HomeMy WebLinkAbout4.7 Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal Year Ending June 30, 2022 and Supplemental Reports Completed by the City’s Independent AuditorsCELEBRATING
STAFF REPORT
CITY COUNCIL
DUBLIN
CALIFORNIA
Agenda Item 4.7
DATE: December 20, 2022
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
SU B.ECT : Annual Comprehensive Financial Report (ACFR) and Annual Audit for Fiscal
Year Ending June 30, 2022 and Supplemental Reports Completed by the
City's Independent Auditors
Prepared by: Jay Baksa, Assistant Administrative Services Director
EXECUTIVE SUMMARY:
The City Council will receive the Annual Comprehensive Financial Report (ACFR) for the Fiscal
Year ending June 30, 2022. This report includes financial statements prepared by Staff along with
the audit prepared by Badawi and Associates, the independent auditors selected by the City
Council. The ACFR is a report which encompasses information beyond minimum financial
reporting requirements. The auditors have provided a "clean opinion" based on their review.
The auditors have also completed the following supplemental reports: 1) a compliance audit of
Alameda County Transportation Commission Measure B Funds; 2) a compliance audit of Alameda
County Transportation Commission Measure BB Funds; 3) a compliance audit of Alameda County
Transportation Commission Measure F Fund Vehicle Registration Fee Program; 4) a single audit
report related to Federal Grant Expenditures; and 5) a review of the City's Annual Appropriations
Limit Calculation.
The reports have been reviewed by the City Council Ad -Hoc Audit Subcommittee.
STAFF RECOMMEN DATION:
Receive the reports.
FINANCIAL IMPACT:
Summarized financial information is discussed in this Staff Report, and Attachment 1 provides a
guide to key information found in the ACFR. The full ACFR is included as Attachment 2. All other
audit reports are included as Attachments 3-8.
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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, 2022. 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 Councilmembers
Hu and McCorriston, on December 7, 2022, to review the results of the audit. The interaction of
the auditors directly with representatives of the elected body is a key component to audit
standards and provides the Committee an opportunity to discuss the report and ask questions of
the auditors.
Based on their testing and review, the auditors granted the City a "clean opinion" (see ACFR pages
1-4), meaning that the financial statements present fairly, in all material respects, the financial
position of the City.
The compliance audits for the additional reports found that, based on the information reviewed
and presented, expenditures were materially in compliance with the program requirements
(Attachments 4 -7).
Financial Overview
Attachment 1 provides a guide to key elements contained in the ACFR. Some of the important
financial results include an increase of $33.4 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. $543.2 million (61% of total net assets) in investments in capital assets (e.g. land,
infrastructure, buildings, and equipment).
2. $118.1 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. $228.4 million (26% of total net assets) in net assets that are unrestricted.
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TABLE 1: SUMMARY OF NET POSITION
June 30, 2022 and 2021
Item
Current and Other Assets
Notes Receivable (Note 5)
Lease Receivable (Note 6)
OPEB Asset (Nate 12)
Capital Assets (Note 7)
Total Assets
Deferred Outflows, of Resources
Current Liabilities
?Concurrent Liabilities
Total Liabilities
Deferred Inflows of Resources
Net Investment in Capital Assets
Restricted
Unrestricted
Total Net Position
(=overnniental Activities
June 30, 2022
$ 384,956,065
14,549,568
2,686,338
9,048,738
554,600,283
June 30, 202 ] 8 Change
337,855,134
15.598,828
4,087,651
537.970,763
965,840, 992 895,512,376
4,137,1 05 4,464,343
34,016,977 23,168,959
29,104,950 17,501,236
63,121,927 40,670,195
17,137,969 2,983,975
543,185,634
118,161,236
228,371,331
537,970,764
107,140,245
211,211, 541
$ S89,718,201 S 856,322,550
$ 47,100,931
(1,049,260)
2,686,338
4,961,087
16,629,520
Change
13.9%
-6.7%
100.0%
121.4%
3.1%
70,328,616 7.9%
(327,238)
10,848,018
11,603,714
22,451, 732
14,153,994
5,214,870
11,020,991
17,159,790
$ 33,345,651
-7.33%
46.8%
66.3%
55.2%
474.3%
3.9 %
Auditors' Communication (Governance Letter) (Attachment 3)
The Governance Letter includes a report on the City's accounting and reporting procedures, as
well as recommendations for process improvements. The report includes corrections needed due
to the timing in the receipt of revenues and processing invoices for the remittance of special tax
funds for the Dublin Crossing Community Facilities District. The corrections were made and
deemed immaterial. Overall, the report does not note any issues for Fiscal Year 2021-22.
Designation of Fund Balances
The City's Fund Balance and Reserves Policy conforms to required standards enacted by the
Governmental Accounting Standards Board (GASB). A listing of the FY 2021-22 year-end major
fund reserves established in accordance with this policy is shown on ACFR page 13. The following
table summarizes the fund balances for all City funds:
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TABLE 2: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2022 and 2021
General F Und
Affordable Housing Fund
Capital Improvement Funds
Ulher iovernrnental Funds
Total Governmental Funds
Arne 30, 2022
S 223,857,506
29,913,316
63,139,381
29,010,964
June 30, 2021
S 209,764,496
24,488,291
59,059,972
18,738,644
$ 345,921,167
$ 312,051,403
$ Change %% Change
$ 14,093,010 6.7%
5,425,025 22.2%
4,079,409 6,9%
10.272,320 54, 8`'••4
$ 33.869,764 10.9%
As shown above, General Fund Reserves totaled $223.8 million as of June 30, 2022. Of that
amount, $64.0 million is available for cash flow purposes, equating to approximately 8.2 months of
budgeted operating expenditures in FY 2022-23. This exceeds the target as guided by the policy,
which sets the cash flow goal at between two and four months of the next year's budget.
Additional Reports Prepared by Auditors
In addition to the audit of the financial statements, the audit engagement also included the
completion of specialized reports. The five supplemental reports include:
1. A compliance audit of Alameda County Transportation Commission (ACTC) Measure B
Funds
2. A compliance audit of the ACTC Measure BB Funds
3. A compliance audit of the ACTC Vehicle Registration Fee (Measure F) Program
4. A single audit report related to Federal Grant Expenditures
5. A review of the City's Annual Appropriations Limit Calculation
ACTC Measure B Funds Report (Attachment 4)
ACTC provides local funding via two local programs: 1) Local Street Improvements; and 2) Bicycle
and Pedestrian Improvements.
As of June 30, 2022, the Local Streets fund balance of $916,201 is assigned to a Capital Reserve for
continued street improvement projects, and the Bike/Pedestrian fund balance of $340,040 is
restricted to appropriate bike and pedestrian program improvements. During FY 2021-22, the
following projects were funded by Measure B:
• Annual Street Resurfacing
• Iron Horse Trail Bridge
• Citywide Bicycle & Pedestrian Improvements
• Citywide Signal Communication Upgrade
ACTC Measure BB Funds Report (Attachment 5)
Alameda County Measure BB was approved by the voters in November 2014 with 70% of the
vote. The fee is expected to generate about $30 billion over 30 years funded by an additional
half -cent sales tax to be used for transportation related expenditures. The program includes
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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, 2022, the Measure BB Fund had a restricted fund balance of $748,337 for Local
Streets and Roads, and $405,776 restricted for Bicycle and Pedestrian improvements. During
FY 2021-22, the following projects were funded by Measure BB:
• Annual Street Resurfacing
• Citywide Bicycle and Pedestrian Improvements
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, 2022, the ACTC VRF Measure F Fund had a balance of $246,182 in restricted funds.
During FY 2021-22, the following projects were funded by Measure F:
• Intelligent Transportation System Upgrades
• Citywide Signal Communication Upgrade
Single Audit Report for Federal Grant Expenditures (Attachment 7)
The City is required to obtain a Single Audit if annual expenditures of Federal Funds exceed
$750,000. In FY 2021-22 the City had $2,433,647 in expenditures of Federal Funds, which
included $405,780 in Community Development Block Grant/Entitlement Grants and $2,027,867 in
American Rescue Plan Act funds. The audit includes a Report on Internal Controls and Compliance,
which reported no findings relative to the federal programs reported by the City.
Appropriation Limit Schedule Report (Attachment 8)
State law requires the adoption of an Appropriations Limit which must be included in the budget
document. The City Council adopts the Limit by resolution, and it is adjusted annually based on
factors establish in State Law. The Limit applies only to appropriations that are funded by
proceeds of taxes. The Limit for Dublin is substantially more than the amount of revenue
generated from taxes. The auditors reviewed the calculation used to develop the $450,080,278
limit as presented in the FY 2022-23 Budget, and there were no exceptions noted in the findings.
STRATEGIC PLAN INITIATIVE:
None
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
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ATTACHMENTS:
1) Summary - Key Information
2) Annual Comprehensive Financial Report Fiscal Year 2021-22
3) Fiscal Year 2021-22 Auditors' Communication with Those Charged with Governance
4) Fiscal Year 2021-22 Measure B Report
5) Fiscal Year 2021-22 Measure BB Report
6) Fiscal Year 2021-22 Measure F Report
7) Fiscal Year 2021-22 Single Audit Report
8) Appropriations Limit Fiscal Year 2022-23
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Attachment 1
SUMMARY - KEY INFORMATION
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDING JUNE 30, 2022
City Council Meeting December 20, 2022
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-xiv): provides a general overview of economic
and budgetary factors that impact the City.
b. Opinion (pages 1-4): issued by the Independent Auditor on the City's
financial position and compliant with accounting principles generally
accepted in the United States of America.
c. Management Discussion and Analysis (MD&A) (pages 5-20): provides an
overview of the financial activities, with a focus on significant trends, as
well as major changes associated with the City's major funds (i.e. General
Fund and Impact Fee funds).
d. Financial Statements: a significant portion of the ACFR includes financial
statements and schedules for the various funds used to account for the
City's revenue and expenditures. Pages 24-26 present the Government -
Wide Statement of Net Position presents financial statements similar to
those used by private corporations. That section is followed by financial
statements for each fund.
e. Statistical Section (pages 181-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 76 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 2021-22 does not note any
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Attachment 1
findings. This information is presented as a separate document and is included as
Attachment 3.
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City of Dublin
CALIFORNIA
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
Fiscal Year ended June 30, 2022
96
City of
Dublin
Dublin, California
Annual Comprehensive Financial Report
For the year ended June 30, 2022
Prepared by:
Administrative Services Department
J
97
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2022
Table of Contents, Continued
Page
INTRODUCTORY SECTION
Table of Contents i
Letter of Transmittal v
Principal Officers xv
Organizational Chart xvi
GFOA Certificate of Excellence in Financial Reporting xvii
FINANCIAL SECTION
Independent Auditors' Report 1
Management's Discussion and Analysis 5
Basic Financial Statements:
Government -Wide Financial Statements:
Statement of Net Position 24
Statement of Activities 26
Fund Financial Statements:
Governmental Fund Financial Statements:
Balance Sheet 30
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Position 33
Statement of Revenues, Expenditures and Changes in Fund Balances 34
Reconciliation of the Governmental Funds Statement of Revenues,
Expenditures, and Changes in Fund Balances to the Government -Wide
Statement of Activities 37
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual:
General Fund 38
Affordable Housing Special Revenue Fund 39
Proprietary Fund Financial Statements:
Statement of Net Position 42
Statement of Revenues, Expenses and Changes in Fund Net Position 43
Statement of Cash Flows 44
98
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2022
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Fiduciary Fund Financial Statements:
Statement of Fiduciary Net Position 46
Statement of Changes in Fiduciary Net Position 47
Notes to Basic Financial Statements 51
Required Supplementary Information (Unaudited):
Defined Benefit Pension Plan
Schedule of the City's Proportionate Share of the Net Pension Liability - Last 10 Years 95
Schedule of Contributions - Last 10 Years 95
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 96
Schedule of City Retiree Health Plan Contributions - Last 10 Years 97
Supplementary Information:
General Fund - Budget Versus Actual
Schedule of Budget Versus Actual Revenue by Sources 101
Schedule of Budget Versus Actual Departmental Expenditures 102
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 106
Parks Projects Capital Projects Fund 107
Streets Projects Capital Projects Fund 108
Public Facilities Impact Fees Capital Projects Fund 109
Fire Impact Fees Capital Projects Fund 110
Traffic Impact Fees Capital Projects Fund 111
Dublin Crossing Contribution Capital Projects Fund 112
11
99
City of Dublin
Annual Comprehensive Financial Report
For the year ended June 30, 2022
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued
Non -Major Governmental Funds:
Combining Balance Sheet 116
Combining Statement of Revenues, Expenditures and Changes in Fund Balances 124
Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual 131
Internal Service Funds:
Combining Statement of Net Position 170
Combining Statement of Revenues, Expenses and Changes in Net Position 172
Combining Statement of Cash Flows 174
Custodial Funds:
Combining Statement of Fiduciary Net Position 178
Combining Statement of Changes in Fiduciary Net Position 179
STATISTICAL SECTION (Unaudited)
Net Position by Component 182
Changes in Net Position 184
Fund Balances of Governmental Funds 186
Changes in Fund Balances of Governmental Funds 188
Assessed Value of Taxable Property 190
Direct and Overlapping Property Tax Rates 192
Principal Property Taxpayers 194
Property Tax Levies and Collections 195
Direct and Overlapping Debt 196
Legal Debt Margin Information 198
Demographic and Economic Statistics 200
Property Value, Construction, and Bank Deposits 201
Principal Employers 202
Full -Time Equivalent City and Contract Government Employees by Function 206
Operating Indicators by Function/Program 208
Capital Asset Statistics by Function/Program 210
Top 25 Sales Tax Producers 212
Miscellaneous Statistical Data 213
111
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.T4
DUBLIN
CALIFORNIA
THE NEW
AMERICAN
BACKYARD
City Council
925.833.6650
City Manager
925.833.6650
Community Development
925.833.6610
Economic Development
925.833.6650
Finance/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
100 Civic Plaza
Dublin, CA 94568
P 925.833.6650
F 925.833.6651
www.dublin.ca.gov
December 20, 2022
Honorable Mayor and Members of the City Council:
Presented with this letter is the City of Dublin (City) Annual Comprehensive Financial
Report (ACFR) for the year ended June 30, 2022. The information in this Report is
prepared in accordance with Generally Accepted Accounting Principles (GAAP) as
established by the Governmental Accounting Standards Board (GASB).
The responsibility for the accuracy and fairness of this report rests with the City.
Management Staff are responsible for preparing a complete report which is based
upon reliable information. Management has established a comprehensive internal
control framework that is designed both to protect the City's assets from loss, theft,
or misuse and to compile sufficient reliable information for the preparation of the
City's financial statements. Management is committed to maintaining the City's
internal controls to safeguard assets; and provide reasonable assurances of proper
recording of financial transactions. All disclosures necessary to enable the reader to
gain an understanding of the City's financial activities have been included and Badawi
& Associates, a firm of licensed public accountants, has issued an unmodified ("clean")
opinion on the City of Dublin's financial statements for the year ended June 30, 2022.
The independent auditor's report has been included in this Annual Comprehensive
Financial Report.
This letter of transmittal is designed to assist with an individual's review of the City's
financial statements. Specifically, it is intended to offer the reader useful information
in assessing the economic conditions impacting the City of Dublin. It also
complements the separate Management's Discussion and Analysis (MD&A) narrative
section, which provides financial highlights of the City and additional analysis of trends
reported as part of the financial statements. The MD&A is located immediately
following the report of the independent auditors.
CITY PROFILE
The City of Dublin was incorporated in 1982 and is in the East Bay of the San Francisco
Bay Area, approximately 30 miles east of San Francisco and approximately 30 miles
northeast of San Jose. In 2011, the City of Dublin was named an "All -America City" by
the National Civic League. And, in 2018, the City 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 99 full-time
equivalent City employees in the Fiscal Year 2021-22, in addition to temporary and
contract personnel. According to the California Department of Finance as of May
2022, the City of Dublin serves a population of 68,482, which excludes group quarters
(4,450), and covers 14.91 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
consists of a directly elected Mayor, who serves a two-year term, and four
at -large Council members each elected to a four-year term. The City Council
is responsible for the City's ordinances, operating resolutions, adoption of
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the annual budget, hiring the City Manager and City Attorney and confirming the appointments made
by the Mayor to commissions and committees. 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 the appointments of the City's departments. The City Attorney provides legal counsel on City
business, drafts and reviews ordinances, resolutions, and contracts, and represents the City in certain
litigation.
The City's biennial budget serves as the foundation for the City's financial planning and control. The
operating budget is adopted by the City Council on an annual basis prior to July 1 of each year. During
mid -cycle, a review and update are prepared and presented to the City Council for the adoption of the
second year's budget. The City Council exercises budgetary control at the fund level. Formal budgetary
integration is employed as a management control device during the fiscal year for the General Fund,
Special Revenue Funds, Capital Projects Funds, Enterprise Funds, and Internal Service Funds. The
budgeted funds are adopted on a basis consistent with GAAP in the United States. Expenditures may
not legally exceed budgeted appropriations at the fund level. 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
Replacement funds.
Current City services include the City Manager's Office (including General Administration, Human
Resources/Risk Management, Communications, City Clerk/Records, Disaster Preparedness, Information
Systems, and Economic Development), Administrative Services (Finance), City Attorney, Police Services,
Fire Services, Community Development (Building/Planning/Housing), Parks and Community Services,
and Public Works (Engineering/Maintenance). The City contracts with public agencies and private firms
to provide a variety of key services including Building Inspection, Fire Services, Police Services, and
Public Works maintenance. A total of 150.48 FTE contract employees were included in the City budget
in Fiscal Year 2021-22.
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 residential builders and developers have
constructed a variety of new housing options, which include a mix of transit -oriented development
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 job centers, colleges, and universities in the
Bay Area creates an attractive environment.
Much of the recent growth in the community, which is now in its final phases of completion, was
planned in the voter -approved 1994 Eastern Dublin Specific Plan. This vision has allowed a strong
foundation with quality neighborhoods and public facilities to be built citywide. New developments in
the Downtown Dublin Specific Plan area have provided housing opportunities as well as potential 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 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, particularly as the City
reaches build -out.
Key City activities and accomplishments during Fiscal Year 2021-22 include the following:
Economic Development
In Fiscal Year 2021-22, the City continued its Business Concierge Program helping new and existing
businesses with opening new sites in Dublin and expanding or relocating in Dublin, as well as its
business incentives efforts to assist with the attraction and retention of businesses.
The City welcomed many new businesses to Dublin in the dining, services, and retail sectors such as
Paik's Noodles, S&G Carpet and More, uBreakiFix, SummerWinds Nursery, Prima Vini Wine Merchants,
Brooks Motor Cars, Dublin Kia Auto Dealership, Mr. Biryani, Xiaopei Chinese Dance, Heyday Dental, The
Camp Transformation Center, Nara Sushi, Pho Dublin, ACE Hardware, Sephora, Dublin Pediatric
Dentistry and Orthodontics, OpSec Security, Mimi's Chocolates, Hively Family Resource Center, NC
Marble and Stone Pavers, Bravas, Caltronics, DOMA, BayOptiks, Xpress Eat, Mindart Studio, Crumbl
Cookies, Volvo Cars Dublin, Mandarin Delight, and Radiant Waxing.
Also in Fiscal Year 2021-22, the City Council took multiple actions including supporting a local recovery
campaign, "To Dublin with Love," two Community Benefit Program Agreements for two separate
affordable housing development projects in the Downtown, three Commercial Facade Improvement
Grants to assist with signage and building frontage improvements, and renewal of the Tri-Valley
Tourism Marketing District.
COVID-19 Pandemic & Recovery
Economic Development staff continued its COVID-19-related newsletters and programs, which included
a COVID-19 Business Impacts webpage that provides timely and relevant updates, and the Dublin
Business Brief eNewsletter that addresses COVID-19-related announcements.
The City also launched two COVID-19-related small business support programs: the Commercial Rent
Relief Grant Program (CRRGP) and Outdoor Operations Grant Program (OOGP). The CRRGP provided a
one-time $10,000 grant to 100 qualified small business tenants who had at least $10,000 or more in
rent arrears due to the pandemic. The OOGP aided local eating establishments and retailers in Dublin
who were looking to provide an outdoor area for dining or shopping.
In addition, Economic Development staff developed the Business Recovery Playbook: A Post -Pandemic
Strategic Action Plan. The objective of the Playbook is to assess the current business climate, build
upon current efforts, and implement new strategies to help offset the negative effects of COVID-19.
During the fiscal year, several of the Playbook's objectives were met, including the assessment of the
business climate by conducting the Dublin Business Needs Survey; enhancing communications, such as
implementing the Mobile Text Communication Program; hosting a roundtable for the food and
beverage business community; and creating the Small Business Webinar Series and hosting webinars
on Labor Challenges and Successful Social Media. Implementation of the Playbook's remaining
objectives continued into Fiscal Year 2022-23.
The #DublinEats campaign underwent a rebranding effort and was reprogrammed as the "Taste the
World in Dublin" campaign to offer residents an easy online passport. Participants who check in to five
participating restaurants are then awarded a $25 gift card to a Dublin restaurant.
The City also partnered with the Tri-Valley Career Center in co -hosting the Spring Job Fair which
provided an in -person opportunity for employers and jobseekers to connect.
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Lastly, the City Council approved amendments to the City's Zoning Ordinance to facilitate outdoor
seating for eating and drinking establishments on both a permanent and long-term, temporary basis.
The amendments included increasing the number of outdoor seats allowed without providing
additional parking spaces.
Community Development
Housing Element Update
The City recently completed the preparation of the State -mandated Housing Element Update for the
2023-2031 Planning Period. In accordance with State requirements, the Housing Element Update
includes policies to accommodate the City's Regional Housing Needs Allocation (RHNA). The City's
RHNA for this planning period is 3,719 units. The City submitted the draft Housing Element Update to
the California Department of Housing and Community Development (HCD) for review. The City held
public hearings to adopt the Housing Element Update in October and November 2022.
Affordable Housing
The City continued to further the City Council's strategic goal to facilitate the production of affordable
housing.
The City facilitated the acquisition of a 1.3-acre site, valued at approximately $5 million, at no cost to
Eden Housing. The site is located on Regional Street in Downtown Dublin and will be the future site of
the Dublin Senior Affordable Apartments development. The City allocated $5 million of the City's share
of the Alameda County Measure A-1 Bond Funds to the project and additionally secured a $3.3M Local
Housing Trust Fund Grant to help further facilitate the development. During the past year, the City
approved the Site Development Review Permit and all necessary entitlements for Eden Housing to
construct a 113-unit affordable housing project for seniors.
The City secured a $3.3 million Local Housing Trust Fund Grant from the State of California for the 300-
unit Amador Station/BRIDGE Housing affordable rental project. This grant is in addition to the $7.1
million from the City's Affordable Housing Fund and $2.9 million of the Alameda County Measure A-1
Bond Fund that the City has allocated to this project.
City Staff continues to work with the Alameda County Surplus Property Authority to acquire an
approximately two -acre site near the East Dublin BART Station. The acquisition would be at low/no cost
to an affordable housing developer to facilitate the creation of an affordable housing development on
this site. Staff is working with Eden Housing on a proposal to construct approximately 100 units of
workforce housing affordable to lower income households.
The City also continued to take steps to facilitate the construction of accessory dwelling units (ADU),
including preparation of an ADU Manual and website. The website serves as a one -stop -shop for
information and resources to assist residents with building an ADU on their property. Key features of
the webpage include the permit -ready plans, the ADU manual, information about fee waivers that have
been granted by the City, and a list of resources to assist residents looking to construct an ADU on their
property.
Senate Bill 9 Amendments to the Dublin Municipal Code
The City amended the Dublin Municipal Code to implement the California Housing Opportunity and
More Efficiency (HOME) Act, also known as Senate Bill 9. The amendments allow homeowners to split
their single-family lot and/or build additional units on an existing lot. The amendments also establish
affordability requirements and objective design and development standards for projects allowed by SB
9.
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SCS Dublin
The SCS Dublin project is located on 76 acres of land in eastern Dublin that is largely surrounded by
development. The City completed a year -long community outreach process to gain feedback about the
future land use plan for this site. This included engaging the Urban Land Institute and a consultant team
to help inform the creation of a preferred plan. The City Council approved that Preferred Plan in
February 2022. In November 2022, the City Council approved amendments submitted by the applicant
to the General Plan and Eastern Dublin Specific Plan to effectuate the Preferred Plan.
Public Safety
Dublin Police Services continued its crime enforcement and community policing programs during Fiscal
Year 2021-22, including the National Drug "Take -Back Initiative" event to collect prescription drugs,
community engagement events such as National Night Out and "Coffee with a Cop," as well as Tobacco
Permit Compliance Operations to ensure youth are safe from businesses selling tobacco products to
minors. The City continued to incorporate new technology, like Situational Awareness cameras and
additional License Plate Reader cameras, to enhance the ability to investigate crimes throughout the
Community. Dublin was awarded a $65,000 grant from the California Office of Traffic Safety (OTS) for a
year -long program of special enforcement and public awareness efforts to prevent traffic -related
deaths and injuries. Dublin was also awarded an $870,000 grant from the California Department of
Justice for a three-year tobacco enforcement and education program. The grant funds include the
salary and benefits for an additional School Resource Officer (SRO) bringing the total number of SROs
to three and enhancing the enforcement of the illegal use of tobacco at our schools and surrounding
areas.
Also, in Fiscal Year 2021-22 the City approved the addition of the Behavioral Health Unit for Dublin
Police Services. Two clinicians and a supervisor were added to the team to help bridge the gap in
services between law enforcement and mental health services. The clinicians also serve as victim
advocates, provide assistance in obtaining services for the unhoused, and assist families with special
needs juveniles. The Behavioral Health Unit has enhanced the overall service that Dublin Police
Services provides to the community.
Public Works
Intergovernmental Relations
The City continued to provide janitorial, pest management, and solid waste and recycling services on
Camp 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 City also
continued to provide Dublin San Ramon Services District (DSRSD) landscape maintenance and weed
abatement services through the Tri-Valley Intergovernmental Reciprocal Services Master Agreement.
Environmental Sustainability
The City Council adopted the "City of Dublin Climate Action Plan 2030 and Beyond" (CAP) on
September 15, 2020. The CAP provides the foundation to achieve greenhouse gas reduction targets for
2030 and reach carbon neutrality by 2045. The single biggest action in the CAP, in terms of greenhouse
gas (GHG) emissions reductions, is to default all community accounts to GHG-free electric power. On
April 5, 2022, the City Council adopted a resolution requesting the City's electric power provider, East
Bay Community Energy, to default all non-residential accounts to Renewable 100 power, which
provides 100% renewable and 100% GHG-free electricity.
To reduce litter and maintenance associated with trash pickup and to help comply with Senate Bill (SB)
1383 requirements, Public Works purchased new three -stream waste collection containers and
deployed them at locations around the City including at the entrance to the Iron Horse Trail at Amador
Valley Boulevard, at several locations along Village Parkway, and at The Wave. The containers are color -
coded and include signage to help identify the proper container to dispose of waste.
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Infrastructure and Capital Improvement Projects
The following major capital improvement projects were completed during Fiscal Year 2021-22:
Annual Street Resurfacing (2021 Slurry Seal)
The project included seal coating a total of approximately 2.3 million square feet of asphalt,
41,000 square feet of asphalt pavement repair, and 2,600 square feet of resurfacing.
Butterfly Knoll Park
The project constructed a 1.08-acre neighborhood square in the Tassajara Hills Development. The
square includes a picnic area with shade structure, fitness area, playgrounds for children ages 2-5
and 5-12, informal lawn area, landscaping, butterfly garden, and pathways for circulation.
Dublin Heritage Park Cemetery Improvements
The project provided for the restoration of the tree allee along Hawthorne Lane and landscape
improvements throughout the site, the addition of shade structure and improvements to the
courtyard adjacent to Old St. Raymond's Church, and the renovation of existing pathways within
the cemetery.
The City has also undertaken or continued work on the following major capital improvement projects in
Fiscal Year 2021-22:
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.
Cultural Arts Center
The project will design and construct a 13,000-square-foot Cultural Arts Center on the first floor of
the former Dublin Police Services Building at the Civic Center and will renovate the second -floor
space to accommodate offices for the Parks and Community Services Department.
Don Biddle Community Park
The project is for the completion of a 30-acre community park adjacent to the Boulevard
Development. Amenities include tennis courts, basketball courts, a picnic and barbeque area, two
restroom buildings, two parking lots totaling a great lawn (multi -use lawn area), playgrounds,
parent paddock, and community garden. The park opened to the public in September 2022.
Dublin Boulevard Extension — Fallon Road to North Canyons Parkway
The project received federal approval of the Environmental Assessment with a Finding of No
Significant Impact, and detailed design began for the future 1.5-mile extension of Dublin
Boulevard through unincorporated Alameda County to North Canyons Parkway in Livermore. The
project is a joint effort of the City of Dublin, the City of Livermore, and the Alameda County
Transportation Commission.
Fallon Sports Park - Phase 3
The project is the final 14-acre phase of construction for the 60-acre sports complex. This final
phase includes a cricket field, lighted batting cages, four volleyball courts, play area, and two little
league baseball fields. Phase 3 opened to the public in October 2022.
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Iron Horse Trail Bridge at Dublin Boulevard
The project will construct a 230-foot free -span pedestrian and bicycle bridge for the Iron Horse
Trail over Dublin Boulevard.
Wallis Ranch Community Park
The project will design and construct an 8.75-acre community park which will include a 0.9-acre
dog park, lighted pickleball, tennis, and basketball courts, a 25-stall parking lot, picnic areas, two
playground areas, a large turf area, landscaping, and pathways for circulation.
Tassajara Road Improvements — North Dublin Ranch Drive to Quarry Lane School
The project will design and construct street improvements for Tassajara Road to a four -lane
arterial standard with bike lanes, sidewalks, landscaped median, and stormwater treatment areas.
Tassajara Road Realignment and Widening — Fallon Road to North City Limit
The project will design and construct street improvements for a realigned Tassajara Road to a
four -lane arterial standard with bike lanes, sidewalks, landscaped median, and stormwater
treatment areas. This project is a joint effort with Contra Costa County.
Parks & Community Services
In Fiscal Year 2021-2022, the Parks and Community Services Department (PCS) continued to recover
from the COVID-19 pandemic by transitioning back to in -person programs and events with safety
protocols in place. The Wave opened with limited operating hours and the number of patrons allowed.
Through planned improvements, PCS also continued working to improve and enhance its many parks
and facilities. As Fiscal Year 2021-22 ended, PCS transitioned back to the normal operations of
community centers, all special events, The Wave, classes, programs, and sports leagues. Registration
numbers were also on their way to a full recovery.
A number of Public Art projects were completed, including the installation of "Metamorphosis" at
Butterfly Knoll Park, the completion of the Recovered Wood art project, and the 40" Anniversary Lawn
Display special temporary art project. Planning and selecting the next round of Utility Box Art, which
included 10 utility boxes, was completed. The Community Art Gallery took place at Splatter, and the
Annual Nature in Your Backyard Photo Contest was held. The selection and approval of the Heritage
Park Public Art project of a memorial sculpture and artistic park features were completed.
The 2022 Parks and Recreation Master Plan was completed. The Master Plan establishes goals,
standards, guiding policies, and an action plan to guide the development and management of Dublin's
parks and recreation facilities through the build -out of the City. The Adopt -A -Bench program was
initiated and approved by the City Council.
PCS began the planning and implementation for a yearlong celebration of the 40' anniversary of the
City of Dublin's incorporation. The official kickoff was at a reception on February 1, 2022, prior to the
City Council meeting. Many activities took place during the year, and Dublin's special events each
highlighted the anniversary in a special way. Heritage Park and Museums hosted a special 40"
Anniversary exhibit.
Financial Outlook
The COVID-19 pandemic created not only a public health crisis in 2020, but an economic crisis that
continued into 2021 with falling employment levels and the steepest quarterly decline in Gross
Domestic Product (GDP) on record. In mid-2021 the economy began to rebound, as could be seen with
several key economic indicators: GDP rose, unemployment dropped, and consumer confidence rose.
In Fiscal Year 2021-22, The City continued to rebound from the effects of the COVID-19 pandemic,
home prices continuing to remain strong, and spending continued to increase as businesses resumed
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normal activities. Charges for Services revenue increased to pre-COVID levels, as more classes and
activities resumed in addition to the City bringing additional fields and courts online for rent. The
overall effect of improving economic conditions resulted in local revenues exceeding budget
projections. Staff is cautiously optimistic but are carefully monitoring the effects of potential areas of
concern, including soaring inflation, increasing interest rates, and uncertainty of the economy's
reaction to the Russian invasion of Ukraine.
Property Tax revenue in Fiscal Year 2021-22 increased as housing prices remained strong, with an
increase in net taxable assessed valuation of $1.2 billion (6.08%) over the prior year. Property Tax
revenues have continued to increase as home values continued to grow and new developments have
come to fruition within the City. There were no significant delinquencies in the fiscal year.
Overall Sales Tax came in $1.5 million (6.0%) higher than Fiscal Year 2020-21, as businesses continued
to rebound from COVID-19-related shutdowns. Originally, a projected year -over -year decrease of Sales
Tax was anticipated in the Adopted Budget due to uncertainty surrounding COVID-19, but strong sales
in the Autos and Transportation sector, Fuel and Service Stations, and Restaurants and Hotels exceeded
the updated mid -year projections. In Fiscal Year 2022-23, the City is projecting Sales Tax revenue
remains flat from Fiscal Year 2021-22 receipts, due to the uncertainty surrounding inflation and rising
interest rates.
Development -related revenue is the third largest City revenue stream, making up 9.9% of total General
Fund revenues in Fiscal Year 2021-22. Year-end development revenue came in at $9.8 million, an
increase of $2.4 million (32.6%) from Fiscal Year 2020-21, attributed to an increase in activity based on
development project timelines. As development revenue can significantly vary year to year based on
the nuances of specific projects, the Fiscal Year 2022-23 Adopted Budget reflects a decrease in revenue
in the near term, declining further again as large-scale projects are completed. The City maintains a
Service Continuity Reserve in the General Fund to ensure that there are future funds to cover
expenditures when development activity slows.
While Fiscal Year 2021-22 finished with a General Fund surplus of approximately $14.1 million including
General Fund transfers, long-term fiscal sustainability remains at the forefront of budget discussions.
Despite the continued growth in Property Tax that was occurring prior to COVID-19, declining and/or
leveling of Sales Tax and Development Revenues, the rising costs of contracted services, and the
potential for an economic downturn in the next few years, the City anticipates facing a deficit beginning
in Fiscal Year 2029-30 as illustrated in the 10-Year Forecast (Figure 1). The projected deficit will guide
the use of reserves and decisions made in the next operating budget cycle.
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Figure 1. 10-Year Forecast
1000:41Q
22-23 7.1w24 24-26 2S-26 26-27 27-26 28-29 29-30 30,31 31-32
sOtlxr Re4-enac
Chains Foe Senrce+
ale IntErgovet ime tid
- Rentals mad Leases
Interest
- Imes AE Peti tires
• Lie.eru s & Pe.eliii5.
Other T232ei
DemLapmeni
Sales Tax
- Nev.:wry Tax*s
—TcybulExpenglitturs
Financial Planning and Policies
In June of 2022, the City Council adopted the City's Fiscal Year 2022-23 and 2023-24 Budget. As in
previous years, the primary goals addressed in this budget cycle are: 1) fully fund current City
operations; 2) fund future capital endeavors now through the setting aside of specific reserves; and 3)
maintain adequate operating reserves over the long term. In addition, the Two -Year Strategic Plan
includes a focus on infrastructure maintenance and reinvestment, and organizational health, both of
which have budget implications.
The City adopts a balanced operational budget in accordance with City policies and uses a two-year
budget format. The City Council adopts a final budget and appropriates funds in advance of the July 1st
start of the new Fiscal Year. In terms of major capital investments constructed with Impact Fees, the
City has historically operated utilizing a pay-as-you-go philosophy. The City has typically operated with
little to no debt financing, but due to the historically low interest environment in the first quarter of
Fiscal Year 2021-22, the City Council authorized the issuance of 25-year lease revenue bonds to finance
the Energy Efficiency Improvements project, which includes construction of various energy upgrades,
efficiency improvements, lighting upgrades, energy generation, solar photovoltaic (PV) systems, and
energy storage projects at facilities, parks, street rights -of -way, and other City -owned property.
Renewable, resiliency, and disaster preparedness improvements to prepare for future PG&E Public
Safety Power Shutoff events and other emergency events will be provided with back-up generators at
City facilities. The City has established a reserve to fund future bond payments or to pay off the bonds
early, should the opportunity or necessity occur.
The financial policies currently used for budgeting also provide for the use of Internal Service Funds to
ensure resources are available to finance the replacement of public safety vehicles and apparatus,
computer systems, and certain building components. The City has also proactively financed
contributions to fund both pension and retiree health liabilities. This reflects the City's practice of being
prepared to address long-term needs.
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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, 2021. A copy of the award from
this entity is included in this report. This award represents 31 consecutive years 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
Administrative Services Department and other departments, as well as the City's audit firm, Badawi &
Associates. A special thanks and acknowledgement to Wendy Lam, Senior Accountant, and Jay Baksa,
Assistant Administrative Services Director, for their work managing the audit process. We would also
like to recognize the Mayor and City Council for their guidance and support in the City's pursuit of
excellence in financial reporting.
Sincerely,
Linda Smith
City Manager
Lisa Hisatomi
Director of Administrative Services
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CITY OF DUBLIN
PRINCIPAL OFFICERS
Fiscal Year 2021/2022
Mayor
Melissa Hernandez
Vice Mayor Councilmember
Jean Josey Sherry Hu
Councilmember Councilmember
Shawn Kumagai Michael McCorriston
ADMINISTRATION PERSONNEL
City Manager Linda Smith
Assistant City Manager Colleen Tribby
City Attorney John Bakker
Administrative Services Director Lisa Hisatomi
City Clerk Marsha Moore
Chief of Police Garrett Holmes
Community Development Director Jeff Baker
Economic Development Director Hazel Wetherford
Fire Marshal Bonnie Terra
Human Resources Director Sarah Monnastes
Parks & Community Services Director Jackie Dwyer
Public Works Director Andrew Russell
112
Organizational Chart
Citizens of Dublin
City Council
I I I
City Attorney
City Manager
Fire Services
J
Economic
Development
Assistant City
Manager
Non- _
Departmental
Public Works -
J
Information
Systems k
Police Services
J
Community
Development
City Clerk
Administrative
Services
L_
Parks and
Community
Services
Human
Resources
xvi
113
0
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Dublin
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2021
Executive Director/CEO
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1
IN I
BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, each major fund, and the aggregate
remaining fund information of the City of Dublin (City), as of and for the year ended June 30, 2022, 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, 2022, and the respective changes in financial position and, where
applicable, cash flows thereof, and the respective budgetary comparisons for the General Fund and the
Affordable Housing Special Revenue Fund for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the City and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
The City's management is responsible for the preparation and fair presentation of the financial statements
in accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
116
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, budgetary comparison information, and the required pension and OPEB schedules
on pages 5-20 and 95-97 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
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To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
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 do not express an opinion or
provide any assurance on the information because the limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The combining and individual nonmajor fund statements
and the budgetary comparison schedules for the major capital project funds and nonmajor governmental
funds are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The combining and individual nonmajor fund statements and the budgetary comparison schedules for the
major capital project funds and nonmajor governmental funds are the responsibility of management and
were derived from and relates directly to the underlying accounting and other records used to prepare the
basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the
basic financial statements or to the basic financial statements themselves, and other additional procedures
in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining and individual nonmajor fund statements and the budgetary comparison schedules for the
major capital project funds and nonmajor governmental funds are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial
report. The other information comprises the information included in the annual comprehensive financial
report but does not include the financial statements and our auditor's report thereon. Our opinions on the
financial statements do not cover the other information, and we do not express an opinion or any form of
assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the
other information and consider whether a material inconsistency exists between the other information and
the financial statements, or the other information otherwise appears to be materially misstated. If, based on
the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
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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 2, 2022
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.
3.1.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
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Management's Discussion and Analysis (MDA) June 30, 2022
As management of the City of Dublin (City), 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, 2022. Please read this overview in conjunction with the accompanying letter of transmittal and the
accompanying basic financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City's basic financial statements,
which comprise three components:
• Government -wide Financial Statements — These include the Statement of Net Position and
Statement of Activities. These statements provide information about the activities of the City as a
whole and about the overall financial condition of the City in a manner similar to a private -sector
business.
• Fund Financial Statements — These statements provide additional information about the City's
major funds, including how services were financed in the short term and fund balances available
for financing future projects.
• Notes to the Financial Statements — The notes provide additional detail that is essential to a full
understanding of the information provided in the Government -wide and Fund Financial Statements.
In addition to the basic financial statements and accompanying notes, this report also presents certain
required supplementary information concerning the City's progress in funding its obligation to provide
pension benefits to its employees.
GOVERNMENT -WIDE FINANCIAL STATEMENTS - DESCRIPTION
These statements include all assets and liabilities of the City, using the accrual basis of accounting, which
is similar to the accounting used by most private sector companies. All current year's revenues and expenses
are accounted for regardless of when the cash is paid or received.
These statements report the City's net position and changes to the net position during the FY. Net position
- the difference between assets and liabilities - are one way to measure the City's financial position. Over
time, increases or decreases in the net position are among indicators used to assess whether the financial
condition of the City is improving or deteriorating. However, it is also important to consider other
nonfinancial factors, such as: changes in the City's property tax values, sales tax outlets, and the condition
of the City's infrastructure (i.e. parks and streets), to accurately assess the overall health of the City.
The Government -wide statements present information about the City's activities, all of which are
considered governmental in nature. These include services provided for police, fire, community
development, streets, and recreation. These services are funded from monies received from property, sales
and other taxes, direct charges for services provided, grants, contributions from other agencies, and impact
fees collected from new development.
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GOVERNMENT -WIDE FINANCIAL STATEMENTS — ANALYSIS
Table 1 provides an analysis summarizing the year-to-year change in the Government -Wide net position
reported for the City of Dublin. The "net position" is represented as the difference between total assets and
total liabilities.
TABLE 1: SUMMARY OF NET POSITION
June 30, 2022 and 2021
Governmental Activities
June 30, 2022
June 30, 2021 $ Change
% Change
Item
Current and Other Assets $ 384,956,065 $ 337,855,134 $ 47,100,931 13.9%
Notes Receivable (Note 5) 14,549,568 15,598,828 (1,049,260) -6.7%
Lease Receivable (Note 6) 2,686,338 - 2,686,338 100.0%
OPEB Asset (Note 12) 9,048,738 4,087,651 4,961,087 121.4%
Capital Assets (Note 7) 554,600,283 537,970,763 16,629,520 3.1%
Total Assets 965,840,992 895,512,376 70,328,616 7.9%
Deferred Outflows of Resources
4,137,105 4,464,343 (327,238) -7.33%
Current Liabilities 34,016,977 23,168,959 10,848,018 46.8%
Noncurrent Liabilities 29,104,950 17,501,236 11,603,714 66.3%
Total Liabilities 63,121,927 40,670,195 22,451,732 55.2%
Deferred Inflows of Resources
17,137,969 2,983,975 14,153,994 474.3%
Net Investment in Capital Assets 543,185,634 537,970,764 5,214,870 1.0%
Restricted 118,161,236 107,140,245 11,020,991 10.3%
Unrestricted 228,371,331 211,211,541 17,159,790 8.1%
Total Net Position $ 889,718,201 $ 856,322,550 $ 33,395,651 3.9%
As illustrated in the above table, the City's net position increased by $33.4 million (3.9%) during FY 2021-
22. This is due to the following:
• Total assets increased $70.3 million, due primarily to increases in cash and investments which is part
of current assets and capital assets. Cash and investments increased by $47.1 million which mostly
derived from the net revenue off the expenditures for the fiscal year. Capital assets increased by $16.6
million due to the progression of capital projects during the year (i.e. $12 1 million on Citywide Energy
Improvements, $5.8 million on Fallon Sports Park Phase 3 and $5.7 million on Don Biddle Community
Park Project).
• Total liabilities increased in FY 2021-22 with a net difference of $14.2 million from the prior year.
Current liabilities primarily represent obligations outstanding for current operations (accounts payable),
capital projects (such as retention payable), deferred revenue, and deposits held. The $10.8 million
increase in current liabilities reflects the City's increase in unearned revenue from the unspent grant
monies and increase in accounts payable. The $11 6 million increase in noncurrent liabilities was due
primarily to the City's 2021 Lease Revenue Bond addition offset by a decrease in net pension liability.
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• The City's $543.2 million in net investment in capital assets represents 61.1% of total reported net
position. Capital asset investments include the City's investments in land, infrastructure, buildings, and
equipment. As the City uses these capital assets to provide current services to residents, the assets are
not available for future spending. The change in annual capital assets reflects the addition of capital
assets (including Construction in Progress) less accumulated depreciation.
• Restricted net positions, including a portion of restricted net positions in the General Fund, Affordable
Housing Fund, Impact Fee Funds, and Grant Funds, are resources that have external restrictions on
their use. In FY 2021-22, the City's restricted net positions increased by a net of $11.0 million,
attributed to repayment of the acquisition cost for the Regional Street site from the Affordable Housing
Fund and the Dublin Crossing Contribution. Approximately $228.3 million of the City's total assets
(an increase of $17.2 million over the prior year) are unrestricted and may be used to meet the City's
ongoing obligations to the community and to creditors. The bulk of unrestricted assets in the General
Fund are already committed and assigned for specific purposes, in accordance with the City's Fund
Balance and Reserves Policy.
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GOVERNMENTAL ACTIVITIES
Table 2 below provides a summary of major program expense categories, program revenues used to fund
specific expenses, and general City revenues available for funding all City programs. The information
presented here provides detail behind the numbers shown in the Summary of Net Position (Table 1).
TABLE 2: SUMMARY OF CHANGES IN NET POSITION
June 30, 2022 and 2021
Revenues
Program Revenues
Charges For Services
Operating Contributions & Grants
Capital Grants & Contributions
Total Program Revenue
General Revenues
Property Taxes
Special Assessments Taxes
Sales Taxes
Other Taxes
Investment Income, Unrestricted
Intergovernmental, Unrestricted
Other General Revenues
Total General Revenue
Total Revenues
Expenses
Governmental Activities:
General Government
Police
Fire
Public works and Transportation
Park and Community Services
Community Development
Interest on long-term debt
Total Governmental Activites
Increase In Net Position
Net Position - Beginning of Year
Net Position - End of Year
June 30, 2022 June 30, 2021 $ Change % Change
$ 27,660,672
7,273,101
16,457,860
51,391,633
55,186,388
1,527,036
27,935,894
8,281,142
(12,803,156)
324,519
8,277,075
88,728,898
140,120,531
23,516,577
24,439,146
14,657,052
25,252,334
11,745,611
6,777,210
336,950
106,724,880
33,395,651
856,322,550
$ 889,718,201
$ 20,455,759
5,545,115
5,674,477
$ 7,204,913
1,727,986
10,783,383
35.2%
31.2%
190.0%
31,675,351 19,716,282 62.2%
53,007,086 2,179,302 4.1%
1,550,479 (23,443) -1.5%
26,289,165 1,646,729 6.3%
7,185,319 1,095,823 15.3%
(975,548) (11,827,608) 1212.4%
300,618 23,901 8.0%
2,250,111 6,026,964 267.9%
89,607,230 (878,332) -1.0%
121,282,581
23,710,251
24,681,714
15,227,074
23,769,070
9,327,718
11,384,023
108,099,850
13,182,731
843,139,819
18,837,950 15.5%
(193,674) -0.8%
(242,568) -1.0%
(570,022) -3.7%
1,483,264 6.2%
2,417,893 25.9%
(4,606,813) 3.0%
336,950 100.0%
(1,374,970) -1.3%
20,212,920 153.3
13,182,731 1.6%
$ 856,322,550 $ 33,395,651
3.9%
As shown in Table 2, revenues from all sources totaled $140.1 million and expenses for all City programs
totaled $106.7 million in FY 2021-22. The City's net position increased $33.4 million
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Revenues
Total revenues increased $18.8 million, or 15.5%, in FY 2021-22 from the prior year. Details of changes
are as follows:
• Capital Grants and Contributions showed an increase of $10.8 million due to the payment of impact
fees for a five -story apartment building project as well as final map fees paid for three
neighborhoods in the Dublin Crossing project.
• Charges For Services increased $7.2 million, resulting from an increase in Parks and Community
Service programs and events as they recovered from COVID-19 pandemic.
• Property Taxes increased $2.2 million, resulting from an increase to overall assessed property
valuations from the number of new homes built since last fiscal year, the number of property sales,
and the annual increase to taxable valuations.
• Sales Taxes increased $1.6 million as the result of the steady economic recovery and businesses
resuming normal activities as the COVID-19 regulations relaxed.
• Other General Revenue increased $6.0 million, resulting from American Rescue Plan Act grant and
repayment of the acquisition cost for the Regional Street site from the Affordable Housing Fund.
• Investment Income decreased significantly when accounting for the unrealized loss on investments
at year end. An unrealized loss of $11.0 million in FY 2021-22 along with the reversal of a $4.5
million unrealized gain on prior year investments, led to a $15 5 million negative unrealized gain
adjustment and slightly lower interest revenue earned cause an overall decrease of $11.8 million.
Expenses
Total expenses decreased $1.4 million, or 1.3%, in FY 2021-22 compared to the prior year. The following
factors contributed to the decrease:
• Community Development expenses decreased $4.6 million due to a $5.0 million land purchase for
the Regional Street Dublin Family Affordable Apartment development project made in FY 2020-
21, using a developer contribution.
• Public Works expenses increased $1.5 million, attributed primarily to increased costs in contracted
services for maintenance and development -related projects.
• Parks and Community Services expenses increased by $2.4 million due primarily to the higher
volume of recreation programs offered after COVID-19 pandemic limitations, which increase
seasonal staff salaries, contract services costs for recreational instructors, and operating supplies
costs. The increase in expenditures is offset by the increase in program revenues attributed to the
recovery from the pandemic.
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Revenues and Expenses by Category
The following chart presents the Government -Wide FY 2021-22 revenues (in thousands). Approximately
79.1% of the total revenue is from three sources: 1) Property taxes, 39.4%; 2) Sales Taxes, 19.9%; and 3)
Charges for Services, 19.7%. This is relatively consistent with the prior year.
Sales Tax
$27,936, 19.9%
Special Assessments
$1,527, 1.1%
Property Taxes
$55,186, 39.4 0
Investment Income
-$12,803, -9.1%
Intergovernmental
$325, 0.2%
Other General Revenue
$8,277, 5.9%
Charges for
Services
$27,661, 19.7%
Operating Grants and
Contributions
$7,273, 5.2%
Capital Grants and
Contributions
$16,458, 11.7%
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The following chart demonstrates the allocation of Government -Wide expenses in FY 2021-22 (in
thousands). Of the $106 7 million in total expenses, Public safety (Police and Fire Services), Public Works
and Transportation are the largest program costs, making up a combined 60.3% of the total, followed by
General Government and Parks and Community Services, at 22.0% and 11.0%, respectively.
Parks & Community Servi c_e\
s
$11,746, 11.0%
Public Works and
Transportation
$25,252, 23.7%
Fire Services
$14,657, 13.7%
FUND FINANCIAL STATEMENTS
Community
Development
$6,777, 6.4%
r
Interest on LT Debt
$337, 0.3%
General Government
$23,517, 22.0%
Police
$24,439, 22.9%
These statements provide more detailed information about the City's major funds. A fund is a grouping of
related accounts that is used to maintain control over resources that have been segregated for specific
activities or objectives. The City, like other state and local governments, uses fund accounting to ensure
and demonstrate compliance with finance -related legal requirements. All of the funds of the City can be
divided into three categories: Governmental funds, Proprietary funds, and Fiduciary funds.
Governmental funds: Governmental funds are used to account for essentially the same functions reported
as governmental activities in the Government -wide financial statements. However, unlike the Government -
wide financial statements, Governmental fund financial statements focus on near -term inflows and outflows
of spendable resources, as well as on balances of spendable resources available at the end of the FY. Such
information may be useful in evaluating a government's near -term financing requirements.
Because the focus of Governmental funds is narrower than that of the Government -wide financial
statements, it is useful to compare the information presented for Governmental funds with similar
information presented for governmental activities in the Government -wide financial statements. By doing
so, readers may better understand the long-term impact of the government's near -term financing decisions.
Both the Governmental fund balance sheet and Governmental fund statement of revenues, expenditures,
and changes in fund balances provide a reconciliation to facilitate this comparison between Governmental
funds and governmental activities.
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The City maintains 72 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 9 funds: General Fund; Affordable Housing Fund; three Capital
Project Funds (General Improvement Projects; Parks Projects; Streets Projects); 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 62 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 fmancial statements provide the same type of information as the Government -wide
financial statements, only in more detail. All five ISF's are combined into a single, aggregated presentation
in the Proprietary fund financial statements. Individual fund data for the ISF's is provided in the form of
combining statements elsewhere in this report.
Fiduciary funds: The Fiduciary fund section consists of the City's five Custodial Funds. The Community
Facilities District (CFD) No. 2015-1 "Dublin Crossing" Improvement Area No. 1, 2 and 3 is an
improvement district with outstanding bonds. The City's role is that of a trustee, or fiduciary, in collecting
assessments and remitting bond payments. The City has no legal, contingent or moral obligation for the
repayment of this debt and merely ensures that the assets received are used for their intended purposes. The
City also provides a similar role for four Geologic Hazard Abatement Districts. California Public Resources
Code section 25670 establishes that these Districts are a political subdivision of the State and not an agency
or instrumentality of a local agency. The City contractually provides support to collect funds in a fiduciary
capacity and may also arrange for activities funded by the Districts.
These fiduciary activities are excluded from the City's fund financial statements because these assets cannot
be used to finance City operations. The activity for these funds, however, is provided for in a separate
combining statement contained elsewhere in this report.
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FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
As of June 30, 2022, the City's governmental funds reported combined ending fund balances of $345.9
million, an increase of $33.9 million from the prior year. Table 3 below illustrates the net change in fund
balances over the prior year for these funds. A discussion of the changes follows the table; individual and
non -major funds may be found in the Supplemental.
TABLE 3: GOVERNMENTAL FUND BALANCE CHANGES
June 30, 2022 and 2021
General Fund
Affordable Housing Fund
Capital Improvement Funds
Other Governmental Funds
Total Governmental Funds
GENERAL FUND
June 30, 2022
$ 223,857,506
29,913,316
63,139,381
29,010,964
June 30, 2021 $ Change
$ 209,764,496
24,488,291
59,059,972
18,738,644
$ 345,921,167 $ 312,051,403
$ 14,093,010
5,425,025
4,079,409
10,272,320
$ 33,869,764
% Change
6.7%
22.2%
6.9%
54.8%
10.9%
The General Fund is the chief operating fund of the City. At the end of FY 2021-22, total fund balance was
$223.9 million The unassigned amount of $53.0 million reflects an amount calculated for the unrealized
gain on investments combined with the cashflow amount for ongoing operations. The undesignated cash
flow reserve was $64.0 million, representing approximately 8.2 months of budgeted FY 2022-23
expenditures. The remaining balances are committed or assigned in accordance with the policy adopted by
the City Council as discussed in Note 9 to the financial statements.
During FY 2021-22, General Fund revenues exceeded expenditures by $33.7 million, before transfers in/out
and recognition of unrealized gains. Compared to the prior year, General Fund operating revenues came in
$11.4 million higher, from $103.3 million in FY 2020-21 to $114.7 million in FY 2021-22. Total revenues,
including a negative unrealized gain adjustment of $15.5 million, is $99.1 million, a decrease of $0 2 million
from the prior year.
Operating expenditures in General Fund departments totaled $80.9 million in FY 2021-22, staying nearly
$8.4 million under the final budget (not including transfers out), and coming in $6 8 million higher than
actual expenditures in the prior year. The increase was primarily due to the first payment on the City's debt
service for the Citywide Energy project; an increase in overall costs for the City's Parks and Community
Services Department for programs recovering from COVID, and overall increases in contracted services
for Police, Fire and Maintenance.
AFFORDABLE HOUSING FUND
The Affordable Housing Fund is a special revenue fund which accounts for funds associated with the
affordable housing programs. The fund balance totaled $29.9 million as of June 30, 2022, an increase of
nearly $5 4 million over the prior year, due to repayment of the acquisition cost for the Regional Street
project. The fund balance includes an outstanding loan receivable of $14.4 million as of June 30, 2022.
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CAPITAL IMPROVEMENTS FUNDS
As previously described, the City has included seven specific capital funds in the information presented as
part of the governmental funds. Three of the funds are used to capture expenditures related to active capital
projects that are underway. The three funds are: General Improvement Projects, Parks Projects, and Streets
Projects. Funding for the expenditures in these funds occurs via transfers in from other funds. The following
Capital Impact Fee Funds are also reported:
Public Facilities Fee Fund: This fund includes developer fees collected to develop parks and other public
facilities. Total revenue collected in FY 2021-22 was $9.9 million (including interest earned), an increase
of $8.6 million from the prior year, which was due primarily to the payment of $3.9 million in developer
fees from Avalon West Dublin. This revenue is collected when developers process final maps, resulting in
payments of parkland in -lieu fees. Due to variations in project construction and acquisition timelines,
expenditure patterns will fluctuate. Approximately $10 9 million was utilized to fund General Improvement
and Parks Capital Projects. This resulted in a net decrease in fund balance of $1.0 million. 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 2021-22 was approximately
$172,000 (including interest earned), approximately $95,000 higher than was collected in the prior year,
due to payment received from new development projects. In addition, revenue collections will fluctuate
with the normal variations in development activity. The balance is designated as restricted because there
are legal restrictions on its use, and it is not available for general purposes.
Traffic Impact Fee (TIF) Funds: These funds account for fees collected to construct major traffic
improvements necessary to facilitate development. Fees are levied and collected on development in
proportion to its impact on the transportation needs. Revenue collected in FY 2021-22 totaled $2.2 million
(including interest earned), approximately $1.0 million higher than was collected in the prior year. The
balance is designated as restricted because there are legal restrictions on its use, and it is not available for
general purposes.
Dublin Crossing Fund: This fund accounts for the Development Agreement fee, including Community
Benefit payments collected from the Dublin Crossing project. Revenue collected in FY 2021-22 totaled
$3.5 million (including interest earned), $1 7 million higher than was collected in the prior year due to the
payment of Development Agreement fees received from Dublin Crossing, LLC.
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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 $10.3 million in these funds. Based on the designated use of the funds they can be
arranged by function as shown in Table 4 below:
TABLE 4: ANALYSIS OF FUND BALANCES -
NON -MAJOR GOVERNMENTAL FUNDS, ARRANGED BY FUNCTION
June 30, 2022 and 2021
SPECIAL REVENUE FUNDS:
Public Safety
Transportation
Environmental
Parks, Culture, Arts
Health & Welfare
Maintenance Districts
CAPITAL PROJECTS FUND:
Energy Improvement Lease Bond
TOTAL FUND BALANCE
June 30, 2022 June 30, 2021 $ Change % Change
$ 890,825
8,992,430
1,674,520
4,386,681
11,396
4,015,196
9,039,916
$ 29,010,964
$ 860,430
6,941,162
1,781,358
4,395,485
760,179
4,000,032
$ 18,738,644
$ 30,395
2,051,268
(106,838)
(8,804)
(748,783)
15,164
3.5%
29.6%
- 6.0%
- 0.2%
-98.5%
0.4%
9,039,916 100.0%
$ 10,272,319 54.8%
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 Transportation category shows
a significant increase in fund balance largely due to higher direct distribution payments received for
Measure BB grants to fund transportation improvement projects. The Energy Improvement Lease Revenue
Bond Fund accounts for the proceeds from the City's issuance of lease revenue bonds and their use on
energy efficiency capital projects. More information about these aggregated non -major funds can be found
in the combining statements following the required supplementary information.
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GENERAL FUND BUDGETARY HIGHLIGHTS
A summary of the budgetary comparison schedule for the General Fund is shown in Table 5 below. The
complete schedule, as required, is included in the supplementary information following the notes to the
financial statements.
TABLE 5: SUMMARY OF GENERAL FUND ORIGINAL AND FINAL BUDGET AND ACTUAL
Period Ending June 30, 2022
REVENUE
Taxes
Intergovernmental
Licenses and Permits
Charges for Services
Use of Money & Property
Fines and Forfeitures
Development Revenue
Other Revenue
Total Revenue
EXPENDITURE
General Government
Police
Fire
Public Works
Park and Community Services
Community Development
Debt Principal
Total Expenditure
OTHER FINANCING SOURCES (USES)
Transfer In
Transfer Out
Total Other Financing Sources (Uses)
Budget Amounts
Original Final
$ 81,163,706
285,000
313,434
5,268,891
2,220,768
107,432
7,721,318
1,317,231
$ 85,713,706
285,000
313,434
5,775,452
2,656,833
107,432
8,816,883
1,402,307
Actual
Amount
$ 89,577,737
324,519
354,643
8,022,099
(11,607,884)
70,714
9,803,444
2,580,106
Variance from
Final Budget
$ 3,864,031
39,519
41,209
2,246,647
(14,264,717)
(36,718)
986,561
1,177,799
98,397,780 105,071,047 99,125,378 (5,945,669)
15,414,199
25,324,991
15,416,959
15,069,115
8,248,495
5,444,118
84,917,877
56,600
(5,038,550)
(4,981,950)
NET CHANGE IN FUND BALANCE $ 8,497,953
17,414,394
24,882,918
15,556,474
15,436,210
9,085,624
6,473,506
465,000
89,314,126
191,116
(16,846,223)
(16,655,107)
$ (898,186)
13,204,104 4,210,290
24,286,868 596,050
15,516,795 39,679
13,413,099 2,023,111
8,689,027 396,597
5,316,164 1,157,342
505,000 (40,000)
80,931,057 8,383,069
234,803
(4,336,114)
(4,101,311)
$ 14,093,010
43,687
12,510,109
12,553,796
$ 14,991,196
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.
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In the General Fund total revenues was $5.9 million lower than the final budget as of June 30, 2022, due
mainly to the following factors:
• Taxes: $3.9 million higher than budget. Property tax came in $1.4 million higher than budget, as
the result of an increase to overall assessed property valuations. Sales tax also came in $0.9 million
higher due to increased spending that resulted as COVID restriction were lifted and/or reduced.
Other increases were realized for transfer and hotel tax which contributed to a combined $0.9
million increase over budget.
• Charges for Services: $2.2 million higher than budget. Parks and community service revenue
came in higher than budget due to a significant increase in the recreation events and programs after
the pandemic.
• Use of Money & Property: $14.3 million lower than budget. Use of Money and Property
includes interest revenue and accounting of unrealized gains/losses on investments at year end.
Interest revenue came in $1.3 million higher than budget, reflecting a better performance of the
City's investments than was anticipated when the budget was developed. The City recognized an
$11.0 million unrealized loss on current year investments and reversed the $4 5 million unrealized
gain on prior year investments, for a net change of $15.5 million at the end of FY 2021-22.
General Fund expenditures came in $8.4 million lower than the final budget, reflecting overall savings
across departments. The following is a discussion of the changes.
• General Government: $4.2 million lower than budget. Budget savings resulted from lower
professional service contract expenditures in FY 2021-22. Nearly all City contract costs including
library, legal, and other professional services came in lower than the budget. Some of the budget
savings were due to City staff vacancies throughout the year. There was also an extra unfunded
liability contribution to Ca1PERS that has not been deposited yet but is set aside in a General Fund
designated reserve.
• Public Works: $2.0 million lower than budget. Some of the budget savings resulted from lower
contract services related to development projects, underspending of utilities expenditures due to
utilization of less recycled water than anticipated due to drought restrictions, and the carry-over of
workspace improvement projects from the prior year.
• Community Development: $1.2 million lower than budget. The primary driver of fiscal year
budget savings in this deparliuent was the remaining budget for specific contracted services related
to development. These fluctuate with the City's development activities and with the timelines for
projects and are routinely carried over to the next budget year until the projects are closed.
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CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City's investment in capital assets for its governmental activities as of June 30, 2022 amounts to $555
million (net of accumulated depreciation). These capital assets include land and streets right-of-way,
buildings, park and roadway improvements, vehicles and other equipment, and Construction in Progress,
as summarized in Table 6 below. During FY 2021-22, the City's investment in capital assets increased by
approximately $16.6 million (3.1 %), due primarily to additions to Construction in Progress net of the
accumulated depreciation.
TABLE 6: SUMMARY OF INVESTMENT IN CAPITAL ASSETS
June 30, 2022 and 2021
Land
Streets Right of Way
Construction in Progress
Infrastructure
Buildings and Improvements
Machinery and Equipment
Subtotal
Less: Accumulated Depreciation
Total Net of Depreciation
Governmental Activitie s
June 30, 2022
$ 182,170,145
37,760,857
87,822,285
448,086,898
118,068,799
24,837,789
898,746,773
June 30, 2021 $ Change
$ 182,170,145 $
37,760,857
58,805,488
448,086,898
118,068,799
21,812,923
% Change
0.0%
- 0.0%
29,016,797 49.3%
- 0.0%
- 0.0%
3,024,866 13.9%
866,705,110 32,041,663 3.7%
(344,146,490) (328,734,347) (15,412,143)
-4.7/0
$ 554,600,283 $ 537,970,763 $ 16,629,521 3.1
The City continued its active Capital Improvement Program with significant progress made on a variety of
community assets. A comprehensive list of all CIP expenditures during FY 2021-22 is presented in Table
7 below (this includes project costs that may not have any impact on changes to capital assets, such as
repairs or planning costs). For more detailed information of capital assets balances, see Note 7 to the
financial statements.
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TABLE 7: SUMMARY OF CAPITAL IMPROVEMENT PROJECT ACTIVITY
As ofJune 30, 2022
PROJECT NAME
ACTUAL
FY 2021/22
STATUS
GENERAL IMPROVEMENTS 12,978,975
Police Services Building 65,163 In Progress
IT Infrastructure Improvement 121,428 In Progress
Civic Center HVAC and Roof Replacement 110,982 In Progress
Cultural Arts Center 211,225 In Progress
Citywide Energy Improvements 12,124,804 In Progress
Civic Center Rehabilitation 35,998 In Progress
EV Charging Stations 5,128 In Progress
Financial System Replacement 303,032 In Progress
Audio Visual System Upgrade 859 In Progress
Maintenance Yard Facility Improve 354 In Progress
PARKS 13,400,686
Emerald Glen Park Recre & Aquatic 85,760 In Progress
Don Biddle Community Park 5,652,281 In Progress
Fallon Sports Park Phase 3 5,848,842 In Progress
Public Art - Camp Parks Sign 17,134 In Progress
Alamo Creek Pk and Assmt Dist Fence Repl 12,932 In Progress
Dublin Heritage Park Cemetery Phase 1,159,801 In Progress
Public Art -Don Biddle Community Park 577 In Progress
Public Art - Butterfly Knoll Park 13,000 In Progress
Public Art - Heritage Park 68,150 In Progress
Restrooms Replacement 280 In Progress
Jordan Ranch Neighborhood Square 17,928 In Progress
Public Art - Sean Diamond Park 598 In Progress
Wallis Ranch Community Park 317,615 In Progress
Iron Horse Nature Park and Open Space 182,411 In Progress
Imagine Playground at Dublin Sports Grou 23,378 In Progress
STREETS 4,030,047
Tassajara Road Realignment and Design 109,550 In Progress
Annual Street Resurfacing 1,392,908 In Progress
Iron Horse Trail Bridge at Dublin Blvd 1,450,832 In Progress
Tassajara Rd Impro - N Dublin to Quarry 323,012 In Progress
Green Stormwater Infrastructure 301 In Progress
Local Roadway Safety Plan 43,301 In Progress
Dublin Blvd Extension 48,214 In Progress
Downtown Dublin Street Grid Network 10,646 In Progress
Dublin Ranch Street Light Improvements 280 In Progress
San Ramon Road Trail Improvements 83,117 In Progress
Citywide Bicycle & Pedestrian Improvmnts 412,990 In Progress
Intelligent Trans Sys Upgrade 19,777 In Progress
Citywide Signal Comm. Upgrade 135,118 In Progress
TOTAL 30,409,708
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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. As of June 30, 2022, the outstanding principal amount of the bonds was
$18,565,000.
ECONOMIC FACTORS AND NEXT YEAR'S BUDGET
The City continued to rebound from the COVID pandemic, both Property Tax and Sales Tax continue to
grow, with home prices continuing to remain strong in the East Bay. Charges for Service revenue continues
to increase to pre-COVID levels, as more classes and activities come back on line and the City brings
additional fields and courts on line for rent. In the upcoming budget the City believes these trends will
continue, with moderate growth in both Property and Sales Tax and Charges for Services projected to
continue the growth trend. On the expenditure side, personnel costs (salaries and benefits) and contracted
services costs (Police, Fire, and Maintenance) are anticipated to rise a combined 4.9% and 2.7% in the first
and second year, respectively.
In FY 2021-22 the City finished with a General Fund surplus and is projecting a surplus in each of the
following two fiscal year budgets, but it is the long-term fiscal sustainability of the City that continues to
be at the forefront of budget discussions. As the City reaches build out, based on conservative estimates,
the City is projecting an operating deficit of $0.5 million in FY 2029-30. Accordingly, in the next budget
cycle the City will focus not only on continuing to provide a high level of community services and maintain
top-notch facilities, but also on considering long-term budget -balancing solutions and shoring up
contingency reserves.
Copies of the adopted Budget and Financial Plan are available online at www.dublin.ca.gov.
REQUESTS FOR INFORMATION
This financial report is designed to provide a general overview of the financial position of the City for all
those with an interest in the government's finances. Questions concerning any of the information provided
in this report or requests for additional financial information should be addressed to the following address:
City of Dublin, Finance Department, 100 Civic Plaza, Dublin, CA 94568. A copy of this financial report is
also located at the City's website — www.dublin.ca.gov.
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135
BASIC
FINANCIAL STATEMENTS
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137
GOVERNMENT -WIDE
FINANCIAL STATEMENTS
City of Dublin
Statement of Net Position
June 30, 2022
Primary Government
Governmental
Activities
ASSETS
Current assets:
Cash and investments (Note 3) $ 367,202,354
Accounts receivable 16,340,672
Accrued interest receivable 1,020,548
Prepaids 392,491
Total current assets 384,956,065
Noncurrent assets:
Notes receivable (Note 5) 14,549,568
Leases receivable (Note 6) 2,686,338
Net OPEB asset - City of Dublin (Note 12) 9,048,738
Capital assets (non -depreciable) (Note 7):
Land 182,170,146
Streets right of way 37,760,857
Construction in progress 87,822,284
Capital assets (depreciable):
Infrastructures 448,086,899
Building and improvements 118,068,800
Vehicles and equipment 24,837,787
less accumulated depreciation (344,146,490)
Total capital assets 554,600,283
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to pension (Note 11)
Deferred outflows of resources related to OPEB - City of Dublin (Note 12)
580,884,927
965,840,992
3,623,447
513,658
Total deferred outflows of resources 4,137,105
See accompanying Notes to Basic Financial Statements 24
139
Primary Government
Governmental
Activities
LIABILITIES
Current liabilities:
Accounts payable 18,581,604
Accrued wages and other payroll liabilities 640,131
Deposits payable 4,991,879
Contract retention payable 1,324,605
Other payables 238,750
Unearned revenue 6,460,090
Compensated absences - due within one year 1,124,918
Long-term debt - due within one year (Note 8) 655,000
Total current liabilities 34,016,977
Noncurrent liabilities:
Claims payable 317,749
Compensated absences - due in more than one year 183,124
Long-term debt - due in more than one year (Note 8) 19,799,565
Net pension liability (Note 11) 8,804,512
Total noncurrent liabilities 29,104,950
Total liabilities 63,121,927
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases (Note 6) 2,686,338
Deferred inflows of resources related to pension (Note 11) 9,101,225
Deferred inflows of resources related to OPEB - City of Dublin (Note 12) 5,350,406
Total deferred inflows of resources 17,137,969
NET POSITION
Net investment in capital assets 543,185,634
Restricted for:
Public safety 946,617
Impact fee projects 68,617,056
Highways and streets 14,106,176
Health and welfare 31,113,207
Culture and leisure 1,495,540
Pension 1,882,640
Total restricted 118,161,236
Unrestricted 228,371,331
Total net position $ 889,718,201
See accompanying Notes to Basic Financial Statements 25
140
City of Dublin
Statement of Activities
For the year ended June 30, 2022
Functions/Programs
Expenses
Program Revenues
Net (Expense)
Revenue and
Changes in Net
Position
Charges for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Total
Governmental
Activities
Governmental activities:
General government
Police
Fire
Public works and transportation
Park and community services
Community development
Interest on long-term debt
Total governmental activities
$ 23,516,577
24,439,146
14,657,052
25,252,334
11,745,611
6,777,210
336,950
$ 106,724,880
$ 10,129,727 $ 225,957 $ 548,762 $ 10,904,446 $ (12,612,131)
241,962 567,112 - 809,074 (23,630,072)
2,062,704 - - 2,062,704 (12,594,348)
3,361,847 5,973,359 15,678,671 25,013,877 (238,457)
5,145,083 90,812 - 5,235,895 (6,509,716)
6,719,349 415,861 230,427 7,365,637 588,427
- - (336,950)
$ 27,660,672 $ 7,273,101 $ 16,457,860 $ 51,391,633 (55,333,247)
General Revenues:
Taxes:
Property taxes
Special assessment taxes
Sales tax
Other taxes
Total taxes
Intergovernmental, unrestricted
Miscellaneous
Unrestricted investment earnings
Total general revenues
Change in net position
Net position - beginning of year
Net position - end of year
55,186,388
1,527,036
27,935,894
8,281,142
92,930,460
324,519
8,277,075
(12,803,156)
88,728,898
33,395,651
856,322,550
$ 889,718,201
See accompanying Notes to Basic Financial Statements 26
141
FUND
FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
27
142
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28
143
GOVERNMENTAL FUND FINANCIAL STATEMENTS
The funds described below were determined to be Major Funds by the City. Individual non -major funds may be found in
the supplemental.
The General Fund - is the governments primary operating fund. It accounts for all financial resources of the City, except
those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund - is used to account for in -lieu fees received from developers of properties,
which can only be used for the design, development, and construction of citywide affordable housing projects and/or
support of affordable housing programs.
The General Improvements Projects Capital Projects Fund - is used to manage the programming of funds and activities
associated with major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes
those resources to support projects that are general in nature and are not Streets, Parks, or Community Improvements
Projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and activities associated with
major Capital Improvements Projects. The fund Accumulates resources for capital expenditures and utilizes those resources
to support projects that would construct, improve or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of fund and activities associated with
major Capital Improvements Projects. The fund accumulates resources for capital expenditures and utilizes those resources
to support projects that would construct, improve, or enhance the City's trails, highways, streets, roads, bridges, as well as
street lighting and drain systems.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for fees received from developers of properties,
which can only be used for the design, development and construction of new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties,
which can only be used for the design, development and construction of fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from developers of properties,
which can only be used for the design, development and construction of street and highway projects which serve as part of
the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit payments specific to the Dublin
Crossing Project, separate from any developer impact fees generated by the project.
29
144
City of Dublin
Balance Sheet
Governmental Funds
June 30, 2022
ASSETS
Cash and investments
Accounts receivable
Accrued interest receivable
Due from other funds
Notes receivable
Leases receivable
Advances to other funds
Prepaids
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES, AND FUND BALANCES
Liabilities:
Accounts payable
Accrued wages and other payroll liabilities
Deposits payable
Contract retention payable
Other payables
Unearned revenue
Due to other funds
Advances from other funds
Total liabilities
Deferred inflows of resources:
Related to leases
Total deferred inflows of resources
Fund Balances:
Nonspendable
Restricted
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
General
Fund
Special
Revenue Fund
Capital Project Funds
Affordable
Housing
General
Improvement
Projects
Parks
Projects
Streets
Projects
$ 212,233,470
9,186,985
1,020,548
19,939,496
2,686,338
475,904
10,541
$ 15,248,694
275,952
14,394,159
$ 2,457,970 $ 2,370,521 $ 1,090,122
$ 245,553,282 $ 29,918,805
$ 2,457,970 $ 2,370,521 $ 1,090,122
$ 13,095,718
631,128
3,644,397
238,750
1,399,445
$ 1,858 $
3,631
1,639,754 $ 1,971,809 $ 987,453
818,216 398,712
102,669
19,009,438
5,489 2,457,970 2,370,521
1,090,122
2,686,338
2,686,338
10,541
4,261,640
73,346,367
93,266,322
52,972,636
29,913,316
223,857,506 29,913,316
$ 245,553,282 $ 29,918,805 $
2,457,970 $ 2,370,521 $ 1,090,122
See accompanying Notes to Basic Financial Statements
30
145
Capital Project Funds
Public Dublin Other Total
Facilities Fire Impact Traffic Impact Crossing Governmental Governmental
Impact Fees Fees Fees Contribution Funds Funds
$ 35,172,430 $ 154,414 $ 29,037,519 $ 12,390,648 $ 35,662,010 $ 345,817,798
4,488,006 103,293 324,154 - 1,990,399 16,368,789
- - 1,020,548
- - 19,939,496
- - 155,409 14,549,568
- - 2,686,338
- - 475,904
- - 10,541
$ 39,660,436 $ 257,707 $ 29,361,673 $ 12,390,648 $ 37,807,818 $ 400,868,982
$ - $ - $ 179,902 $ - $ 584,081 $ 18,460,575
- 5,372 640,131
- 6,427 1,341,055 4,991,879
- - 5,008 1,324,605
- - - 238,750
- - 5,060,645 6,460,090
17,868,850 - - 1,800,693 19,669,543
475,904 - - 475,904
18,344,754
179,902 6,427 8,796,854 52,261,477
2,686,338
2,686,338
- - 10,541
21,315,682 257,707 29,181,771 12,384,221 29,886,815 127,201,152
- - 73,346,367
- - 93,266,322
- - (875,851) 52,096,785
21,315,682 257,707 29,181,771 12,384,221 29,010,964 345,921,167
$ 39,660,436 $ 257,707 $ 29,361,673 $ 12,390,648 $ 37,807,818 $ 400,868,982
See accompanying Notes to Basic Financial Statements 31
146
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147
City of Dublin
Reconciliation of the Governmental Funds Balance Sheet
to the Government -Wide Statement of Net Position
June 30, 2022
Total Fund Balances - Total Governmental Funds
Amounts reported for governmental activities in the Statement of Net Position were
different from those reported in the Governmental Funds above because of the
following:
Capital assets used in governmental activities were not current financial resources.
Therefore, they were not reported in the Governmental Funds Balance Sheet. Except
for the internal service funds reported below, the capital assets were adjusted as
follows:
Non -depreciable
Depreciable, net
Total capital assets
Internal service funds were used by management to charge the costs of certain
activities, such as insurance, to individual funds. The assets and liabilities of the
Internal service funds were included in governmental activities in the Government -
Wide Statement of Net Position.
In the Government -Wide Financial Statements, deferred employer contributions for
pension and OPEB, certain differences between actuarial estimates and actual results,
and other adjustments resulting from changes in assumptions and benefits are
deferred in the current year.
Deferred outflows of resources related to pension
Deferred outflows of resources related to OPEB - City of Dublin
Deferred inflows of resources related to pension
Deferred inflows of resources related to OPEB - City of Dublin
Long-term liabilities were not due and payable in the current period. Therefore, they
were not reported in the Governmental Funds Balance Sheet.
Compensated absences - due within one year
Claims payable
Compensated absences - due in more than one year
Long term debt - due within one year
Long term debt - due in more than one year
Net OPEB asset - City of Dublin
Net pension liability
Total long-term liabilities
Net Position of Governmental Activities
Government -
Wide Statement
of Net Position
Internal Service
Funds
$ 345,921,167
Total
$ 307,753,287
246,846,996
$ (18,095,013)
(24,273,665)
289,658,274
222,573,331
$ 554,600,283
$ (42,368,678) 512,231,605
Government -
Wide Statement
of Net Position
Internal Service
Funds
63,716,084
3,623,447
513,658
(9,101,225)
(5,350,406)
Total
$ (1,124,917)
(317,749)
(183,124)
(655,000)
(19,799,565)
9,048,738
(8,804,512)
(1,124,917)
(317,749)
(183,124)
(655,000)
(19,799,565)
9,048,738
(8,804,512)
$ (21,836,129)
(21,836,129)
$ 889,718,201
See accompanying Notes to Basic Financial Statements
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148
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2022
REVENUES:
Property taxes
Sales tax
Other taxes
Intergovernmental
Licenses and permits
Charges for service
Interest income
Use of property
Unrealized gains (losses) on investments
Fines and forfeitures
Development revenue
Other revenue
Special assessments
Total revenues
EXPENDITURES:
Current:
General Government
Police
Fire
Public works and transportation
Park and community services
Community development
Capital outlay:
General improvements
Parks
Streets
Debt service:
Principal
Interest and fiscal charges
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES):
Proceeds from long term debt
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
FUND BALANCES (DEFICITS):
Beginning of year
End of year
General
Fund
Special
Revenue Fund
Capital Project Funds
Affordable
Housing
General
Improvement
Projects
Parks
Projects
Streets
Projects
$ 55,186,388 $
26,110,207
8,281,142
324,519
354,643
8,022,099
2,269,289
1,647,882
(15,525,055)
70,714
9,803,444
2,580,106
95,627
155,318
384,829
73,188
5,000,000
99,125,378 5,708,962
13,204,104
24,286,868
15,516,795
13,413,099
8,689,027
5,316,164
505,000
34,238
249,699
12,978,975
13,400,686
4,030,047
80,931,057
283,937 12,978,975 13,400,686 4,030,047
18,194,321
5,425,025 (12,978,975) (13,400,686) (4,030,047)
234,803
(4,336,114)
12,978,975 13,400,686 4,030,047
(4,101,311)
12,978,975 13,400,686 4,030,047
14,093,010 5,425,025
209,764,496 24,488,291
$ 223,857,506 $ 29,913,316 $
- $ - $
See accompanying Notes to Basic Financial Statements
34
149
Capital Project Funds
Public Dublin Other Total
Facilities Fire Impact Traffic Impact Crossing Governmental Governmental
Impact Fees Fees Fees Contribution Funds Funds
$ - $ - $ - $ - $ - $ 55,186,388
26,110,207
8,281,142
9,254,642 9,579,161
354,643
7,824,242 15,941,968
381,551 1,671 318,274 130,140 363,620 3,619,863
2,032,711
(15,525,055)
122,304 193,018
9,477,971 170,550 1,903,966 3,385,362 47,554 24,862,035
180,816 7,760,922
1,527,035 1,527,035
9,859,522 172,221 2,222,240 3,515,502 19,320,213 139,924,038
56,000
13,679
10,245,150 23,539,492
1,094,900 25,381,768
182,285 15,699,080
2,283,403 15,710,181
67,830 8,756,857
229,425 5,795,288
12,978,975
13,400,686
4,030,047
505,000
419,521 419,521
56,000 13,679 14,522,514 126,216,895
9,859,522 116,221 2,208,561 3,515,502 4,797,699 13,707,143
21,042,136 21,042,136
30,644,511
(10,891,254) (529,143) (200,000) (15,567,515) (31,524,026)
(10,891,254) (529,143) (200,000) 5,474,621 20,162,621
(1,031,732) 116,221 1,679,418 3,315,502 10,272,320 33,869,764
22,347,414 141,486 27,502,353 9,068,719 18,738,644 312,051,403
$ 21,315,682 $ 257,707 $ 29,181,771 $ 12,384,221 $ 29,010,964 $ 345,921,167
See accompanying Notes to Basic Financial Statements 35
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151
City of Dublin
Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes
in Fund Balances to the Government -Wide Statement of Activities
For the year ended June 30, 2022
Net Change in Fund Balances - Total Governmental Funds
$ 33,869,764
Amounts reported for governmental activities in the Statement of Activities were different because:
Governmental funds reported capital outlay as expenditures. However, in the Govemment-Wide Statement
of Activities, the cost of those assets was allocated over their estimated lives as depreciation expense. This
was the amount of capital assets recorded in the current period, net of Internal Service Funds. 28,911,095
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 $2,599,243. (12,680,768)
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. (11,530)
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. (21,042,136)
Long-term debt repayments 505,000
Amortization of premium on long-term debt 82,571
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 (99,279)
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. 2,181,234
Pension expense is reported in the Government -Wide Statement of Activities does not require the use of
current financial resources, and therefore is not reported as expenditures in governmental funds. (1,542,640)
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. 746,551
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.
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.
Change in Net Position of Governmental Activities
(24,415)
2,500,204
$ 33,395,651
See accompanying Notes to Basic Financial Statements 37
152
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes $ 52,763,000 $ 53,763,000 $ 55,186,388 $ 1,423,388
Sales tax 21,918,000 25,218,000 26,110,207 892,207
Other taxes 6,482,706 6,732,706 8,281,142 1,548,436
Intergovernmental 285,000 285,000 324,519 39,519
Licenses and permits 313,434 313,434 354,643 41,209
Charges for services 5,268,891 5,775,452 8,022,099 2,246,647
Investment income (loss) 1,200,000 1,200,000 2,269,289 1,069,289
Use of property 1,020,768 1,456,833 1,647,882 191,049
Unrealized gains (losses) on investments - - (15,525,055) (15,525,055)
Fines and forfeitures 107,432 107,432 70,714 (36,718)
Development revenue 7,721,318 8,816,883 9,803,444 986,561
Other revenues 1,317,231 1,402,307 2,580,106 1,177,799
Total revenues 98,397,780 105,071,047 99,125,378 (5,945,669)
EXPENDITURES:
Current:
General government 15,414,199 17,414,394 13,204,104 4,210,290
Police 25,324,991 24,882,918 24,286,868 596,050
Fire 15,416,959 15,556,474 15,516,795 39,679
Public works and transportation 15,069,115 15,436,210 13,413,099 2,023,111
Parks and community services 8,248,495 9,085,624 8,689,027 396,597
Community development 5,444,118 6,473,506 5,316,164 1,157,342
Debt service:
Principal - 465,000 505,000 (40,000)
Total expenditures 84,917,877 89,314,126 80,931,057 8,383,069
REVENUES OVER (UNDER) EXPENDITURES 13,479,903 15,756,921 18,194,321 2,437,400
OTHER FINANCING SOURCES (USES):
Transfers in 56,600 191,116 234,803 43,687
Transfers (out) (5,038,550) (16,846,223) (4,336,114) 12,510,109
Total other financing sources (uses) (4,981,950) (16,655,107) (4,101,311) 12,553,796
Net change in fund balance $ 8,497,953 $ (898,186) 14,093,010 $ 14,991,196
FUND BALANCE:
Beginning of year 209,764,496
End of year $ 223,857,506
See accompanying Notes to Basic Financial Statements 38
153
City of Dublin
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Affordable Housing
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 74,816 $ 74,816 $ 95,627 $ 20,811
Interest 125,000 125,000 155,318 30,318
Use of property - - 384,829 384,829
Development revenue - - 73,188 73,188
Other revenues - 5,000,000 5,000,000
Total revenues 199,816 5,199,816 5,708,962
EXPENDITURES:
509,146
Current:
General government 68,000 68,000 34,238 33,762
Community development 613,346 613,346 249,699 363,647
Total expenditures
REVENUES OVER (UNDER) EXPENDITURES
681,346 681,346 283,937 397,409
(481,530) 4,518,470 5,425,025 906,555
Net change in fund balance $ (481,530) $ 4,518,470 5,425,025 $ 906,555
FUND BALANCE:
Beginning of year 24,488,291
End of year $ 29,913,316
See accompanying Notes to Basic Financial Statements 39
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40
155
PROPRIETARY FUND FINANCIAL STATEMENTS
Proprietary funds account for City operation financed and operated in a manner similar to a private business
enterprise. The intent of the City is that the cost of providing good and services be financed primarily through
user charges.
41
156
City of Dublin
Statement of Net Position
Proprietary Funds
June 30, 2022
Govemmental
Activities -
Internal Service
Funds
ASSETS
Current assets:
Cash and investments $ 21,384,556
Accounts receivable 110,919
Prepaids and other 242,913
Total current assets 21,738,388
Noncurrent assets:
Capital Assets:
Land 10,774,792
Construction in progress 7,320,221
Infrastructure 745,014
Building and improvements 63,219,783
Vehicles and equipment 10,161,491
Less accumulated depreciation (49,852,623)
Net capital assets 42,368,678
Total assets 64,107,066
LIABILITIES
Current liabilities:
Accounts payable and accruals
Due to other funds
Total current liabilities
Total liabilities
NET POSITION
Net investment in capital assets
Unrestricted
121,029
269,953
390,982
390,982
42,368,678
21,347,406
Total net position $ 63,716,084
See accompanying Notes to Basic Financial Statements 42
157
City of Dublin
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Funds
For the year ended June 30, 2022
Governmental
Activities -
Internal Service
Funds
OPERATING REVENUES:
Charges for services $ 4,041,760
Other revenue 932,849
Total operating revenues 4,974,609
OPERATING EXPENSES:
Supplies and services (96,616)
Retiree health premiums 922,266
Depreciation 2,749,178
Total operating expenses 3,574,828
OPERATING INCOME (LOSS) 1,399,781
NONOPERATING REVENUES (EXPENSES):
Interest income
Total nonoperating revenues (expenses)
220,908
220,908
INCOME (LOSS) BEFORE CONTRIBUTIONS AND TRANSFERS: 1,620,689
Transfers in 1,000,000
Transfers (out) (120,485)
Total transfers
Change in net position
NET POSITION:
879,515
2,500,204
Beginning of year 61,215,880
End of year $ 63,716,084
See accompanying Notes to Basic Financial Statements 43
158
City of Dublin
Statement of Cash Flows
Proprietary Funds
For the year ended June 30, 2022
Governmental
Activities -
Internal Service
Funds
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from other funds $ 6,105,555
Payments to suppliers and service providers (2,953,660)
Other revenues 932,849
Net cash provided by (used in) operating activities 4,084,744
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Cash receipts from other funds
Cash disbursements to other funds
1,235,695
(120,485)
Cash provided by (used in) noncapital financing activities 1,115,210
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES:
Purchase of capital assets (3,148,372)
Cash used in capital and related financing activities (3,148,372)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 220,908
Cash flows investing activities 220,908
Net Cash Flows 2,272,490
CASH AND CASH EQUIVALENTS - Beginning of year 19,112,066
CASH AND CASH EQUIVALENTS - End of year $ 21,384,556
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) $ 1,399,781
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 2,749,178
Change in assets and liabilities
Accounts receivable (103,792)
Prepaids (7,406)
Accounts payable and accruals 46,983
Net cash provided by (used in) operating activities
$ 4,084,744
See accompanying Notes to Basic Financial Statements 44
159
FIDUCIARY FUND FINANCIAL STATEMENTS
Custodial funds are used to account for fiduciary activities not requird to be reported in investment trust, pension
trust, or private -purpose trust funds. The financial activities of these funds are excluded from the entity -wide
financial statements, but are presented in separate Fiduciary Fund financial statements.
45
160
City of Dublin
Statement of Fiduciary Net Position
Fiduciary Fund
June 30, 2022
Custodial
Funds
ASSETS
Cash and investments $ 45,250,009
Accounts receivable 27,239
Total assets 45,277,248
LIABILITIES
Accounts payable
Total liabilities
NET POSITION
Restricted for:
Individuals, organizations, and
other governments
Total net position
23,456
23,456
45,253,792
$ 45,253,792
See accompanying Notes to Basic Financial Statements 46
161
City of Dublin
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the year ended June 30, 2022
Custodial
Funds
ADDITIONS:
Special assessments $ 7,194,532
Investment income 169,173
Proceeds from bonds 28,862,448
Property tax distribution 26,199
Other 75,000
Total additions 36,327,352
DEDUCTIONS:
Administration 13,614,436
Project payments 336,200
Payments of bonds principal 280,000
Interest expense 4,022,998
Total deductions
Change in net position
NET POSITION:
18,253,634
18,073,718
Beginning of year 27,180,074
End of year $ 45,253,792
See accompanying Notes to Basic Financial Statements 47
162
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48
163
NOTES TO BASIC
FINANCIAL STATEMENTS
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50
165
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022 was 72,932. 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 five elected Council members
served by a full-time City Manager and staff. At June 30, 2022, the City's staff comprised 99 authorized
permanent employees who were responsible for City -provided services. The City provides many traditional
municipal services through contracts with both public and private agencies. Approximately 150.48 contract
employees provide a variety of municipal services from City facilities. As of June 30, 2022, the City had
approximately 184 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 generalrevenues.
51
166
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
B. Basis of Presentation, Continued
Fund Financial Statements:
The fund financial statements provide information about the City's funds, including fiduciary funds.
Separate statements for each fund category - governmental, proprietary, and fiduciary - are presented. The
emphasis of fund financial statements is on major individual governmental funds, each of which is
displayed in a separate column. All remaining governmental funds are aggregated and reported as
nonmajor funds.
Proprietary fund operating revenues, such as charges for services, result from exchange transactions
associated with the principal activity of the fund. Exchange transactions are those in which each party
receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment
earnings, result from nonexchange transactions or ancillary activities.
C. Major Funds
Major funds are defined as funds that have either assets, liabilities, revenues or expenditures/expenses equal
to ten percent of their fund -type total and five percent of the grand total. The General Fund is always a
major fund. The City may also select other funds it believes should be presented as major funds.
The City reported the following major governmental funds in the accompanying financial statements:
The General Fund - is the government's primary operating fund. It accounts for all financial resources of
the City, except those required to be accounted for in another fund.
The Affordable Housing Special Revenue Fund - is used to account for in -lieu fees received from
developers of properties, which can only be used for the design, development, and construction of
citywide affordable housing projects and/or support of affordable housing programs.
The General Improvements Projects Capital Projects Fund - is used to manage the programming of funds
and activities associated with major Capital Improvements Projects. The Fund accumulates resources
for capital expenditures and utilizes those resources to support projects that are general in nature and
are not Streets, Parks, or Community Improvements projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and activities
associated with major Capital Improvements Projects. The Fund accumulates resources for capital
expenditures and utilizes those resources to support projects that would construct, improve, or enhance
the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of funds and activities
associated with major Capital Improvements Projects. The Fund accumulates resources for capital
expenditures and utilizes those resources to support projects that would construct, improve, or enhance
the City's trails, highways, streets, roads, bridges, as well as street lighting, and storm drain systems.
52
167
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
C. Major Funds, Continued
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 statement, but are presented
in separate Fiduciary Fund financial statements. Custodial Funds 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.
53
168
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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.
D. Basis of Accounting
The government -wide and proprietary financial statements are reported using the economic resources
measurement focus and the full accrual basis of accounting. Revenues are recorded when earned and
expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take
place.
As a general rule, the effect of interfund activity has been eliminated from the government -wide financial
statements. Exceptions to this general rule are payments -in -lieu of taxes and other charges between the
government's business -type activities and various other functions of the government. Elimination of these
charges would distort the direct costs and program revenues reported for the various functions concerned.
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services,
or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions,
including special assessments. Internally dedicated resources are reported as general revenues rather than
as program revenues. Likewise, general revenues include all taxes.
Those revenues susceptible to accrual at both the City-wide and Fund level are property, sales and franchise
taxes, current service charges, and interest revenue. Fines and licenses and permits are not susceptible to
accrual because they are not measurable until received in cash.
54
169
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
D. Basis of Accounting, Continued
Governmental funds are reported using the current financial resources measurement focus and the
modified accrual basis of accounting. Under this method, revenues are recognized when measurable and
available. The City considers all revenues reported in the governmental funds to be available if the revenues
are collected within sixty days after year-end. Expenditures are recorded when the related fund liability is
incurred, except for principal and interest on general long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures to the extent they have matured.
Governmental capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of
governmental long-term debt and acquisitions under capital leases are reported as other financing sources.
Non -exchange transactions, in which the City gives or receives value without directly receiving or giving
equal value in exchange, include taxes, grants, entitlements, and donations. On the accrual basis, revenue
from taxes is recognized in the fiscal year for which the taxes are levied or assessed. Revenues from grants,
entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been
satisfied.
Grant revenues are recognized in the fiscal year in which all eligibility requirements are met. Under the
terms of grant agreements, the City may fund certain programs with a combination of cost -reimbursement
grants, categorical block grants, and general revenues. Certain indirect costs are included in program
expenses reported for individual functions and activities.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the
City's internal service funds are charges to customers for sales and services. Operating expenses for internal
service funds include the cost of sales and services, administrative expenses, and depreciation on capital
assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and
expenses.
E. Cash, Cash Equivalents, and Investments
The City pools cash resources from all funds in order to facilitate the management of cash. The balance in
the pooled cash account is available to meet current operating requirements. Cash in excess of current
requirements is invested in various interest -bearing accounts and other investments for varying terms.
In accordance with GASB Statement No. 40, Deposit and Investment Disclosures (Amendment of GASB No. 3),
certain disclosure requirements for Deposits and Investment Risks were made in the following areas:
• Interest Rate Risk
• Credit Risk
o Overall
o Custodial Credit Risk
o Concentrations of Credit Risk
55
170
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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.
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171
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
H. Prepaid Items
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid costs in both government -wide and fund financial statements, using the consumption method.
Prepaid costs in governmental funds are equally offset with nonspendable fund balance to indicate they do
not constitute resources available for appropriation. Prepaids in governmental funds are treated using the
consumption method, where the prepaid expenditure is recognized in the period in which the service is
provided or the item is put into use.
I. Leases Receivable
The City's leases receivable are measured at the present value of lease payments expected to be received
during the lease terms. Deferred inflows of resources are recorded for the leases. The deferred inflow of
resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease
receivable.
J. Compensated Absences
The City records a long-term compensated absences liability to recognize the financial effect of unused
general leave and other accrued compensated leave. The liability will be paid from future resources
primarily from the general fund.
Compensated absences activities were as follows for the year ended June 30, 2022:
General Leave
Compensated
Leave
Total
Beginning Balance $ 1,277,829 $ 18,684 $ 1,296,513
Additions 1,096,483 21,475 1,117,958
Payments (1,087,650) (18,779) (1,106,429)
Ending Balance 1,286,662 21,380 1,308,042
Current Portion $ 1,106,532 $ 18,386 $ 1,124,918
57
172
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
K. CapitalAssets
Capital assets, which include buildings, machinery and equipment, and infrastructure assets (roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems, lighting systems, and park
improvements), are reported in the Governmental Activities columns of the Government -Wide Financial
Statements. Capital assets are defined by the City as assets with an initial, individual cost of more than
$5,000 for general capital assets and $100,000 for infrastructure capital assets. Such assets are recorded at
historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets,
donated works of art and similar items, and capital assets received in a service concession arrangement are
reported at acquisition value.
Capital assets are depreciated over their estimated useful lives using the straight-line method. This means
the cost of the asset is divided by its expected useful life in years and the result is charged to expense each
year until the asset is fully depreciated. The purpose of depreciation is to spread the cost of capital assets
over the useful life of these assets. The amount charged to depreciation expense each year represents that
year's pro rata share of the cost of capital assets.
Depreciation of capital assets is charged as an expense against operations each year and the total amount of
depreciation taken over the years, called accumulated depreciation, and is reported on the Statement of Net
Position of the government -wide financial statements as a reduction in the book value of the capital assets.
The City has assigned the useful lives listed below to capital assets.
Infrastructure 15-75 Years
Buildings and Improvements 20-38 Years
Vehicles and Equipment 4-20 Years
Capital assets include land, buildings, and equipment used in City operations. Infrastructure includes
roads, bridges, curbs, sidewalks, drainage systems, street and traffic lights, park improvements and other
improvements used by all citizens.
Donated capital assets, donated works of art and similar items, and capital assets received in a service
concession arrangement are recorded at acquisition value. All other capital assets are valued at historical
cost or estimated historical cost if actual historical cost is not available.
L. Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. The City categorizes its fair value
measurements within the fair value hierarchy established by generally accepted accounting principles. The
fair value hierarchy categorizes the inputs to valuation techniques used to measure fair value into three
levels based on the extent to which inputs used in measuring fair value are observable in the market.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 inputs are inputs - other than quoted prices included within level 1 - that are observable for an
asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for an asset or liability.
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173
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
M. Pension
For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to
pensions, and pension expense, information about the fiduciary net position of the City's California Public
Employees' Retirement System (Ca1PERS) plans (Plans) and additions to/deductions from the Plans'
fiduciary net position have been determined on the same basis as they are reported by Ca1PERS. For this
purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
N. Other Postemployment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City's
plan (OPEB Plan) and additions to/ deductions from the OPEB Plari s fiduciary net position have been
determined on the same basis. For this purpose, benefit payments are recognized when currently due and
payable in accordance with the benefit terms. Investments are reported at fair value. Generally accepted
accounting principles require that the reported results must pertain to liability and asset information within
certain defined timeframes. For this report, the following timeframes are used:
Valuation Date
Measurement Date
Measurement Period
June 30, 2021
June 30, 2021
July 1, 2020 to June 30, 2021
O. Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles
(GAAP) requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
P. Deferred Outflows / inflows of Resources
In addition to assets, the statement of financial position or balance sheet report is a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of resources,
represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an
outflow of resources (expense /expenditure) until then.
In addition to liabilities, the statement of financial position or balance sheet report is a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of resources,
represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an
inflow of resources (revenue) until that time.
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174
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Q. Net Position and Fund Balance
Net Position
Net Position is the excess of all the City's assets and deferred outflow of resources over all its liabilities and
deferred inflow of resources, regardless of fund. Net Position are divided into three captions. These
captions apply only to Net Position, which is determined only for proprietary funds and at the
Government -wide level, and are described below:
Net Investment in Capital Assets, describes the portion of Net Position which is represented by the current
net book value of the City's capital assets, and reduced by outstanding debt that attributed to the
acquisition, construction, or improvement of the assets.
Restricted describes the portion of Net Position which is restricted as to use by the terms and conditions of
agreements with outside parties, governmental regulations, laws, or other restrictions which the City
cannot unilaterally alter. These principally include developer fees received for use on capital projects and
debt service requirements.
Unrestricted describes the portion of Net Position which is not restricted to use.
When an expense is incurred for purposes for which both restricted and unrestricted net position are
available, the City's policy is to apply restricted net position first.
Fund Balances
Governmental fund balances represent the net current assets of each fund. Net current assets generally
represent a fund's cash and receivables, less its liabilities.
The City's fund balances are classified based on spending constraints imposed on the use of resources. For
programs with multiple funding sources, the City prioritizes and expends funds in the following order:
Restricted, Committed, Assigned, and Unassigned. Each category in the following hierarchy is ranked
according to the degree of spending constraint:
Nonspendable represents balances set aside to indicate items do not represent available, spendable resources
even though they are a component of assets. Fund balances required to be maintained intact, such as
Permanent Funds, and assets not expected to be converted to cash, such as prepaids, notes receivable, and
long-term interfund loans are included. However, if proceeds realized from the sale or collection of
nonspendable assets are restricted, committed or assigned, then Nonspendable amounts are required to be
presented as a component of the applicable category.
Restricted fund balances have external restrictions imposed by creditors, grantors, contributors, laws,
regulations, or enabling legislation which requires the resources to be used only for a specific purpose.
Nonspendable amounts subject to restrictions are included along with spendable resources.
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175
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
Q. Net Position and Fund Balance, Continued
Committed fund balances have constraints imposed by resolution of the City Council which may be altered
only by formal action (resolution) of the City Council to establish, modify, or rescind a fund balance
commitment. The City Council commits fund balance through the adoption of a resolution prior to the end
of the fiscal year. Once adopted, the limitation imposed by the resolution remains in place until similar
action is taken to remove or revise the limitation. Only the highest level action (a resolution) can be
considered a commitment for fund balance classification purposes.
Assigned fund balances are amounts constrained by the City's intent to be used for a specific purpose, but
are neither restricted nor committed. Intent is expressed by the City Council or its designee and may be
changed at the discretion of the City Council or its designee. This category includes nonspendable when it
is the City's intent to use proceeds or collections for a specific purpose, and residual fund balances, if any, of
Special Revenue, Capital Projects and Debt Service Funds which have not been restricted or committed.
Through a council resolution, the City Council has designated the City Manager to determine the amount of
assigned Fund balance.
Unassigned fund balance represents residual amounts that have not been restricted, committed, or assigned.
This includes the residual general fund balance and residual fund deficits, if any, of other governmental
funds.
Hierarchy of Expenditures to Classify Fund Balance Amounts
To determine the composition of ending fund balances, the City considers for expenditures made in any
governmental fund, the restricted amounts will be reduced first, followed by committed amounts, assigned
amounts, and then unassigned amounts.
R. New Pronouncements
In 2022, the City adopted new accounting standards in order to conform to the following Governmental
Accounting Standard Board Statements:
GASB Statement No. 87, Leases - The objective of this statement is to recognize in the financial statements
certain lease assets and liabilities for leases that previously were classified as operating leases and
recognized as inflows of resources or outflows of resources based on the payment provisions of the
contract.
GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of the Construction Period - The
objective of this statement is to (1) to enhance the relevance and comparability of information about capital
assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost
incurred before the end of a construction period. This statement establishes accounting requirements for
interest cost incurred before the end of a construction period. This Statement requires that interest cost
incurred before the end of a construction period be recognized as an expense in the period in which the cost
is incurred for financial statements prepared using the economic resources measurement focus. As a result,
interest cost incurred before the end of a construction period will not be included in the historical cost of a
capital asset reported in a business -type activity or enterprise fund. The requirements of this statement did
not apply to the City for the current fiscal year.
61
176
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Continued
R. New Pronouncements, Continued
GASB Statement No. 92, Omnibus 2020 - The objectives of this statement are to enhance comparability in
accounting and financial reporting and to improve the consistency of authoritative literature by addressing
practice issues that have been identified during implementation and application of certain GASB
Statements. The requirements of this statement did not apply to the City for the current fiscal year.
GASB Statement No. 99, Omnibus 2022 - The primary objectives of this statement are to enhance the
comparability in accounting and financial reporting and to improve the consistency of authoritative
literature by addressing practice issues that have been identified during the implementation and
application of certain GASB Statements. The requirements of this statement did not apply to the City for the
current fiscal year.
2. BUDGETS AND BUDGETARY ACCOUNTING
The City follows these procedures in establishing the budgetary data reflected in the basic financial
statements:
• Prior to June 30 the City Manager submits to the City Council a proposed operating budget for the
fiscal year commencing the following July 1. The operating budget includes proposed expenditures
and the means of financing them.
• The public is given an opportunity to comment on the budget at a noticed City Council meeting.
Prior to July 1, the budget is legally enacted through passage of a resolution.
• During the fiscal year, the City Manager is authorized to transfer budgeted amounts between line
items, provided that the transfer is within the same fund, regardless of the specific department
activity. This includes the authority to transfer from the General Fund budgeted contingency
amounts that are approved by the City Council during the budget adoption. The City Manager is
authorized to increase revenue and expenditure budget for various departmental functions, when
the net budget impact is zero.
• The City Manager is authorized to increase the appropriations for the following fiscal year in an
amount not to exceed the amount of funds encumbered or designated by the City Manager as
needed for expenses that did not occur prior to the year-end, but are expected to be expended in the
next year consistent with the original purpose.
• As part of the annual Budget adoption the City Council authorizes the carry-over unexpended
capital project appropriations, for those projects where work and expenditures will continue in the
subsequent year.
62
177
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
2. BUDGETS AND BUDGETARY ACCOUNTING, Continued
• Formal budgetary integration is employed as a management control device during the year for the
general fund, special revenue funds and capital projects funds.
• Budgets for the general, special revenue and capital projects funds are adopted on a basis consistent
with generally accepted accounting principles in the United States.
No major capital projects funds incurred expenditures in excess of their budgets for the year ended June 30,
2022.
3. CASH AND INVESTMENTS
The City's dependence on property tax receipts, which are received semi-annually, requires it to maintain
significant cash reserves to finance operations during the remainder of the year. The City pools cash as
described under the policy section below.
A. Policies
California Law requires banks and savings and loan institutions to pledge government securities with a
market value of 110% of the City's cash on deposit, or first trust deed mortgage notes with a market value of
150% of the deposit, as collateral for these deposits. Under California law, this collateral is held in a separate
investment pool by another institution in the City's name and places the City ahead of general creditors of
the institution.
The City pools cash from all sources and all funds, except certain specific investments within funds and
cash with fiscal agents, so that it can be invested at the maximum yield, consistent with safety and liquidity,
while individual funds can make expenditures at any time.
The City and its fiscal agents invest in individual investments and in investment pools. Individual
investments are evidenced by specific identifiable pieces of paper called security instruments, or by an
electronic entry registering the owner in the records of the institution issuing the security, called the book
entry system. Individual investments are generally made by the City's fiscal agents as required under its
debt issues. In order to maximize security, the City employs the Trust Department of a bank as the
custodian of all City managed investments, regardless of their form.
The City's investments are carried at fair value, as required by generally accepted accounting principles.
The City adjusts the carrying value of its investments to reflect their fair value at each fiscal year end, and it
includes the effects of these adjustments in income for that fiscal year.
63
178
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
3. CASH AND INVESTMENTS, Continued
B. Classification
Cash and investments are classified in the financial statements as shown below, based on whether or not
their use is restricted under the terms of City agreements.
Primary Government:
Cash and investments
Fiduciary Funds:
Cash and investments
Total cash and investments
Cash and investments as of June 30, 2022 consisted of the following:
Cash on hand
Deposits with financial institutions
Investments
Section 115 Trust
Cash and investments with fiscal agent
$ 367,202,354
45,250,009
$ 412,452,363
$ 5,051
6,912,430
376,646,279
1,882,640
27,005,963
Total cash and investments $ 412,452,363
C. Investments Authorized by the California Government Code and the City's Investment Policy
The City's Investment Policy and the California Government Code allow the City to invest in the following,
provided the credit ratings of the issuers are acceptable to the City; and approved percentages and
maturities are not exceeded. The table below also identifies certain provisions of the California Government
Code, or the City's Investment Policy where the City's Investment Policy is more restrictive.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
5 years
5 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
5 years
5 years
Minimum Credit
Qualiy
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25%
10%
No Limit
20%
30%
20%
20%
No Limit
30%
Maximum
Investment In One
Issuer
20%
20% of Portfolio
No Limit
35%
No Limit
20% of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
64
179
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
3. CASH AND INVESTMENTS, Continued
D. Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. The City generally manages its interest rate risk by holding investments
to maturity.
Information about the sensitivity of the fair values of the City's investments (including investments held by
bond trustees) to market interest rate fluctuations is provided by the following table that shows the
distribution of the City's investments by maturity or earliest call date:
Investment Type
12 Months or 13 to 24 25 to 60
less Months Months
Asset -Backed Securities
U.S. Treasury Notes
Supranationals
Medium -Term Notes
U.S. Government Agency Securities
Local Agency Investment Fund
California Asset Management Program
Negotiable Certificate of Deposits
Money Market Funds
$
1,482,716
2,498,330
3,445,333
5,997,762
49,814,476
89,240,305
3,039,481
$ 1,383,107
11,628,293
15,083,869
22,054,494
Total
$ 29,276,346 $ 30,659,453
49,357,433 62,468,442
16,905,458 19,403,788
44,363,015 62,892,217
28,589,586 56,641,842
49,814,476
89,240,305
2,486,275 2,486,275
3,039,481
Total Investments $ 155,518,403 $ 50,149,763 $170,978,113 $ 376,646,279
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, 2022, 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, 2022, the City had $49,814,476 invested in LAIF, which had invested 1.88% of the pool
investment funds in Structured Notes and Asset -Backed Securities as compared to 2.31 % in the previous
year. The LAIF fair value factor of .987125 was used to calculate the fair value of the investments in LAIF.
65
180
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022, these investments have an average maturity of 28 days.
The City's investments include Asset -Backed Securities in the amount of $30,659,453 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, 2022:
Investments By Fair Value Level:
Asset -Backed Securities
U.S. Treasury Notes
Supranationals
Medium -Term Notes
U.S. Government Agency Securities
Negotiable Certificates of Deposit
Total
Investments Exempt From Disclosure:
Local Agency Investment Fund
California Asset Management Program
Money Market Funds
Total
Level 2 Total
$ 30,659,453
62,468,442
19,403,788
62,892,217
56,641,842
2,486,275
$ 234,552,017
$ 30,659,453
62,468,442
19,403,788
62,892,217
56,641,842
2,486,275
234,552,017
49,814,476
89,240,305
3,039,481
$ 376,646,279
66
181
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022 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, 2022.
Investment Type
AAA AA+
AA AA-
A+ A
A- A-1
BBB+ Total
Asset -Backed Securities $ 27,680,128 $
U.S. Treasury Notes
Supranationals 16,905,458
Medium Term Notes -
U.S. Government Agency
Securities
California Asset
Management Program 89,240,305
Negotiable CDs
Money Market Funds 3,039,481
62,468,442
3,722,073
56,641,842
6,197,148 5,341,662 5,240,209 24,441,398 14,121,850
2,486,275
- $ 27,680,128
62,468,442
16,905,458
3,827,877 62,892,217
56,641,842
89,240,305
2,486,275
3,039,481
Total $ 136,865,372 $122,832,357 $ 6,197,148 $ 5,341,662 $ 5,240,209 $ 24,441,398 $ 14,121,850 $ 2,486,275 $ 3,827,877 $ 321,354,148
Not rated:
Asset -Backed Securities
State Local Agency Investment Fund
Supranationals
Total Investments
2,979,325
49,814,476
2,498,330
$ 376,646,279
G. Concentration of Credit Risk
Included in the table at Note F above are the following significant investments in any one issuer other than
U.S. Treasury securities, mutual funds, and external investment pools.
Reporting
Unit
Issuer
Investment Type
Entity -wide
Federal Home Loan Bank
Federal Home Loan Mortgage Corporation
Federal National Mortgage Association
Federal Farm Credit Bank
U.S. Government Agency Securities
U.S. Government Agency Securities
U.S. Government Agency Securities
U.S. Government Agency Securities
Reported
Amount
$ 17,336,375
10,083,796
22,831,194
6,390,477
67
182
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
4. INTERFUND TRANSACTIONS
A. Transfers between Funds
Transfers between funds during the year ended June 30, 2022 were as follows:
Transfers In
General
Improvements
Projects Capital Parks Projects Streets Projects Internal Service
Transfers Out General Projects Capital Projects Capital Projects Funds Total
Major Funds
General Fund $ - $ 583,322 $ 2,588,122 $ 164,671 $ 1,000,000 $ 4,336,115
Public Facilities Impact
Fees Capital Projects 211,225 10,680,029 - - 10,891,254
Traffic Impact Fees
Capital Projects 529,143 529,143
Dublin Crossing Contribution
Capital Projects 200,000 - 200,000
Non -major Governmental Funds 234,803 12,063,943 132,535 3,136,233 15,567,514
Governmental funds subtotal 234,803 12,858,490 13,400,686 4,030,047 1,000,000 31,524,026
Internal Service Funds 120,485 - - 120,485
Total $ 234,803 $ 12,978,975 $ 13,400,686 $ 4,030,047 $ 1,000,000 $ 31,644,511
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, 2022, the following funds have balances due to the General Fund:
Due to General Fund:
Public Facilities Impact Fees Capital Projects Fund $ 17,868,850
Non -Major Governmental Funds 1,800,693
Internal Service Funds 269,953
Total
$ 19,939,496
68
183
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
4. INTERFUND TRANSACTIONS, Continued
C. Advances between Funds
During the 2020-2021 and 2021-2022 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 and
Jordan Ranch Neighborhood Square.
The following interfund advance balance existed at June 30, 2022:
Advances from General Fund
Public Facilities Impact Fees Capital Projects Fund
Total
5. NOTES RECEIVABLE
$ 475,904
$ 475,904
The following table summarizes the notes receivable outstanding as of June 30, 2022:
First Time Homebuyer Loan Program $ 825,336
Eden (Wicklow) Square Senior Affordable Housing 2,968,681
SBA Microloan Program Receivables 155,409
Arroyo Vista Predevelopment/Construction Loan - Family Housing 2,294,157
Arroyo Vista Predevelopment/Construction Loan - Senior Housing 891,785
Veterans Family Apartment Development Loan 7,414,200
Total
$ 14,549,568
Revolving Home Loans - As part of the City of Dublin First Time Homebuyer Loan Program (FTHLP), the
City provides financial assistance, in the form of a deferred loan. The program targets first time
homebuyers within a certain income range purchasing their first home in Dublin. Monthly payments of
principal and interest are generally deferred until the homes are sold, or are in default. In certain situations
the loan may also be due when the homeowners refinance their primary mortgage. The total outstanding
amount due, including accrued simple interest at 3.5% per annum, as of June 30, 2022 was $825,336. As of
June 30, 2022, there were no loans in default.
69
184
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
5. NOTES RECEIVABLE, Continued
Details of the Revolving Home Loans as of June 30, 2022 were as follows:
REPAYMENT OF
LOAN ORIGINAL ACCRUED INTEREST AND LOAN
LOAN # DATE LOAN AMOUNT INTEREST PRINCIPAL BALANCE
#07-14 10/2/2007 $ 19,610 $ 10,124 $
#07-04 10/31/2007 50,000 25,671
#07-15 12/4/2007 24,536 12,518
#07-16 12/28/2007 8,000 4,063
#07-18 2/29/2008 24,170 12,127
#08-07 4/10/2009 27,425 12,695
#08-08 6/30/2009 39,576 18,012
#09-02 9/29/2009 36,595 16,336
#10-03 5/6/2011 26,700 9,650
#11-01 12/9/2011 26,025 9,634
#11-05 1/13/2012 29,999 10,987
#11-08 1/31/2012 35,249 12,849
#11-10 4/3/2012 38,586 13,153
#12-01 10/30/2012 29,999 10,153
#12-04 4/12/2013 36,749 11,859
#12-05 4/26/2013 35,249 11,328
#12-06 6/12/2013 31,499 9,981
#13-04 12/9/2013 40,000 11,984
#17-01 5/25/2018 40,000 5,742
#19-02 11/22/2019 40,000 3,652
#21-01 10/29/2021 40,000 940
(36,350)
(51,739)
29,734
75,671
37,054
12,063
36,297
40,120
57,588
52,931
35,659
40,986
48,098
40,152
48,608
46,577
41,480
51,984
45,742
43,652
40,940
Totals $ 679,967 $ 233,458 $ (88,089) $ 825,336
70
185
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022, the outstanding loan amount was $2,968,681.
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, 2022, the outstanding
loan amount was $155,409.
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, 2022, the outstanding
loan amounts for the Family Project and the Senior Project were $2,294,157 and $891,785, respectively.
71
186
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022, the outstanding loan amount was $7,414,200.
6. LEASES RECEIVABLE
Cell Tower Lease
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, 2022, the City recognized $10,513 of lease revenue and
$311 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, 2022, the City
recognized $61,718 of lease revenue and $129,656 of interest revenue under the lease.
Alameda County Fire Department Lease - Fire
In January 2020, the City entered into a lease with Alameda County Fire Department. Under the lease, the
lessee pays based on a rent schedule for 60 months in exchange for 6363 Clark Avenue, Dublin, CA 94568
for Fire Department Office Facility Use. The lease receivable is measured as the present value of the future
minimum rent payments expected to be received during the lease term at a discount rate of 1.11 %, which is
the FY19-20 Q3 market yield of the City's portfolio. For the year ended June 30, 2022, the City recognized
$201,576 of lease revenue and $109,521 of interest revenue under the lease.
72
187
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
6. LEASES RECEIVABLE, Continued
The future payments on the leases as of June 30, 2022 were as follows:
Year Ending Cell Tower Lease ACFD Fleet
June 30, Principal Interest
Principal Interest
ACID Fire
Total
Principal Interest
Principal Interest
2023
2024
2025
2026
2027
2028-2032
2033-2037
$ 10,766 $
11,023
11,286
11,554
11,827
24,499
275
239
201
163
124
125
$ 77,836
83,233
101,555
108,593
129,426
888,289
506,706
$ 125,017
119,624
113,473
106,435
98,503
335,056
36,228
$ 239,736
283,301
186,708
$ 80,397
45,868
8,382
$ 328,338 $ 205,689
377,557 165,731
299,549 122,056
120,147 106,598
141,253 98,627
912,788 335,181
506,706 36,228
Total $ 80,955 $ 1,127 $ 1,895,638 $ 934,336 $ 709,745 $ 134,647 $ 2,686,338 $ 1,070,110
7. CAPITAL ASSETS
A. Current Year Activities
Capital asset activities during the year ended June 30, 2022 were as follows:
Non -depreciable assets:
Land
Streets right of way
Construction in progress
Total non -depreciable assets
Depreciable assets:
Infrastructure
Buildings and improvements
Vehicles and equipment
Total depreciable assets
Less accumulated depreciation:
Infrastructure
Buildings and improvements
Vehicles and equipment
Right of way
Total accumulated depreciation
Total depreciable assets, net
Total capital assets
Balance Balance
July 1, 2021 Additions Retirements June 30, 2022
$ 182,170,145 $
37,760,857
58,805,488
29,016,797
278,736,490 29,016,797
448,086,898
118,068,799
21,812,923
3,055,073
587,968,620 3,055,073
(264,289,187)
(53,924,084)
(10,443,780)
(77,296)
(9,621,429)
(3,905,069)
(1,822,429)
(93,423)
(328,734,347) (15,442,350)
259,234,273 (12,387,277)
- $ 182,170,145
37,760,857
87,822,285
307,753,287
(30,207)
448,086,898
118,068,799
24,837,789
(30,207)
590,993,486
30,207
(273,910,616)
(57,829,153)
(12,236,002)
(170,719)
30,207
(344,146,490)
246,846,996
$ 537,970,763 $ 16,629,520 $ - $ 554,600,283
73
188
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
7. CAPITAL ASSETS, Continued
B. Project Commitments
As of June 30, 2022, the City had outstanding commitments with contractors for the following projects:
Project Commitment
General Improvement Projects $ 10,292,915
Parks Projects 4,517,710
Streets Projects 13,281,750
C. Capital Asset Contributions
Some capital assets may be acquired using Federal and State grant funds, or they may be contributed by
developers or other governments. GASB Statement 34 requires that these contributions be accounted for as
revenues at the time the capital assets are contributed.
D. Depreciation Allocation
Depreciation expense is charged to functions and programs based on their usage of the related assets. The
amounts allocated to each function or programs are as follows:
Governmental Activities:
General Government $ 1,380,427
Police 682,346
Fire 435,507
Public Works 7,054,807
Parks and Community Service 4,601,326
Community Development 1,287,937
Total depreciation expense $ 15,442,350
74
189
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
8. LONG TERM DEBT
A. Current Year Transactions and Balances
Long-term debt transactions and balances during the year ended June 30, 2022 were as follows:
Due in
Balance Balance Due Within More than
July 1, 2021 Additions Deletions June 30, 2022 One Year One Year
Governmental Activities:
2021 Lease Revenue Bond $ - $ 18,565,000 $ (505,000) $ 18,060,000 $ 655,000 $ 17,405,000
Premium on bond - 2,477,136 (82,571) 2,394,565 - 2,394,565
Total long-term debt
$
- $ 21,042,136 $ (587,571) $ 20,454,565 $ 655,000 $ 19,799,565
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, 2022,
including unamortized bond premium of $2,394,565 amounted to $20,454,565.
The annual debt service requirements on the bonds at June 30, 2022 are as follow:
2021 Lease Revenue Bonds
For the Years
Ending June 30, Principal Interest Total
2023 $ 655,000 $ 678,050 $ 1,333,050
2024 680,000 651,850 1,331,850
2025 710,000 624,650 1,334,650
2026 735,000 596,250 1,331,250
2027 765,000 566,850 1,331,850
2028-2032 4,310,000 2,349,850 6,659,850
2033-2037 5,240,000 1,416,250 6,656,250
2038-2041 4,965,000 364,100 5,329,100
Total $ 18,060,000 $ 7,247,850 $ 25,307,850
75
190
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
9. FUND BALANCES
Detailed classifications of the City's Fund Balances, as of June 30, 2022, are stated below:
Major Funds
General
General Affordable improvement
Fund Housing Projects
Parks
Projects
Public Dublin Other
Streets Facilities Fire impact Traffic Impact Crossing Governmental
Projects Impact Fees Fees Fees Contribution Funds
Total
Nonspendable:
Prepaids $ 10,541 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 10,541
Subtotal Non -Spendable Fund Balance 10,541 - - - - - - - - - 10,541
Restricted for:
Cemetery Endowment 60,000
Public Safety Programs
Street Maintenance and Construction
Health and Welfare Programs
Heritage Park Maintenance 750,000
Culture and Leisure -
Impact Fee Capital Projects -
Capital Improvement Projects -
Developer Contribution -Heritage Park 19,000
Developer Contribution -Nature Park 60,000
Downtown Community Benefit Program 1,490,000
Pension 1,882,640
Housing
60,000
- - - 946,617 946,617
14,106,176 14,106,176
- - - 1,199,891 1,199,891
750,000
- - 666540 666,540
21,315,682 257,707 29,181,771 - 3,927,675 54,682,835
12,384,221 9,039,916 21,424,137
19,000
- - - - 60,000
1,490,000
- - - - 1,882,640
29,913,316 - - - - - 29,913,316
Subtotal Restricted Fund Balance 9,261,640 29,913,316 - - - 21,315,682 257,707 29,181,771 12,384,221 29,886,815 127,201,152
Committed to:
Economic Stability 8,000,000 - - - - - - - - - 8,000,000
Downtown Public Improvements 15,176,230 - - - - - - - - - 15,176,230
Emergency Communications 532,113 - - - - - - - - - 532,113
Fire Services OPEB 5,671,094 - - - - - - - - - 5,671,094
Innovations and New Opportunities 1,026,591 - - - - - - - - - 1,026,591
Maintenance Facility 55,088 - - - - - - - - - 55,088
Don Biddle Community Park 675,193 - - - - - - - - - 675,193
Historic Park Cemetery Expansion 13,748 - - - - - - - - - 13,748
One Time Initiatives 6,923,517 - - - - - - - - - 6,923,517
Contribution to Public Facility Fee 6,000,000 - - - - - - - - - 6,000,000
Fallon Sports Park 510,500 - - - - - - - - - 510,500
Utility Undergrounding 3,500,000 - - - - - - - - - 3,500,000
Lease Revenue Bonds Payment 6,000,000 - - - - - - - - - 6,000,000
Public Safety 2,600,000 - - - - - - - - - 2,600,000
Cultural Arts Center 7,139,197 - - - - - - - - - 7,139,197
Advance to Public Facility Fee 9,523,096 - - - - - - - - - 9,523,096
Subtotal Committed Fund Balance
73,346,367 - - - - - - - - - 73,346,367
Assigned to:
Non -street ClP 3,276,777 - - - - - - - - - 3,276,777
Employees Accrued Leave 1,308,044 - - - - - - - - - 1,308,044
Operating Carryovers 1,600,546 - - - - - - - - - 1,600,546
up Carryovers 4,088,844 - - - - - - - - - 4,088,844
Catastrophic Loss and Recovery 17,710,320 - - - - - - - - - 17,710,320
Service Continuity Obligations 3,150,000 - - - - - - - - - 3,150,000
Pension and Post Employment Benefits 17,000,000 - - - - - - - - - 17,000,000
Fiscally Responsible Adjustment 325,000 - - - - - - - - - 325,000
Internal Service Fund 1,500,000 - - - - - - - - - 1,500,000
Municipal Regional Permit 2,209,778 - - - - - - - - - 2,209,778
HVAC Replacement 3,278,409 - - - - - - - - - 3,278,409
Relocate Parks 500,000 - - - - - - - - - 500,000
Parks and Street Contingency Maintenance 201,270 - - - - - - - - - 201,270
Commercial Facade Improvement Grant 364,256 - - - - - - - - - 364,256
Police Service Building 87,200 - - - - - - - - - 87,200
Village Parkway Pavement 11,000,000 - - - - - - - - - 11,000,000
Climate Action Plan 3,000,000 - - - - - - - - - 3,000,000
ARPA Revenue Replacement 665,878 - - - - - - - - - 665,878
Dublin Boulevard Extension 20,000,000 - - - - - - - - - 20,000,000
Pavement Management 2,000,000 - - - - - - - - - 2,000,000
Subtotal Assigned Fund Balance
93,266,322 - - - - - - - - - 93,266,322
Unassigned Fund Balance:
Fund Balance Deficits - - - - - - - - (875,851) (875,851)
Unrealized Gain onInvestments/ (Loss) (11,008,294) - - - - - - - - (11,008,294)
Cash Flow Per City Policy 63,980,930 - - - - - - - - 63,980,930
Subtotal Unassigned Fund Balance 52,972,636 - - - - - (875,851) 52,096,785
Total Fund Balance (Deficit)
$ 223,857,506 $ 29,913,316 $
21,315,682 $ 257,707 $ 29,181,771 $ 12,384,221 $ 29,010,964 $ 345,921,167
76
191
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2022 the cash flow reserves, which are part of the Unassigned
Fund Balance, were above the minimum at approximately 9 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, 2022. These deficits are expected
to be eliminated by future revenues.
Fund Fund Deficit
Traffic Safety $ 55,792
Transportation for Clean Air (TFCA) 465,133
Building Homes and Jobs Act 278,013
State Housing Grant 76,913
10. DEFERRED COMPENSATION PLAN
City employees may defer a portion of their compensation under a City sponsored deferred compensation
plan created in accordance with Internal Revenue Code Section 457. Under this plan, participants are not
taxed on the deferred portion of their compensation until it is distributed to them; distributions may be
made only at termination of employment, retirement, death, or in an emergency as defined by the Plan. In
accordance with GASB Statement No. 32, the funds have been placed in a trust administered by ICMA
Retirement Corporation and are not available to the City's general creditors. Accordingly, the City does not
report the assets in the financial statements.
11. PENSION PLAN
A. General Information about the CalPERS Pension Plan
Plan Description and Summary of Balances by Plan - All qualified permanent and probationary employees
are eligible to participate in the City's Miscellaneous (all other) Employee Pension Rate Plan. The City's
Miscellaneous Rate Plan is part of the public agency cost -sharing multiple -employer defined benefit
pension plan (PERF C), which is administered by the California Public Employees' Retirement System
(Ca1PERS). PERF C consists of a miscellaneous pool and a safety pool (also referred to as "risk pools"),
which comprised individual employer miscellaneous and safety rate plans, respectively. Individual
employers may sponsor more than one miscellaneous and safety rate plan. The employer participates in
one cost -sharing multiple -employer defined benefit pension plan regardless of the number of rate plans the
employer sponsors. The City sponsors two rate plans (miscellaneous). Benefit provisions under the Plan are
established by State statute and City resolution. 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.
77
192
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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 Ca1PERS and hired after
December 31, 2012.
The Plan's provisions and benefits in effect as of June 30, 2022, are summarized as follows:
Hire Date
Benefit formula
Benefit vesting schedule
Benefit payment
Retirement age
Monthly benefits, as a % of annual salary
Required employee contribution rates
Required employer contribution rates
Required unfunded liability payment
Miscellaneous
Miscellaneous
PEPRA
Prior to January 1, 2013
2.7%@55
5 years service
Monthly for life
55
2.70%
8.00%
14.02%
$1,295,630
After January 1, 2013
2%@62
5 years service
Monthly for life
62
2.00%
6.25%
7.59%
$7,443
Contributions - Section 20814(c) of the California Public Employees' Retirement Law requires that the
employer contribution rates for all public employers be determined on an annual basis by the actuary and
shall be effective on the July 1 following notice of a change in the rate. Funding contributions for the Plan
are determined annually on an actuarial basis as of June 30 by Ca1PERS. The actuarially determined rate is
the estimated amount necessary to finance the costs of benefits earned by employees during the year, with
an additional amount to finance any unfunded accrued liability. The City is required to contribute the
difference between the actuarially determined rate and the contribution rate of employees.
For the measurement period ended June 30, 2021, the City's contributions to the Plan were $1,712,167.
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions
As of June 30, 2022, the City reported $8,804,512 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, 2021, 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, 2020 rolled forward to June 30, 2021 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.
78
193
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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,
2020 and 2021 was as follows:
Proportion - June 30, 2020
Proportion - June 30, 2021
Change - Increase (Decrease)
0.15646%
0.16280%
0.00634 %
For the year ended June 30, 2022, the City recognized net pension expense of $1,542,640 for the
Miscellaneous Plan on the Statement of Activities. As of June 30, 2022, the City reported deferred outflows
of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows of
of Resources Resources
Pension contributions subsequent
to measurement date $ 1,928,720 $ -
Changes of assumptions - -
Differences between expected and
actual experience 987,331 -
Changes in employer's proportion 707,396 -
Differences between the employer's
contribution and the employer's
proportionate share of
contributions - 1,415,352
Net differences between projected
and actual earnings on plan
investments - 7,685,873
Total $ 3,623,447 $ 9,101,225
79
194
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The $1,928,720 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,
2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized as pension expense as follows:
Fiscal Year
Ending June 30:
2023 $ (1,742,552)
2024 (1,732,157)
2025 (1,807,809)
2026 (2,123,980)
Thereafter
Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The
following presents the City's proportionate share of the net pension liability for the Plan, calculated using
the discount rate for the Plan, as well as what the City's proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
1% Decrease
Net Pension Liability
Current Discount Rate
Net Pension Liability
1 % Increase
Net Pension Liability
6.15%
$ 19,141,100
7.15%
$ 8,804,512
8.15%
$ 259,402
80
195
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2021, the total pension liabilities were
determined by rolling forward the June 30, 2020 total pension liability. The June 30, 2020 total pension
liabilities were based on the following actuarial methods and assumptions:
Valuation Date
Measurement Date
Actuarial Cost Method
Actuarial Assumptions:
Discount Rate
Inflation
Projected Salary Increases
Investment Rate of Return (1)
Mortality
June 30, 2020
June 30, 2021
Entry -Age Normal Cost Method
7.15%
2.50%
Varies by entry age and service
7.15%
Derived by Ca1PERS' Membership Data for all Funds
(1) Net of pension plan administrative expenses
All other actuarial assumptions used in the June 30, 2020 valuation were based on the results of a December
2017 actuarial experience study for the period 1997 to 2015. Further details of the Experience Study can
found on the Ca1PERS website.
Discount Rate - The discount rate used to measure the total pension liability was 7.15% for the Plan. To
determine whether the municipal bond rate should be used in the calculation of a discount rate for each
plan, Ca1PERS stress tested plans that would most likely result in a discount rate that would be different
from the actuarially assumed discount rate. Based on the testing, none of the tested plans run out of assets.
Therefore, the current 7.15% discount rate is adequate and the use of the municipal bond rate calculation is
not necessary. The long term expected discount rate of 7.15% will be applied to all plans in the Public
Employees Retirement Fund (PERF). The stress test results are presented in a detailed report that can be
obtained from the Ca1PERS website.
The long-term expected rate of return on pension plan investments was determined using a building-block
method in which best -estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, Ca1PERS took into account both short-term and long-
term market return expectations as well as the expected pension fund cash flows. Using historical returns of
all the funds' asset classes, expected compound returns were calculated over the short-term (first 10 years)
and the long-term (11-60 years) using a building-block approach. Using the expected nominal returns for
both short-term and long-term, the present value of benefits was calculated for each fund. The expected rate
of return was set by calculating the single equivalent expected return that arrived at the same present value
of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected
rate of return was then set equivalent to the single equivalent rate calculated above and rounded down to the
nearest one quarter of one percent.
81
196
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
11. PENSION PLAN, Continued
B. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to
Pensions, Continued
The table below 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.
Asset Class (1)
Assumed Asset
Allocation
Real Return
Years 1 -10 (2)
Real Return
Years 11+ (3)' (4)
Global Equity
Fixed Income
Inflation Assets
Private Equity
Real Assets
Liquidity
Total
50.00%
28.00%
0.00%
8.00%
13.00%
1.00%
100.00%
4.80%
1.00%
0.77%
6.30%
3.75%
0.00%
5.98%
2.62%
1.81%
7.23%
4.93%
-0.92%
(1) In the System's Comprehensive Annual Financial Report, Fixed Income is included in Global Debt
Securities; Liquidity is included in Short-term Investments; Inflation Assets are included in both Global
Equity Securities and Global Debt Securities.
(2) An expected inflation of 2.00% used for this period.
(3) An expected inflation of 2.92% used for this period
(4) Figures are based on previous ALM of 2017
Pension Plan Fiduciary Net Position - Detailed information about each pension plan's fiduciary net
position is available in the separately issued Ca1PERS financial reports.
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.
82
197
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Contributions - There is no requirement imposed by Ca1PERS, to contribute any amount beyond the pay-as-
you-go contributions. The cost of monthly insurance premiums may be shared between the retiree and the
City. The contribution and cost sharing varies depending on: date of hire; the dependent status; and plan
selected. The City contributes PEMHCA to retirees hired after January 1, 2016. A minimum employer
monthly contribution requirement is established and may be amended by the Ca1PERS Board of
Administration and applicable laws. Within the parameters of the law, individual contracting agencies,
such as the City, are allowed to establish and amend the level of contributions made by the employer
towards the monthly cost of the plans. Changes to the employer contribution rate towards retiree benefits
are recorded in a resolution adopted by the City Council.
For the measurement period 2020-21, the City contributed $411,587.
Employees Covered
Inactive employees or beneficiaries
currently receiving benefits
Inactive employees entitled to but not yet
receiving benefits
Active employees
75
5
96
Total 176
Net OPEB Liability
The City's net OPEB liability was measured as of June 30, 2021 and the total OPEB liability used to the
calculate the net OPEB liability was determined by an actuarial valuation dated June 30, 2021, based on the
following actuarial methods and assumptions:
Valuation Date June 30, 2021
Measurement Date June 30, 2021
Actuarial Cost Method Entry -Age Normal Cost Method
Actuarial Assumptions:
Discount Rate 6.20%
Inflation 2.50%
Contribution Policy Contributes full ADC
Salary Increases 3.00%
Investment Rate of Return 6.10%
Mortality CaIPERS 2017 Experience Study
Post Retirement Benefit
Increase MacLeod Watts Scale 2020
Healthcare Trend 5.7% in 2022 fluctuating down to 4.0% by 2076
83
198
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Net OPEB Liability, Continued
The long-term expected rate of return on OPEB plan investments was determined using a building- block
method in which expected future real rates of return (expected returns, net of OPEB plan investment
expense and inflation) are developed for each major asset class. These ranges are combined to produce the
long-term expected rate of return by weighting the expected future real rates of return by the target asset
allocation percentage and by adding expected inflation. The target allocation and best estimates of
arithmetic real rates of return for each major asset class are summarized in the table on the following page.
Asset Class
Target Expected Real
Allocation Rate of Return*
Global Equity 40.00% 4.80%
Fixed Income 43.00 % 1.10 %
TIPS 5.00 % 0.25 %
Commodities 4.00 % 1.50%
REITS 8.00 % 3.20%
Assumed Long -Term Rate of Inflation 2.00%
Assumed Long -Term Investment Expenses n/a
Expected Long -Term Net Rate of Return, Rounded 6.20%
Discount Rate** 6.20%
*Real rates of return come from a geometric representation of returns that assume a general
inflation rate of 2.00 %.
**The fiduciary net position is projected to be sufficient to make projected benefit payments, and
the plan assets are expected to be invested using the strategy to achieve the expected return.
Discount Rate
The discount rate used to measure the total OPEB liability was 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.
84
199
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
12. OTHER POST EMPLOYMENT BENEFITS, Continued
A. City of Dublin Retiree Health Plan, Continued
Changes in the Net OPEB Liability
The changes in the Net OPEB liability for the OPEB Plan are as follows:
Increase (Decrease)
Balance at June 30, 2021
Changes in the year:
Service cost
Interest on the total pension
liability
Differences between actual
and expected experience
Changes in assumptions
Changes in benefit terms
Contribution - employer
Contribution - employee
Net investment income
Administrative expenses
Benefit payments , including
refunds of employee
contributions
Investment Experience
Net changes
Balance at June 30, 2022
Total OPEB
Liability
$ 18,263,880
895,299
1,164,147
(775,744)
307,694
(1,065,659)
525,737
Plan Fiduciary
Net Position
$ 22,351,531
411,587
6,149,340
(8,444)
(1,065,659)
5,486,824
$ 18,789,617 $
Net OPEB
Liability/ (Asset)
$ (4,087,651)
895,299
1,164,147
(775,744)
307,694
(411,587)
(6,149,340)
8,444
(4,961,087)
27,838,355 $ (9,048,738)
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, 2021:
1% Decrease
(5.20%)
Current
Discount Rate
(6.20 %)
1 % Increase
(7.20%)
Net OPEB Liability (Asset) $ (6,766,427) $ (9,048,738) $ (10,938,357)
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200
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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, 2021:
1% Decrease
Current Healthcare
Trend Rate 1% Increase
Net OPEB Liability (Asset) $ (11,068,841) $
(9,048,738) $ (6,599,879)
Recognition of Deferred Outflow and Deferred Inflows of Resources
Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in
OPEB expense systematically over time. Amounts are first recognized in OPEB expense for the year the
gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of
resources related to OPEB and are to be recognized in future OPEB expense. The recognition period differs
depending on the source of the gain or loss:
Net difference between projected
and actual earnings on OPEB plan
investments
All other amounts
5 year straight-line recognition
Straight-line recogntion over the expected average remaining service lifetime
(EARSL) of all members that are provided with benefits, determined as of the
beginning of the Measurement Period. In determining the EARSL, all active,
retired and inactive (vested) members are counted, with the latter two groups
having 0 remaining service years.
OPEB Expense and Deferred Outflows/(Inflows) of Resources Related to OPEB
For the fiscal year ended June 30, 2022, the City recognized OPEB expense (income) of $(746,551). For the
fiscal year ended June 30, 2022, the City reported deferred outflows of resources related to OPEB from the
following sources:
Deferred Outflows Deferred Inflows of
of Resources Resources
OPEB contributions subsequent to
measurement date $ 252,514 $
Differences between actual and expected
experience 1,439,654
Changes in assumptions 261,144 385,808
Net differences between projected and
actual earnings on plan investments - 3,524,944
Total
$ 513,658 $ 5,350,406
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201
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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
The $252,514 reported as deferred outflows of resources related to contributions subsequent to the June 30,
2021 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year
ending June 30, 2023. Other amounts reported as deferred outflows of resources related to OPEB will be
recognized as expense as follows:
Fiscal Year
Ending June 30:
2023 (1,300,575)
2024 (1,240,101)
2025 (1,242,432)
2026 (1,192,149)
2027 (70,809)
Thereafter (43,196)
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, 2022 those cost
totaled $38,726.
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.
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City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
13. HEALTH, GENERAL LIABILITY, AND WORKERS' COMPENSATION COVERAGE, Continued
A. Risk Pool, Continued
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, 2022, the City paid
The Cities Group $3,256 in premium. Financial Statements may be obtained from The Cities Group, P.O.
Box 111, Burlingame, CA 94011-0111.
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, $317,749, is adequate to cover IBNR claims.
Therefore no adjustment was made in fiscal year 2021-2022 as the City's exposure is for the $5,000
deductible per general liability claim.
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203
City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
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 2021-2022, the City contributed $195,787 or 11.43 % toward the annual operating shelter
services and $32,672 representing 2.53% 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.
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.
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City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
15. OTHER COMMITMENTS AND CONTINGENT LIABILITIES, Continued
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, 2022, was
$2,669,196 which is net of the $42,342 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, 2022 was $99,393,288. The reduction of $1,596,271 to
the credit balance was mainly due to credit used for the fiscal years which was $39,834,080.
C. Alameda County Fire Department (ACFD)
The City of Dublin contracts to have the Alameda County Fire Department to provide fire services. As part
of the contract, the City pays for its share of ACFD's retiree health plan and retirement plan. In 2012 ACFD
began working with Ca1PERS to create side funds within its OPEB trust to allow for member agencies to
fund their share of the obligation. In preparation for this, in June 2012 the City Council authorized a
contribution of $6.487 million towards the liability that was then moved to a General Fund Reserve, which
was reclassified as an assigned fund balance upon the City's implementation of GASB Statement No. 54.
Since then, the City continued to add funds to that fund balance assignment.
After ACFD successfully implemented the OPEB trust side funds, the City was notified that based on the
most recent actuarial valuation dated June 30, 2021, the City's Actuarial Accrued Liability (AAL) for
benefits was $12,696,000 and the Actuarial Value of Plan Asset was $14,419,000 resulting in an Unfunded
Actuarial Accrued Liability (UAAL) of $1,723,000. At June 30, 2022, the Actuarial Value of the Plan Asset
was $14,250,423.
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.
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City of Dublin
Notes to Basic Financial Statements
For the year ended June 30, 2022
16. DEBT WITHOUT GOVERNMENT COMMITMENT, Continued
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.
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, 2022 was $95,985,000.
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, 2022, under these sales -tax reimbursement agreements, the City has
abatements totaling $346,696.
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. SUBSEQUENT EVENTS
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.
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REQUIRED
SUPPLEMENTARY INFORMATION
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City of Dublin
Required Supplementary Information
For the year ended June 30, 2022
1. DEFINED BENEFIT PENSION PLAN
A. Schedule of the City's Proportionate Share of the Net Pension Liability - Last 10 Years*
Fiscal year:
Measurement date:
2022 2021 2020 2019 2018 2017 2016 2015*
6/30/2021 6/30/2020 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014
Proportion of the net
pension liability 0.16280% 0.15646% 0.15132% 0.14569% 0.14518% 0.15006% 0.14788% 0.12593%
Proportionate share of the
net pension liability $ 8,804,512 $ 17,023,464 $ 15,505,908 $ 14,038,811 $ 14,398,145 $ 12,984,969 $ 10,150,590 $ 7,835,901
Covered payroll $ 10,751,196 $ 10,591,772 $ 10,124,753 $ 9,753,107 $ 10,443,838 $ 9,268,029 $ 8,463,027 $ 8,716,918
Proportionate Share of the
net pension liability as
percentage of covered
payroll 81.89% 160.72% 153.15% 143.94% 137.86% 140.10% 119.94% 89.89%
Plan fiduciary net position
as a percentage of the total
pension liability 88.29% 75.10% 75.26% 75.26% 73.31% 74.06% 78.40 % 79.82%
Notes to Schedule:
* Fiscal year 2015 was the 1st year of implementation.
The Ca1PERS discount rate was increased from 7.5% to 7.65% in fiscal year 2016, and then decreased from 7.65% to 7.15% in fiscal year 2018.
The Ca1PERS mortality rate assumptions were adjusted in fiscal year 2019.
B. Schedule of Contributions - Last 10 Years*
Fiscal year
2022 2021 2020 2019 2018 2017 2016 2015*
Contractually required
contribution (actuarially
determined) $ 1,928,720 $ 1,712,167 $ 1,522,330 $ 1,241,065 $ 1,018,096 $ 988,634 $ 869,497 $ 1,411,959
Contribution in relation to
the actuarially determined
contributions (1,928,720) (1,712,167) (1,522,330) (1,241,065) (1,018,096) (1,738,634) (869,497) (1,411,959)
Contribution deficiency
(excess) $ - $ - $ - $ - $ $ (750,000) $ - $ -
Covered payroll $ 11,848,706 $ 10,751,196 $ 10,591,772 $ 10,124,753 $ 9,753,107 $ 10,443,838 $ 9,268,029 $ 8,463,027
Contributions as a
percentage of covered
payroll 16.28% 15.93% 14.37% 12.26% 10.44% 26.79% 22.41% 18.59%
Note to Schedule
*Fiscal year 2015 was the 1st year of implementation, therefore only eight years are shown.
Methods and assumptions used to determine contribution rates:
tually required contribution): 6/30/2019 6/30/2018 6/30/2017 6/30/2016 6/30/2015 6/30/2014 6/30/2013 6/30/2012
Actuarial cost method: Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age Entry Age
Amortization method: (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 15 Year
Smoothed
Market Method
Inflation: 2.50% 2.50% 2.63% 2.75% 2.75% 2.75% 2.75% 2.75%
Salary increases: (2) (2) (2) (2) (2) (2) (2) (2)
Investment rate of return: 7.00% 7.00% 7.25% 7.375% 7.50% 7.50% 7.50% 7.50%
Retirement age: (3) (3) (3) (3) (3) (3) (3) (3)
Mortality: (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 Ca1PERS Experience Study adopted by the Ca1PERS Board.
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City of Dublin
Required Supplementary Information
For the year ended June 30, 2022
2. OTHER POST EMPLOYMENT BENEFITS (OPEB)
A. City Retiree Health Plan - Schedule of Changes in Net OPEB Liability and Related Ratios During the
Measurement Period — Last 10 Years (1)
Measurement Period 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost $ 895,299 $ 869,222 $ 843,905 $ 852,382 $ 827,000
Interest on the total OPEB liability 1,164,147 1,103,053 1,169,182 1,099,559 1,032,000
Differences between expected and actual experience (775,744) (1,450,926) -
Changes of assumptions 307,694 (716,501) -
Benefit payments, including refunds of employee contributions (1,065,659) (976,033) (882,052) (776,911) (805,000)
Net change in total OPEB liability 525,737 996,242 (1,036,392) 1,175,030 1,054,000
Total OPEB liability - beginning 18,263,880 17,267,638 18,304,030 17,129,000 16,075,000
Total OPEB liability - ending (a) $ 18,789,617 $ 18,263,880 $ 17,267,638 $ 18,304,030 $ 17,129,000
Plan Fiduciary Net Position
Contributions - employer
Net investment income
Benefit payments, including refunds of employee contributions
Administrative expense
Net change in plan fiduciary net position
Plan fiduciary net position - beginning
Plan fiduciary net position - ending (b)
411,587 $ 1,116,396 $ 1,073,623 $ 1,588,507 $ 1,878,000
6,149,340 763,014 1,244,479 1,431,381 1,665,000
(1,065,659) (976,033) (882,052) (776,911) (805,000)
(8,444) (10,512) (6,155) (33,206) (8,000)
5,486,824 892,865 1,429,895 2,209,771 2,730,000
22,351,531 21,458,666 20,028,771 17,819,000 15,089,000
27,838,355 $ 22,351,531 $ 21,458,666 $ 20,028,771 $ 17,819,000
Net OPEB liability/(asset) - ending (a) - (b) $
Plan fiduciary net position as a percentage of the total OPEB liability
Covered -employee payroll $
Net OPEB liability as a percentage of covered -employee payroll
(1) Fiscal year 2018 was the 1sf year of implementation.
(9,048,738) $ (4,087,651) $ (4,191,028) $ (1,724,741) $ (690,000)
148.2% 122.4% 124.3% 109.4% 104.0%
10,751,196 $ 10,533,380 $ 10,037,794 $ 9,997,000 $ 10,431,000
-84.2% -38.8% -41.8% -17.3% -6.6%
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211
City of Dublin
Required Supplementary Information
For the year ended June 30, 2022
2. OTHER POST EMPLOYMENT BENEFITS (OPEB), Continued
B. Schedule of City Retiree Health Plan Contributions - Last 10 Years 0)
Fiscal Year Ended June 30
Actuarially Determined Contribution (ADC)
Contributions in relation to the ADC
Contribution deficiency (excess)
Covered -employee payroll
2022 2021 2020 2019 2018
(252,514)
(252,514)
$ 122,000 $ 138,000 $ 851,000 $ 861,000
(411,587) (1,116,396) (1,075,930) (1,589,000)
(289,587) (978,396) (224,930) (728,000)
$ 11,706,708 $ 10,751,196 $ 10,533,380 $ 10,037,794 $ 9,997,000
Contributions as a percentage of covered -
employee payroll 2.16% 3.83% 10.60% 10.72% 15.89%
(1) Fiscal year 2018 was the 1st year of implementation.
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City of Dublin
Schedule of Budget Versus Actual Revenues By Sources
General Fund
For the year ended June 30, 2022
Property taxes
Sales tax
Other taxes
Intergovernmental
Licenses and permits
Charges for services:
General government
Police
Fire
Public works and transportation
Parks and community services
Community development
Investment income (loss):
Use of property
Unrealized gain/ (loss) on investment
Fines and forfeitures
Development revenue
Other revenues
Budgeted Amounts Actual
Original
Final Amounts
Variance with
Final Budget
Positive
(Negative)
$ 52,763,000 $ 53,763,000 $ 55,186,388
21,918,000 25,218,000 26,110,207
6,482,706 6,732,706 8,281,142
285,000 285,000 324,519
313,434 313,434 354,643
1,525,721 1,525,721 1,766,145
29,140 29,140 33,841
1,088,429 1,088,429 2,026,830
17,000 17,000 31,585
2,608,001 3,114,562 4,162,314
600 600 1,384
1,200,000 1,200,000 2,269,289
1,020,768 1,456,833 1,647,882
- - (15,525,055)
107,432 107,432 70,714
7,721,318 8,816,883 9,803,444
1,317,231 1,402,307 2,580,106
$ 1,423,388
892,207
1,548,436
39,519
41,209
240,424
4,701
938,401
14,585
1,047,752
784
1,069,289
191,049
(15,525,055)
(36,718)
986,561
1,177,799
Total revenues 98,397,780 105,071,047 99,125,378 (5,945,669)
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City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures
General Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
General government:
City council 521,830 521,830 423,136 98,694
City manager 1,807,840 1,807,840 1,435,057 372,783
City clerk 620,168 675,575 574,615 100,960
Election 3,120 3,120 1,839 1,281
Human resources 961,072 1,092,264 721,369 370,895
Insurance 2,176,596 2,436,086 1,864,778 571,308
Finance 2,329,499 2,342,819 2,164,756 178,063
Non-departamental 2,572,800 3,630,187 1,925,192 1,704,995
Disaster preparedness 205,709 254,421 179,968 74,453
Crossing guards 254,608 303,341 302,886 455
Animal control 327,076 327,076 258,531 68,545
Waste management 67,411 67,411 17,375 50,036
Community TV 144,135 144,135 122,655 21,480
Communications 541,150 541,150 500,425 40,725
Economic development 746,076 746,076 684,943 61,133
Human services 204,355 169,135 123,322 45,813
Library services 961,728 987,830 904,715 83,115
Dougherty Regional Fire Authority 922,026 922,026 872,148 49,878
Non-departamental - Other 47,000 442,072 126,394 315,678
Sub -total
Police:
Police operations
Police operations support
Sub -total
15,414,199 17,414,394 13,204,104 4,210,290
22,944,006
2,380,985
22,437,777
2,445,141
22,191,142
2,095,726
246,635
349,415
25,324,991 24,882,918 24,286,868 596,050
Fire:
Fire operations 14,700,509 14,790,166 14,790,166
Fire prevention 460,657 460,657 432,501 28,156
Fire station maintenance 255,793 305,651 294,128 11,523
Sub -total
15,416,959 15,556,474 15,516,795 39,679
Public works:
Maintenance 9,125,607 8,962,338 8,031,693 930,645
Engineering 3,798,515 4,055,743 3,196,724 859,019
Public works administration 1,446,955 1,688,455 1,576,610 111,845
Transportation 56,575 56,575 8,278 48,297
Environmental services 641,463 673,099 599,794 73,305
Sub -total 15,069,115 15,436,210 13,413,099 2,023,111
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City of Dublin
Schedule of Budget Versus Actual Departmental Expenditures (Continued)
General Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
Parks and community services:
Cultural and special events 806,642 872,642 952,923 (80,281)
Heritage Center and programs 372,406 382,406 344,377 38,029
Parks and community services administration 1,505,771 1,505,771 1,476,050 29,721
Shannon Center and programs 1,423,906 1,524,087 1,284,042 240,045
Stager and other facility operations 996,754 1,226,174 1,244,548 (18,374)
Senior Center and programs 647,561 760,139 729,747 30,392
The Wave and programs 2,495,455 2,814,405 2,657,340 157,065
8,248,495 9,085,624 8,689,027 396,597
Sub -total
Community development:
Planning 2,200,785 3,230,173 2,565,211 664,962
Building and safety 3,243,333 3,243,333 2,750,932 492,401
Housing - - 21 (21)
Sub -total 5,444,118 6,473,506 5,316,164 1,157,342
Debt service:
Principal - 465,000 505,000 (40,000)
Sub -total - 465,000 505,000 (40,000)
Total current expenditures 84,917,877 89,314,126 80,931,057 8,423,069
Total expenditures $ 84,917,877 $ 89,314,126 $ 80,931,057 $ 8,423,069
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219
BUDGETED MAJOR GOVERNMENTAL FUNDS OTHER THAN
GENERAL FUND AND SPECIAL REVENUE FUNDS
The General Improvements Projects Capital Projects Fund - is used to manage the programming of
funds and activities associated with major Capital Improvements Projects. The fund accumulates
resources for capital expenditures and utilizes those resources to support projects that are general in
nature and are not Streets, Parks, or Community Improvements Projects.
The Parks Projects Capital Projects Fund - is used to manage the programming of funds and
activities associated with major Capital Improvements Projects. The fund accumulates resources for
capital expenditures and utilizes those resources to support projects that would construct, improve,
or enhance the City's parks and facilities.
The Streets Projects Capital Projects Fund - is used to manage the programming of fund and
activities associated with major Capital Improvements Projects. The fund accumulates resources for
capital expenditures and utilizes those resources to support projects that would construct, improve,
or enhance the City's trails, highways, streets, roads, bridges, as well as street lighting and drain
systems.
The Public Facilities Impact Fees Capital Projects Fund - is used to account for fees received from
developers of properties, which can only be used for the design, development and construction of
new public facilities within the City.
The Fire Impact Fees Capital Projects Fund - is used to account for impact fees received from
developers of properties, which can only be used for the design, development and construction of
fire capital expansion projects within the City.
The Traffic Impact Fees Capital Projects Fund - is used to account for impact fees received from
developers of properties, which can only be used for the design, development and construction of
street and highway projects which serve as part of the City's transportation network.
The Dublin Crossing Contribution Capital Projects Fund - accounts for community benefit
payments specific to the Dublin Crossing Project, separate from any developer impact fees generated
by the project.
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220
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
General Improvement Projects Capital Projects Fund
For the year ended June 30, 2022
EXPENDITURES:
Capital outlay:
General improvements
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 6,991,969 $ 36,077,700 $ 12,978,975 $ 23,098,725
Total expenditures 6,991,969 36,077,700 12,978,975 23,098,725
OTHER FINANCING SOURCES (USES):
Transfers in 6,991,969 36,077,700
12,978,975 (23,098,725)
Total other financing sources (uses) 6,991,969
36,077,700
12,978,975 (23,098,725)
Net change in fund balance $ - $
FUND BALANCE:
Beginning of year
End of year
$
106
221
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Parks Project Capital Projects Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Parks $ 8,477,916 $ 32,229,875 $ 13,400,686 $ 18,829,189
Total expenditures 8,477,916 32,229,875 13,400,686 18,829,189
OTHER FINANCING SOURCES (USES):
Transfers in 8,477,916 32,229,875 13,400,686 (18,829,189)
Total other financing sources (uses) 8,477,916 32,229,875 13,400,686 (18,829,189)
Net change in fund balance $ - $ - - $
FUND BALANCE:
Beginning of year -
End of year $ -
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222
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Streets Projects Capital Projects Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Capital outlay:
Streets $ 5,687,686 $ 41,315,485 $ 4,030,047 $ 37,285,438
Total expenditures 5,687,686 41,315,485 4,030,047 37,285,438
OTHER FINANCING SOURCES (USES):
Transfers in 5,687,686 41,315,485 4,030,047 (37,285,438)
Total other financing sources (uses) 5,687,686 41,315,485 4,030,047 (37,285,438)
Net change in fund balance $ - $ - - $
FUND BALANCE:
Beginning of year -
End of year $
108
223
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Facilities Impact Fees Capital Projects Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 295,550 $ 295,550 $ 381,551 $ 86,001
Development revenue 4,735,946 4,474,946 9,477,971 5,003,025
Total revenues 5,031,496 4,770,496 9,859,522 5,089,026
OTHER FINANCING SOURCES (USES):
Transfers out (11,165,700) (30,483,139) (10,891,254) 19,591,885
Total other financing sources (uses) (11,165,700) (30,483,139) (10,891,254) 19,591,885
Net change in fund balance $ (6,134,204) $ (25,712,643) (1,031,732) $ 24,680,911
FUND BALANCE:
Beginning of year 22,347,414
End of year $ 21,315,682
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224
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Fire Impact Fees Capital Projects Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 1,500 $ 1,500 $ 1,671 $
Development revenue 44,250 44,250 170,550
171
126,300
Total revenues 45,750 45,750 172,221 126,471
EXPENDITURES:
Current:
General government 56,000 56,000 56,000
Total expenditures 56,000 56,000 56,000
REVENUES OVER (UNDER) EXPENDITURES (10,250) (10,250) 116,221 126,471
Net change in fund balance $ (10,250) $ (10,250) 116,221 $ 126,471
FUND BALANCE:
Beginning of year 141,486
End of year $ 257,707
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225
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Traffic Impact Fees Capital Projects Fund
For the year ended June 30, 2022
REVENUES:
Interest
Development revenue
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 180,000 $ 180,000 $ 318,274 $ 138,274
255,862 1,282,862 1,903,966 621,104
435,862 1,462,862 2,222,240 759,378
Current:
General government 200,000 200,000 - 200,000
Public works and transportation - 7,237 13,679 (6,442)
Total expenditures 200,000 207,237 13,679 193,558
REVENUES OVER (UNDER) EXPENDITURES 235,862 1,255,625 2,208,561 952,936
OTHER FINANCING SOURCES (USES):
Transfers out (1,911,076) (19,004,377) (529,143) 18,475,234
Total other financing sources (uses) (1,911,076) (19,004,377) (529,143) 18,475,234
Net change in fund balance $ (1,675,214) $ (17,748,752) 1,679,418 $ 19,428,170
FUND BALANCE:
Beginning of year 27,502,353
End of year $ 29,181,771
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226
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Dublin Crossing Contribution Capital Project Fund
For the year ended June 30, 2022
REVENUES:
Interest
Development revenue
Total revenues
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 60,000 $ 60,000 $ 130,140 $
- - 3,385,362
70,140
3,385,362
60,000 60,000
3,515,502 3,455,502
OTHER FINANCING SOURCES (USES):
Transfers out - (1,000,000) (200,000) 800,000
Total other financing sources (uses) - (1,000,000) (200,000) 800,000
Net change in fund balance $ 60,000 $ (940,000) 3,315,502 $ 4,255,502
FUND BALANCE:
Beginning of year 9,068,719
End of year $ 12,384,221
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227
NON -MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital
projects) that are legally restricted to expenditures for specific purposes.
SPECIAL REVENUE FUNDS
Public Safety
Special Criminal Activity established to account for receipt of funds derived from asset forfeitures.
Vehicle Abatement established to account for the use of funds received from vehicle registration of Dublin
residents for the towing of abandoned vehicles in city limits.
Supplemental Law Enforcement (SLES/COPS) established to account for police expenditures funded by a State
grant.
Traffic Safety established to account for the receipt of traffic fines and traffic safety expenditures.
Federal Asset seizure established to account for the receipts and expenditures of the Federal seizure funds.
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.
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.
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228
NON -MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS, Continued
ACTC Vehicle Registration Fee established to account for an Alameda County Transportation Commission
(ACTC) voter approved increase in vehicle registration fee that is distributed by ACTC to be used for street
road system maintenance.
TDA established to account for the financial activities associated with allocations funded by the State of
California Transportation Development Act (TDA) for the Pedestrian/Bicycle Projects.
Environmental:
Garbage/Recycling established to account for the following activities:
Measure D Recycling established to account for the use of funds received which are levied by the County
pursuant to a charter amendment and are provided for recycling and related activities. This fund also
accounts for other locally derived funds for recycling related activities.
Garbage Service established to account for the use of funds received which are levied by the county on behalf
of the City for garbage pitch -up and removal and recycling services.
Local Recycling established to account for locally derived funds collected for a commercial organic and
recycling program and activities retained by the City at the end of the franchise held by Waste Management
Inc. These funds are independent of the funds distributed by Stop Waste pursuant to the Alameda County
Recycling Measure.
AVI Economic Benefit/business Assistance Program established to account for the grant received from Amador
Valley Industry and to provide business owners funding for eligible environmental related improvements.
Storm Water Management established to account for the following activities:
Storm Water Management established to account for the funds received from the State and designated
specifically for the use of storm water related activities.
Village Parkway Storm Water Management established to account for funds designated for management of
the Village Parkway area storm water units.
Box Culvert established to account for the funds designated for the maintenance and repairs of box culvert in
the East Dublin area.
Parks, Cultural, and Arts:
Public Art established to account for the fees received from developers of properties, which can only be used
for the purchase design, development, and construction of Public Art projects within the City of Dublin.
Miscellaneous Special Revenue established to account for the following activities:
Cable TV Facilities established to account for Cable TV Facilities fees collected from Cable Television
providers and passed through to the City for local cable television as allowed under State and Federal
franchising laws.
Noise Mitigation established to account for the fees received from developers of properties, which can only
be used for the noise mitigation measures.
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229
NON -MAJOR GOVERNMENTAL FUNDS
SPECIAL REVENUE FUNDS, Continued
Citywide Events (Customer Service) Fund established to account for event ticket sales and donations, to be
spent on special events citywide.
Community Development Block Grant (CDBG) used to account for grants and expenditures related to
Community Development Block Grants received.
HCD Housing Related Parks Grant established to account for a Housing -Related Park (HRP) Grant funding
from the Department of Housing and Community Development pursuant to the Housing and Emergency
Shelter Trust Fund Act of 2006 (Proposition IC.)
State Grant Park used to account for local assistance grant funding from the State for park constructions.
Building Homes and Jobs Act established o account for funding from California Department of Housing and
Community Development (HCD) to increase the affordable housing stock in California.
State Housing Grant established to account for Local Action Planning Grants (Leap) grants allocated by the
State Housing and Community Development Department for the preparation and adopton of planning
documents and process improvements that accelerate housing production and facilitate compliance to
implement the sith-cycle Regional Housing Needs Assessment.
COVID-19 Grants established to account for grants received from non -Federal agency in response to the
COVID-19 pandemic.
Federal COVID-19 Financial Assistance established to account for emergency funding from the federal
awarding agencies with options for administrative relief to be used at the discretion of the federal awarding
agency in response to the COVID-19 pandemic.
The American Rescule Plan Act Fund is used to account for funds authorized under the Federal American
Recovery Plan Act (ARPA) to cover the costs of COVID-19 response as well as for making any necessary
investments in infrastructure.
Mesure RR - Safe Routes to BART is used to account for funds allocated by Bay Area Rapid Transit (BART) for
using voter approved Measure RR capital fund to help local agencies improve access for BART customers
travelling to BART stations by walking or biking.
Maintenance Districts established to account for revenue and related expenditures of lighting and landscape
districts.
Capital Project Funds are used to account for financial resources ussed for the acquisition and construction of capital
projects.
CAPITAL PROJECT FUNDS
Energy Improvement Lease Revenue Bond Fund accounts for the funds received from the City's lease revenue
bond for energy improvements and related expenditures.
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230
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2022
Special Revenue Funds
Special Supplemental
Criminal Vehicle Law Traffic Federal Asset
Activity Abatement Enforcement Safety Seizure
ASSETS
Cash and investments $ 1,441,138 $ 326,823 $ 280,383 $ - $
Accounts receivable - - 11,562
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
1,441,138 326,823 280,383 11,562
Liabilities:
Accounts payable 8,161 2 14,469
Deposits payable 1,340,648 - -
Contract retention payable - - -
Unearned revenue - - -
Due to other funds - - 52,885
Advances from other funds - - -
Total liabilities 1,348,809 2 67,354
Fund Balances:
Nonspendable - - -
Restricted:
Public safety programs 92,329 326,823 280,381 -
Street maintenance and construction - - -
Health and welfare programs - - -
Culture and leisure - - -
Capital improvement projects - - -
Unassigned - - (55,792)
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
92,329 326,823 280,381 (55,792)
$ 1,441,138 $ 326,823 $ 280,383 $ 11,562 $
116
231
Special Revenue Funds
Emergency Measure B Measure B Measure BB Measure BB
Medical Enforcement Sales Tax Sales Tax Measure B Sales Tax Sales Tax
Services Grants State Gas Tax Local Streets Bike/Pedestrian Grants Streets and Roads Bike/Pedestrian
$ 265,144 $ - $ 3,647,670 $ 908,466 $ 337,815 $ 187,917 $ 412,737 $ 295,256
673 161,481 136,918 7,735 2,802 - 335,600 110,520
265,817 161,481 3,784,588 916,201 340,617 187,917 748,337 405,776
20,257 - 52,915 577
5,008 -
159,957
20,257 159,957 57,923 577
245,560 1,524
3,726,665 916,201 340,040 187,917 748,337 405,776
245,560 1,524 3,726,665 916,201 340,040 187,917 748,337 405,776
$ 265,817 $ 161,481 $ 3,784,588 $ 916,201 $ 340,617 $ 187,917 $ 748,337 $ 405,776
117
232
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2022
Special Revenue Funds
ACTC
Transportation Road Maint & Vehicle
Measure BB for Clean Air Rehab Account Registration
Grants (TFCA) (RMRA) Fee
TDA
ASSETS
Cash and investments $ - $ - $ 2,604,859 $ 197,081 $ 17,416
Accounts receivable 382,682 219,486 278,415 49,101
Notes receivable - - -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
382,682 219,486 2,883,274 246,182 17,416
Liabilities:
Accounts payable 1 - 3,748
Deposits payable - - -
Contract retention payable - - -
Unearned revenue - - -
Due to other funds 359,369 684,619 33,809 -
Advances from other funds - - -
Total liabilities
359,370 684,619 33,809 3,748
Fund Balances:
Nonspendable - - -
Restricted:
Public safety programs - - -
Street maintenance and construction 23,312 2,849,465 242,434
Health and welfare programs - - -
Culture and leisure - - -
Capital improvement projects - - -
Unassigned - (465,133) - -
Total fund balances
17,416
23,312 (465,133) 2,849,465 242,434 17,416
Total liabilities, deferred inflows of
resources, and fund balances $ 382,682 $ 219,486 $ 2,883,274 $ 246,182 $ 17,416
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233
Special Revenue Funds
AVI Economic
Benefit/Business Storm
Garbage/ Assistance Water
Recycling Program Management
Box
Culvert
Public Art
Miscellaneous Community
Special Development State Grant
Revenue Block Grant Park
$ 1,047,439 $ 169,514 $
75,152 -
235,073 $ 398,344 $ 3,974,223 $ 453,809 $ - $
- - 31,322 54,970
105,639 -
1,122,591 275,153 235,073 398,344 3,974,223 485,131 54,970
81,488 - - 46,548 1,000
- 407
14,484
33,886
81,488 - - 46,548 1,407 48,370
- 235,073 398,344 -
1,041,103 - - 92,337
275,153 - 391,387
- - 3,927,675 -
6,600
1,041,103 275,153 235,073 398,344 3,927,675 483,724 6,600
$ 1,122,591 $ 275,153 $ 235,073 $ 398,344 $ 3,974,223 $ 485,131 $ 54,970 $
119
234
City of Dublin
Combining Balance Sheet
Governmental Funds
June 30, 2022
Special Revenue Funds
Federal
Building State COVID-19 American
Homes and Housing COVID-19 Financial Rescue
Jobs Act Grant Grants Assistance Plan Act
ASSETS
Cash and investments $ - $ - $ - $ 10,081 $ 5,210,513
Accounts receivable - - - -
Notes receivable - - 49,770 -
Total assets
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
59,851 5,210,513
Liabilities:
Accounts payable - - - - 144,496
Deposits payable - - - - -
Contract retention payable - - - - -
Unearned revenue - - - 5,060,645
Due to other funds 278,013 76,913 - - -
Advances from other funds - - - -
Total liabilities 278,013 76,913 - - 5,210,513
Fund Balances:
Nonspendable - - - - -
Restricted:
Public safety programs - - - -
Street maintenance and construction - - - -
Health and welfare programs - - 59,851 -
Culture and leisure - - - -
Capital improvement projects - - - -
Unassigned (278,013) (76,913) - - -
Total fund balances
(278,013) (76,913) - 59,851 -
Total liabilities, deferred inflows of
resources, and fund balances $ - $ - $ - $ 59,851 $ 5,210,513
120
235
Special Revenue Funds
Capital
Projects Fund
Maintenance Districts Energy
Measure RR - 1983-1 1983-2 1986-1 1997-1 1999-1 Dublin Improvement
Safe Routes Street Stagecoach Dougherty Santa Rita East Dublin Crossing Lease Revenue
to BART Lighting Landscape Landscape Landscape Street Lighting CFD No. 2017-1 Bond
$ - $ 640,618 $ 371,250 $ 558,766 $ 1,321,922 $ 978,846 $ 328,991 $ 9,039,916
121,242 1,699 225 194 7,422 937 261
121,242 642,317 371,475 558,960 1,329,344 979,783 329,252 9,039,916
20,241 16,314 9,022 133,654 16,704
121,242
121,242 20,241 16,314 9,022 133,654 16,704
622,076
355,161 549,938 1,195,690 963,079 329,252
- 9,039,916
622,076 355,161 549,938 1,195,690 963,079 329,252 9,039,916
$ 121,242 $ 642,317 $ 371,475 $ 558,960 $ 1,329,344 $ 979,783 $ 329,252 $ 9,039,916
121
236
Total Nonmajor
Governmental
Funds
$ 35,662,010
1,990,399
155,409
37,807,818
584,081
1,341,055
5,008
5,060,645
1,800,693
8,796,854
946,617
14,106,176
1,199,891
666,540
12,967,591
(875,851)
29,010,964
$ 37,807,818
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City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2022
Special Revenue Funds
Special Supplemental
Criminal Vehicle Law Traffic Federal Asset
Activity Abatement Enforcement Safety Seizure
REVENUES:
Intergovernmental $ - $ 82,562 $ 211,285 $ - $
Charges for service - - -
Interest 659 3,417 3,086
Fines and forfeitures - - 122,304
Development revenue - - -
Other revenue 80,816
Special assessments - - -
Total revenues 81,475 85,979 214,371 122,304
EXPENDITURES:
Current:
General Government - - -
Police 13,874 9,782 150,002 - 650
Fire - - -
Public works - - 168,247
Park and community services - - -
Community development - - -
Debt service:
Principal - - -
Interest and fiscal charges - - -
Total expenditures 13,874 9,782 150,002 168,247 650
REVENUES OVER (UNDER) EXPENDITURES 67,601 76,197 64,369 (45,943) (650)
OTHER FINANCING SOURCES (USES):
Proceeds from long term debt - - -
Transfers out - (25,803) - -
Total other financing sources (uses) - (25,803) - -
Net change in fund balances 67,601 50,394 64,369 (45,943) (650)
FUND BALANCES (DEFICITS):
Beginning of year 24,728 276,429 216,012 (9,849) 650
End of year $ 92,329 $ 326,823 $ 280,381 $ (55,792) $
124
239
Special Revenue Funds
Measure BB Measure BB
Emergency Measure B Measure B Sales Tax Sales Tax
Medical Enforcement Sales Tax Sales Tax Bike Measure B Streets and Bike/
Services Grants State Gas Tax Local Streets /Pedestrian Grants Roads Pedestrian
$
$ 314,362 $
2,838
1,532,287 $ 542,520 $
39,397 8,939
207,063 - -
196,506 $ - $ 817,456 $ 269,205
3,056 2,109 4,188 2,890
209,901 314,362 1,571,684
551,459 199,562
2,109 821,644 272,095
182,285
314,362 -
- 532,834
6,654 - -
182,285 314,362 532,834
6,654
27,616
1,038,850 551,459 192,908
2,109 821,644 272,095
(132,993) (387,671) (530,456) (57,711)
(441,051) (52,871)
(132,993) (387,671) (530,456) (57,711)
(441,051) (52,871)
27,616 (132,993) 651,179 21,003 135,197 2,109 380,593 219,224
217,944 134,517 3,075,486 895,198 204,843 185,808 367,744 186,552
$ 245,560 $ 1,524 $ 3,726,665 $ 916,201 $ 340,040 $
187,917 $ 748,337 $ 405,776
125
240
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2022
Special Revenue Funds
ACTC
Transportation Road Maint & Vehicle
Measure BB for Clean Air Rehab Account Registration
Grants (TFCA) (RMRA) Fee
TDA
REVENUES:
Intergovernmental $ 444,014 $ 274,581 $ 1,382,546 $ 287,282 $ 17,317
Charges for service - - -
Interest - 25,582 2,421 99
Fines and forfeitures - - -
Development revenue - - - Other revenue - - - -
Special assessments - - -
Total revenues 444,014 274,581 1,408,128 289,703 17,416
EXPENDITURES:
Current:
General Government - - -
Police - - -
Fire - - -
Public works - - 246,927
Park and community services - - -
Community development - - -
Debt service:
Principal - - -
Total expenditures - - 246,927
REVENUES OVER (UNDER) EXPENDITURES 444,014 274,581 1,408,128 42,776 17,416
OTHER FINANCING SOURCES (USES):
Proceeds from long term debt - - -
Transfers out (309,856) (739,714) (476,561) (18,821)
Total other financing sources (uses) (309,856) (739,714) (476,561) (18,821)
Net change in fund balances 134,158 (465,133) 931,567 23,955 17,416
FUND BALANCES (DEFICITS):
Beginning of year (110,846) 1,917,898 218,479
End of year $ 23,312 $ (465,133) $ 2,849,465 $ 242,434 $ 17,416
126
241
Special Revenue Funds
AVI Economic
Benefit/Business Storm
Garbage/ Assistance Water
Recycling Program Management
Box
Culvert
Public Art
Miscellaneous Community
Special Development State Grant
Revenue Block Grant Park
$ 317,749 $
7,697,411
12,757
1,217
$ - $ -
1,985 4,422
100,000 -
$ - $ - $ 405,780 $
- 126,831 -
44,971 4,437 -
45,893 1,661 -
8,027,917 101,217 1,985 4,422 90,864 132,929 405,780
7,721,768 403,914
314,028 - 5,980
63,361 405,780
67,830 -
8,035,796 403,914 5,980
67,830 63,361 405,780
(7,879) (302,697) (3,995) 4,422 23,034 69,568 -
(99,385)
(99,458) - -
(99,385)
(99,458) - -
(107,264) (302,697) (3,995) 4,422 (76,424) 69,568 -
1,148,367 577,850 239,068 393,922 4,004,099 414,156 6,600
$ 1,041,103 $ 275,153 $ 235,073 $ 398,344 $ 3,927,675 $ 483,724 $ 6,600 $
127
242
City of Dublin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
For the year ended June 30, 2022
Special Revenue Funds
Federal
Building State COVID-19 American
Homes and Housing COVID-19 Financial Rescue
Jobs Act Grant Grants Assistance Plan Act
REVENUES:
Intergovernmental $ - $ - $ - $ 10,081 $ 2,027,867
Charges for service - - -
Interest - - -
Fines and forfeitures - - -
Development revenue - - -
Other revenue - - -
Special assessments - - -
Total revenues - 10,081 2,027,867
EXPENDITURES:
Current:
General Government - - 309,370 1,340,957
Police - - - 606,230
Fire - - -
Public works - - -
Park and community services - - -
Community development 90,657 58,088 - 80,680
Debt service:
Principal - - -
Total expenditures 90,657 58,088 309,370 2,027,867
REVENUES OVER (UNDER) EXPENDITURES (90,657) (58,088) (299,289) -
OTHER FINANCING SOURCES (USES):
Proceeds from long term debt - - -
Transfers out - - -
Total other financing sources (uses) - - -
Net change in fund balances (90,657) (58,088) (299,289) -
FUND BALANCES (DEFICITS):
Beginning of year (187,356) (18,825) 359,140 -
End of year $ (278,013) $ (76,913) $ - $ 59,851 $ -
128
243
Special Revenue Funds
Capital
Projects Fund
Maintenance Districts Energy
Measure RR - 1983-1 1983-2 1986-1 1997-1 1999-1 Dublin Improvement
Safe Routes Street Stagecoach Dougherty Santa Rita East Dublin Crossing Lease Revenue
to BART Lighting Landscape Landscape Landscape Street Lighting CFD No. 2017-1 Bond
$ 121,242 $ - $ - $ - $ - $ - $ - $
6,528 3,681 5,769 13,682 13,103 3,196 149,191
315,143 99,852 160,498 359,941 310,590 73,948
121,242 321,671 103,533 166,267 373,623 323,693 77,144 149,191
259,306 57,131 98,762 354,352 233,945 5,237
419,521
259,306 57,131 98,762 354,352 233,945 5,237 419,521
121,242 62,365 46,402 67,505 19,271 89,748 71,907 (270,330)
(121,242)
(121,242)
- - - - 21,042,136
- (9,699) (332,333) - (11,731,890)
- (9,699) (332,333) - 9,310,246
62,365 46,402 57,806 19,271 (242,585) 71,907 9,039,916
559,711 308,759 492,132 1,176,419 1,205,664 257,345
$ - $ 622,076 $ 355,161 $ 549,938 $ 1,195,690 $ 963,079 $ 329,252 $ 9,039,916
129
244
Total Nonmajor
Governmental
Funds
$ 9,254,642
7,824,242
363,620
122,304
47,554
180,816
1,527,035
19,320,213
10,245,150
1,094,900
182,285
2,283,403
67,830
229,425
419,521
14,522,514
4,797,699
21,042,136
(15,567,515)
5,474,621
10,272,320
18,738,644
$ 29,010,964
130
245
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Special Criminal Activity Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 200 $ 200 $ 659 $
Other revenues - 74,000 80,816
Total revenues
459
6,816
200 74,200 81,475 7,275
EXPENDITURES:
Current:
Police - 35,000 13,874 21,126
Total expenditures - 35,000 13,874 21,126
REVENUES OVER (UNDER) EXPENDITURES 200 39,200 67,601 28,401
Net change in fund balance $ 200 $ 39,200 67,601 $ 28,401
FUND BALANCE:
Beginning of year 24,728
End of year $ 92,329
131
246
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Vehicle Abatement Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 34,000 $ 34,000 $ 82,562 $ 48,562
Interest 2,000 2,000 3,417 1,417
Total revenues
36,000 36,000 85,979 49,979
EXPENDITURES:
Current:
Police - 45,458 9,782 35,676
Total expenditures - 45,458 9,782 35,676
REVENUES OVER (UNDER) EXPENDITURES 36,000 (9,458) 76,197 85,655
OTHER FINANCING SOURCES (USES):
Transfers out (50,000) (50,000) (25,803) 24,197
Total other financing sources (uses) (50,000) (50,000) (25,803) 24,197
Net change in fund balance $ (14,000) $ (59,458) 50,394 $ 109,852
FUND BALANCE:
Beginning of year 276,429
End of year $ 326,823
132
247
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Supplemental Law Enforcement Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 100,000 $ 150,000 $ 211,285 $ 61,285
Interest 1,000 1,000 3,086 2,086
Total revenues
101,000 151,000 214,371 63,371
EXPENDITURES:
Current:
Police 100,000 150,000 150,002 (2)
Total expenditures 100,000 150,000 150,002 (2)
REVENUES OVER (UNDER) EXPENDITURES 1,000 1,000 64,369 63,369
Net change in fund balance $ 1,000 $ 1,000 64,369 $ 63,369
FUND BALANCE:
Beginning of year 216,012
End of year $ 280,381
133
248
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Traffic Safety Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 200 $ 200 $ - $
Fines and forfeitures 140,000 140,000 122,304
(200)
(17,696)
Total revenues 140,200 140,200 122,304 (17,896)
EXPENDITURES:
Current:
Public works and transportation 123,600
176,735
168,247
8,488
Total expenditures 123,600
176,735
168,247
8,488
REVENUES OVER (UNDER) EXPENDITURES 16,600
(36,535)
(45,943)
(9,408)
Net change in fund balance $ 16,600 $
FUND BALANCE:
Beginning of year
End of year
(36,535)
(45,943) $ (9,408)
(9,849)
$ (55,792)
134
249
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Federal Asset Seizure Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Current:
Police $ - $ 650 $ 650 $
Total expenditures - 650 650
Net change in fund balance $ - $ (650) (650) $
FUND BALANCE:
Beginning of year 650
End of year $
135
250
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Emergency Medical Services Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Interest
Special assessments
Total revenues
EXPENDITURES:
Current:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
1,500 $ 1,500 $ 2,838 $ 1,338
207,789 207,789 207,063 (726)
209,289 209,289 209,901 612
Fire 183,030
183,030
182,285
745
Total expenditures 183,030
183,030
182,285
745
REVENUES OVER (UNDER) EXPENDITURES 26,259
26,259
27,616
1,357
Net change in fund balance $ 26,259 $
FUND BALANCE:
Beginning of year
End of year
26,259
27,616 $ 1,357
217,944
$ 245,560
136
251
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Enforcement Grants Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 329,590 $ 329,590 $ 314,362 $ (15,228)
Interest 500 500 - (500)
Total revenues 330,090 330,090 314,362 (15,728)
EXPENDITURES:
Current:
Police 329,590 329,590 314,362 15,228
Total expenditures 329,590 329,590 314,362
15,228
REVENUES OVER (UNDER) EXPENDITURES 500 500 -
(500)
OTHER FINANCING SOURCES (USES):
Transfers out - (134,516) (132,993)
1,523
Total other financing sources (uses) - (134,516) (132,993)
1,523
Net change in fund balance $ 500 $ (134,016) (132,993) $
FUND BALANCE:
Beginning of year 134,517
End of year $ 1,524
1,023
137
252
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Gas Tax Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,611,931 $ 1,611,931 $ 1,532,287 $ (79,644)
Interest 20,000 20,000 39,397 19,397
Total revenues 1,631,931 1,631,931 1,571,684 (60,247)
EXPENDITURES:
Current:
Public works and transportation 666,248 704,638 532,834 171,804
Total expenditures 666,248 704,638 532,834 171,804
REVENUES OVER (UNDER) EXPENDITURES 965,683 927,293 1,038,850 111,557
OTHER FINANCING SOURCES (USES):
Transfers out (784,000) (3,546,383) (387,671) 3,158,712
Total other financing sources (uses) (784,000) (3,546,383) (387,671) 3,158,712
Net change in fund balance $ 181,683 $ (2,619,090) 651,179 $ 3,270,269
FUND BALANCE:
Beginning of year 3,075,486
End of year $ 3,726,665
138
253
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B Sales Tax Local Streets Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 594,000 $ 594,000 $ 542,520 $ (51,480)
Interest 3,000 3,000 8,939 5,939
Total revenues
597,000 597,000 551,459 (45,541)
OTHER FINANCING SOURCES (USES):
Transfers out (572,000) (1,186,161) (530,456) 655,705
Total other financing sources (uses) (572,000) (1,186,161) (530,456) 655,705
Net change in fund balance $ 25,000 $ (589,161) 21,003 $ 610,164
FUND BALANCE:
Beginning of year 895,198
End of year $ 916,201
139
254
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B Sales Tax Bike/Pedestrian Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 216,000 $ 216,000 $ 196,506 $ (19,494)
Interest 1,500 1,500 3,056 1,556
Total revenues 217,500 217,500 199,562 (17,938)
EXPENDITURES:
Current:
Public works and transportation 18,000 18,000 6,654 11,346
Total expenditures 18,000 18,000 6,654 11,346
REVENUES OVER (UNDER) EXPENDITURES 199,500 199,500 192,908 (6,592)
OTHER FINANCING SOURCES (USES):
Transfers out (18,400) (403,117) (57,711) 345,406
Total other financing sources (uses) (18,400) (403,117) (57,711) 345,406
Net change in fund balance $ 181,100 $ (203,617) 135,197 $ 338,814
FUND BALANCE:
Beginning of year 204,843
End of year $ 340,040
140
255
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B Grants Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 2,109 $ 2,109
Total revenues - - 2,109 2,109
Net change in fund balance $ - $ - 2,109 $ 2,109
FUND BALANCE:
Beginning of year 185,808
End of year $ 187,917
141
256
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB Sales Tax Streets and Roads Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 533,000 $ 533,000 $ 817,456 $ 284,456
Interest 4,000 4,000 4,188 188
Total revenues
537,000 537,000 821,644 284,644
OTHER FINANCING SOURCES (USES):
Transfers out (374,000) (887,031) (441,051) 445,980
Total other financing sources (uses) (374,000) (887,031) (441,051) 445,980
Net change in fund balance $ 163,000 $ (350,031) 380,593 $ 730,624
FUND BALANCE:
Beginning of year 367,744
End of year $ 748,337
142
257
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB Sales Tax Bike/Pedestrian Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 176,000 $ 176,000 $ 269,205 $ 93,205
Interest 1,000 1,000 2,890 1,890
Total revenues 177,000 177,000 272,095 95,095
OTHER FINANCING SOURCES (USES):
Transfers out (38,758) (358,457) (52,871) 305,586
Total other financing sources (uses) (38,758) (358,457) (52,871) 305,586
Net change in fund balance $ 138,242 $ (181,457) 219,224 $ 400,681
FUND BALANCE:
Beginning of year 186,552
End of year $ 405,776
143
258
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB Grants Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 4,751,000 $ 4,751,000 $ 444,014 $ (4,306,986)
Total revenues 4,751,000 4,751,000 444,014 (4,306,986)
OTHER FINANCING SOURCES (USES):
Transfers out - (5,381,871) (309,856) 5,072,015
Total other financing sources (uses) - (5,381,871) (309,856) 5,072,015
Net change in fund balance $ 4,751,000 $ (630,871) 134,158 $ 765,029
FUND BALANCE:
Beginning of year (110,846)
End of year $ 23,312
144
259
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Transportation for Clean Air (TFCA) Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 856,419 $ 1,002,419 $ 274,581 $ (727,838)
Total revenues 856,419 1,002,419 274,581 (727,838)
OTHER FINANCING SOURCES (USES):
Transfers out - (1,002,419) (739,714) 262,705
Total other financing sources (uses) - (1,002,419) (739,714) 262,705
Net change in fund balance $ 856,419 $ - (465,133) $ (465,133)
FUND BALANCE:
End of year $ (465,133)
145
260
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Road Maintenance & Rehabilitation Account (RMRA) Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 1,220,339 $ 1,220,339 $ 1,382,546 $ 162,207
Interest 5,000 5,000 25,582 20,582
Total revenues
1,225,339 1,225,339 1,408,128 182,789
OTHER FINANCING SOURCES (USES):
Transfers out (1,242,281) (2,887,249) (476,561) 2,410,688
Total other financing sources (uses) (1,242,281) (2,887,249) (476,561) 2,410,688
Net change in fund balance $ (16,942) $ (1,661,910) 931,567 $ 2,593,477
FUND BALANCE:
Beginning of year 1,917,898
End of year $ 2,849,465
146
261
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
ACTC Vehicle Registration Fee Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 267,867 $ 267,867 $ 287,282 $ 19,415
Interest 2,000 2,000 2,421 421
Total revenues 269,867 269,867 289,703 19,836
EXPENDITURES:
Current:
Public works and transportation 262,400 262,400 246,927 15,473
Total expenditures 262,400 262,400 246,927 15,473
REVENUES OVER (UNDER) EXPENDITURES 7,467 7,467 42,776 35,309
OTHER FINANCING SOURCES (USES):
Transfers out (8,000) (123,896) (18,821) 105,075
Total other financing sources (uses) (8,000) (123,896) (18,821) 105,075
Net change in fund balance $ (533) $ (116,429) 23,955 $ 140,384
FUND BALANCE:
Beginning of year 218,479
End of year $ 242,434
147
262
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
TDA Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Intergovernmental
Interest
Total revenues
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
- $ - $ 17,317 $
- - 99
17,317
99
17,416 17,416
OTHER FINANCING SOURCES (USES):
Transfers out - (17,317) - 17,317
Total other financing sources (uses) - (17,317) - 17,317
Net change in fund balance $ - $ (17,317) 17,416 $ 34,733
FUND BALANCE:
End of year $ 17,416
148
263
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Garbage/Recycling Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 263,000 $ 263,000 $ 317,749 $ 54,749
Charges for services 6,787,400 7,594,125 7,697,411 103,286
Interest 7,500 7,500 12,757 5,257
Other revenues 1,000 1,000 - (1,000)
Total revenues 7,058,900 7,865,625 8,027,917 162,292
EXPENDITURES:
Current:
General government 6,787,400 7,594,125 7,721,768 (127,643)
Public works and transportation 387,220 652,961 314,028 338,933
Total expenditures 7,174,620 8,247,086 8,035,796 211,290
REVENUES OVER (UNDER) EXPENDITURES (115,720) (381,461) (7,879) 373,582
OTHER FINANCING SOURCES (USES):
Transfers out - (110,808) (99,385) 11,423
Total other financing sources (uses) - (110,808) (99,385) 11,423
Net change in fund balance $ (115,720) $ (492,269) (107,264) $ 385,005
FUND BALANCE:
Beginning of year 1,148,367
End of year $ 1,041,103
149
264
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
AVI Economic Benefit/Business Assistance Program Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ - $ - $ 1,217 $
Other revenues 100,000 100,000 100,000
1,217
Total revenues 100,000 100,000 101,217 1,217
EXPENDITURES:
Current:
General government 100,000 100,000 403,914 (303,914)
Total expenditures 100,000 100,000 403,914 (303,914)
REVENUES OVER (UNDER) EXPENDITURES - - (302,697) (302,697)
Net change in fund balance $ - $ - (302,697) $ (302,697)
FUND BALANCE:
Beginning of year 577,850
End of year $ 275,153
150
265
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Storm Water Management Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 1,750 $ 1,750 $ 1,985 $ 235
Total revenues 1,750 1,750 1,985 235
EXPENDITURES:
Current:
Public works and transportation 12,000 12,000 5,980 6,020
Total expenditures 12,000 12,000 5,980 6,020
REVENUES OVER (UNDER) EXPENDITURES (10,250) (10,250) (3,995) 6,255
Net change in fund balance $ (10,250) $ (10,250) (3,995) $ 6,255
FUND BALANCE:
Beginning of year 239,068
End of year $ 235,073
151
266
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Box Culvert Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 3,000 $ 3,000 $ 4,422 $ 1,422
Total revenues 3,000 3,000 4,422 1,422
Net change in fund balance $ 3,000 $ 3,000 4,422 $ 1,422
FUND BALANCE:
Beginning of year 393,922
End of year $ 398,344
152
267
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Public Art Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Interest
Development revenue
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 45,000 $ 45,000 $ 44,971 $
- - 45,893
(29)
45,893
Total revenues 45,000 45,000 90,864 45,864
EXPENDITURES:
Current:
Parks and community services 80,000 100,000 67,830 32,170
Total expenditures 80,000 100,000 67,830 32,170
REVENUES OVER (UNDER) EXPENDITURES (35,000) (55,000) 23,034 78,034
OTHER FINANCING SOURCES (USES):
Transfers out (544,700) (1,395,317) (99,458) 1,295,859
Total other financing sources (uses) (544,700) (1,395,317) (99,458) 1,295,859
Net change in fund balance $ (579,700) $ (1,450,317) (76,424) $ 1,373,893
FUND BALANCE:
Beginning of year 4,004,099
End of year $ 3,927,675
153
268
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Miscellaneous Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services $ 183,000 $ 183,000 $ 126,831 $ (56,169)
Interest 1,600 1,600 4,437 2,837
Development revenue 714 714 1,661 947
Total revenues 185,314 185,314 132,929 (52,385)
EXPENDITURES:
Current:
General government 70,558 70,558 63,361 7,197
Total expenditures 70,558 70,558 63,361 7,197
REVENUES OVER (UNDER) EXPENDITURES 114,756 114,756 69,568 (45,188)
Net change in fund balance $ 114,756 $ 114,756 69,568 $ (45,188)
FUND BALANCE:
Beginning of year 414,156
End of year $ 483,724
154
269
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Community Development Block Grant Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 105,783 $ 405,783 $ 405,780 $ (3)
Total revenues 105,783 405,783 405,780 (3)
EXPENDITURES:
Current:
General government 99,183 399,183 405,780 (6,597)
Total expenditures 99,183 399,183 405,780 (6,597)
REVENUES OVER (UNDER) EXPENDITURES 6,600 6,600 - (6,600)
OTHER FINANCING SOURCES (USES):
Transfers out (6,600) (6,600) - 6,600
Total other financing sources (uses) (6,600) (6,600) - 6,600
Net change in fund balance $ - $ - - $
FUND BALANCE:
Beginning of year 6,600
End of year $ 6,600
155
270
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Grant Park Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 271,600 $ - $ (271,600)
Total revenues - 271,600 - (271,600)
Net change in fund balance $ - $ 271,600 - $ (271,600)
FUND BALANCE:
End of year $
156
271
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Building Homes and Jobs Act Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 310,000 $ - $ (310,000)
Total revenues - 310,000 - (310,000)
EXPENDITURES:
Current:
Community development - 122,645 90,657 31,988
Total expenditures - 122,645 90,657 31,988
REVENUES OVER (UNDER) EXPENDITURES - 187,355 (90,657) (278,012)
Net change in fund balance $ - $ 187,355 (90,657) $ (278,012)
FUND BALANCE:
Beginning of year (187,356)
End of year $ (278,013)
157
272
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
State Housing Grant Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
EXPENDITURES:
Current:
Community development $ - $ 281,175 $ 58,088 $ 223,087
Total expenditures - 281,175 58,088 223,087
Net change in fund balance $ - $ (281,175) (58,088) $ 223,087
FUND BALANCE:
Beginning of year (18,825)
End of year $ (76,913)
158
273
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Federal COVID-19 Financial Assistance Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Intergovernmental
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
$ 10,081 $ 10,081
Total revenues - - 10,081 10,081
EXPENDITURES:
Current:
General government - - 309,370 (309,370)
Total expenditures - - 309,370 (309,370)
REVENUES OVER (UNDER) EXPENDITURES - - (299,289) (299,289)
Net change in fund balance $ - $ - (299,289) $ (299,289)
FUND BALANCE:
Beginning of year 359,140
End of year $ 59,851
159
274
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
American Rescue Plan Act Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ 6,101,038 $ 3,544,256 $ 2,027,867 $ (1,516,389)
Total revenues 6,101,038 3,544,256 2,027,867 (1,516,389)
EXPENDITURES:
Current:
General government 6,101,038 1,852,407 1,340,957 511,450
Police - 828,826 606,230 222,596
Community development - 97,000 80,680 16,320
Total expenditures 6,101,038 2,778,233 2,027,867 750,366
REVENUES OVER (UNDER) EXPENDITURES - 766,023 - (766,023)
Net change in fund balance $ - $ 766,023 - $ (766,023)
FUND BALANCE:
End of year
160
275
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure RR Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental $ - $ 1,500,000 $ 121,242 $ (1,378,758)
Total revenues - 1,500,000 121,242 (1,378,758)
OTHER FINANCING SOURCES (USES):
Transfers out - (1,500,000) (121,242) 1,378,758
Total other financing sources (uses) - (1,500,000) (121,242) 1,378,758
Net change in fund balance $ - $ - - $
FUND BALANCE:
End of year $
161
276
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1983-1 Street Lighting Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,500 $ 2,500 $ 6,528 $ 4,028
Special assessments 320,395 320,395 315,143 (5,252)
Total revenues 322,895 322,895 321,671 (1,224)
EXPENDITURES:
Current:
Public works and transportation 280,130 280,130 259,306 20,824
Total expenditures 280,130 280,130 259,306 20,824
REVENUES OVER (UNDER) EXPENDITURES 42,765 42,765 62,365 19,600
Net change in fund balance $ 42,765 $ 42,765 62,365 $ 19,600
FUND BALANCE:
Beginning of year 559,711
End of year $ 622,076
162
277
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1983-2 Stagecoach Landscape Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Interest
Special assessments
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
1,500 $
105,838
1,500 $
105,838
3,681 $
99,852
2,181
(5,986)
Total revenues 107,338 107,338 103,533 (3,805)
EXPENDITURES:
Current:
Public works and transportation 78,138
78,138
57,131
21,007
Total expenditures 78,138
78,138
57,131
21,007
REVENUES OVER (UNDER) EXPENDITURES 29,200
29,200
46,402
17,202
Net change in fund balance $ 29,200 $
FUND BALANCE:
Beginning of year
End of year
29,200
46,402 $ 17,202
308,759
$ 355,161
163
278
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1986-1 Dougherty Landscape Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 2,500 $ 2,500 $ 5,769 $
Special assessments 141,856 141,856 160,498
3,269
18,642
Total revenues 144,356 144,356 166,267 21,911
EXPENDITURES:
Current:
Public works and transportation 135,512 135,512 98,762 36,750
Total expenditures 135,512 135,512 98,762 36,750
REVENUES OVER (UNDER) EXPENDITURES 8,844 8,844 67,505 58,661
OTHER FINANCING SOURCES (USES):
Transfers out (400,000) (400,000) (9,699) 390,301
Total other financing sources (uses) (400,000) (400,000) (9,699) 390,301
Net change in fund balance $ (391,156) $ (391,156) 57,806 $ 448,962
FUND BALANCE:
Beginning of year 492,132
End of year $ 549,938
164
279
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1997-1 Santa Rita Landscape Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Interest
Special assessments
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
7,000 $ 7,000 $ 13,682 $
397,549 397,549 359,941
6,682
(37,608)
Total revenues 404,549 404,549 373,623 (30,926)
EXPENDITURES:
Current:
Public works and transportation 363,164 363,164 354,352 8,812
Total expenditures 363,164 363,164 354,352 8,812
REVENUES OVER (UNDER) EXPENDITURES 41,385 41,385 19,271 (22,114)
Net change in fund balance $ 41,385 $ 41,385 19,271 $ (22,114)
FUND BALANCE:
Beginning of year 1,176,419
End of year $ 1,195,690
165
280
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Maintenance Districts 1999-1 East Dublin Street Lighting Special Revenue Fund
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Interest $ 8,000 $ 8,000 $ 13,103 $
Special assessments 340,669 340,669 310,590
5,103
(30,079)
Total revenues 348,669 348,669 323,693 (24,976)
EXPENDITURES:
Current:
Public works and transportation 251,900 251,900 233,945 17,955
Total expenditures 251,900 251,900 233,945 17,955
REVENUES OVER (UNDER) EXPENDITURES 96,769 96,769 89,748 (7,021)
OTHER FINANCING SOURCES (USES):
Transfers out (40,106) (837,242) (332,333) 504,909
Total other financing sources (uses) (40,106) (837,242) (332,333) 504,909
Net change in fund balance $ 56,663 $ (740,473) (242,585) $ 497,888
FUND BALANCE:
Beginning of year 1,205,664
End of year $ 963,079
166
281
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Dublin Crossing Community Facilities District No. 2017-1 Special Revenue Fund
For the year ended June 30, 2022
REVENUES:
Interest
Special assessments
Total revenues
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
750 $
115,000
750 $
115,000
3,196 $
73,948
2,446
(41,052)
115,750 115,750 77,144 (38,606)
EXPENDITURES:
Current:
Public works and transportation 23,077 23,077 5,237 17,840
Capital outlay:
Streets 8,019 8,019 - 8,019
REVENUES OVER (UNDER) EXPENDITURES 84,654 84,654 71,907 (12,747)
Net change in fund balance $ 84,654 $ 84,654 71,907 $ (12,747)
FUND BALANCE:
Beginning of year 257,345
End of year $ 329,252
167
282
City of Dublin
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Energy Improvement Lease Revenue Bond Capital Projects Fund
For the year ended June 30, 2022
REVENUES:
Interest
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$
- $ 149,191 $ 149,191
Total revenues - - 149,191 149,191
EXPENDITURES:
Interest and fiscal charges - - 419,521 (419,521)
Total expenditures - - 419,521 (419,521)
REVENUES OVER (UNDER) EXPENDITURES - - (270,330) (270,330)
OTHER FINANCING SOURCES (USES):
Proceeds from long-term debt - 20,622,615 21,042,136 419,521
Transfers out - (20,622,615) (11,731,890) 8,890,725
Total other financing sources (uses) - - 9,310,246 9,310,246
Net change in fund balance $ - $ - 9,039,916 $ 9,039,916
FUND BALANCE:
Beginning of year -
End of year $ 9,039,916
168
283
INTERNAL SERVICE FUNDS
Vehicle Replacement this fund is an interest bearing Internal Service Fund established to finance necessary
vehicle replacements.
Building Replacement this fund is an interest bearing Internal Service Fund established to finance future
major building component repair expenditures.
Equipment Replacement this fund is an interest bearing Internal Service fund established to finance
necessary equipment replacements.
Retiree Health Care this fund is an interest bearing Internal Service Fund established to account for the
contribution made to the California Employers' Retiree Benefit Trust Fund for future retiree health care
benefits.
Information Technology accounts for all information and technology costs, including staffing.
169
284
City of Dublin
Combining Statement of Net Position
Internal Service Funds
June 30, 2022
Vehicle Building Equipment
Replacement Replacement Replacement
ASSETS
Current assets:
Cash and investments $ 2,005,017 $ 10,212,651 $ 7,649,348
Accounts receivable -
Prepaids and other -
Total current assets 2,005,017 10,212,651 7,649,348
Noncurrent assets:
Capital Assets:
Land -
Construction in progress
Infrastructure -
Building and improvements -
Vehicles and equipment 8,151,712
Less accumulated depreciation (3,979,765)
10,774,792
5,815,642
622,831
63,177,051
(44,700,692)
659,563
122,183
1,963,695
(1,129,458)
Net capital assets 4,171,947 35,689,624 1,615,983
Total assets 6,176,964 45,902,275 9,265,331
LIABILITIES
Current liabilities:
Accounts payable and accruals - 7,237
Due to other funds -
Total current liabilities - 7,237
Total liabilities - 7,237
NET POSITION (DEFICIT)
Net investment in capital assets 4,171,947 35,689,624
Unrestricted 2,005,017 10,212,651
1,615,983
7,642,111
Total net position (deficit) $ 6,176,964 $ 45,902,275 $ 9,258,094
170
285
Retiree Information
Health Care Technology
Total
$
- $ 1,517,540 $ 21,384,556
110,919 - 110,919
195,695 47,218 242,913
306,614 1,564,758 21,738,388
- 10,774,792
845,016 7,320,221
- 745,014
42,732 63,219,783
46,084 10,161,491
(42,708) (49,852,623)
891,124 42,368,678
306,614
2,455,882 64,107,066
(11,721)
125,513 121,029
269,953 - 269,953
258,232
125,513 390,982
258,232
125,513 390,982
- 891,124 42,368,678
48,382 1,439,245 21,347,406
$ 48,382 $ 2,330,369 $ 63,716,084
171
286
City of Dublin
Combining Statement of Revenues, Expenses and Changes in Fund Net Position
Internal Service Funds
For the year ended June 30, 2022
Vehicle Building Equipment
Replacement Replacement Replacement
OPERATING REVENUES:
Charges for services $ 539,535 $ 348,508 $ 988,715
Other revenue -
Total operating revenues 539,535 348,508 988,715
OPERATING EXPENSES:
Supplies and services (2,082,184) 60,375
Retiree health premiums -
Depreciation 437,157 2,135,061 166,700
Total operating expenses (1,645,027) 2,135,061 227,075
OPERATING INCOME (LOSS) 2,184,562 (1,786,553) 761,640
NONOPERATING REVENUES (EXPENSES):
Interest income
Total nonoperating revenues (expenses)
25,051 100,264 80,994
25,051
100,264 80,994
INCOME (LOSS) BEFORE
CONTRIBUTIONS AND TRANSFERS: 2,209,613 (1,686,289)
Transfers in - 1,000,000
Transfers (out) -
Total transfers
Change in net position
NET POSITION (DEFICIT):
842,634
- 1,000,000
2,209,613
(686,289) 842,634
Beginning of year 3,967,351 46,588,564 8,415,460
End of year $ 6,176,964 $ 45,902,275 $ 9,258,094
172
287
Retiree Information
Health Care Technology
Total
$
- $ 2,165,002 $ 4,041,760
932,849 - 932,849
932,849 2,165,002 4,974,609
922,266
1,925,193 (96,616)
- 922,266
10,260 2,749,178
922,266
1,935,453 3,574,828
10,583
229,549 1,399,781
14,599 220,908
14,599 220,908
10,583
244,148 1,620,689
- 1,000,000
(120,485) (120,485)
(120,485) 879,515
10,583
123,663 2,500,204
37,799 2,206,706 61,215,880
$ 48,382 $ 2,330,369 $ 63,716,084
173
288
City of Dublin
Combining Statement of Cash Flows
Internal Service Funds
For the year ended June 30, 2022
Vehicle Building Equipment
Replacement Replacement Replacement
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers $ 2,603,330 $ 348,508 $
Payments to suppliers and service providers -
Other revenues -
988,715
(53,138)
Net cash provided by (used in) operating activities 2,603,330 348,508 935,577
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES:
Cash receipts from other funds 1,000,000
Cash disbursements to other funds
Net cash provided by (used in) noncapital financing activities 1,000,000
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
Purchase of capital assets (2,804,106) - (223,782)
Net cash used in capital and related financing activities (2,804,106) - (223,782)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 25,051 100,264 80,994
Net cash provided by investing activities 25,051 100,264 80,994
Net Cash Flows (175,725) 1,448,772 792,789
CASH AND CASH EQUIVALENTS - Beginning of year 2,180,742 8,763,879 6,856,559
CASH AND CASH EQUIVALENTS - End of year $ 2,005,017 $ 10,212,651 $ 7,649,348
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Operating income (loss) $ 2,184,562 $ (1,786,553) $ 761,640
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating activities:
Depreciation 437,157 2,135,061 166,700
Change in assets and liabilities
Prepaids
Accounts payable and accruals (18,389) - 7,237
Net cash provided by (used in) operating activities $ 2,603,330 $ 348,508 $ 935,577
174
289
Retiree Information
Health Care Technology
Total
$
- $ 2,165,002 $ 6,105,555
(1,168,544) (1,731,978) (2,953,660)
932,849 932,849
(235,695)
433,024 4,084,744
235,695 1,235,695
- (120,485) (120,485)
235,695
(120,485) 1,115,210
(120,484) (3,148,372)
(120,484) (3,148,372)
14,599 220,908
14,599 220,908
206,654 2,272,490
1,310,886 19,112,066
$
- $ 1,517,540 $ 21,384,556
$ 10,583 $ 229,549 $ 1,399,781
(142,484)
10,260 2,749,178
135,078 (7,406)
(2) 58,137 46,983
$ (235,695) $ 433,024 $ 4,084,744
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176
291
CUSTODIAL FUNDS
Dublin Boulevard Extension Assessment District to account form the special assessment established to
fund the improvements to Dublin Boulevard.
Geologic Hazard Abatement Districts two districts were formed under provisions in the California
Public Code, Which establishes in section 25670 that a district is a political subdivision of the State and
is not an agency or instrumentality of a local agency. The City acts as a trustee of the funds collected
and may contractually provide or arrange for services paid for by the District. Fiscal Year 2008-2009
was the first year that tax roll assessments were levied by the Districts.
Fallon Village Geologic Hazard abatement District this assessment district was established in
2007, in accordance with a condition of approval for the Fallon Village development project. The
District was formed to provide a mechanism for ongoing maintenance on open space areas within
the development. The boundary of this assessment district encompasses approximately 175 acres of
land, located generally east of Fallon Road.
Schaefer Ranch Geologic Hazardous Abatement District this assessment district was established in
2006, in accordance with a condition of approval for the Fallon Village development project. The
District was formed to provide a mechanism for ongoing maintenance of open space areas within
the development. The boundary of this assessment district encompasses approximately 500 acres of
land, located at the westerly boundary of the City limits north of interstate 580, and south of the
unincorporated area of Alameda County.
Fallon Crossing (North Tassajara) Geologic Hazard Abatement District this assessment district
was established to account for the maintenance of open space areas in accordance with a condition
of approval for the fallon Crossings development project. The boundary of the District encompasses
68 acres of land located on the northeast side of Tassajara Road, about 2 1/4 Miles north of
Interstate Highway 580, Tassajara Road and Moller Creek, a tributary of Tassajara Creek, border the
western and northeastern limits of the site.
Dublin Crossing Community Facilities District (CFD) No. 2015-1 (Dublin Crossing) Fund is used to
account for bond issuances to finance capital facilities and infrastructure within the CFD secured by
the collection of Special Taxes on real property within the CFD. The Custodial Fund is custodial in
nature (uses the economic resources measurement focus). CFD bonds are not debt obligations of the
City.
177
292
City of Dublin
Combining Statement of Fiduciary Net Position
Custodial Funds
June 30, 2022
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities Total
Assessment Fallon Schnaefer (North District Custodial
District Village Ranch Tassajara) No. 2015-1 Funds
ASSETS
Cash and investments $ 9,414 $ 8,051,809 $ 5,854,322 $ 2,397,703 $ 28,936,761 $ 45,250,009
Accounts receivable 4,980 - 787 21,472 27,239
Due to trustee - - - -
Total assets 9,414 8,056,789 5,854,322 2,398,490 28,958,233 45,277,248
LIABILITIES
Accounts payable 7,595 15,079 782 - 23,456
Total liabilities 7,595 15,079 782 - 23,456
NET POSITION
Restricted for:
Individuals, organizations, and
other governments 9,414 8,049,194 5,839,243 2,397,708 28,958,233 45,253,792
Total net position $ 9,414 $ 8,049,194 $ 5,839,243 $ 2,397,708 $ 28,958,233 $ 45,253,792
178
293
City of Dublin
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
For the year ended June 30, 2022
ADDITIONS:
Special assessments
Investment income
Proceeds from bonds
Property tax distribution
Other
Total additions
DEDUCTIONS:
Dublin Geologic Hazard Abatement Districts
Boulevard Fallon Community
Extension Crossing Facilities Total
Assessment Fallon Schnaefer (North District Custodial
District Village Ranch Tassajara) No. 2015-1 Funds
$ - $ 1,143,973 $ 550,073 $ 680,838 $ 4,819,648 $ 7,194,532
105 83,032 62,280 22,346 1,410 169,173
- - 28,862,448 28,862,448
3,228 1,656 5,425 15,890 26,199
- - 75,000 75,000
105 1,230,233 614,009 708,609 33,774,396 36,327,352
Administration - - 13,614,436 13,614,436
Project payments 158,830 146,660 30,710 - 336,200
Payments of bonds principal - - 280,000 280,000
Interest expense - - 4,022,998 4,022,998
Total deductions 158,830 146,660 30,710 17,917,434 18,253,634
Change in net position 105 1,071,403 467,349 677,899 15,856,962 18,073,718
NET POSITION:
Beginning of year 9,309 6,977,791 5,371,894 1,719,809 13,101,271 27,180,074
End of year $ 9,414 $ 8,049,194 $ 5,839,243 $ 2,397,708 $ 28,958,233 $ 45,253,792
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295
STATISTICAL SECTION
This part of the City of Dublin's annual comprehensive financial report presents detailed information as
a context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the City's overall financial health.
Index
Financial Trends
These schedules contain trend information to help the reader understand how the City's
financial performance and well-being have changed over time.
Revenue Capacity
These schedules contain information to help the reader assess the City's most significant local
revenue source, the property tax.
Debt Capacity
These schedules present information to help the reader assess the affordability of the City's
current levels of outstanding debt and the City's ability issues additional debt in the future.
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the City's financial activities take place.
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the
information in the City's financial report relates to the services the City provides and the
activities it performs.
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296
CITY OF DUBLIN, CALIFORNIA
Net Position by Component
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2013 2014 2015 2016
Governmental Activities
Net Investment in Capital Assets $ 432,722,323 $ 445,529,366 $ 444,832,546 $ 460,963,292
Restricted 52,548,095 60,808,540 74,738,217 97,592,438
Unrestricted 99,084,771 97,918,858 107,176,361 111,725,077
Total Primary Government $ 584,355,189 $ 604,256,764 $ 626,747,124 $ 670,280,807
Source: City of Dublin Administrative Services Department
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297
Fiscal Year
2017 2018 2019 2020 2021 2022
$ 487,123,214 $ 501,516,781 $ 531,251,006 $ 539,809,963 $ 537,970,764 $ 543,285,634
94,745,655 107,452,493 105,409,183 109,947,040 107,140,245 118,161,236
120,464,219 141,008,993 177,705,220 193,382,816 211,211,541 228,371,331
$ 702,333,088 $ 749,978,267 $ 814,365,409 $ 843,139,819 $ 856,322,550 $ 889,818,201
183
298
CITY OF DUBLIN, CALIFORNIA
Changes in Net Position
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Expenses
Governmental Activities
General government
Police
Fire
Public works
Parks and community services
Community development
Interest on long-term debt
Total Governmental Activities Expenses
Program Revenues
Governmental Activities
Charges for Services
General government
Police
Fire
Public works
Parks and community services
Community development
Operating Contributions and Grants
Capital Contributions and Grants
Total Governmental Activities Program Revenues
Net (Expense)/Revenue
Governmental Activities
General Revenues and Other Changes in Net
Position
Governmental Activities
Taxes
Property taxes
Special assessment taxes
Sales tax
Other taxes
Investment Income, Unrestricted
Other General Revenues
Total Governmental Activities
Change in Net Position
Governmental Activities
Fiscal Year
2013 2014
$ 10,265,476 $ 17,492,272 $
15,847,910 16,393,410
10,998,135 11,376,701
10,995,138 8,363,186
10,772,868 9,018,161
9,979,877 9,169,788
172,949
2015
11,296,896 $
15,325,113
12,198,769
15,336,225
12,149,716
5,713,196
156,897
2016
19,689,049
18,316,420
14,725,476
13,883,008
14,625,459
11,410,946
147,195
68,859,404
71,986,467
72,176,812 92,797,553
$ 142,353
328,275
2,153,785
3,892,845
2,463,146
9,540,241
1,135,050
28,689,753
$ 153,544
286,220
1,877,865
4,116,145
2,753,911
10,393,367
1,674, 815
20,914,994
$ 5,777,971
399,802
1,746,581
2,987,235
3,009,383
7,657,467
955,677
21,931,981
$ 5,209,378
362,054
1,633,056
2,698,767
2,931,553
13,217,027
1,629,137
38,433,119
48,345,448
42,170,861
44,466,097 66,114,091
$ (20,513,956) $ (29,815,606) $ (27,710,715) $ (26,683,462)
22,646,498
943,604
15,359,340
5,054,257
(399,590)
4,93 8,165
24,274,856
1,011,452
17,833,314
5,427,627
853,147
316,785
29,437,951
1,264,204
19,211,823
6,159,654
592,881
429,328
33,598,601
1,359,212
22,070,547
6,606,016
2,937,999
3,644,670
48,542,274
49,717,181 57,095,841 70,217,045
$ 28,028,318 $
Source: City of Dublin Administrative Services Department
19,901,575 $ 29,385,126 $ 43,533,583
184
299
Fiscal Year
2017
$ 14,276,843 $
17,080,942
13,687,195
18,351,543
11,193,876
14,249,950
136,867
2018
16,803,802 $
19,423,830
13,315,788
17,147,611
15,640,280
7,074,630
125,881
2019
15,387,028 $
21,814,982
14,152,331
24,131,711
12,750,878
5,606,118
2020
24,851,393 $
22,483,378
14,122,166
21,103,350
10,548,537
5,406,572
2021 2022
23,710,251 $
24,681,714
15,227,074
23,769,070
9,327,718
11,384,023
23,516,577
24,439,146
14,657,052
25,252,334
11,745,611
6,777,210
336,950
88,977,216
89,531,822
93,843,048
98,515,396
108,099,850 106,724,880
$ 5,402,925
322,231
1,426,973
3,386,621
2,950,625
9,334,477
8,008,289
21,133,748
$ 6,060,099
335,929
1,551,899
3,517,700
4,638,050
10,139,788
12,577,699
23,43 8,110
$ 6,520,152
330,280
1,708,807
3,132,543
5,287,193
7,742,076
7,633,916
34,517,687
$ 7,507,286 $
244,363
1,603,243
2,471,032
3,237,611
4,402,789
4,940,586
9,192,691
9,113,104
214,223
2,103,228
2,453,787
1,388,778
5,182,639
5,545,115
5,674,477
$ 10,129,727
241,962
2,062,704
3,361,847
5,145,083
6,719,349
7,273,101
16,457,860
51,965,889
62,259,274
66,872,654
33,599,601
31,675,351 51,391,633
$ (37,011,327) $ (27,272,548) $ (26,970,394) $ (64,915,795) $ (76,424,499) $ (55,333,247)
36,964,785 40,628,040 44,293,602
1,416,721 1,472,933 1,469,840
21,186,333 21,134,636 26,297,803
6,834,545 43,787 8,223,510
(710,595) (558,269) 8,589,252
3,371,819 3,335,600 2,483,530
49,086,335
1,523,257
22,506,975
7,280,323
10,485,543
2,276,391
53,007,086 55,186,388
1,550,479 1,527,036
26,289,165 27,935,894
7,185,319 8,281,142
(975,548) (12,803,156)
2,550,729 8,601,594
69,063,608
66,056,727
91,357,537
93,158,824
89,607,230 88,728,898
$ 32,052,281 $ 38,784,179 $ 64,387,143 $ 28,243,029 $ 13,182,731 $ 33,395,651
185
300
General Fund
Unreserved, designated for:
Capital Improvements Projects Carryover
Unreserved, undesignated:
Non -Spendable
Restricted
Committed
Assigned
Unassigned
Total General Fund
All Other Governmental Funds
Non -Spendable
Restricted
Committed
Assigned
Unassigned
Total All Other Governmental Funds
Total Governmental Funds
CITY OF DUBLIN, CALIFORNIA
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Fiscal Year
2013
$
$ 2,836,130
500,000
36,020,171
23,912,896
14,047,932
77,317,129
2014
43,787
2,465,678 $
500,000
34,124,267
29,259,333
13,228,484
79,621,549
2015
1,475,691 $
500,000
38,531,179
35,875,264
21,324,360
97,706,494
2016
729,883
579,000
38,928,755
39,078,695
29,867,693
109,184,026
$ 53,646,702 $ 61,710,448 $ 75,646,848 $ 84,453,929
(1,098,607) (923,409) (930,131) 13,138,509
52,548,095 60,787,039 74,716,717 97,592,438
$ 129,865,224 $ 140,408,588 $ 172,423,211 $ 206,776,464
Source: City of Dublin Administrative Services Department
186
301
Fiscal Year
2017 2018 2019 2020 2021 2022
$ 198,878 $
1,762,000
36,213,714
50,126,807
34,114,263
122,415,662
7,391 $
1,938,000
43,740,492
57,267,840
39,158,943
142,112,666
12,818 $
1,938,000
47,267,326
60,771,810
61,235,819
171,225,773
13,061 $
1,938,000
57,828,475
64,004,658
66,865,027
190,649,221
13,266 $
4,493,314
70,694,542
66,743,519
67,819,855
209,764,496
10,541
4,261,640
73,346,367
93,266,322
52,972,636
223,857,506
$
$ 82,686,743
650
105,476,681 $
11,808,233 (1,998,366)
94,494,976 103 ,478,965
$ 216,910,638 $ 245,591,631 $
$
107,090,763
(3,737,589)
103,353,174
274,578,947 $
25,000
104,872,535 $
(3,522,706)
101,374,829
292,024,050 $
102,613,783 $
(326,876)
102,286,907
312,051,403 $
122,939,512
(875,851)
122,063,661
345,921,167
187
302
CITY OF DUBLIN, CALIFORNIA
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(Accrual Basis of Accounting)
Revenues
Property taxes
Taxes other than property
Intergovernmental
Licenses and permits*
Charges for services
Investment income
Use of property
Fines and forteitures
Development fees*
Special assessments
Other revernues
Total Revenues
Expenditures
Current:
General government
Police
Fire
Public works
Parks and community services
Community development
Capital Outlay:
General
Community improvements
Parks
Streets
Debt Service:
Principal
Interest and fiscal charges
Total Expenditures
Excess of Revenues Over (Under) Expenditures
Other Financing Sources (Uses)
Proceeds from Debt
Transfers In
Transfers Out
Total Other Financing Sources (Uses)
Net Change in Fund Balances
Debt Service as percentage of non -capital
expenditures
Fiscal Year
2013
$ 23,742,336 $
20,915,025
4,534,748
258,782
11,979,079
(185,467)
580,507
326,027
24,413,988
980,775
9,232,055
2014
25,448,254
23,769,133
2,574,159
293,941
12,326,848
1,101,634
1,591,784
323,601
21,358,140
1,025,239
2,762,970
2015
$ 29,437,951
25,371,476
3,245,822
301,072
13,737,934
1,071,936
2,352,810
320,629
24,276,317
1,264,201
3,499,480
2016
$ 33,598,601
28,676,662
3,303,521
314,206
13,846,381
3,689,940
6,751,864
290,871
43,038,360
1,359,214
1,351,331
96,777,855
92,575,703
104,879,628 13 6,220, 951
7,600,102 8,411,507 11,471,412 20,715,735
15,719,694 16,155,083 15,697,432 17, 886,990
10,923,855 11,226,414 11,930,245 12,265,614
7,246,097 7,422,110 8,481,686 8,616,323
8,919,816 9,349,729 9,731,003 10,791,185
8,586,129 9,102,734 6,059,180 11,348,674
8,866,096 13,316,472 1,241,494 666,478
81,234 21,497 68,190 117,104
2,324,586 9,451,657 4,742,328 23,469,847
4,946,527 2,403,926 3,568,142 3,652,808
75,214,136
21,563,719
86,861,129
5,714,574
72,991,112
31,888,516
109,530,758
26,690,193
16,338,838
(9,515,805)
6,823,033
$ 28,386,752 $
0.0%
25,192,268 9,625,456 27,912,037
(20,385,523) (9,455,561) (29,903,351)
4,806,745 169,895 (1,991,314)
10,521,319 $ 32,058,411 $ 24,698,879
0.0%
* Some of permits revenue has been considered to be an integral part of development revenue and therefore has been
reclassed to development revenue effective in fiscal year 20/21.
0.0%
0.0%
Source: City of Dublin Administrative Services Department
188
303
Fiscal Year
2017
$ 36,964,784
28,020,877
9,352,861
318,981
14,185,768
168,792
1,539,669
260,220
26,866,804
1,416,721
1,763,454
2018
$ 40,628,040
27,089,866
12,415,367
318,400
17,859,770
666,808
1,669,841
275,665
24,465,477
1,472,932
7,363,700
2019
$ 44,293,602
32,949,484
8,961,332
291,788
16,786,806
10,345,636
1,519,342
265,971
21,426,005
1,469,839
4,963,646
2020
$ 49,086,335
28,312,778
7,411,403
236,972
14,433,980
12,006,831
1,381,729
196,840
10,178,191
1,523,256
1,675,842
2021 2022
$ 53,007,086
31,826,343
10,805,708
334,852
11,934,020
183,258
1,208,739
177,477
10,891,389
1,550,480
2,124,277
$ 55,186,388
34,391,349
9,579,161
354,643
15,941,968
(11,905,192)
2,032,711
193,018
24,862,035
7,760,922
1,527,035
120,858,931
134,225,866
143,273,451
126,444,157
124,043,629 139,924,038
13,313,517 14,020,898 14,894,745 23,151,872 22,104,295 23,539,492
17,183,853 19,355,889 21,983,278 22,177,174 23,755,356 25,381,768
13,442,239 13,431,891 14,269,535 14,244,913 14,760,311 15,699,080
13,433,983 10,718,547 14,708,764 13,821,133 14,105,010 15,710,181
8,934,718 13,585,706 9,708,040 7,228,275 6,085,251 8,756,857
11,652,735 6,700,773 5,543,073 4,989,648 10,033,900 5,795,288
1,922,766 2,380,766 11,240,369 9,828,253 6,614,602 12,978,975
3,854 76,795
26,113,810 10,606,254 1,081,809 6,180,120 4,170,540 13,400,686
10,516,675 12,832,455 14,666,554 5,488,030 3,116,314 4,030,047
1,345,484 1,368,186 1,368,186 1,368,186 505,000
419,521
116,518,150
4,340,781
105,055,458
29,170,408
109,464,353
33,809,098
108,477,604
17,966,553
106,113,765
17,929,864
126,216,895
13,707,143
5,450,042
38,313,026
(37,969,675)
5,793,393
$ 10,134,174 $
0.0%
24,363,489
(24,852,904)
(489,415)
28,680,993 $
1.7%
27,100,426
(31,922,207)
(4,821,781)
28,987,317 $
1.9%
21,651,510
(22,172,960)
(521,450)
17,445,103 $
1.5%
14,046,539
(11,949,050)
2,097,489
20,027,353 $
21,042,136
30,644,511
(31,524,026)
20,162,621
33,869,764
1.4% 1.0%
189
304
CITY OF DUBLIN, CALIFORNIA
Assessed Value of Taxable Property
Last Ten Fiscal Years
Fiscal City Wide
Year Real Property Net Taxable Average
Ended Residential Commercial Industrial Unsecured/ Less: Assessed Total Direct
June 30 Property Property Property Other Property Exemptions Value Tax Rate
2013 $ 6,378,930,469 $ 1,330,147,064 $ 245,481,519 $ 948,525,966 $(112,296,063) $8,790,788,955 0.2386%
2014 7,135,260,308 1,336,760,537 246,334,563 1,035,990,618 (172,869,596) 9,581,476,430 0.2380%
2015 8,431,051,125 1,391,578,857 274,410,187 1,138,571,747 (185,639,690) 11,049,972,226 0.2373%
2016 9,662,162,719 1,481,865,501 277,588,684 1,261,568,728 (152,705,687) 12,530,479,945 0.2367%
2017 10,563,641,612 1,572,348,815 276,986,936 1,412,347,150 (151,208,054) 13,674,116,459 0.2365%
2018 11,483,621,200 1,634,851,757 279,900,741 1,494,613,752 (91,891,868) 14,801,095,582 0.2364%
2019 12,705,642,088 1,713,788,644 284,936,683 1,623,924,258 (181,733,659) 16,146,558,014 0.2363%
2020 14,169,003,039 1,819,769,185 302,957,585 1,719,280,594 (181,569,809) 17,829,440,594 0.2360%
2021 15,481,016,928 2,109,649,340 303,634,663 1,516,019,943 (240,382,905) 19,169,937,969 0.2359%
2022 16,240,797,288 2,126,716,219 342,361,488 1,436,361,129 (240,405,849) 19,905,830,274 0.2358%
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2012/13 through 2021/22
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.
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305
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191
306
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(Rate per $100 of assessed value)
City Direct Rates Overlapping Rates (1)
Bay Area Castro Valley Chabot -Las Positas Dublin East Bay
Fiscal Basic Total Rapid Unified Community Unified Regional
Year Levy Direct Transit School Bonds College Boards Bonds 1A & B Park
2012-13 1.00000 0.23860 0.00410 0.09890 0.02140 0.09700 0.00710
2013-14 1.00000 0.23796 0.00430 0.09240 0.02190 0.09930 0.00510
2014-15 1.00000 0.23730 0.00750 0.08510 0.02140 0.11470 0.00780
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
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls, 2012/13 through 2021/22
(1) Overlapping rates are those of local and county governments that apply to property owners within the City.
Not all overlapping rates apply to all city property owners. These are voter approved levies in addition to
the 1 % State levy.
(2) The City's share of the 1 % Levy is based on the City's share of the general fund tax rate area with the largest
net taxable value within the City.
192
307
Flood Zone 7 Livermore Valley
State Water Joint Unified
Bonds School Board
Total City's Share
County Wide Direct & Overlapping of 1% Levy per
Go Bond Tax Rate Proposition 13
0.03070 0.06270 0.00000 1.32190 0.2818
0.02280 0.06070 0.00000 1.30650 0.2818
0.02570 0.05960 0.00000 1.32180 0.2818
0.02500 0.04970 0.00000 1.30230 0.2817
0.03430 0.00000 0.00000 1.14010 0.2818
0.03330 0.00000 0.00000 1.16630 0.2818
0.03320 0.00000 0.01120 1.24660 0.2818
0.03090 0.00000 0.01080 1.24790 0.2818
0.03090 0.00000 0.00360 1.21360 0.2818
0.03070 0.00000 0.00410 1.28500 0.2817
193
308
CITY OF DUBLIN, CALIFORNIA
Principal Property Tax Payers
Current year and Nine Years Ago
2021-22 2012-13
Percentage Percentage
of Total City of Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Kaiser $ 339,231,020 1 1.70%
Avalon at Dublin Station II, LP 209,809,146 2 1.05%
California Commuity Housing Agency 197,562,928 3 0.99%
GH Pacvest LLC 143,693,765 4 0.72%
Dublin Crossing LLC 138,208,246 5 0.69%
Ross Dress for Less 129,500,156 6 0.65%
4800 Tassajara Road Apts Invest LLC 128,178,499 7 0.64%
Dublin Station Owner LLC 122,877,517 8 0.61%
Dublin Corporate Center Owner LLC 116,926,847 9 0.59%
Essex Dublin Owner, LP 110,905,485 10 0.56%
Trust NOIP Dublin, LP $ 149,125,836 1 1.70%
4800 Tassajara Road Apts Invest LLC 112,164,410 2 1.28%
Avalon at Dublin Station II, LP 87,066,583 3 0.99%
Dublin Corporate Center I, LP 86,682,500 4 0.99%
Bere Island Properties I, LLC 85,520,155 5 0.97%
Tishman Speyer Archstone Smith 79,711,972 6 0.91%
BIT Holding Sixty -Three, Inc 73,178,626 7 0.83%
Standard Pacific Coporation 72,829,445 8 0.83%
Kaiser 64,521,989 9 0.73%
Ross Dress for Less 60,565,894 10 0.69%
Subtotal $ 1,636,893,609 8.19% $ 871,367,410 9.91%
Source: HDL Coren & Cone and Alameda County Assessor Combined Tax Rolls
194
309
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
2013 $ 24,769,806 $ 23,997,036 96.88% $ 527,988 $ 24,525,024 96.88%
2014 27,001,559 26,200,578 97.03% 432,070 26,632,648 97.03%
2015 31,129,982 30,434,412 97.77% 412,643 30,847,054 97.77%
2016 35,304,627 34,734,843 98.39% 357,472 35,092,315 98.39%
2017 38,529,558 38,100,547 98.89% 335,955 38,436,502 98.89%
2018 41,708,007 41,594,518 99.73% 362,487 41,957,005 99.73%
2019 45,499,386 45,357,078 99.69% 330,947 45,688,025 99.69%
2020 50,245,147 50,102,147 99.72% 379,250 50,481,396 99.72%
2021 54,024,719 53,621,996 99.25% 520,190 54,142,186 99.25%
2022 56,098,611 56,018,305 99.86% 425,907 56,444,212 99.86%
Source: Alameda County Assessor Office
195
310
CITY OF DUBLIN, CALIFORNIA
Direct and Overlapping Debt
June 30, 2022
Total Property Tax Assessed Value of Taxable Property
Estimated
Outstanding Percentage Share of
Debt Applicable to Overlapping
6/30/2022 City of Dublin (I) Debt
OVERLAPPING TAX AND ASSESSMENT DEBT:
Alameda County $ 183,745,000 5.765% $ 10,592,899
Bay Area Rapid Transit District 2,521,570,000 2.246% 56,634,462
Chabot -Las Positas Community College District 805,595,000 13.736% 110,656,529
Dublin Joint Unified School District 654,219,641 99.983% 654,108,424
East Bay Regional Park District 184,590,000 3.525% 6,506,798
City of Dublin Community Facilities District No. 2015-1 95,985,000 100.00% 95,985,000
California Statewide Communities Development Authority 1915 Act Bonds 797,180 100.00% 797,180
TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT $ 935,281,292
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Alameda County General Fund Obligations 742,688,000 5.765% 42,815,963
Alameda -Contra Costa Transit District Certificates of Participation 11,655,000 0.175% 20,396
City of Dublin General Fund Obligations (2) 20,454,565 100.00% 20,454,565
TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT $ 63,290,924
TOTAL DIRECT DEBT $ 20,454,565
TOTAL OVERLAPPING DEBT $ 978,117,651
COMBINED TOTAL DEBT (3) $ 998,572,216
RATIOS TO ASSESSED VALUATION:
Total Overlapping Tax and Assessment Debt 4.68%
Total Direct Debt 0.09%
Combined Total Debt.. 4.99%
Source: California Municipal Statistics, Inc.
Notes:
(I) 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 lease agreement dated 7/1/22.
(3) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non -bonded capital lease obligations.
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Debt limit
Total net debt applicable to limit
Legal debt margin
Total net debt applicable to the limit
as a percentage of debt limit
CITY OF DUBLIN, CALIFORNIA
Legal Debt Margin Information
Last Ten Fiscal Years
Fiscal Year
2012-13 2013-14
2014-15 2015-16
$ 333,865,688 $ 361,622,926 $ 416,774,836 $ 469,892,998
$ 333,865,688 $ 361,622,926 $ 416,774,836 $ 469,892,998
0.0% 0.0% 0.0% 0.0%
(1) Source: City of Dublin Administrative Services Department
(2) The legal debt margin for the City of Dublin, California, is calculated using a debt limit of 15 percent of the assessed
value of property within the City limits. (Gov Code of State of California)
(3) The government code provision was enacted when assessed valuation was based upon 25% of market
value. Effective with the 1981-82 fiscal year, each parcel in now assessed at 100% of market value (as of the
most recent change in ownership parcel) in ownership for that parcel. The computations shown above
reflect a conversion of assessed valuation data for each fiscal year from the current full valuation perspective
to the 25% level that was in effect at the time that the legal debt margin was enacted by the State of California
for local governments located within the state.
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313
Legal Debt Margin Calculation for Fiscal Year 2021-22
Assessed value (net) - June 30, 2022 (1)
Debt limit: 15% of assessed value
Less total bonded debt, general obligation
Legal debt margin (2)
Conversion Percentage for Calculation of Debt Limit (3)
Fiscal Year
$ 19,905,830,274
2,985,874,541
$ 2,985,874,541
25%
$ 746,468,635
2016-17 2017-18
2018-19 2019-20
2020-21 2021-22
$ 512,779,367 $ 555,041,084 $ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635
$ 512,779,367 $ 555,041,084 $ 605,495,926 $ 668,604,022 $ 718,872,674 $ 746,468,635
0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
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314
CITY OF DUBLIN, CALIFORNIA
Demographic And Economic Statistics
Last Ten Calendar Years
(Dollars in Thousands)
Personal Per Capita Rank in Size
Fiscal City Income, in Personal Unemployment of
Year Population (1) thousands (1) Income (1) Rate (2) California Cities (3)
2012 49,890 1,819,688 36,474 4.2% 175
2013 53,462 2,321,908 43,431 3.5% 181
2014 54,695 2,333,289 42,660 3.6% 185
2015 57,349 2,562,296 44,679 2.9% 156
2016 59,686 2,836,816 47,529 2.7% 153
2017 60,939 3,101,125 50,889 2.8% 153
2018 63,445 3,441,955 54,251 2.7% 147
2019 64,826 3,789,339 58,454 2.5% 140
2020 72,589 4,464,441 61,503 6.6% 140
2021 71,674 4,465,505 62,303 4.2% 119
Sources: (1) US Census Buraeu, most recent estimates July 1, 2021
(2) State of California, Employment Development Department June 2022
(3) State of California, Department of Finance - California Cities Ranked by January 2022 Total Population
200
315
Fiscal Year Ended
30-Jun
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
CITY OF DUBLIN, CALIFORNIA
Property Value, Construction, and Bank Deposits
Last Ten Fiscal Years
Total Number of
Building Permits
Issued (1)
2,425
2,443
2,068
2,812
2,806
2,803
1,866
2,393
2,437
Commercial
Construction Value
(1)
$ 21,139,964
57,812,261
60,793,275
102,148,173
177,500,725
54,086,352
119,498,163
45,031,310
42,330,706
70,148,588
Source: 1) City of Dublin Community Development Depaitiiient
Residential
Construction Value
(1)
$ 386,984,935
322,511,777
295,988,465
323,747,409
308,916,668
383,817,023
272,846,465
157,262,586
177,291,325
258,217,767
Bank Deposits (2)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
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316
Employer
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
2013 2014 2015 2016
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employees Rank Employees Rank Employees Rank Employees Rank
United States Government
& Federal Correction Institute 2,100 1 2,100 1 2,100 1 2,100 1
County of Alameda 465 5 465 6 465 6 325 6
Dublin Unified School District 755 2 733 3 1,117 3 915 2
Ross Stores Headquarters - NA 1,200 2 1,200 2 500 4
Patelco Credit Union - NA - NA - NA - NA
Zeiss Meditec 535 4 535 5 535 5 500 4
Kaiser Permanente - NA - NA - NA - NA
Target Stores - NA 412 7 388 7 350 5
Snowflake, Inc. - NA - NA - NA - NA
TriNet - NA - NA - NA - NA
City of Dublin 208 9 221 10 N/A N/A 237 9
SAP (Formerly: Sybase
Corporation) 604 3 604 4 604 4 700 3
De Silva Gates Construction NA N/A N/A 300 9 300 7
Whole Foods NA NA NA NA
Callidus Cloud NA N/A N/A 350 8 350 5
Micro Dental Laboratories 242 8 242 8 - NA - NA
Safeway 284 7 284 9 284 10 280 8
Taleo - NA - NA - NA - NA
Franklin Templeton Investments 200 10 - NA - NA - NA
Subtotal 5,393
Total City Day Population
Source: City of Dublin Office of Economic Development
6,796 7,343 6,557
202
317
Employer
2017 2018 2019 2020
Estimated Estimated Estimated Estimated
Number of Number of Number of Number of
Employees Rank Employees Rank Employees Rank Employees Rank
United States Government
& Federal Correction Institute 2,100 1 2,100 1 1,450 1 1,400 1
County of Alameda 860 3 870 4 975 4 1,165 2
Dublin Unified School District 975 2 1,007 2 1,096 3 1,115 3
Ross Stores Headquarters 800 4 950 3 1,100 2 1,100 4
Patelco Credit Union - NA - NA - NA 380 8
Zeiss Meditec 481 5 465 5 450 6 450 6
Kaiser Permanente - NA - NA 600 5 510 5
Target Stores 350 8 325 9 380 9 380 8
Snowflake, Inc. - NA - NA - NA - NA
TriNet - NA 343 8 400 8 400 7
City of Dublin 377 7 433 6 400 7 332 10
SAP (Formerly: Sybase
Corporation) NA - NA NA NA
De Silva Gates Construction 300 9 NA NA NA
Whole Foods NA 240 NA 350 10 NA
Callidus Cloud 400 6 NA NA NA
Micro Dental Laboratories - NA - NA - NA - NA
Safeway 280 10 - NA - NA - NA
Taleo - NA - NA - NA - NA
Franklin Templeton Investments - NA - NA - NA - NA
Subtotal 6,923 6,733 7,201 7,232
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318
Employer
CITY OF DUBLIN, CALIFORNIA
Principal Employers
Current Year and Prior Year
(Dollars in thousands)
(Continued)
2021 2022
Estimated Estimated
Number of Number of
Employees Rank Employees Rank
United States Government
& Federal Correction Institute 1,608 1 1,589 1
County of Alameda 1,165 2 1,307 2
Dublin Unified School District 1,070 4 1,200 3
Ross Stores Headquarters 1,100 3 1,160 4
Patelco Credit Union 404 7 831 5
Zeiss Meditec 620 5 692 6
Kaiser Permanente 600 6 601 7
Target Stores 350 9 344 8
Snowflake, Inc. - NA 250 9
TriNet 363 8 215 10
City of Dublin 250 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
Taleo - NA - NA
Franklin Templeton Investments - NA - NA
Subtotal
7,530 8,189
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CITY OF DUBLIN CALIFORNIA
Full -Time Equivalent City and Contract Government Employees by Function
Last Ten Fiscal Years
Function
General government
City Manager
Administrative Services
Economic Development
Disaster Preparedness
2013 2014 2015 2016
9.59 8.25 8.59 8.84
11.50 11.75 11.75 11.75
2.50 3.50 3.50 3.50
0.59 0.33 0.33 0.33
Public Safety
Police 59.00 60.00 60.00 61.00
Fire 39.64 39.90 39.91 39.91
Transportation
Public Works 5.45 7.18 9.45 7.95
Streets Maintenance 10.08 10.32 14.08 11.60
Engineering 9.00 9.00 8.00 8.00
Health and welfare
Environmental 2.59 2.59 1.50 1.50
Housing 2.25 2.50 2.50 2.56
Waste Management 1.08 1.08 1.83 1.83
Culture and leisure services
Parks Community Services
Facility and Park Maintenance
Library Services
Community Development
Planning & Building
Total
22.20 24.87 22.76 24.76
10.10 11.65 13.07 15.55
0.37 0.37 0.38 0.38
22.45 23.45 24.45 24.64
208.39 216.74 222.10 224.10
Source: City of Dublin Administrative Services Department
Note: Include Full Time, Part Time, Temporary, and Contract Employees
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321
2017 2018 2019 2020 2021 2022
9.84 10.84 11.40 11.70 19.15 22.15
12.00 12.00 12.00 12.00 8.90 8.90
3.50 3.50 3.80 3.80 2.10 2.10
0.33 0.33 0.25 0.25 0.75 0.75
61.00 63.00 65.00 67.00 67.00 71.00
39.99 39.59 39.58 39.58 39.56 39.56
5.70 4.70 6.60 6.60 5.45 5.45
17.25 22.09 22.27 22.27 18.00 20.82
10.75 10.75 9.25 9.25 10.25 10.55
3.00 3.00 2.60 2.60 2.30 2.00
1.75 1.75 1.90 1.90 1.85 1.85
0.33 0.33 0.35 0.35 0.10 0.10
26.02 24.18 23.10 23.10 22.00 23.00
15.68 17.45 17.27 17.27 18.27 16.70
0.42 0.42 0.00 0.00 0.00 0.00
27.39 28.68 28.38 27.24 23.82 24.55
234.95 242.61 243.75 244.91 239.50 249.48
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Function/Program
CITY OF DUBLIN CALIFORNIA
Operating Indicators by Function/Program
Last Ten Fiscal Years
2013 2014 2015 2016
Police:
Calls for Service 34,966 34,567 32,496 35,005
Citations Issued 8,699 8,530 7,175 7,087
Arrests 1,419 1,934 1,091 1,225
Fire:
Emergency calls 2,688 2,859 2,667 2,734
Inspections 3,538 3,664 3,948 4,304
Building Plan Reviews and Consultations 1,492 1,561 1,072 1,633
Public Works:
Bike Path Maintenance (hours) 668 749 416 799
Street Sign Maintenance (number of signs) 205 426 368 510
Curb Painting (linear feet) 6,400 5,808 32,512 2,922
Replace Street Asphalt (square feet) 37,000 18,112 15,800 31,000
Street Sweeping (curb miles) 5,901 5,931 5,953 5,993
Parks and Community Services:
Museum Visitors 8,612 8,256 5,272 3,591
Afterschool Recreation (participants/day) 228 322 364 363
Preschool Classes Participants 571 430 327 335
Youth Basketball League Participants 812 911 994 1,074
Senior Center Average Daily Attendance 211 220 233 236
Community Development:
Planning Applications 77 59 56 52
Building Permits 2,425 2,443 2,068 2,812
Building Inspections 26,045 22,345 20,197 20,784
Source: City of Dublin
208
323
2017 2018 2019 2020 2021 2022
38,688 38,568 38,480 34,643 30,018 30,414
7,164 7,051 7,968 5,806 5,582 5,367
1,315 1,653 1,821 1,510 1,514 1,496
2,848 3,247 3,245 3,443 3,692 4,797
4,141 4,034 4,284 2,964 2,628 1,875
1,654 1,195 797 490 606 873
695 742 969 863 874 1,071
359 1,838 2,569 546 664 428
3,846 3,216 3,893 14,502 123 305
73,436 75,087 1,636,012 2,270,000 117,767 36,695
6,026 8,033 7,936 7,210 8,146 8,733
3,525 3,422 2,757 2,011 147 560
367 405 416 334 649 528
158 131 160 185 98 308
1,156 1,035 1,075 792 0 683
274 279 299 245 222 166
58 48 31 40 52 44
2,806 2,803 2,350 1,866 2,393 2,437
25,186 25,574 20,951 13,339 10,759 14,178
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CITY OF DUBLIN, CALIFORNIA
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Fiscal Year
2013 2014 2015 2016
Function/Program
Public safety:
Police stations 1 1 1 1
Fire stations 3 3 3 3
Public works:
Street Lights 4,354 4,513 4,520 4,530
Miles of Streets 116 120 120 120
Miles of curbs 242 248 248 248
Traffic Signals 91 93 93 94
City Street Trees 7,408 7,477 7,521 8,556
City Landscape (acres) 67 69 70 74
Parks and recreation:
Number of Community Facilities 7 7 6 6
Number of City Parks 17 18 18 18
Acres of City Parks 166 171 171 171
Acres of Open Space 125 125 125 125
Source: City of Dublin
210
325
Fiscal Year
2017 2018 2019 2020 2021 2022
1 1 1 1 1 1
3 3 3 3 3 3
4,540 4,631 4,631 4,736 5,131 5,095
127 128 151 151 151 148
254 256 305 305 305 305
95 97 98 98 98 98
8,526 8,776 9,263 12,355 12,208 13,130
74 103 107 150 176 178
7 7 7 7 7 7
18 20 21 23 23 25
171 200 210 223 223 267
125 125 125 125 125 125
211
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CITY OF DUBLIN, CALIFORNIA
Top 25 Sales Tax Producers
2021-22
Business Name
Airport Appliance
All Natural Stone East Bay
Best Buy
Carl Zeiss Meditec USA
Curtis Blue Line
Dick's Sporting Goods
Dougherty Road Shell
Dublin Buick/GMC/Chevrolet/h
Dublin Hyundai Genesis
Dublin Nissan Dublin Infiniti
Eastbay Motorcars
Fallon Gateway Chevron
Graybar Electric
Honda
Lowes
Mazda
Nordstrom Rack
Pace Supply Corp
Safeway
Safeway Fuel Station
Target
Tesla Motors
Toyota
Volkswagen
WHCI Plumbing Supply Compa
Business Category
Household Appliance Store
Home Centers
Electronics/Appliances Store
Health/Medical
Machinery, Equipment, and Supplies
Sporting Goods/Bike Store
Service Station
Motor Vehicle Dealer
Motor Vehicle Dealer
Motor Vehicle Dealer
Used Car dealer
Service Station
Electrical Equipment
Motor Vehicle Dealer
Lumber/Building Materials
Motor Vehicle Dealer
Family Apparel
Plumbing/Electrical Supplies
Grocery/Liquor Stores
Service Stations
Discount Dept Stores
Motor Vehicle Dealer
Motor Vehicle Dealer
Motor Vehicle Dealer
Plumbing/Electrical Supplies
Source: City of Dublin Office of Economic Development
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CITY OF DUBLIN, CALIFORNIA
Miscellaneous Statistical Data
June 30, 2022
General
Date of Incorporation February 1, 1982
Form of Government Council/ Manager
Total Population (Estimated per the California Dept. of Finance, January 1, 2021) 71,674
Number of Registered Voters 34,350
Employees, City, and Contract (Full Time Equivalent) 249.48
Area (Square Miles) 15.23
Parks and Recreation
Parks 25
Acres in Parks 267
Acres in Open Space 125
Public Education
Elementary Schools 7
K-8 1
Middle Schools 2
High School 1
Continuation High School 1
Under Construction (Emerald High) 1
School Enrollment 12,896
Police Protection
Number of Stations
Police Personnel (Full Time Equivalent)
Fire Protection
Number of Stations
Fire Personnel (Full Time Equivalent)
1
71
3
39.56
Community Facilities
Dublin Civic Center 1
Dublin Senior Center 1
Dublin Heritage Center 1
Dublin Public Library 1
Shannon Community Center 1
Emerald Glen Activity Center 1
The Wave (Aquatics Facility) 1
Dublin Public Safety Complex 1
Source: City of Dublin
213
328
Attachment #3
(0)
► BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
December 2, 2022
To the Honorable Mayor and Members
of the City Council of the City of Dublin
City, California
We have audited the financial statements of the City of Dublin (City) as of and for the year ended
June 30, 2022, and have issued our report thereon dated December 2, 2022. Professional standards
require that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit and the Single Audit
As communicated in our engagement letter dated July 29, 2022, our responsibility, as described by
professional standards, is to form and express an 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 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
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 also considered internal control over compliance with requirements that could have a direct and
material effect on a major federal program in order to determine our auditing procedures for the
purpose of expressing our opinion on compliance and to test and report on internal control over
compliance in accordance with the Uniform Guidance.
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.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
329
Attachment #3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 2
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to
you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and our network firms 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, 2022. 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
Accounting estimates 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.
330
Attachment #3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
The most sensitive accounting estimates affecting the financial statements are investment valuations,
capital asset depreciation and useful life, and pension and other post -employment benefits (OPEB)
plan assumptions.
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 (OPEB) Plan
• Commitments and Contingencies
Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance
of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards also require us to accumulate all known
and likely misstatements identified during the audit, other than those that we believe are trivial, and
communicate them to the appropriate level of management. Further, professional standards require
us to also communicate the effect of uncorrected misstatements related to prior periods on the
relevant classes of transactions, account balances or disclosures, and the financial statements as a
whole and each applicable opinion unit. Uncorrected misstatements or matters underlying those
uncorrected misstatements could potentially cause future -period financial statements to be
materially misstated, even though the uncorrected misstatements are immaterial to the financial
statements currently under audit.
In addition, professional standards require us to communicate to you all material, corrected
misstatements that were brought to the attention of management as a result of our audit
331
Attachment #3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 4
procedures. The following material misstatements that we identified as a result of our audit
procedures were brought to the attention of, and corrected by, management:
• To reverse CFD special tax remittance as of June 30, 2022.
• To adjust revenue and unearned revenue related to ARPA as of June 30, 2022.
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 2, 2022.
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.
Single Audit Compliance
In accordance with the Uniform Guidance, we examined, on a test basis, evidence about the City's
compliance with the types of compliance requirements described in the U.S. Office of Management and
Budget (OMB) Compliance Supplement applicable to each of its major federal programs for the
purpose of expressing an opinion on the City's compliance with those requirements. While our audit
provides a reasonable basis for our opinion, it does not provide a legal determination on the City's
compliance with those requirements.
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
332
Attachment #3
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 5
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 underlying accounting records used to prepare the financial statements or to the financial
statements themselves.
Other Information Included in Annual Comprehensive Financial 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 comprehensive financial
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.
31. A.a.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
333
Attachment 4
City of Dublin
Measure B Funds
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2022
J
334
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Financial Statements
For the year ended June 30, 2022
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
335
1
IN I
BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the Measure B Funds (Measure B Funds) of the City of Dublin,
California (City), as of and for the year ended June 30, 2022, 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, 2022, 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.
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.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
336
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 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.
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
337
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
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 2, 2022
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.
Bile. 4 A..4
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
338
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339
City of Dublin
Alameda County Transportation Commission- Measure B Funds
Balance Sheet
June 30, 2022
ASSETS:
Cash and investments
Direct local distribution program receivables
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 908,466 $ 337,815 $ 1,246,281
7,735 2,802 10,537
Total assets $ 916,201 $ 340,617 $ 1,256,818
LIABILITIES:
Accounts payable and accrued liabilities $ - $ 577 $ 577
Total liabilities - 577 577
Fund Balances:
Restricted
916,201
340,040 1,256,241
Total fund balances 916,201 340,040 1,256,241
Total liabilities and fund balances $ 916,201 $ 340,617 $ 1,256,818
See accompanying Notes to Financial Statements.
340
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, 2022
REVENUES:
Measure B revenue
Interest Income
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 542,520 $ 196,506 $ 739,026
8,939 3,056 11,995
Total revenues 551,459 199,562 751,021
EXPENDITURES:
Bikes and Pedestrians - 6,655 6,655
Streets and Roads 530,455 57,711 588,166
Total expenditures 530,455 64,366 594,821
REVENUES OVER (UNDER)
EXPENDITURES 21,004 135,196 156,200
FUND BALANCES:
Beginning of year 895,197 204,844 1,100,041
End of year $ 916,201 $ 340,040 $ 1,256,241
See accompanying Notes to Financial Statements.
341
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2022
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.
342
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2022
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, 2022:
Cash and Investments $ 1,246,281
A. Investments
Under the provisions of the City's investment policy, and in accordance with California Government
Code, the following investments are authorized:
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
5 years
5 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
5 years
5 years
Minimum Credit
Quality
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25 %
10%
No Limit
20 %
30 %
20 %
20 %
No Limit
30%
Maximum
Investment In One
Issuer
20%
20% of Portfolio
No Limit
35 %
No Limit
20% of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
343
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2022
3. CASH AND INVESTMENTS, Continued
A. Investments, Continued
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and
for External Investment Pools, investments were stated at fair value using the aggregate method in all funds
and component units. The City's investments are carried at fair market value as required by generally
accepted accounting principles. The City accounts for all changes in fair value that occurred during the
year and are reflected in the fund balance for the fiscal year. These investment value changes are
unrealized since the City's policy is to generally hold and buy investments until maturity dates.
B. Risk Disclosures
Interest 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, 2022, 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, 2022, the City invested in LAIF, which had invested 1.88% of the pool investment funds in
Structured Notes and Asset -Backed Securities as compared to 2.31 % in the previous year. The LAIF fair
value factor of .98712 was used to calculate the fair value of the investments in LAIF.
344
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Notes to Financial Statements
For the year ended June 30, 2022
4. DIRECT LOCAL DISTRIBUTION PROGRAM RECEIVABLES
The receivables represent the Measure B sales tax revenues for the fiscal year received from the Alameda
County Transportation Commission after June 30, 2022.
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.
345
SUPPLEMENTARY INFORMATION
346
City of Dublin
Alameda County Transportation Commission - Measure B Funds
Supplementary Information
For the year ended June 30, 2022
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.
347
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Streets and Roads
For the year ended June 30, 2022
REVENUES:
Measure B revenue
Interest Income
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 594,000 $ 594,000 $ 542,520 $ (51,480)
3,000 3,000 8,939 5,939
597,000 597,000 551,459 (45,541)
Streets and Roads 572,000 1,186,161 530,455 655,706
Total expenditures 572,000 1,186,161 530,455 655,706
Net change in fund balance $ 25,000 $ (589,161) 21,004 $ 610,165
FUND BALANCE:
Beginning of year 895,197
End of year $ 916,201
348
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure B - ACTC Bikes and Pedestrians
For the year ended June 30, 2022
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
REVENUES:
Measure B revenue $ 216,000 $ 216,000 $ 196,506 $ (19,494)
Interest Income 1,500 1,500 3,056 1,556
Total revenues 217,500 217,500 199,562 (17,938)
EXPENDITURES:
Bikes and Pedestrians 18,000 18,000 6,655 11,345
Streets and Roads 18,400 403,117 57,711 345,406
Total expenditures 36,400 421,117 64,366 356,751
Net change in fund balance $ 181,100 $ (203,617) 135,196 $ 338,813
FUND BALANCE:
Beginning of year 204,844
End of year $ 340,040
349
COD
► B.ADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members of City Council
of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure B Funds (Measure
B Funds) of the City of Dublin, California (City), as of and for the year ended June 30, 2022, and the related
notes to the financial statements, and have issued our report thereon dated December 2, 2022.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
350
To the Honorable Mayor and Members of City Council
of the City of Dublin
Dublin, California
Page 2
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Measure B Funds' financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and material
effect on the financial statement. However, providing an opinion on compliance with those provisions was
not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
21..
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
351
1
COD
► BADAWL&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE B
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure B
Opinion on Compliance for Measure B
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure B 2000 Funds (Measure B Funds) for the year ended June 30, 2022.
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, 2022.
Basis for Opinion on Measure B
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on compliance for the City's Measure B Funds.
Our audit does not provide a legal determination of the Measure B Funds compliance with the compliance
requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's
Measure B Funds.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
352
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.
Other Matters
Under Measure B, approved by the voters of Alameda County in 2000, the City has received a total of 12
months of revenue from July 2021 through June 2022. The Local Street and Roads program has received
$542,520 and the Bike and Pedestrian program has received $196,506.
353
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
354
Attachment 5
City of Dublin
Measure BB Funds
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2022
J
355
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Financial Statements
For the year ended June 30, 2022
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
356
I
COD
BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the Measure BB Funds (Measure BB Funds) of the City of
Dublin, California (City), as of and for the year ended June 30, 2022, 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, 2022, 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.
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.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
357
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 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.
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
358
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 3
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 2, 2022
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.
34. 4..4
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
359
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360
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Balance Sheet
June 30, 2022
ASSETS:
Cash and investments
Direct local distribution program receivables
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 412,737 $ 295,256 $ 707,993
335,600 110,520 446,120
Total assets $ 748,337 $ 405,776 $ 1,154,113
FUND BALANCES:
Restricted
Total fund balances
$ 748,337 $ 405,776 $ 1,154,113
$ 748,337 $ 405,776 $ 1,154,113
See accompanying Notes to Financial Statements.
361
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Statement of Revenues, Expenditures and Changes in Fund Balances
For the year ended June 30, 2022
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Bikes and Pedestrians
ACTC ACTC
Streets and Bikes and
Roads Pedestrians
Total
$ 817,456 $ 269,205 $ 1,086,661
4,188 2,890 7,078
821,644 272,095 1,093,739
Streets and Roads 441,051 52,871 493,922
Total expenditures 441,051 52,871 493,922
REVENUES OVER (UNDER)
EXPENDITURES
FUND BALANCES:
380,593 219,224 599,817
Beginning of year 367,744 186,552 554,296
End of year $ 748,337 $ 405,776 $ 1,154,113
See accompanying Notes to Financial Statements.
362
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2022
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.
363
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2022
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, 2022:
Cash and Investments $707,993
A. Investments
The City's Investment Policy and the California Government Code allow the City to invest in the
following, provided the credit ratings of the issuers are acceptable to the City; and approved percentages
and maturities are not exceeded. The table below also identifies certain provisions of the California
Government Code, or the City's Investment Policy where the City's Investment Policy is more restrictive.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
5 years
5 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
5 years
5 years
Minimum Credit
Quality
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25%
10%
No Limit
20%
30%
20%
20%
No Limit
30%
Maximum
Investment In One
Issuer
20%
20% of Portfolio
No Limit
35%
No Limit
20% of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
364
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2022
3. CASH AND INVESTMENTS, Continued
A. Investments, Continued
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain Investments and
for External Investment Pools, investments were stated at fair value using the aggregate method in all funds
and component units. The City's investments are carried at fair market value as required by generally
accepted accounting principles. The City accounts for all changes in fair value that occurred during the
year and are reflected in the fund balance for the fiscal year. These investment value changes are
unrealized since the City's policy is to generally hold and buy investments until maturity dates.
B. Risk Disclosures
Interest 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, 2022, 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, 2022, the City had invested in LAIF, which had invested 1.88% of the pool investment funds
in Structured Notes and Asset -Backed Securities as compared to 2.31% in the previous year. The LAIF
fair value factor of .98712 was used to calculate the fair value of the investments in LAIF.
365
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Notes to Financial Statements
For the year ended June 30, 2022
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, 2022.
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.
366
SUPPLEMENTARY INFORMATION
367
City of Dublin
Alameda County Transportation Commission - Measure BB Funds
Supplementary Information
For the year ended June 30, 2022
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.
368
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Streets and Roads
For the year ended June 30, 2022
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 533,000 $ 533,000 $ 817,456 $ 284,456
4,000 4,000 4,188 188
537,000 537,000 821,644 284,644
Streets and Roads 374,000 887,031 441,051 445,980
Total expenditures 374,000 887,031 441,051 445,980
Net change in fund balance $ 163,000 $ (350,031) 380,593 $ 730,624
FUND BALANCE:
Beginning of year
End of year
367,744
$ 748,337
369
City of Dublin
Supplementary Information, Continued
Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual
Measure BB - ACTC Bikes and Pedestrians
For the year ended June 30, 2022
REVENUES:
Measure BB revenue
Use of money and property
Total revenues
EXPENDITURES:
Variance with
Final Budget
Budgeted Amounts Actual Positive
Original Final Amounts (Negative)
$ 176,000 $ 176,000 $ 269,205 $ 93,205
1,000 1,000 2,890 1,890
177,000 177,000 272,095 95,095
Streets and Roads 38,758 358,457 52,871 305,586
Total expenditures 38,758 358,457 52,871 305,586
Net change in fund balance $ 138,242 $ (181,457) 219,224 $ 400,681
FUND BALANCE:
Beginning of year
End of year
186,552
$ 405,776
370
COD
► B.ADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure BB Funds (Measure
BB Funds) of the City of Dublin, California (City), as of and for the year ended June 30, 2022, and the related
notes to the financial statements, and have issued our report thereon dated December 2, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting in relation to Measure BB Funds (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the
financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial
statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material weaknesses
or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in
internal control that we consider to be material weaknesses. However, material weaknesses may exist that
have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
371
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
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
Berkeley, California
December 2, 2022
372
1
(0)
► BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE BB
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure BB
Opinion on Compliance for Measure BB
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure BB Funds (Measure BB Funds) for the year ended June 30, 2022.
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, 2022.
Basis for Opinion on Measure BB
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on compliance for the City's Measure BB
Funds. Our audit does not provide a legal determination of the Measure BB Funds compliance with the
compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's
Measure BB Funds.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
373
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 2021 through June 2022. The Local Street and Roads program has received
$817,456 and the Bike and Pedestrian program has received $269,205.
374
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor's
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined below. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
375
Attachment 6
City of Dublin
Measure F Alameda
County Vehicle
Registration Fee Fund
Dublin, California
Financial Statements and
Independent Auditor's Reports
For the year ended June 30, 2022
J
376
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Financial Statements
For the year ended June 30, 2022
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
377
1
toy
BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the Measure F Alameda County Vehicle Registration Fee Fund
(VRF Fund) of the City of Dublin, California (City), as of and for the year ended June 30, 2022, 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, 2022, 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.
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.
Address: 2855 Telegraph Avenue, Suite 312 Berkelelc CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
378
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 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.
379
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 2, 2022 on
our consideration of the City's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of
that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control over financial
reporting and compliance.
3u1sux 4 A46004/
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
380
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381
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Balance Sheet
June 30, 2022
ASSETS:
Cash and investments
Direct local distribution program receivables
Total assets
LIABILITIES:
$ 197,081
49,101
$ 246,182
Other accrued liabilities $ 3,748
Total liabilities 3,748
Fund Balance:
Restricted
Total fund balance
242,434
$ 246,182
See accompanying Notes to Financial Statements.
382
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Statement of Revenues, Expenditures and Changes in Fund Balance
For the year ended June 30, 2022
REVENUES:
Measure F revenues
Use of money and property
$ 287,282
2,421
Total revenues 289,703
EXPENDITURES:
Contractual services
Streets and roads
246,927
18,821
Total expenditures 265,748
REVENUES OVER
EXPENDITURES 23,955
FUND BALANCE:
Beginning of year 218,479
End of year $ 242,434
See accompanying Notes to Financial Statements.
383
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2022
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
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.
384
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2022
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 $10.7 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)
385
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2022
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, 2022:
Cash and Investments $ 197,081
A. Investments
The City's Investment Policy and the California Government Code allow the City to invest in the
following, provided the credit ratings of the issuers are acceptable to the City; and approved
percentages and maturities are not exceeded. The table below also identifies certain provisions of the
California Government Code, or the City's Investment Policy where the City's Investment Policy is more
restrictive.
Authorized Investment Type
Negotiable Certificates of Deposit
Bankers' Acceptance
U.S. Treasury Bills and Notes
U.S. Government Agency Securities
California Asset Management Program
Commercial Paper
Time Certificates of Deposit
State Local Agency Investment Fund
Asset -Backed Securities
Medium -Term Notes
Mutual Funds
Money Market Funds
Municipal Securities
Supranationals
Maximum
Maturity
5 years
180 days
5 years
5 years
N/A
270 days
1 year
N/A
5 years
5 years
N/A
N/A
5 years
5 years
Minimum Credit
Quality
A-1
A-1
N/A
N/A
N/A
A-1
N/A
N/A
AA
A
AAA
AAA
A
AA
Maximum
Percentage of
Portfolio
30%
40%
No Limit
25% for callable
No Limit
25%
10%
No Limit
20%
30%
20%
20%
No Limit
30%
Maximum
Investment In One
Issuer
20%
20% of Portfolio
No Limit
35%
No Limit
20% of Portfolio
No Limit
No Limit
5%
5%
10%
No Limit
5%
10%
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for Certain
Investments and for External Investment Pools, investments were stated at fair value using the
aggregate method in all funds and component units. The City's investments are carried at fair market
value as required by generally accepted accounting principles. The City accounts for all changes in fair
value that occurred during the year and are reflected in the fund balance for the fiscal year. These
investment value changes are unrealized since the City's policy is to hold and buy investments until
maturity dates.
386
City of Dublin
Measure F Alameda County Vehicle Registration Fee Fund
Notes to Financial Statements
For the year ended June 30, 2022
3. CASH AND INVESTMENTS, Continued
B. Risk Disclosures
Interest 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, 2022, 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, 2022, the City had invested in LAIF, which had invested 1.88% of the pool investment
funds in Structured Notes and Asset -Backed Securities as compared to 2.31% in the previous year. The
LAIF fair value factor of .98712 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, 2022.
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.
387
(0)
► BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of the Measure F Alameda County
Vehicle Registration Fee Fund (VRF Fund) of the City of Dublin, California (City), as of and for the year
ended June 30, 2022, and the related notes to the financial statements, and have issued our report thereon
dated December 2, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the City's internal control. Accordingly, we do not
express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
388
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
Page 2
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the VRF Fund's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under Government
Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
389
1
(0)
► BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL
OVER COMPLIANCE FOR MEASURE F
Independent Auditor's Report
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Report on Compliance for Measure F
Opinion on Compliance for Measure F
We have audited City of Dublin's (City) compliance with the types of compliance requirements described in
the agreement between the City and Alameda County Transportation Commission that could have a direct
and material effect on its Measure F Alameda County Vehicle Registration Fee Fund (VRF Fund) for the year
ended June 30, 2022.
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, 2022.
Basis for Opinion on Measure F
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards);
and the agreement between the City and Alameda County Transportation Commission. Our responsibilities
under those standards and are further described in the Auditor's Responsibilities for the Audit of Compliance
section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance
with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion on compliance for the City's VRF Fund. Our
audit does not provide a legal determination of the VRF Fund's compliance with the compliance requirements
referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City's VRF
Fund.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
390
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.
391
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 3
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct, noncompliance with a type of compliance requirement of the agreement
between the City and the Alameda County Transportation Commission on a timely basis. A material weakness
in internal control over compliance is a deficiency, or combination of deficiencies in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of the agreement between the City and the Alameda County Transportation Commission will
not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over
compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of
compliance requirement of the agreement between the City and the Alameda County Transportation
Commission that is less severe than a material weakness in internal control over compliance, yet important
enough to merit attention by those charged with governance.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the agreement
between the City and the Alameda County Transportation Commission. Accordingly, this report is not
suitable for any other purpose.
ButooL
claim
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
392
Attachment 7
r
City of
Dublin
Dublin, California
Single Audit Report
For the year ended June
the year ended June 30, 2022
J
393
City of Dublin
Single Audit Report
For the year ended June 30, 2022
Table of Contents
Page
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 1
Report on Compliance for Each Major Program and Report on Internal Control
over Compliance in Accordance with the Uniform Guidance and on
the Schedule of Expenditures of Federal Awards 3
Schedule of Expenditures of Federal Awards 7
Notes to the Schedule of Expenditures of Federal Awards 8
Schedule of Findings and Questioned Costs 9
394
1
(OD
M•
r BADAVVI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditor's Report
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of the governmental
activities, each major fund, and the aggregate remaining fund information of the City of Dublin,
California (City), as of and for the year ended June 30, 2022, and the related notes to the financial
statements, which collectively comprise the City's basic financial statements and have issued our report
thereon dated December 2, 2022.
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.
Addrr: 2855 Telegraph Avenue, Suite 312 BerkeLN CA 94705 • Phanc 510.768.8251 • foot; 510.768.8249
395
To the Honorable Mayor and Members of the City Council
of the City of Dublin
Dublin, California
Page 2
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial 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.
Butpx
ci�Gu
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
396
1
le)
BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
REPORT ON COMPLIANCE FOR EACH FEDERAL PROGRAM AND REPORT ON INTERNAL
CONTROL OVER COMPLIANCE IN ACCORDANCE WITH THE UNIFORM GUIDANCE
AND ON THE SCHEDULE OF FEDERAL EXPENDITURES OF FEDERAL AWARDS
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 Each Major Federal Program
Opinion on Compliance for Each Major Federal Program
We have audited the City of Dublin (City)'s compliance with the types of compliance requirements
described in the OMB Compliance Supplement that could have a direct and material effect on each of the
City's major federal programs for the year ended June 30, 2022.
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 each major federal program for the year ended June
30, 2022.
Basis for Opinion on Each Major Federal Program
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 audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our
responsibilities under those standards and the Uniform Guidance 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 each major
federal program. Our audit does not provide a legal determination of the City'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 each of the
City's major federal programs.
Address: 2855 Telegraph Avenue, Suite 312 Berkeleyy CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
397
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 4
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 City'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 Uniform Guidance 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 City's compliance with the requirements of each major federal program.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, 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 City'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 Uniform Guidance, but not
for the purpose of expressing an opinion on the effectiveness of the 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.
398
To the Honorable Mayor and Members
of the City Council of the City of Dublin
Dublin, California
Page 5
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 a federal program 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 a federal
program 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 a federal program that is less severe than a
material weakness in internal control over compliance, yet important enough to merit attention by
those charged with governance.
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 Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance
We have audited the financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of the City, as of and for the year ended June 30, 2022, and the
related notes to the financial statements, which collectively comprise the City's basic financial
statements. We issued our report thereon dated December 2, 2022, which contained unmodified
opinions on those financial statements. Our audit was conducted for the purpose of forming opinions
on the financial statements that collectively comprise the basic financial statements. The accompanying
schedule of expenditures of federal awards is presented for purposes of additional analysis as required
by the Uniform Guidance and is not a required part of the basic financial statements. Such information
is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The 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 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 schedule of
expenditures of federal awards is fairly stated in all material respects in relation to the basic financial
statements as a whole.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
399
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400
City of Dublin
Schedule of Expenditures of Federal Awards
For the year ended June 30, 2022
Federal Grantor/Pass-Through
Grantor Program Title
Assistance
Listing
Number
Agency or
Pass -Through
Number
Federal
Expenditures
U.S. Department of Housing and Urban Development:
Passed through Alameda County Housing and Community Development:
Community Development Block Grants/Entitlement Grants
14.218 B22-UC-060001 $ 405,780
Total U.S. Department of Housing and Urban Development 405,780
U.S. Department of the Treasury
Direct Program:
American Rescue Plan Act - CSLFRF - COVID-19 21.027 Not available 2,027,867
Total U.S. Department of the Treasury 2,027,867
Total Federal Expenditures $ 2,433,647
401
City of Dublin
Notes to the Schedule of Expenditures of Federal Awards
For the year ended June 30, 2022
A. Reporting Entity
The financial reporting entity consists of (a) the primary government, City of Dublin, California (City),
(b) organizations for which the primary government is financially accountable, and (c) other
organizations for which the primary government is not accountable, but for which the nature and
significance of their relationship with the primary government are such that exclusion would cause the
reporting entity's financial statements to be misleading or incomplete.
B. Basis of Accounting
Funds received under the various grant programs have been recorded within the general, special
revenue, and capital projects funds of the City. The City utilizes the modified accrual basis of
accounting for the general, special revenue, and capital projects funds. Expenditures of federal awards
reported on the Schedule of Expenditures of Federal Awards (Schedule) are recognized when incurred.
C. Relationship of Schedule of Expenditures of Federal Awards to Financial Statements
The accompanying Schedule presents the activity of all federal financial assistance programs of the City.
Federal financial assistance received directly from federal agencies as well as federal financial assistance
passed through the State of California is included in the Schedule.
The Schedule was prepared only from the accounts of various grant programs and, therefore, does not
present the financial position or results of operations of the City.
D. Pass -Through Entities' Identifying Number
When federal awards were received from a pass -through entity, the Schedule shows, if available, the
identifying number assigned by the pass -through entity. When no identifying number is shown, the
City determined that no identifying number is assigned for the program or the City was unable to
obtain an identifying number from the pass -through entity.
E. Indirect Costs
The City did not elect to use the 10% de minimis indirect cost rate.
402
City of Dublin
Schedule of Findings and Questioned Costs
For the year ended June 30, 2022
Section I - Summary of Auditor's Results
Financial Statements
Types of auditors' report issued on whether financial statements
audited were prepared in accordance with GAAP:
Internal control over financial reporting:
• Material weakness(es) identified?
• Significant deficiency(ies) identified?
Any noncompliance material to the financial statements noted
Federal Awards
Internal control over major programs:
• Material weakness(es) identified?
• Significant deficiency(ies) identified?
Type of auditor's report issued on compliance for major programs
Any audit findings disclosed that are required to be reported in
accordance with section 200.516(a)
Identification of major programs:
Assistance Listing
Number
Name of Federal Program or Cluster
21.027 American Rescue Plan Act - CSLFRF - COVID-19
Total Expenditures of All Major Federal Programs
Total Expenditures of Federal Awards
Percentage of Total Expenditures of Federal Awards
Dollar threshold used to distinguish between type A and type B program
Unmodified
No
None noted
No
No
None noted
Unmodified
No
Expenditures
2,027,867
2,027,867
2,433,647
83.3%
$750,000
Auditee qualified as low -risk auditee under
section 200.520? No
403
City of Dublin
Schedule of Findings and Questioned Costs
For the year ended June 30, 2022
Section II - Current Year Findings
A. Financial Statement Audit
No current year financial statement audit findings.
B. Federal Award Program Audit
No current year federal award program audit findings.
Section II - Prior Year Findings
A. Financial Statement Audit
No prior year financial statement audit findings.
B. Federal Award Program Audit
No prior year federal award program audit findings.
404
Attachment 8
City of
Dublin
Dublin, California
Independent Accountants' Report on
Agreed -Upon Procedures Applied to
Appropriations Limit Schedule
For the fiscal year ending June 30, 2023
In
BADAWI&ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
4
5
(0)
► BADAWI &ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT ACCOUNTANTS' REPORT
To the Honorable Mayor and Members
of City Council of the City of Dublin
Dublin, California
We have performed the procedures enumerated below on the accompanying Appropriations Limit
Schedule of the City of Dublin (City) for the fiscal year ending June 30, 2023. 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, 2023, and determined that the limit and annual calculation
factors were adopted by resolution of City Council. We also determined that the population
and inflation options were selected by a recorded vote of City Council.
Finding: No exceptions were noted as a result of our procedures.
2. For the accompanying Appropriations Limit Schedule, we added the prior year's limit to the
total adjustments, and agreed the resulting amount to the current year's limit.
Finding: No exceptions were noted as a result of our procedures.
3. We agreed the current year information presented in the accompanying Appropriations Limit
Schedule to corresponding information in worksheets used by the City.
Finding: No exceptions were noted as a result of our procedures.
4. We agreed the prior year appropriations limit presented in the accompanying Appropriations
Limit Schedule to the prior year appropriations limit adopted by the City Council during the
prior year.
Finding: No exceptions were noted as a result of our procedures.
Address: 2855 Telegraph Avenue, Suite 312 Berkeley, CA 94705 • Phone: 510.768.8251 • Fax: 510.768.8249
406
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.
31. 4 Ld.
Badawi & Associates, CPAs
Berkeley, California
December 2, 2022
407
City of Dublin
Appropriations Limit Schedule
For the fiscal year ending June 30, 2023
Amount Source
A. Appropriations limit for the year ended June 30, 2022 $ 419,772,690 Prior year resolution
B. Calculation Factors:
1. Population increase %
2. Inflation increase %
3. Total adjustment factor %
0.9969
1.0755
1.0722
State Department of Finance
County of Alameda
B1*B2
C. Annual Adjustment Increase 30,307,588 [(B3-1)A)]
D. Other Adjustments N/A
E. Total Adjustments 30,307,588 (C+D)
F. Appropriations limit for the year ending June 30, 2023 $ 450,080,278 (A+E)
408
City of Dublin
Notes to Appropriations Limit Schedule
For the fiscal year ending June 30, 2023
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 2022-2023
represents the percentage change in the local assessment roll from the preceding year due to the change of
local nonresidential construction.
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 2022-2023
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, 2023.
409