HomeMy WebLinkAboutFY2024-25 ACFRANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDING JUNE 30, 2025
Aerial View, San Rafael, California
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Fiscal Year Ended
June 30, 2025
City of San Rafael, California
1400 Fifth Avenue
San Rafael, California 94901
Prepared by the Finance Department of the City of San Rafael
Bay View Trail, San Rafael
INTRODUCTORY SECTION
CITY OF SAN RAFAEL, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended June 30, 2025
Table of Contents
INTRODUCTORY SECTION
TABLE OF CONTENTS
Letter of Transmittal .................................................................................................................................... v
Mission Statement and Vision Statement ................................................................................................... xi
City Council and Staff ............................................................................................................................... xii
Organizational Chart ................................................................................................................................. xiii
Location Map ............................................................................................................................................ xiv
Certificate of Achievement for Excellence in Financial Reporting ........................................................... xv
FINANCIAL SECTION
Independent Auditor's Report .................................................................................................................. 1
Management’s Discussion and Analysis .................................................................................................. 5
Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position ............................................................................................................. 23
Statement of Activities .................................................................................................................. 24
Fund Financial Statements:
Major Governmental Funds:
Balance Sheet ............................................................................................................................ 28
Balance Sheet – Reconciliation of Governmental Fund Balances to
Net Position of Governmental Activities .............................................................................. 29
Statement of Revenues, Expenditures, and Changes in Fund Balances .................................... 30
Reconciliation of the Net Change in Fund Balances – Total Governmental
Funds with the Statement of Activities ................................................................................. 31
Proprietary Funds:
Statement of Net Position .......................................................................................................... 34
Statement of Revenues, Expenses, and Changes in Fund Net Position .................................... 35
Statement of Cash Flows ........................................................................................................... 36
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CITY OF SAN RAFAEL, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION (Continued)
Fiduciary Funds:
Statement of Fiduciary Net Position ......................................................................................... 38
Statement of Changes in Fiduciary Net Position ....................................................................... 39
Notes to Basic Financial Statements .................................................................................................. 41
Required Supplementary Information:
Schedule of the City’s Proportionate Share of the Net Pension Liability ..................................... 97
Schedule of Contributions – Defined Benefit Pension Plan ......................................................... 98
Schedule of Changes in Net OPEB Liability and Related Ratios ............................................... 108
Schedule of Contributions – OPEB ............................................................................................ 110
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual –
Budgetary Basis
General Fund ........................................................................................................................... 120
Traffic and Housing Mitigation Special Revenue Fund .......................................................... 121
Gas Tax Special Revenue Fund ............................................................................................... 122
Supplementary Information:
Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual –
Budgetary Basis
Essential Facilities Capital Projects Fund ................................................................................ 124
Non-Major Governmental Funds:
Combining Balance Sheets ......................................................................................................... 128
Combining Statements of Revenues, Expenditures, and Changes
in Fund Balance ................................................................................................................... 132
Budgeted Non-Major Governmental Funds:
Combining Schedules of Revenues, Expenditures, and Changes
in Fund Balances – Budget and Actual ...................................................................... 136
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CITY OF SAN RAFAEL, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended June 30, 2025
Table of Contents
FINANCIAL SECTION (Continued)
Internal Service Funds:
Combining Statements of Net Position ....................................................................................... 146
Combining Statements of Revenues, Expenses and Changes in Fund Net Position ................... 148
Combining Statements of Cash Flows ........................................................................................ 150
STATISTICAL SECTION
Financial Trends:
Net Position by Component – Last Ten Fiscal Years ....................................................................... 156
Changes in Net Position – Last Ten Fiscal Years ............................................................................. 158
Fund Balances of Governmental Funds – Last Ten Fiscal Years ..................................................... 162
Changes in Fund Balance of Governmental Funds – Last Ten Fiscal Years .................................... 164
Revenue Capacity:
Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years ...................... 166
Property Tax Rates – All Overlapping Governments – Last Ten Fiscal Years ................................ 167
Property Tax Rates – Direct & Overlapping Governments –
Last Ten Fiscal Years (Rate Per $100 of Assessed Value) .......................................................... 168
Principal Property Taxpayers – Current Year and Nine Years Ago ................................................. 169
Property Tax Levies and Collections – Last Ten Fiscal Years ......................................................... 170
Debt Capacity:
Ratio of Outstanding Debt by Type – Last Ten Fiscal Years ........................................................... 171
Computation of Direct and Overlapping Debt .................................................................................. 172
Computation of Legal Bonded Debt Margin .................................................................................... 173
Revenue Bond Coverage Parking Facility – Last Ten Fiscal Years ................................................. 174
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CITY OF SAN RAFAEL, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Year Ended June 30, 2025
Table of Contents
STATISTICAL SECTION (Continued)
Demographic and Economic Information:
Demographic and Economic Statistics – Last Ten Calendar Years .................................................. 175
Principal Employers – Last Ten Calendar Years .............................................................................. 176
Operating Information:
Full-Time Equivalent City Government Employees by Function
– Last Ten Fiscal Years ................................................................................................................. 179
Operating Indicators by Function/Program – Last Ten Fiscal Years ................................................ 180
Capital Asset Statistics by Function/Program – Last Ten Fiscal Years ............................................ 182
iv
Kate Colin, Mayor • Eli Hill, Vice Mayor • Maribeth Bushey, Councilmember • Maika Llorens Gulati , Councilmember • Rachel Kertz, Councilmember
November 20, 2025
Honorable Mayor, Members of the City Council and Residents of San Rafael:
The Annual Comprehensive Financial Report (“Annual Report”) of the City of San Rafael
(“City”) for the year ended June 30, 2025, is hereby submitted as required by local
ordinances, state statutes and bond covenants. This financial report has been prepared in
conformance with Generally Accepted Accounting Principles (GAAP) as promulgated by
the Governmental Accounting Standards Board (GASB) and includes the report of the
independent certified public accounting firm, Maze and Associates Accountancy
Corporation, which has issued an unmodified, or “clean” opinion on the City’s financial
statements for the fiscal year ended June 30, 2025.
The independent audit of the financial statements is part of a broader, federally mandated
examination known as a “Single Audit”, which is designed to meet the needs of federal
grantor agencies. The standards governing Single Audits require the independent auditor to
report on the audited agency’s internal controls and compliance with legal requirements, with
special emphasis on such controls and requirements involving the administration of federal
funding. These reports will be available in the City’s separately issued Single Audit Report.
City Management is responsible for both the data accuracy and the completeness and fairness
of the presentation of this report. To the best of our knowledge and belief, the data presented
is accurate in all material respects and is reported in a manner that presents fairly the financial
position and results of operations of the various funds and component units of the City.
Further, the Annual Report is prepared in accordance with procedures and policies set by the
Government Finance Officers Association. The analysis of the financial condition and the
result of operations can be found in the financial section of the Management’s Discussion
and Analysis document.
The Annual Report is organized into three sections:
1.Introductory section, which is unaudited, includes this letter of transmittal, an
organizational chart, and a list of the City’s elected and appointed officials.
2.Financial section, includes the basic financial statements, related footnote disclosures,
and the combining and individual fund financial statements and schedules, as well as the
independent auditors' report.
3.Statistical section, which is unaudited, includes selected financial and demographic
information, presented on a multi-year basis. Generally, ten-year data is presented for
expenditures, revenues, assessed valuation for local properties and construction activity.
v