FY 2026-27 Proposed Midcycle Budget

¹ CalPERS GASB 68 Accounting Report as of June 30, 2024 (measurement date) for the Miscellaneous & Safety Plan of the City of Oakland (CalPERS, n.d.). ² City of Oakland Postretirement Health Insurance Plan, GASB 74/75 Report as of June 30, 2023 (measurement date)(Cheiron, September 2024). ³ Oakland Police and Fire Retirement System, GASB 67/68 Report as of June 30, 2023 (Cheiron, November 2023) and Actuarial Valuation Report as of July 1, 2023 (Cheiron, March 2024). ⁴ City of Oakland, Annual Comprehensive Financial Report as of June 30, 2024. Unfunded Pension Liability for PFRS– Closed Retirement Plans The Police and Fire Retirement System (PFRS) is a closed pension system that provides pension, disability, and beneficiary payments to retired Police and Fire sworn officers hired prior to July 1, 1976. As of July 1, 2023, PFRS covered no active employees and 653 retired employees and beneficiaries. The most recent actuarial valuation was based on data as of July 1, 2023. Other Post-Employment Benefits (OPEB) The City historically funded its retiree medical benefits (also known as “Other Post-Employment Benefits” or “OPEB”) on a pay-as-you-go basis, meaning funding was not set aside as benefits were earned. Rather, the City paid OPEB costs for existing retirees when the monthly premiums became due. Compensated Absences – Accrued Vacation, Sick Leave, and Compensatory Time The City’s policy and its agreements with employee groups permit employees to accumulate earned, but unused, vested vacation, sick leave, and other compensatory time. All earned compensatory time is accrued when incurred in the government-wide financial statements and the proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if they are due and payable. As of June 30, 2024, the current liability was $69 million. 77