HomeMy WebLinkAbout4.3 Agreement with the City of San Ramon Regarding Dougherty Regional Fire Authority Additional Discretionary Employer Contribution to CalPERSIP
DUBLIN
CALIFORNIA
STAFF REPORT
CITY COUNCIL
DATE: May 16, 2023
TO: Honorable Mayor and City Councilmembers
FROM: Linda Smith, City Manager
Agenda Item 4.3
SU B.FCT : Agreement with the City of San Ramon Regarding Dougherty Regional Fire
Authority Additional Discretionary Employer Contribution to CalPERS
Prepared by: Lisa Hisatomi, Director of Administrative Services
EXECUTIVE SUMMARY:
The City Council will consider approving an agreement with the City of San Ramon related to the
methodology of allocating future pension payments to reflect any additional discretionary
payments made by Dublin or San Ramon to the Dougherty Regional Fire Authority Safety pension
plan.
STAFF RECOMMENDATION:
Adopt the Resolution Approving an Agreement Between the City of San Ramon and the City of
Dublin Regarding Dougherty Regional Fire Authority Additional Discretionary Employer
Contribution to CalPERS.
FINANCIAL IMPACT:
The total Ca1PERS expected Unfunded Actuarial Accrued Liability (UAAL) for the Dougherty
Regional Fire Authority is $11,436,707. The City of Dublin's share is $6,577,250. The City Council
has approved an Additional Discretionary Payment (ADP) of $3.46 million in Fiscal Year 2022-23
to address the City's allocated unfunded pension liability. The ADP will reduce the City's unfunded
liability payment by approximately $2.2 million, based on a 20-year amortization schedule. The
source of this funding is from General Fund Committed Reserve for Fire Services OPEB/Pension.
DESCRIPTION:
Background
Dublin and San Ramon are the sole members of a joint powers authority, formed under the Joint
Exercise of Powers Act, known as the Dougherty Regional Fire Authority (DRFA). It was formed to
provide fire services within the two cities and is a participant in CalPERS.
In 1997, San Ramon and Dublin began steps to transfer the responsibility for fire services from
Page 1 of 4
35
DRFA to the two cities and wind up the affairs of DRFA. Since then, both cities have continued to
contribute funds to manage DRFA's contractual obligations. The DRFA pension plan is a closed
plan, meaning there are no active employees earning benefits. There are, however, annual costs as
a result of the unfunded actuarial accrued liability (UAAL) for the retirees. This is essentially the
difference between the value of the CalPERS trust fund and the value of accrued benefits owed to
current retirees.
The cost allocation is based on the two cities' relative assessed values at the time of the formation
of DRFA, with Dublin's share at 57.51% and San Ramon's share at 42.49%. Future plan costs, plan
liabilities, and plan assets are allocated in the same proportions. Dublin's currently allocated UAAL
for DRFA is $6,577,250, with an annual required contribution of roughly $470,000 in Fiscal Year
2023-24.
The City has also set aside a General Fund Committed Reserve for Fire Services retirement costs,
which has a current balance of $5,671,094. With the Fiscal Year 2022-23 budget adoption, the City
Council approved the use of $3.46 million from this reserve to make a one-time contribution
(called an Additional Discretionary Payment) to the CalPERS trust to bring down the unfunded
liability, thus achieving savings over the life of the plan. That payment will be made in June 2023.
Because Dublin shares the plan with San Ramon, making an ADP involves adjusting the
arrangement between the two parties to apply a new methodology that will accurately reflect the
ADP as an increase to Dublin's share of the plan and adjust future payments accordingly. The two
cities worked with an actuarial consultant to work out the details of the new methodology. The
actuarial analysis is included as Attachment 3 and is summarized below.
New Methodology
After any ADP made by either party, the allocation of each city's plan liability remains the same
(57.51% Dublin / 42.49% San Ramon). However, ADPs will be allocated 100% to the contributing
city, effectively changing the split of plan assets. This change in allocated assets also changes each
city's proportional share of the plan's annual payment. After Dublin makes the $3.46 million ADP,
the proportionate split of future plan costs becomes 39.08% to Dublin and 60.92% to San Ramon.
The result is a net savings to Dublin of $2.2 million over the life of the plan, as shown below.
Page 2 of 4
36
FY
FY 23-24
FY 24-25
FY 25-26
FY 26-27
FY 27-28
FY 28-29
FY 29-30
FY 30-31
FY 31-32
FY 32-33
FY 33-34
FY 34-35
FY 35-36
FY 36-37
FY 37-38
FY 38-39
FY 39-40
FY 40-41
FY 41-42
FY 42-43
FY 43-44
Total Payment
Before ADP
57.51%
Dublin
S 468,166
530,148
592,129
654,111
716,092
778,074
778,074
778,074
778,074
778,074
778,074
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
10,728,170
Additional Discretionary payment
Cost Savings
After ADP
39.08%
Dublin
221,885
251,260
280,636
310,012
339,388
368,764
368,764
368,764
368,764
368,764
368,764
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
5,084,555
Difference
$ (246,281)
(278,888)
(311,493)
(344,099)
(376,704)
(409,310)
(409,310)
(409,310)
(409,310)
(409,310)
(409,310)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(163,029)
(5,643,615)
3,460,000
$ (2,183,615)
Both cities agree the actuary analysis will be performed annually and the respective allocated
shares be adjusted a) based upon the CalPERS Annual Valuation Report, (b) whenever either Party
makes an ADP, and (c) when either city requests, and the other city agrees, to make an adjustment
based on Ca1PERS's interim investment results using Ca1PERS's spreadsheet or another tool
provided by CalPERS. The adjustment will be made using the methodology used in the Actuarial
Page 3 of 4
37
Report or such methodology agreed upon by both cities.
With City Council's approval of the agreement reflecting the new methodology, Staff will make the
budgeted ADP to the DRFA Ca1PERS trust.
STRATEGIC PLAN INITIATIVE:
Strategy 4: Organizational Health
Objective A: Use existing reserves to address the unfunded Dougherty Regional Fire Authority
(DRFA) pension liability.
NOTICING REQUIREMENTS/PUBLIC OUTREACH:
The City Council Agenda was posted.
ATTACHMENTS:
1) Resolution Approving an Agreement with the City of San Ramon and the City of Dublin
Regarding Dougherty Regional Fire Authority Additional Discretionary Employer Contribution
to CalPERS
2) Exhibit A to the Resolution - Agreement Between the City of San Ramon and the City of Dublin
Regarding Dougherty Regional Fire Authority Additional Discretionary Employer Contribution
to CalPERS
3) Dougherty Regional Fire Authority UAAL Payment Analysis
Page 4 of 4
38
Attachment I
RESOLUTION NO. XX — 23
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF DUBLIN
APPROVING AN AGREEMENT BETWEEN THE CITY OF SAN RAMON AND THE CITY OF
DUBLIN REGARDING DOUGHERTY REGIONAL FIRE AUTHORITY ADDITIONAL
DISCRETIONARY EMPLOYER CONTRIBUTIONS TO CALPERS
WHEREAS, Dublin and San Ramon are the sole members of a joint powers authority,
formed under the Joint Exercise of Powers Act (Government Code §§6500-6599.3), known as
the Dougherty Regional Fire Authority ("DRFA" or the "Authority"). It was formed to provide fire
services within the two cities and is a participant in the California Public Employee Retirement
System ("CalPERS"); and
WHEREAS, effective June 30, 1997, San Ramon and Dublin began steps to transfer the
responsibility for fire service from the Authority to the two cities and wind up the affairs of DRFA.
In furtherance of that effort, they entered into that certain Second Amendment to Dougherty
Regional Fire Authority Joint Exercise of Powers Agreement, dated June 24, 1997; and
WHEREAS, since that time, the Parties have continued to contribute funds to manage the
Authority's contractual obligations, including, but not limited to, its contract with CalPERS for the
Safety Plan of the Dougherty Regional Fire Authority (CalPERS ID: 1047451387) (the "Plan");
and
WHEREAS, annually, CalPERS delivers to the Authority a determination of the Plan's
"minimum required employer contribution" (the "Annual Minimum") for the subsequent fiscal year,
which is accompanied by the actuarial valuation report for the previous fiscal year; and
WHEREAS, in prior years, the Parties have by agreement allocated the Annual Minimum
as follows: Dublin, 57.51 % and San Ramon, 42.49%; and
WHEREAS, DRFA's Annual Minimum is determined by the CalPERS actuary based on,
among other things, the Plan's Unfunded Accrued Liability ("UAL"), and CalPERS allows
agencies to make "additional discretionary payments" or "ADPs" as a means of reducing the
UAL (by funding that which was previously unfunded); and
WHEREAS, Dublin desires to make an ADP as a means of reducing its future required
contributions, and Dublin's contribution would reduce the Authority's UAL and thereby its future
Annual Minimum. The Parties agree that the contributing party should exclusively benefit from
making any ADP; and
WHEREAS, Dublin retained an actuarial consultant that prepared a report (the "Actuarial
Report") to determine how the allocation of the Annual Minimum for the 2023-2024 fiscal year
should be altered if Dublin makes an ADP of $3,460,000 prior to July 1, 2023 and to determine
how the Annual Minimum allocation should be calculated in future years; and
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 1 of 2
39
WHEREAS, the parties desire to enter into this Agreement to specify how Annual
Minimums will be adjusted based on Dublin's currently proposed ADP and future ADPs.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Dublin does
hereby approve the Agreement between the City of San Ramon and the City of Dublin regarding
the Dougherty Regional Fire Authority.
BE IT FURTHER RESOLVED that the City Manager is authorized to execute the
agreement and make any non -substantive changes to carry out the intent of this Resolution.
PASSED, APPROVED AND ADOPTED this 16th day of May 2023, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Mayor
ATTEST:
City Clerk
Reso. No. XX-23, Item X.X, Adopted XX/XX/2023 Page 2 of 2
40
DocuSign Envelope ID: 8814B1 CE-C85D-4A35-B10E-4578048957AA
Attachment 2
AGREEMENT BETWEEN THE CITY OF SAN RAMON AND THE CITY OF DUBLIN
REGARDING DOUGHERTY REGIONAL FIRE AUTHORITY ADDITIONAL
DISCRETIONARY EMPLOYER CONTRIBUTIONS TO CALPERS
This Agreement ("Agreement") is made and entered into as of May 16, 2023, by and
between the City of Dublin ("Dublin") and the City of San Ramon ("San Ramon"). Dublin and
San Ramon are referred to collectively as the Parties.
RECITALS
WHEREAS, Dublin and San Ramon are the sole members of a joint powers authority,
formed under the Joint Exercise of Powers Act (Government Code §§6500-6599.3), known as
the Dougherty Regional Fire Authority ("DRFA" or the "Authority"). It was formed to provide
fire services within the two cities and is a participant in the California Public Employee
Retirement System ("CalPERS").
WHEREAS, effective June 30, 1997, San Ramon and Dublin began steps to transfer the
responsibility for fire service from the Authority to the two cities and wind up the affairs of
DRFA. In furtherance of that effort, they entered into that certain Second Amendment to
Dougherty Regional Fire Authority Joint Exercise of Powers Agreement, dated June 24, 1997.
WHEREAS, since that time, the Parties have continued to contribute funds to manage the
Authority's contractual obligations, including, but not limited to, its contract with CalPERS for
the Safety Plan of the Dougherty Regional Fire Authority (CalPERS ID: 1047451387) (the
"Plan").
WHEREAS, annually, CalPERS delivers to the Authority a determination of the Plan's
"minimum required employer contribution" (the "Annual Minimum") for the subsequent fiscal
year, which is accompanied by the actuarial valuation report for the previous fiscal year.
WHEREAS, in prior years, the Parties have by agreement allocated the Annual Minimum
as follows: Dublin, 57.51% and San Ramon, 42.49%.
WHEREAS, DRFA's Annual Minimum is determined by the CalPERS actuary based on,
among other things, the Plan's Unfunded Accrued Liability ("UAL"), and CalPERS allows
agencies to make "additional discretionary payments" or "ADPs" as a means of reducing the
UAL (by funding that which was previously unfunded).
WHEREAS, Dublin desires to make an ADP as a means of reducing its future required
contributions, and Dublin's contribution would reduce the Authority's UAL and thereby its
future Annual Minimum. The Parties agree that the contributing party should exclusively benefit
from making any ADP.
WHEREAS, Dublin retained an actuarial consultant that prepared a report (the "Actuarial
Report") to determine how the allocation of the Annual Minimum for the 2023-2024 fiscal year
should be altered if Dublin makes an ADP of $3,460,000 prior to July 1, 2023 and to determine
how the Annual Minimum allocation should be calculated in future years.
41
DocuSign Envelope ID: 8814B1 CE-C85D-4A35-B10E-4578048957AA
WHEREAS, the parties desire to enter into this Agreement to specify how Annual
Minimums will be adjusted based on Dublin's currently proposed ADP and future ADPs.
NOW, THEREFORE, the parties agree as follows:
1. Dublin 2022-2023 Additional Discretionary Payment; 2023-2024 Annual Minimum.
Dublin intends to make a $3,460,000 ADP prior to June 30, 2023, and it will notify
CalPERS two weeks in advance, in accordance with CalPERS requirements. Provided that it
does so, the Parties' respective shares of the 2023-2024 Annual Minimum shall be Dublin,
39.08%, and San Ramon, 60.92%.
2. Determination of Future Annual Minimums.
The Parties' respective shares shall be adjusted (a) annually based upon the CalPERS
Annual Valuation Report, (b) whenever either Party makes an ADP, and (c) when a Party
requests, and the other Party agrees, to make an adjustment based on CalPERS's interim
investment results using CalPERS's spreadsheet or other tool provided by CalPERS. The
adjustment shall be made using the methodology used in the Actuarial Report or such
methodology agreed upon by the parties.
3. Potential Future Additional Discretionary Payments
Either Party may elect in the future to make ADPs, and, if they do so, the Parties'
respective shares of the next scheduled Annual Minimum shall be adjusted using the
methodology used in the Actuarial Report or such methodology agreed upon by the parties.
4. Effective Date And Term
This Agreement shall become effective as of [date] and shall remain in effect until
terminated by either party upon written notice to the other party.
5. Entire Agreement
This Agreement contains the entire agreement between the parties relating to the subject
matter hereof and supersedes all prior agreements and understandings, whether written or oral.
6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the
State of California.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
above written.
42
DocuSign Envelope ID: 8814B1 CE-C85D-4A35-B10E-4578048957AA
CITY OF SAN RAMON CITY OF DUBLIN
OocuSigned by:
By. 33AF5F69CF5F472
Name: Steven Spedowfski
Its: Interim City Manager
5341148.2
By:
Name: Linda Smith
Its: City Manager
43
Attachment 3
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Impact of Additional Discretionary Payment
Planned by the City of Dublin
Submitted March 2023
MacLeod Watts
44
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Table of Contents
Background 1
Reflecting Additional Discretionary Payments 2
Final Remarks 3
Appendix 1- Estimated Payments Before ADP 4
Appendix 2- Estimated Payments After ADP 5
0
45
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Background
The City of Dublin and the City of San Ramon (the Cities) have entered into an agreement to share
the cost of funding the Safety and Miscellaneous plans of the Dougherty Regional Fire Authority.
The City of Dublin agreed to pay 57.51% of future costs and the City of San Ramon agreed to pay
42.49%. This report discusses the adjustments to future payments necessary to reflect a
$3,460,000 Additional Discretionary Payment (ADP) to the Safety Plan planned by the City of Dublin.
The payment is expected to be paid in June 2023.
The Safety Plan of the Dougherty Regional Fire Authority is a cost -sharing pension plan participating
in the California Public Employees' Retirement System Safety Risk Pool. As determined from the
most recently issued valuation report as of June 30, 2021, the plan had 71 retirees receiving an
average annual pension of $43,723. There are no active participants earning benefits under the
plan. Plan costs, therefore, result from unfunded plan liabilities that are funded by future
amortization payments by the Cities. CalPERS performs annual valuations that are generally
available one year after the valuation date (e.g., the June 30, 2021, valuation was available in July
2022). These actuarial valuations remeasure plan liabilities and reflect asset performance which
provides an updated estimate of the unfunded actuarial accrued liability (UAAL). A new payment
schedule is then developed using the new valuation information. As of the June 30, 2021,
valuation, the UAAL was $8,395,313.
CalPERS also offers the ability to reflect more recent plan experience not yet reflected in their
valuation reports. Upon request, CalPERS will provide a spreadsheet that enables the user to reflect
how Additional Discretionary Payments (ADPs) to the plan will impact scheduled future
amortization payments. This analysis relied on the CalPERS tool to estimate how each City's future
plan payments should be adjusted based on the City of Dublin's planned $3,460,000 ADP.
Based on the CalPERS tool, the expected payment schedule before any Additional Discretionary
Payments is shown in Appendix 1. The UAAL payments shown are based on the June 30, 2021,
valuation and are adjusted for the estimated -7.5% asset return in the 2021-2022 fiscal year.
Without any ADPs, and assuming no future changes to the schedule based on future plan
experience, the City of Dublin and the City of San Ramon would be responsible for 57.51% and
42.49% of these payments respectively. The payments shown in Appendix 1 reflect CalPERS' best
estimate that the UAAL will have grown from $8,395,313 to $11,436,708 between June 2021 and
June 2023.
46
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Reflecting Additional Discretionary Payments
As already discussed, the Cities have agreed to a 57.51%/42.49% split of future Plan costs. This
payment split implicitly allocates Plan liabilities and assets between the Cities in the same
proportions. The City of Dublin's planned $3,460,000 ADP will change the relative proportion of
assets implicitly owned by each city.
As discussed in the preceding section, before any ADPs the expected Unfunded Actuarial Accrued
Liability on June 30, 2023, is $11,436,707. This unfunded liability represents the difference between
the Actuarial Accrued Liability of $41,444,888 and plan assets of $30,008,181. Following an ADP by
the City of Dublin, the responsibility of each City is expected to change as follows:
Dougherty Safety Plan
Allocated to City of Dublin
Allocated to City of San Ramon
Actuarial
Accrued
Liability
Plan
Assets
Unfunded
Accrued
Liability
Actuarial
Accrued
Liability
Plan
Assets
Unfunded
Accrued
Liability
Actuarial
Accrued
Liability
Plan
Assets
Unfunded
Accrued
Liability
Prior to ADP on $41,'1'14,888 $30,008,181 $11,436,707 $23,834,955 $17,257,705 $ 6,577,250 $17,609,933 $12,750,476 $ 4,859,457
June 30, 2023
City of Dublin
ADP on
June 30, 2023
3,460,000 (3,460,000) 3,460,000 (3,460,000)
After ADP
on June 30, 2023 41,444,888 33,468,181 7,976,707 23,834,955 20,717,705 3,117,250 17,609,933 12,750,476 4,859,457
Proportional
Ownership After
Prepayment
57.51% 61.90% 39.08% 42.49% 38.10% 60.92%
Note that after any ADP, the allocated responsibility of each City for the plan liability remains
constant at the agreed split of 57.51%/42.49%. However, ADPs are allocated 100% to the
contributing entity effectively changing the split of plan assets between the Cities. This change in
allocated assets also changes each entity's proportional share of the plan's Unfunded Actuarial
Accrued Liability. The red numbers shown in the exhibit become the new scheduled payment split
— 39.08% to the City of Dublin and 60.92% to the City of San Ramon.
Appendix 2 shows the estimated unfunded liability payments after the City of Dublin's planned
Additional Discretionary Payment.
47
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Final Remarks
Additional Discretionary Payments to the Safety Plan of Dougherty Regional Fire Authority cause
plan asset splits to diverge from the 57.51%/42.49% future cost splits. Tracking the impact of ADPs
requires adjustment whenever CaIPERS provides a new plan valuation and between plan valuations
when ADPs are made. All these adjustments are estimates of future payment responsibility and are
subject to change as new information becomes available. For example, the estimated
39.08%/60.92% future payment split will likely change to some degree when CaIPERS releases their
next plan valuation (expected in July 2023). The possibility exists that some payments already made
using estimates may need to be adjusted in retrospect requiring a credit to one City to be paid by
the other. These additional administrative tasks are required to ensure that the ultimate cost borne
by each City complies with their originally agreed 57.51%/42.49% split of future plan costs.
48
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Appendix 1
Estimated Payments Before ADP
The chart below shows the estimated Unfunded Liability Payments for the Safety Plan before any
Additional Discretionary Payment by the City of Dublin. These payments are based on CalPERS'
spreadsheet tool and reflect CalPERS' estimated asset loss in the 2021-2022 plan year of -7.5%.
Note that the balances and payments in each future year are split 57.51% to the City of Dublin and
42.49% to the City of San Ramon.
Year
TOTAL
Beginning
Balance
Payment by
July 31st
of Year
2023-24
2024-25
2025-26
2026-27
2027-28
2028-29
2029-30
2030-31
2031-32
2032-33
2033-34
2034-35
2035-36
2036-37
2037-38
2038-39
2039-40
2040-41
2041-42
2042-43
2043-44
0
11, 436, 708
10, 977, 878
10, 771, 711
10, 440,146
9,974,655
9,366,131
8,604,848
7,791,798
6,923,460
5,996,076
5,005,629
3,947,832
3,659,387
3,351,328
3,022,321
2,670,942
2,295,669
1,894,877
1,466,831
1,009,679
521,439
814,060
921,835
1,029,610
1,137, 386
1,245,161
1,352,937
1,352,937
1,352,937
1,352,937
1,352,937
1,352,937
538,877
538,877
538,877
538,877
538,877
538,877
538,877
538,877
538,877
538,877
Dublin
Beginning
Balance
Payment by
July 31st
of Year
6,577,251
6,313,378
6,194, 811
6,004,128
5,736,424
5,386,462
4,948,648
4,481,063
3,981,682
3,448, 343
2,878,737
2,270,398
2,104, 514
1,927,349
1,738,137
1,536,059
1,320,239
1,089,744
843,575
580,666
299,880
468,166
530,148
592,129
654,111
716,092
778,074
778,074
778,074
778,074
778,074
778,074
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
309,908
San Ramon
Beginning
Balance
Payment by
July 31st
of Year
4,859,457
4,664,500
4,576,900
4,436,018
4,238,231
3,979,669
3,656,200
3,310,735
2,941,778
2,547,733
2,126, 892
1,677,434
1,554,874
1,423, 979
1,284,184
1,134, 883
975,430
805,133
623,257
429,012
221,560
345,894
391,688
437,481
483,275
529,069
574,863
574,863
574,863
574,863
574,863
574,863
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
49
Split Funding Analysis for the
Safety Plan of the Dougherty Regional Fire Authority
Appendix 2
Estimated Payments After ADP
The chart below shows the estimated Unfunded Liability Payments for the Safety Plan after the City
of Dublin's planned Additional Discretionary Payment of $3,460,000 in June 2023. These payments
are based on CalPERS' spreadsheet tool, reflect CalPERS' estimated asset loss in the 2021-2022 plan
year of -7.5%, and assume that any ADP is applied proportionally to each unfunded liability
payment base. Note that the balances and payments in each future year are split 39.08% to the
City of Dublin and 60.92% to the City of San Ramon.
Year
2023-24
2024-25
2025-26
2026-27
2027-28
2028-29
2029-30
2030-31
2031-32
2032-33
2033-34
2034-35
2035-36
2036-37
2037-38
2038-39
2039-40
2040-41
2041-42
2042-43
2043-44
TOTAL
Beginning
Balance
7,976,708
7,912,737
7,764,134
7,525,146
7,189, 625
6,751,007
6,202,283
5,616,245
4,990,357
4,321,908
3,608,004
2,845,556
2,637,648
2,415,602
2,178, 458
1,925,187
1,654,694
1,365,808
1,057,277
727,766
375,849
Payment by
July 31st
of Year
567,779
642,948
718,118
793,287
868,457
943,626
943,626
943,626
943,626
943,626
943,626
375,848
375,848
375,848
375,848
375,848
375,848
375,848
375,848
375,848
375,848
Dublin
Beginning
Balance
3,117, 250
3,092,251
3,034,178
2,940,782
2,809,663
2,638,254
2,423, 815
2,194, 795
1,950,202
1,688,976
1,409, 987
1,112, 026
1,030,777
944,003
851,328
752,351
646,644
533,749
413,177
284,406
146,879
Payment by
July 31st
of Year
221,885
251,260
280,636
310,012
339,388
368,764
368,764
368,764
368,764
368,764
368,764
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
146,879
San Ramon
Beginning
Balance
4,859,458
4,820,486
4,729,957
4,584,363
4,379,962
4,112, 754
3,778,467
3,421,450
3,040,155
2,632,932
2,198, 018
1,733,530
1,606,871
1,471,599
1,327,130
1,172, 836
1,008,050
832,059
644,100
443,360
228,970
Payment by
July 31st
of Year
345,894
391,688
437,481
483,275
529,069
574,863
574,863
574,863
574,863
574,863
574,863
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
228,969
50