2025-city-of-oakland-acfr_final-123025.pdf

Condensed Statements of Net Position June 30, 2025 and 2024 (In thousands) Governmental Activities Business-type Activities Total 2025 2024 2025 2024 2025 2024 Assets: Current and other assets $ 2,808,845 $ 2,764,316 $ 137,344 $ 118,968 $ 2,946,189 $ 2,883,284 Capital assets 1,598,234 1,528,586 246,166 251,139 1,844,400 1,779,725 TOTAL ASSETS 4,407,079 4,292,902 383,510 370,107 4,790,589 4,663,009 Deferred Outflows of Resources: Losses on refunding of debt 7,288 8,533 — — 7,288 8,533 Pensions 411,626 547,002 8,185 12,232 419,811 559,234 OPEB 126,973 174,814 2,376 3,208 129,349 178,022 TOTAL OUTFLOWS 545,887 730,349 10,561 15,440 556,448 745,789 Liabilities: Long-term liabilities 1,102,532 1,179,526 14,307 17,510 1,116,839 1,197,036 Other liabilities 288,885 500,824 2,707 3,409 291,592 504,233 Net pension liability 1,728,216 1,834,077 46,394 48,568 1,774,610 1,882,645 Net OPEB liability 545,291 539,538 9,638 9,438 554,929 548,976 TOTAL LIABILITIES 3,664,924 4,053,965 73,046 78,925 3,737,970 4,132,890 Deferred Inflows of Resources: Gains on refunding of debt 1,821 2,062 158 197 1,979 2,259 Leases 43,706 40,104 — — 43,706 40,104 Pensions 17,854 19,033 186 522 18,040 19,555 OPEB 144,130 225,883 3,658 5,264 147,788 231,147 TOTAL INFLOWS 207,511 287,082 4,002 5,983 211,513 293,065 Net Position: Net investment in capital assets 1,089,717 1,074,554 231,701 233,432 1,321,418 1,307,986 Restricted 930,515 838,677 — — 930,515 838,677 Unrestricted (deficit) (939,701) (1,231,028) 85,322 67,203 (854,379) (1,163,825) TOTAL NET POSITION $ 1,080,531 $ 682,203 $ 317,023 $ 300,635 $ 1,397,554 $ 982,838 Governmental activities: The City’s net position in governmental activities increased by $398.3 million. Total assets increased by $114.2 million, or 2.7 percent, to $4.4 billion. The significant changes in assets occurred in the following areas: • Current and other assets increased by $44.5 million, primarily due to increase in notes and loans receivable resulting from issuance of new loans, largely associated with affordable housing and development activities. • Capital assets increased by $69.6 million, primarily due to the completion of infrastructure projects. Total liabilities decreased by $389.0 million, or 9.6 percent to $3.7 billion. The significant changes in liabilities occurred in the following areas: • Long-term liabilities decreased by $77.0 million primarily due to scheduled debt service payments that reduced outstanding debt liabilities. • Net pension liability decreased by $105.9 million due primarily to strong investment performance. • Net OPEB liability increased by $5.8 million as healthcare cost and interest cost trended upwards. CITY OF OAKLAND Management’s Discussion and Analysis (Unaudited) Year Ended June 30, 2025 9