3,737,589) (3,522,706)
Total All Other Governmental
Funds 97,592,438 94,494,976 103,478,965 103,353,174 101,374,829
Total Governmental Funds 206,776,464$ 216,910,638$ 245,591,631$ 274,578,947$ 292,024,050$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
256
2021 2022 2023 2024 2025
General Fund
Unreserved, undesignated:
Non-Spendable 13,266$ 10,541$ 4,859$ 54,708$ 40,122$
Restricted 4,493,314 4,261,640 4,324,132 9,351,801 16,242,645
Committed 70,694,542 73,346,367 76,016,419 84,215,445 197,229,405
Assigned 66,743,519 93,266,322 125,043,298 153,402,585 59,336,249
Unassigned 67,819,855 52,972,636 44,347,902 43,408,415 52,626,377
Total General Fund 209,764,496$ 223,857,506$ 249,736,610$ 290,432,954$ 325,474,798$
All Other Governmental Funds
Non-Spendable -$ -$ -$ -$ 11,667$
Restricted 102,613,783 122,939,512 111,155,015 105,092,702 117,609,171
Unassigned (326,876) (875,851) (876,004) (4,162,196) (2,477,330)
Total All Other Governmental
Funds 102,286,907 122,063,661 110,279,011 100,930,506 115,143,508
Total Governmental Funds 312,051,403$ 345,921,167$ 360,015,621$ 391,363,460$ 440,618,306$
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
257
Revenues 2016 2017 2018 2019 2020
Property taxes 33,598,601$ 36,964,784$ 40,628,040$ 44,293,602$ 49,086,335$
Taxes other than property 28,676,662 28,020,877 27,089,866 32,949,484 28,312,778
Intergovernmental 3,303,521 9,352,861 12,415,367 8,961,332 7,411,403
Licenses and permits* 314,206 318,981 318,400 291,788 236,972
Charges for services 13,846,381 14,185,768 17,859,770 16,786,806 14,433,980
Investment income 3,689,940 168,792 666,808 10,345,636 12,006,831
Use of property 6,751,864 1,539,669 1,669,841 1,519,342 1,381,729
Fines and forteitures 290,871 260,220 275,665 265,971 196,840
Development fees* 43,038,360 26,866,804 24,465,477 21,426,005 10,178,191
Special assessments 1,359,214 1,416,721 1,472,932 1,469,839 1,523,256
Other revernues 1,351,331 1,763,454 7,363,700 4,963,646 1,675,842
Total Revenues 136,220,951 120,858,931 134,225,866 143,273,451 126,444,157
Expenditures
Current:
General government 20,715,735 13,313,517 14,020,898 14,894,745 23,151,872
Police 17,886,990 17,183,853 19,355,889 21,983,278 22,177,174
Fire 12,265,614 13,442,239 13,431,891 14,269,535 14,244,913
Public works 8,616,323 13,433,983 10,718,547 14,708,764 13,821,133
Parks and community services 10,791,185 8,934,718 13,585,706 9,708,040 7,228,275
Community development 11,348,674 11,652,735 6,700,773 5,543,073 4,989,648
Capital Outlay:
General 666,478 1,922,766 2,380,766 11,240,369 9,828,253
Community improvements 117,104 3,854 76,795 - -
Parks 23,469,847 26,113,810 10,606,254 1,081,809 6,180,120
Public art - - - - -
Streets 3,652,808 10,516,675 12,832,455 14,666,554 5,488,030
Debt Service:
Principal - - 1,345,484 1,368,186 1,368,186
Interest and fiscal charges - - - - -
Total Expenditures 109,530,758 116,518,150 105,055,458 109,464,353 108,477,604
Excess of Revenues Over (Under)
Expenditures 26,690,193 4,340,781 29,170,408 33,809,098 17,966,553
Other Financing Sources (Uses)
Proceeds from Debt - 5,450,042 - - -
Transfers In 27,912,037 38,313,026 24,363,489 27,100,426 21,651,510
Transfers Out (29,903,351) (37,969,675) (24,852,904) (31,922,207) (22,172,960)
Total Other Financing Sources (Uses)(1,991,314) 5,793,393 (489,415) (4,821,781) (521,450)
Net Change in Fund Balances 24,698,879$ 10,134,174$ 28,680,993$ 28,987,317$ 17,445,103$
Debt Service as percentage of non-
capital expenditures 0.0%0.0%1.7%1.9%1.5%
* Some of permits revenue has been considered to be an integral part of development revenue and therefore has been
reclassed to development revenue effective in fiscal year 20/21.
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
258
Revenues 2021 2022 2023 2024 2025
Property taxes 53,007,086$ 55,186,388$ 59,056,139$ 61,967,658$ 63,838,672$
Taxes other than property 31,826,343 34,391,349 37,309,999 40,032,808 37,678,755
Intergovernmental 10,805,708 9,579,161 14,287,723 9,441,741 15,192,468
Licenses and permits* 334,852 354,643 323,098 309,959 344,825
Charges for services 11,934,020 15,941,968 17,077,374 18,698,359 17,885,655
Investment income 183,258 (11,905,192) 4,860,720 18,895,723 24,730,656
Use of property 1,208,739 2,032,711 2,565,042 2,549,690 8,067,197
Fines and forteitures 177,477 193,018 207,437 215,524 140,127
Development fees* 10,891,389 24,862,035 11,443,674 9,044,040 24,355,189
Special assessments 1,550,480 7,760,922 1,607,027 1,647,782 1,688,288
Other revernues 2,124,277 1,527,035 3,733,205 4,805,240 6,483,386
Total Revenues 124,043,629 139,924,038 152,471,438 167,608,524 200,405,218
Expenditures
Current:
General government 22,104,295 23,539,492 26,593,651 23,769,329 24,961,288
Police 23,755,356 25,381,768 27,510,001 29,714,228 30,990,264
Fire 14,760,311 15,699,080 16,297,807 17,436,389 19,070,405
Public works 14,105,010 15,710,181 20,599,510 22,381,917 25,217,367
Parks and community services 6,085,251 8,756,857 8,301,423 8,841,838 9,003,522
Community development 10,033,900 5,795,288 5,881,891 11,347,258 5,731,704
Capital Outlay:
General 6,614,602 12,978,975 11,829,805 7,118,484 5,792,403
Community improvements - - - - -
Parks 4,170,540 13,400,686 4,539,778 5,990,942 10,388,342
Public art - - 474,814 244,479 44,277
Streets 3,116,314 4,030,047 13,053,219 6,099,577 14,686,001
Debt Service:
Principal 1,368,186 505,000 655,000 680,000 710,000
Interest and fiscal charges - 419,521 678,050 651,850 624,650
Total Expenditures 106,113,765 126,216,895 136,414,949 134,276,291 147,220,223
Excess of Revenues Over (Under)
Expenditures 17,929,864 13,707,143 16,056,489 33,332,233 53,184,995
Other Financing Sources (Uses)
Proceeds from Debt - 21,042,136 - - -
Transfers In 14,046,539 30,644,511 29,950,377 19,574,307 33,586,186
Transfers Out (11,949,050) (31,524,026) (31,912,412) (21,558,701) (35,470,711)
Total Other Financing Sources (Uses)2,097,489 20,162,621 (1,962,035) (1,984,394) (1,884,525)
Net Change in Fund Balances 20,027,353$ 33,869,764$ 14,094,454$ 31,347,839$ 51,300,470$
Debt Service as percentage of non-
capital expenditures 1.4%1.0%1.2%1.1%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.
Source: City of Dublin Finance Department
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
(Continued)
Fiscal Year
259
Fiscal
Year Real Property Net Taxable
Ended Residential Commercial Industrial Unsecured/ Less: Assessed City Wide Avg.
June 30 Property Property Property Other Property Exemptions Value Total Direct Tax Rate
2015 8,431,051,125$ 1,391,578,857$ 274,410,187$ 1,138,571,747$ (185,639,690)$ 11,049,972,226$ 0.2373%
2017 10,563,641,612 1,572,348,815 276,986,936 1,412,347,150 (151,208,054) 13,674,116,459 0.2365%
2018 11,483,621,200 1,634,851,757 279,900,741 1,494,613,752 (91,891,868) 14,801,095,582 0.2364%
2019 12,705,642,088 1,713,788,644 284,936,683 1,623,924,258 (181,733,659) 16,146,558,014 0.2363%
2020 14,169,003,039 1,819,769,185 302,957,585 1,719,280,594 (181,569,809) 17,829,440,594 0.2360%
2021 15,481,016,928 2,109,649,340 303,634,663 1,516,019,943 (240,382,905) 19,169,937,969 0.2359%
2022 16,240,797,288 2,126,716,219 342,361,488 1,436,361,129 (240,405,849) 19,905,830,274 0.2358%
2023 17,442,908,549 2,275,271,038 351,898,365 1,267,996,300 (217,582,049) 21,120,492,204 0.2347%
2024 18,432,121,118 2,328,369,107 380,739,302 1,401,724,881 (222,045,596) 22,320,908,812 0.2347%
2025 19,756,831,506 2,154,680,341 389,863,466 1,558,721,569 (515,364,987) 23,344,731,895 0.2349%
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2015/16 through 2024/25
Note: Actual property value data not available in California.
(1) California cities do not set their own direct tax rate. The state constitution establishes the rate at 1% and allocates a portion
of that amount by an annual calculation, to all the taxing entities within a tax rate area.
(2) The City-wide Direct Tax Rate is an average, the actual tax rate for each property varies according to its tax rate area. This average tax
rate is net of State Shifts of local property tax revenue to Education and net of Admin fees.
CITY OF DUBLIN, CALIFORNIA
Assessed Value of Taxable Property
Last Ten Fiscal Years
206 260
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261
City Direct Rates
Castro Valley Chabot-Las Positas Dublin East Bay
Fiscal Basic Total Bay Area Unified Community Unified Regional
Year Levy Direct Rapid Transit School Bonds College Boards Bonds 1A & B Park
2015-16 1.00000 0.23669 0.00450 0.08520 0.02170 0.10770 0.00850
2016-17 1.00000 0.23650 0.00260 0.00000 0.01980 0.07670 0.00670
2017-18 1.00000 0.23644 0.00800 0.00000 0.02460 0.09720 0.00320
2018-19 1.00000 0.23632 0.00700 0.00000 0.04430 0.14520 0.00570
2019-20 1.00000 0.23603 0.01200 0.00000 0.04220 0.14600 0.00600
2020-21 1.00000 0.23593 0.01390 0.00000 0.02140 0.14240 0.00140
2021-22 1.00000 0.23582 0.00600 0.00000 0.04580 0.19640 0.00200
2022-23 1.00000 0.23469 0.01400 0.00000 0.03880 0.17160 0.00580
2023-24 1.00000 0.23473 0.01340 0.00000 0.04160 0.16120 0.00570
2024-25 1.00000 0.23486 0.01480 0.00000 0.03930 0.15560 0.00130
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2015/16 through 2024/25
(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.
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
Overlapping Rates (1)
208 262
Flood Zone 7 Livermore Valley County Wide Total City's Share
Fiscal State Water Joint Unified Go Bond Direct & Overlapping of 1% Levy per
Year Bonds School Board Tax Rate Proposition 13
2015-16 0.02500 0.04970 0.00000 1.30230 0.2817
2016-17 0.03430 0.00000 0.00000 1.14010 0.2818
2017-18 0.03330 0.00000 0.00000 1.16630 0.2818
2018-19 0.03320 0.00000 0.01120 1.24660 0.2818
2019-20 0.03090 0.00000 0.01080 1.24790 0.2818
2020-21 0.03090 0.00000 0.00360 1.21360 0.2818
2021-22 0.03070 0.00000 0.00410 1.28500 0.2817
2022-23 0.02790 0.00000 0.01030 1.26840 0.2817
2023-24 0.02670 0.00000 0.00880 1.25740 0.2817
2024-25 0.02430 0.00000 0.00890 1.24420 0.2817
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2015/16 through 2024/25
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
(Continued)
209 263
CITY OF DUBLIN, CALIFORNIA
Principal Property Tax Payers
Current year and Nine Years Ago
2024-25 2015-16
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Avalon Dublin Station LP $ 286,446,207 1 1.22%
Avalon West Dublin LP 191,688,452 2 0.82%
GH Pacvest LLC 152,488,086 3 0.65%
Carl Zeiss Pension Trust Properties LLC 134,331,257 4 0.57%
Arroyo CAP IV3 LLC 131,421,819 5 0.56%
Dublin Station Owner LP 130,311,101 6 0.56%
Dublin Corporate Center Owner LLC 118,678,481 7 0.51%
Essex Dublin Owner LP 118,015,208 8 0.50%
Ross Dress for Less 116,556,850 9 0.50%
Oak Cottonwood 2017 LLC 110,166,250 10 0.47%
Development Solutions WR LLC $ 181,480,000 1 1.47%
Trust NOIP Dublin LP 155,851,118 2 1.26%
Ross Dress for Less, Inc.128,263,238 3 1.04%
Avalon Dublin Station II LP 122,189,814 4 0.99%
4800 Tassajara Road Apts Invest LLC 115,981,613 5 0.94%
Lennar Homes California Inc 113,268,710 6 0.92%
Wei and Liu 2011 Trust 109,586,197 7 0.89%
Dublin Corporate Ctr Acquisition LLC 102,586,204 8 0.83%
Essex Dublin Owner LP 102,249,799 9 0.83%
Bere Island Properties I LLC Et. Al.89,380,669 10 0.72%
Subtotal $ 1,490,103,711 6.36% $ 1,220,837,362 9.87%
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls
264
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
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%
2025 65,769,113 64,611,257 98.24% 585,885 65,197,142 98.24%
Source: Alameda County Assessor Office
265
Total Property Tax Assessed Value of Taxable Property
Percentage
Outstanding Debt Applicable to Estimated Share of
6/30/2025 City of Dublin (1)Overlapping Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Alameda County 478,925,000$ 5.569%26,671,333$
Bay Area Rapid Transit District 2,391,260,000 2.235%53,444,661
Chabot-Las Positas Community College District 892,445,000 13.543%120,863,826
Dublin Joint Unified School District 742,860,000 99.984%742,741,142
East Bay Regional Park District 145,930,000 3.399%4,960,161
City of Dublin Community Facilities District 134,450,000 100.00%134,450,000
California Statewide Communities Development Authority 1915 Act Bonds 691,611 100.00%691,611
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 1,083,822,734$
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Alameda County General Fund Obligations 622,687,500$ 5.569% 34,677,467$
Alameda-Contra Costa Transit District Certificates of Participation 9,600,000 0.159% 15,264
City of Dublin General Fund Obligations 16,015,000 100.000% 16,015,000
Dublin Unified School District General Fund Obligations 24,088,920 99.984% 24,085,066
Eden Township Healthcare District General Fund Obligations 13,235,000 0.775% 102,571
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 74,895,368$
TOTAL DIRECT DEBT 16,015,000$
TOTAL OVERLAPPING DEBT 1,142,703,102$
COMBINED TOTAL DEBT (2)1,158,718,102$
RATIOS TO ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt..………...….….4.63%
Total Direct Debt .……………………….........................…...0.07%
Combined Total Debt….………….…….…..…….…...……..4.95%
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.
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Debt
June 30, 2025
266
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 1 Capita 1
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 3 n/a 3
2025 - - 18,037,997 631,613 18,669,610 n/a 3 n/a 3
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
3 Data was not available at the time the ACFR was published.
Source: Annual Comprehensive Financial Reports - City of Dublin, California
CITY OF DUBLIN, CALIFORNIA
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities
267
Fiscal Year
2015-16 2016-17 2017-18 2018-19
Debt limit 469,892,998$ 512,779,367$ 555,041,084$ 605,495,926$
Total net debt applicable to limit - - - -
Legal debt margin 469,892,998$ 512,779,367$ 555,041,084$ 605,495,926$
Total net debt applicable to the limit
as a percentage of debt limit 0.0% 0.0% 0.0% 0.0%
(1) Source: City of Dublin Finance Department
(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.
(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)
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
268
Legal Debt Margin Calculation for Fiscal Year 2024-25
Assessed value (net) - June 30, 2025 (1) $ 23,344,731,895
Debt limit: 15% of assessed value 3,501,709,784
Less total bonded debt, general obligation -
Legal debt margin (2) $ 3,501,709,784
Conversion Percentage for Calculation of Debt Limit (3) 25%
$ 875,427,446
Fiscal Year
2019-20 2020-21 2021-22 2022-23 2023-24 2024-25
668,604,022$ 718,872,674$ 746,468,635$ 792,018,458$ 837,034,080$ 875,427,446$
- - - - - -
668,604,022$ 718,872,674$ 746,468,635$ 792,018,458$ 837,034,080$ 875,427,446$
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
(Continued)
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
269
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)
2015 57,349 2,562,296 44,679 3.1%156
2016 59,686 2,836,816 47,529 3.7%153
2017 60,939 3,101,125 50,889 3.2%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 9.2%140
2021 71,674 4,465,505 62,303 5.1%119
2022 72,060 4,876,156 67,668 2.7%121
2023 69,128 5,318,777 76,941 3.6%119
2024 N/A (4)N/A (4)N/A (4)4.3%119
Sources: (1) US Census Buraeu, most recent estimates July 1, 2024
(2) State of California, Employment Development Department June 2024
(3) State of California, Department of Finance - California Cities Ranked by January 2025 Total Population
(4) Data not available by the time this ACFR was published
270
Total Number of Commercial Residential
Fiscal Year Ended Building Permits Construction Value Construction Value
30-Jun Issued (1)(1)(1)Bank Deposits
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
2025 2,510 99,391,000 166,950,651 N/A
Source: 1) City of Dublin Community Development Department
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
CITY OF DUBLIN, CALIFORNIA
271
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 1,450 1
County of Alameda 325 6 860 3 870 4 975 4
Dublin Unified School District 915 2 975 2 1,007 2 1,096 3
Ross Stores Headquarters 500 4 800 4 950 3 1,100 2
Zeiss Meditec 500 4 481 5 465 5 450 6
Kaiser Permanente - NA - NA - NA 600 5
Patelco Credit Union - NA - NA - NA - NA
Snowflake, Inc. - NA - NA - NA - NA
Target Stores 350 5 350 8 325 9 380 9
City of Dublin 237 9 377 7 433 6 400 7
TriNet - NA - NA 343 8 400 8
SAP (Formerly: Sybase Corporation) 700 3 - NA - NA - NA
De Silva Gates Construction 300 7 300 9 300 10 - NA
Whole Foods 233 10 - NA NA 350 10
Callidus Cloud 350 5 400 6 410 7 - NA
Micro Dental Laboratories 300 7 - NA - NA - NA
Safeway 280 8 280 10 - NA - NA
Subtotal 7,090 6,923 7,203 7,201
Source: City of Dublin Office of Economic Development
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
2019201820172016
272
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 1,400 1 1,608 1 1,589 1 3,275 1
County of Alameda 1,165 2 1,165 2 1,307 2 1,274 2
Dublin Unified School District 1,115 3 1,070 4 1,200 3 1,235 3
Ross Stores Headquarters 1,100 4 1,100 3 1,160 4 1,188 4
Zeiss Meditec 450 6 620 5 692 6 831 5
Kaiser Permanente 510 5 600 6 601 7 662 6
Patelco Credit Union 380 8 404 7 831 5 442 7
Snowflake, Inc.- NA - NA 250 9 350 8
Target Stores 380 8 350 9 344 8 341 9
City of Dublin 332 10 250 10 - NA - NA
TriNet 400 7 363 8 215 10 215 10
SAP (Formerly: Sybase Corporation)- NA - NA - NA - NA
De Silva Gates Construction - NA - NA - NA - NA
Whole Foods - NA - NA - NA - NA
Callidus Cloud - NA - NA - NA - NA
Micro Dental Laboratories - NA - NA - NA - NA
Safeway - NA - NA - NA - NA
Subtotal 7,232 7,530 8,189 9,813
Source: City of Dublin Office of Economic Development
2023202220212020
(Continued)
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
273
Estimated Estimated
Number of Number of
Employer Employees Rank Employees Rank
United States Government
& Federal Correction Institute 3,109 1 4,052 1
County of Alameda 1,308 2 1,364 2
Dublin Unified School District 1,292 3 1,301 3
Ross Stores Headquarters 1,081 4 1,140 4
Zeiss Meditec 767 5 672 5
Kaiser Permanente 542 6 662 6
Patelco Credit Union 461 7 474 7
Snowflake, Inc.350 9 375 8
Target Stores 352 8 331 9
City of Dublin NA 321 10
TriNet 215 10 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 9,477 10,692
Source: City of Dublin Office of Economic Development
20252024
(Dollars in thousands)
(Continued)
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Year
274
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275
2016 2017 2018 2019 2020 2021
City Manager Office 18.50 18.00 19.00 20.10 19.10 22.00
Finance 7.75 8.00 8.00 8.00 9.00 9.00
Community Development 18.45 19.95 19.95 19.35 19.35 18.00
Fire Department 1.00 1.00 1.00 1.00 1.00 1.00
Police Department 5.00 4.00 4.00 4.00 4.00 4.00
Parks & Community Services 24.10 24.60 24.60 23.10 23.10 22.00
Public Works 18.95 19.45 18.45 18.45 18.45 18.00
Total 93.75 95.00 95.00 94.00 94.00 94.00
Source: City of Dublin Finance Department
Full-Time Equivalent City Employees by Department
CITY OF DUBLIN CALIFORNIA
Last Ten Fiscal Years
276
2022 2023 2024 2025
City Manager Office 25.00 26.00 28.00 28.00
Finance 9.00 8.00 8.00 8.00
Community Development 19.00 19.00 19.00 20.00
Fire Department 1.00 1.00 1.00 1.00
Police Department 4.00 4.00 4.00 4.00
Parks & Community Services 23.00 23.00 24.00 23.00
Public Works 18.00 21.00 22.00 24.00
Total 99.00 102.00 106.00 108.00
Source: City of Dublin Finance Department
(Continued)
CITY OF DUBLIN CALIFORNIA
Full-Time Equivalent City Employees by Department
Last Ten Fiscal Years
277
Function/Program 2016 2017 2018 2019 2020
Police:
Calls for Service 35,005 38,688 38,568 38,480 34,643
Citations Issued 7,087 7,164 7,051 7,968 5,806
Arrests 1,225 1,315 1,653 1,821 1,510
Fire:
Emergency calls 2,734 2,848 3,247 3,245 3,443
Inspections 4,304 4,141 4,034 4,284 2,964
Building Plan Reviews and Consultations 1,633 1,654 1,195 797 490
Public Works:
Street Sign Maintenance (number of signs)510 359 1,838 2,569 546
Curb Painting (linear feet)2,922 3,846 3,216 3,893 14,502
Replace Street Asphalt (square feet)31,000 73,436 75,087 1,636,012 2,270,000
Street Sweeping (curb miles)5,993 6,026 8,033 7,936 7,210
Encroachment Permits Issued 190 206 173 209 158
Parks and Community Services:
Museum Visitors 3,591 3,525 3,422 2,757 2,011
Afterschool Recreation (participants/day)363 367 405 416 334
Preschool Classes Participants 335 158 131 160 185
Youth Basketball League Participants 1,074 1,156 1,035 1,075 792
Senior Center Average Daily Attendance 236 274 279 299 245
ommun ty eve opment:
Planning Applications 52 58 48 31 40
Building Permits 2,812 2,806 2,803 2,350 1,866
Building Inspections 20,784 25,186 25,574 20,951 13,339
Source: City of Dublin
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
278
Function/Program 2021 2022 2023 2024 2025
Police:
Calls for Service 30,018 30,414 34,191 34,455 29,077
Citations Issued 5,582 5,367 5,821 4,637 5,885
Arrests 1,514 1,496 1,778 1,596 1,565
Fire:
Emergency calls 3,692 4,797 4,565 4,883 4,843
Inspections 2,628 1,875 2,520 2,642 1,348
Building Plan Reviews and Consultations 606 873 917 1,274 1,109
Public Works:
Street Sign Maintenance (number of signs)664 428 428 435 502
Curb Painting (linear feet)123 305 2,472 3,814 3,375
Replace Street Asphalt (square feet)117,767 36,695 750,000 26,172 1,070,000
Street Sweeping (curb miles)8,146 8,733 8,735 10,349 9,539
Encroachment Permits Issued 357 353 215 240 273
Parks and Community Services:
Museum Visitors 147 560 365 1,973 1,991
Afterschool Recreation (participants/day)649 528 664 274 217
Preschool Classes Participants 98 308 274 73 52
Youth Basketball League Participants - 683 1,149 1,195 1,016
Senior Center Average Daily Attendance 222 166 475 679 413
ommun ty eve opment:
Planning Applications 52 44 44 32 37
Building Permits 2,393 2,437 2,781 2,078 2,510
Building Inspections 10,759 14,178 12,633 10,880 7,484
Source: City of Dublin
(Continued)
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
279
2016 2017 2018 2019 2020
Function/Program
Public safety:
Police stations 1 1 1 1 1
Fire stations 3 3 3 3 3
Public works:
Street Lights 4,530 4,540 4,631 4,631 4,736
Street Centerline Miles 120 127 128 151 151
Signalized Intersections 94 95 97 98 98
Pedestrian Activated Traffic Control Devices 9 9 9 9 9
City Trees 8,556 8,526 8,776 9,263 12,355
Parks and recreation:
Number of Community Facilities 6 7 7 7 7
Number of City Parks 18 18 20 21 23
Acres of City Parks 171 171 200 210 223
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
Fiscal Year
CITY OF DUBLIN, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
280
2021 2022 2023 2024 2025
Function/Program
Public safety:
Police stations 1 1 1 1 1
Fire stations 3 3 3 3 3
Public works:
Street Lights 5,131 5,095 4,525 5,136 5,155
Street Centerline Miles 151 148 136 129 129
Signalized Intersections 98 98 98 97 96
Pedestrian Activated Traffic Control Devices 9 9 9 9 9
City Trees 12,208 13,130 13,844 13,178 14,457
Parks and recreation:
Number of Community Facilities 7 7 7 7 7
Number of City Parks 23 25 25 25 26
Acres of City Parks 223 267 267 267 276
Acres of Open Space 125 125 125 125 125
Source: City of Dublin
Fiscal Year
(Continued)
CITY OF DUBLIN, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
281
Business Name Business Category
Best Buy Electronics/Appliances Store
Carl Zeiss Meditec USA Health/Medical
Curtis Blue Line Machinery, Equipment, and Supplies
Dick's Sporting Goods Sporting Goods/Bike Store
Dougherty Road Shell Service Station
Dublin Buick/GMC/Chevrolet/Infiniti Motor Vehicle Dealer
Dublin Hyundai Genesis Motor Vehicle Dealer
Dublin Nissan Infiniti Motor Vehicle Dealer
Dublin Toyota Motor Vehicle Dealer
Eastbay Motorcars Used Car dealer
Fallon Gateway Chevron Service Station
Graybar Electric Electrical Equipment
Honda Motor Vehicle Dealer
Lowes Lumber/Building Materials
Mazda Motor Vehicle Dealer
Nordstrom Rack Family Apparel
Pace Supply Corp Plumbing/Electrical Supplies
Pga Tour Superstore Golf & Tennis Pro Shop Inc
Safeway Grocery/Liquor Stores
Safeway Fuel Service Stations
Target Discount Dept Stores
Tesla Motor Vehicle Dealer
TJ Maxx Family Apparel
Volkswagen Motor Vehicle Dealer
Volvo Cars Dublin Motor Vehicle Dealer
Source: City of Dublin Office of Economic Development
CITY OF DUBLIN, CALIFORNIA
Top 25 Sales Tax Producers
2024-25
282
General
Date of Incorporation February 1, 1982
Form of Government Council/ Manager
Total Population (Estimated per the California Dept. of Finance, January, 2025) 74,691
Number of Registered Voters 34,539
Employees (Full Time Equivalent)108
Area (Square Miles)15.23
Parks and Recreation
Parks 26
Acres in Parks 276
Acres in Open Space 125
Public Education
Elementary Schools 7
K-8 1
Middle Schools 2
High School 3
Under Construction (Shamrock Hills K-8 open Fall 2026) 1
School Enrollment 12,737
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
CITY OF DUBLIN, CALIFORNIA
Miscellaneous Statistical Data
June 30, 2025
283
City of
Dublin
Dublin, California
Auditor’s Communication with
Those Charged with Governance
For the year ended June 30, 2025
Attachment 3
284
December 10, 2025
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, 2025, and have issued our report thereon dated December 10, 2025. 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 15, 2025, 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.
285
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, 2025. 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.
286
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
Restatements
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.
The material misstatements identified as a result of our audit procedures and corrected by
management are included as an attachment to this letter (“Exhibit A”).
287
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, 2025.
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
288
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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
289
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 8
Exhibit A
Corrected Misstatements:
3600-9610-73103 Improvements Not Building 1,277,639.60
3600-0000-21101 Accounts Payable 1,213,757.62
3600-0000-23102 Contract Payable Retention 63,881.98
Total 1,277,639.60 1,277,639.60
1001-0000-11101 Operating Account 11,227,600.00
2922-0000-47305 Other Agency Grants 1,450,000.00
2922-0000-47305 Other Agency Grants 11,227,600.00
1001-0000-12101 Accounts Receivable 11,227,600.00
2922-0000-11101 Operating Account 11,227,600.00
2922-0000-26000 Deferred Revenue 1,450,000.00
Total 23,905,200.00 23,905,200.00
3500-0000-31201 Restricted 2,045,624.00
3500-9510-73103 Improvements Not Building 2,045,624.00
Total 2,045,624.00 2,045,624.00
Audit Adjusting Journal Entries JE # 1
To move amount for Street Projects progress payment back into accounts payable at
June 30, 2025.
Audit Adjusting Journal Entries JE # 2
To reclassify TVTC Grant to deferred and to reverse accounts receivable and
revenues related to TVTC grant due to no expenditures incurred for the grant in
current year.
Audit Adjusting Journal Entries JE # 3
To record prior period adjustment for Don Biddle Community Park expenditures
incurred in FY2024 but recorded in FY2025.
290
29
1
29
2
29
3
29
4
29
5
29
6
29
7
City of Dublin
Measure B Funds
Dublin, California
Financial Statements and
Independent Auditor’s Reports
For the year ended June 30, 2025
Attachment 4
298
City of Dublin
Alameda County Transportation Commission – Measure B Funds
Financial Statements
For the year ended June 30, 2025
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
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300
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, 2025, 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, 2025, 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 1, 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, 2025, 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.
301
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.
2 302
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, 2025 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
Emeryville, California
December 10, 2025
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4 304
City of Dublin
Alameda County Transportation Commission- Measure B Funds
Balance Sheet
June 30, 2025
ACTC ACTC
Streets and Bikes and
Roads Pedestrians Total
ASSETS:
Cash and investments -$ 1,015$ 1,015$
Total assets -$ 1,015$ 1,015$
FUND BALANCES:
Restricted -$ 1,015$ 1,015$
Total fund balances -$ 1,015$ 1,015$
See accompanying Notes to Financial Statements.
5 305
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, 2025
ACTC ACTC
Streets and Bikes and
Roads Pedestrians Total
REVENUES:
Interest income -$ 35$ 35$
Total revenues - 35 35
REVENUES OVER (UNDER)
EXPENDITURES - 35 35
FUND BALANCES:
Beginning of year - 980 980
End of ear -$ 1,015$ 1,015$
See accompanying Notes to Financial Statements.
6 306
City of Dublin
Alameda County Transportation Commission – Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2025
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.
7 307
City of Dublin
Alameda County Transportation Commission – Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2025
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, 2025:
Cash and Investments $ 1,105
A.Investments
Under the provisions of the City’s investment policy, and in accordance with California Government
Code, the following investments are authorized:
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.
Authorized Investment Type
Maximum
Maturity
Minimum Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment In
One Issuer
Ne otiable Certificates of Deposit 5 ears A-1 30%20%
Bankers' Acceptance 180 da s A-1 40% 20% of Portfolio
U.S. Treasur Bills and Notes 10 ears N/A No Limit No Limit
U.S. Government A enc Securities 10 ears N/A 25% for callable 35%
California Asset Mana ement Pro ram N/A N/A No Limit No Limit
Commercial Paper 270 da s A-1 25% 20% of Portfolio
Time Certificates of Deposit 1 ear N/A 10%No Limit
State Local A enc Investment Fund N/A N/A No Limit No Limit
Asset-Backed Securities 5 ears AA 20%5%
Medium-Term Notes 5 ears A 30%5%
Mutual Funds N/A AAA 20%10%
Mone Market Funds N/A AAA 20%No Limit
Municipal Securities 10 ears A No Limit 5%
Supranationals 5 ears AA 30%10%
8 308
City of Dublin
Alameda County Transportation Commission – Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2025
3. CASH AND INVESTMENTS, Continued
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, 2025 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, 2025, the City invested in LAIF, which had invested 3.81% of the pool investment funds in
Structured Notes and Asset-Backed Securities as compared to 3.00% in the previous year. The LAIF fair
value factor of 1.001198310 was used to calculate the fair value of the investments in LAIF.
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.
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10 310
SUPPLEMENTARY INFORMATION
11 311
City of Dublin
Alameda County Transportation Commission – Measure B Funds
Supplementary Information
For the year ended June 30, 2025
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.
12 312
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Streets and Roads
Variance with
Final Bud et
Actual Positive
Ori inal Final Amounts (Ne ative)
REVENUES:
Interest income 10,000$ 10,000$ -$ (10,000)$
Total revenues 10,000 10,000 - (10,000)
EXPENDITURES:
Streets and roads - 28,091 - 28,091
Total expenditures - 28,091 - 28,091
Net change in fund balance 10,000$ (18,091)$ - 18,091$
FUND BALANCE:
Beginning of year -
End of year -$
Budgeted Amounts
For the year ended June 30, 2025
13 313
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Bikes and Pedestrians
Variance with
Final Bud et
Actual Positive
Ori inal Final Amounts (Ne ative)
REVENUES:
Interest income 4,000$ 4,000$ 35$ (3,965)$
Total revenues 4,000 4,000 35 (3,965)
Net change in fund balance 4,000$ 4,000$ 35 (3,965)$
FUND BALANCE:
Beginning of year 980
End of year 1,015$
Budgeted Amounts
For the year ended June 30, 2025
14 314
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, 2025, and the related
notes to the financial statements, and have issued our report thereon dated December 10, 2025.
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.
315
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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
16 316
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, 2025.
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, 2025.
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.
317
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.
18 318
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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
19 319
City of Dublin
Measure BB Funds
Dublin, California
Financial Statements and
Independent Auditor’s Reports
For the year ended June 30, 2025
Attachment 5
320
City of Dublin
Alameda County Transportation Commission – Measure BB Funds
Financial Statements
For the year ended June 30, 2025
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
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322
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, 2025, 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, 2025, 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 1, 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, 2025, 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.
323
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.
2 324
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, 2025
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
Emeryville, California
December 10, 2025
3 325
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4 326
City of Dubli
Alameda County Transportation Commission - Measure BB Funds
Balance Sheet
June 30, 2025
ACTC ACTC
Streets and Bikes and
Roads Pedestrians Total
ASSETS:
Cash and investments 2,709,834$ 83,523$ 2,793,357$
Direct local distribution program receivables 253,826 86,419 340,245
Total assets 2,963,660$ 169,942$ 3,133,602$
FUND BALANCES:
Restricted 2,963,660$ 169,942$ 3,133,602$
Total fund balances 2,963,660$ 169,942$ 3,133,602$
See accompanying Notes to Financial Statements.
5 327
City of Dubli
Alameda County Transportation Commission - Measure BB Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
ACTC ACTC
Streets and Bikes and
Roads Pedestrians Total
REVENUES:
Measure BB revenue 1,446,811$ 492,592$ 1,939,403$
Use of money and property 79,542 32,078 111,620
Total revenues 1,526,353 524,670 2,051,023
EXPENDITURES:
Bikes and pedestrians - 1,332,374 1,332,374
Streets and roads 411,622 - 411,622
Total expenditures 411,622 1,332,374 1,743,996
EXPENDITURES 1,114,731 (807,704) 307,027
FUND BALANCES:
Beginning of year 1,848,929 977,646 2,826,575
End of year 2,963,660$ 169,942$ 3,133,602$
For the year ended June 30, 2025
REVENUES OVER (UNDER)
See accompanying Notes to Financial Statements.
6 328
City of Dublin
Alameda County Transportation Commission – Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2025
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.
7 329
City of Dublin
Alameda County Transportation Commission – Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2025
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, 2025:
Cash and Investments $2,793,357
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.
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.
Authorized Investment Type
Maximum
Maturity
Minimum Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment In
One Issuer
Ne otiable Certificates of Deposit 5 ears A-1 30%20%
Bankers' Acceptance 180 da s A-1 40% 20% of Portfolio
U.S. Treasur Bills and Notes 10 ears N/A No Limit No Limit
U.S. Government A enc Securities 10 ears N/A 25% for callable 35%
California Asset Mana ement Pro ram N/A N/A No Limit No Limit
Commercial Paper 270 da s A-1 25% 20% of Portfolio
Time Certificates of Deposit 1 ear N/A 10%No Limit
State Local A enc Investment Fund N/A N/A No Limit No Limit
Asset-Backed Securities 5 ears AA 20%5%
Medium-Term Notes 5 ears A 30%5%
Mutual Funds N/A AAA 20%10%
Mone Market Funds N/A AAA 20%No Limit
Municipal Securities 10 ears A No Limit 5%
Supranationals 5 ears AA 30%10%
8 330
City of Dublin
Alameda County Transportation Commission – Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2025
3.CASH AND INVESTMENTS, Continued
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, 2025 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, 2025, the City had invested in LAIF, which had invested 3.81% of the pool investment funds
in Structured Notes and Asset-Backed Securities as compared to 3.00% in the previous year. The LAIF
fair value factor of 1.001198310 was used to calculate the fair value of the investments in LAIF.
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, 2025.
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.
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10 332
SUPPLEMENTARY INFORMATION
11 333
City of Dublin
Alameda County Transportation Commission – Measure BB Funds
Supplementary Information
For the year ended June 30, 2025
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.
12 334
City of Dubli
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Streets and Roads
Variance with
Final Bud et
Actual Positive
Ori inal Final Amounts (Ne ative)
REVENUES:
Measure BB revenue 1,340,847$ 1,340,847$ 1,446,811$ 105,964$
Use of money and property 17,000 17,000 79,542 62,542
Total revenues 1,357,847 1,357,847 1,526,353 168,506
EXPENDITURES:
Streets and roads 2,080,000 2,821,264 411,622 2,409,642
Total expenditures 2,080,000 2,821,264 411,622 2,409,642
Net change in fund balance (722,153)$ (1,463,417)$ 1,114,731 2,578,148$
FUND BALANCE:
Beginning of year 1,848,929
End of year 2,963,660$
Budgeted Amounts
For the year ended June 30, 2025
13 335
City of Dubli
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Bikes and Pedestrians
Variance with
Final Bud et
Actual Positive
Ori inal Final Amounts (Ne ative)
REVENUES:
Measure BB revenue 462,215$ 462,215$ 492,592$ 30,377$
Use of money and property 10,000 10,000 32,078 22,078
Total revenues 472,215 472,215 524,670 52,455
EXPENDITURES:
Bikes and pedestrians 948,228 1,367,837 1,332,374 35,463
Total expenditures 948,228 1,367,837 1,332,374 35,463
Net change in fund balance (476,013)$ (895,622)$ (807,704) 87,918$
FUND BALANCE:
Beginning of year 977,646
End of year 169,942$
Budgeted Amounts
For the year ended June 30, 2025
14 336
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, 2025, and the related
notes to the financial statements, and have issued our report thereon dated December 10, 2025.
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.
337
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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
16 338
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, 2025.
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, 2025.
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.
339
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 2024 through June 2025. The Local Street and Roads program has received
$1,446,811 and the Bike and Pedestrian program has received $492,592.
18 340
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
Emeryville, California
December 10, 2025
19 341
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, 2025
Attachment 6
342
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Financial Statements
For the year ended June 30, 2025
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
343
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344
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, 2025, 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, 2025, 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 1, 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, 2025, 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.
345
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.
2 346
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, 2025
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
Emeryville, California
December 10, 2025
3 347
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4 348
City of Dubli
Measure F Alameda County Vehicle Re istration Fee Fund
Balance Sheet
June 30, 2025
ASSETS:
Cash and investments 183,879$
Direct local distribution program receivables 59,689
Total assets 243,568$
LIABILITIES AND FUND BALANCE:
Fund Balance:
Restricted 243,568
Total fund balance 243,568
Total liabilities and fund balance 243,568$
See accompanying Notes to Financial Statements.
5 349
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
REVENUES:
Measure F revenues 345,704$
Use of money and property 12,978
Total revenues 358,682
EXPENDITURES:
Contractual services 192,151
Streets and roads 411,268
Total expenditures 603,419
EXPENDITURES (244,737)
FUND BALANCE:
Beginning of year 488,305
End of year 243,568$
For the year ended June 30, 2025
REVENUES OVER
See accompanying Notes to Financial Statements.
6 350
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2025
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.
7 351
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2025
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)
8 352
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2025
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, 2025:
Cash and Investments $ 183,879
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
Maximum
Maturity
Minimum Credit
Quality
Maximum
Percentage of
Portfolio
Maximum
Investment In
One Issuer
Ne otiable Certificates of Deposit 5 ears A-1 30%20%
Bankers' Acceptance 180 da s A-1 40% 20% of Portfolio
U.S. Treasur Bills and Notes 10 ears N/A No Limit No Limit
U.S. Government A enc Securities 10 ears N/A 25% for callable 35%
California Asset Mana ement Pro ram N/A N/A No Limit No Limit
Commercial Paper 270 da s A-1 25% 20% of Portfolio
Time Certificates of Deposit 1 ear N/A 10%No Limit
State Local A enc Investment Fund N/A N/A No Limit No Limit
Asset-Backed Securities 5 ears AA 20%5%
Medium-Term Notes 5 ears A 30%5%
Mutual Funds N/A AAA 20%10%
Mone Market Funds N/A AAA 20%No Limit
Municipal Securities 10 ears A No Limit 5%
Supranationals 5 ears AA 30%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.
9 353
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2025
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, 2025, 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, 2025, the City had invested in LAIF, which had invested 3.81% of the pool investment
funds in Structured Notes and Asset-Backed Securities as compared to 3.00% in the previous year. The
LAIF fair value factor of 1.001198310 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, 2025.
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.
10 354
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, 2025, and the related notes to the financial statements, and have issued our report thereon
dated December 10, 2025.
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.
355
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
Emeryville, California
December 10, 2025
12 356
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, 2025.
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, 2025.
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.
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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.
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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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
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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 2025 OMB Compliance Supplement (referred
to herein as “Requirements for an Alternative CSLFRF Compliance Examination Engagement”)
during the year ended June 30, 2025. 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, 2025.
Attachment 7
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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, 2025. Accordingly, this report is not suitable for any other purpose.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
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City of
Dublin
Dublin, California
Independent Accountants’ Report on
Agreed-Upon Procedures Applied to
Appropriations Limit Schedule
For the fiscal year ending June 30, 2026
Attachment 8
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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, 2026. 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, 2026, 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.
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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.
Badawi & Associates, CPAs
Emeryville, California
December 10, 2025
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City of Dublin
Appropriations Limit Schedule
Amount Source
A. Appropriations limit for the year ended June 30, 2025 485,074,181$ Prior year resolution
B. Calculation Factors:
1. Population increase %1.0217 State Department of Finance
3. Total adjustment factor %1.0875 B1*B2
C. Annual Adjustment Increase 42,443,991 [(B3-1)A)]
D. Other Adjustments - N/A
E. Total Adjustments 42,443,991 (C+D)
For the fiscal year ending June 30, 2026
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City of Dublin
Notes to Appropriations Limit Schedule
For the fiscal year ending June 30, 2026
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 2025-2026
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 2025-2026
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, 2026.
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