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File Number: 23-220 demographic trends, and operating information. The format of the ACFR is designed to serve the needs of three primary users: the City Council along with other governmental oversight bodies, the public, and agencies assessing the City's creditworthiness. DISCUSSION Financial Highlights Maze & Associates completed audits of the City’s financial statements, grants, Measures B and BB special sales tax revenues, and Measure F vehicle license registration fees. Maze also reviewed the City’s Appropriations Limit Calculation for 2022-2023. Maze found the general-purpose financial statements present fairly, in all material ways, the City’s financial position as of June 30, 2022 (Independent Auditor’s Report, Opinions). The audited financial statements include the statement of net position, statement of activities and changes in net position, balance sheets, statements of revenues, expenditures, and changes in fund balance, and statements of cash flows. Please refer to the MD&A section in the ACFR for detailed discussion regarding the City’s financial performance and position. Key financial highlights for the year ended June 30, 2022, are as follows: ·The City’s Assets and Deferred Outflows of Resources exceeded its Liabilities and Deferred Inflows of Resources by $215.8 million (Net Position), a $22.6 million increase from the prior year. Of the total net position, $184.2 million was invested in capital assets, $51.2 million was restricted for other purposes, and $19.7 million was unrestricted. While Net Investment in Capital Assets and Restricted Net Position saw a decrease of $2.0 million and $0.4 million, respectively, Unrestricted Net Position increased by $24.9 million. ·Assets and Deferred Outflows of Resources increased by $13.9 million and Liabilities and Deferred Inflows of Resources decreased by $8.8 million from the prior year. The decrease in Liabilities was partly due to the decrease in net pension liability of $62.8 million and the decrease in debt repayment of $6.7 million and decrease in net OPEB liability of $1.7 million. ·City-wide Net Pension Liability to CalPERS for 2021-2022 decreased by $62.8 million, or 31% from $204.1 million in the prior year to $141.2 million. This significant decrease in liability was driven by revised actuarial valuations from CalPERS considering member contributions and strong investment earnings in 2020-2021. In addition, the City contributed $6,500,000 into the Section 115 irrevocable trust with the Public Agency Retirement Services. ·The City’s total net position increase of $22.6 million is comprised of a $17.6 million increase in government activities and a $5.0 million increase in Business-Type activities. ·In response to the COVID-19 pandemic, the Federal government passed the American Rescue Plan Act (ARPA) in March 2021, including financial aid to cities. The City was awarded $18.6 million in ARPA funds, received in two equal tranches in 2020-2021 and 2021-2022. During 2021-2022, $1.2 million was spent on eligible programs. Page 2 City of San Leandro Printed on 5/10/2023