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Home My WebLink AboutCounty of Marin - Public Financial Report i . . . . 0 ....................... .o .... 1 .:.�..:.......:........ ..�... .^._.�.——�. COUNTY OF MARIN�� COUNTY OF MARIN , CALIFORNIA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2022 ��,� � .:��:,-'�:�`��, ��^ .� _ ' .a:'. �..� �'� �'� I�' " � fil�� '� � �`:1 f `�� '+'�`" ,.�'�`. ��,� " ` � ' �-� r. ,�� -, . , ' `i . �.!�� _ ' . �L i _ y � . . � /- ..,'1��"�r0.� ¢��, �t•� �� , �!� +� �� : y � � . .� ,r y ir , . � tr •1 _ -11_ _--- ��,'�• ''`.� - --�.�,'.:;�.: •• � -i .� �,�i. , ' �` � , ,� �`• � ` ` /j,�.�� ' ��i� . ,�Q•,� �.•Y� „- . � .. '- ' ..� .�`��'`�� --�_ .. , •, �� " �,� . P. ! �_ J 'L'w/- . "�� !��'f .t�'�X„t y �i,,,�; ' ` _.r'��.''��•�.,�j�,,,'1�� ,.. ,�., - i • ��„ .r-�`� �r:;�' �. ,.. a ri. � �: � . � - - �;.'�. 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'�'-�D� =�+I"#'�' t,y4�.,�'�o�y �$r�� `�� :71P'a s � � ��- ;,i�� A� �'.'�� . .•'��, ��..�� S'�''� .�� .,�G t�`� +r F,y i'r �I : .5s'�/��'�C�..�+�A ��' y,;.' . � � �� i,� .!.1: � : y� �� Y _��L.�`�� `��;C: �, �,5� �.� �.; y�� ', i.ti� �� __ ,. , S� ' , , ...S �9\ 'yj v y�'� i .i � . +F. '�} _ Li 't��.�:., �T�+� r'�f ♦��+.L�,;�f� '1r�,. �, ��'.A c�^..�: ��E.�.� - .� .2. .. `-'��.�_'. f ..s�A4... �.�.�:.i�� :N;._� �.a. WWW.MARINCOUNTY.ORG THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN, CALIFORNIA ANNUAL COMPREHENSIVE FINANCIAL REPORT YEAR ENDED JUNE 30, 2022 , : : � � � � � \ ��..............�. 0 .••' •••.�� .•' . . . . '•. .�� ... ... ... .. . . .,�� ... . . . .� COUNTY OF MARIN ': County of Marin Department of Finance THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN TABLE OF CONTENTS YEAR ENDED JUNE 30, 2022 INTRODUCTORY SECTION Letter of Transmittal i Certificate of Achievement for Excellence in Financial Reporting xiv Elected and Appointed Public Officials xv Organizational Chart xvi FINANCIAL SECTION Independent Auditors' Report 1 Management's Discussion and Analysis 5 Basic Financial Statements Government-Wide Financial Statements Statement of Net Position 29 Statement of Activities 30 Fund Financial Statements Governmental Funds Balance Sheet 32 Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position — Governmental Activities 34 Statement of Revenues, Expenditures, and Changes in Fund Balances 35 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Government-Wide Statement of Activities — Governmental Activities 37 Proprietary Funds Statement of Net Position 38 Statement of Revenues, Expenses, and Changes in Net Position 39 Statement of Cash Flows 40 Fiduciary Funds Statement of Fiduciary Net Position 42 Statement of Changes in Fiduciary Net Position 43 Notes to the Basic Financial Statements 44 Required Supplementary Information Proportionate Share of the Net Pension Liability 94 Schedule of County Contributions— Pension Plan Liability 95 Schedule of Changes in Net OPEB Liability and Related Ratios 96 Schedule of County's OPEB Contributions 97 COUNTY OF MARIN TABLE OF CONTENTS (CONTINUED) YEAR ENDED JUNE 30, 2022 Schedule of Changes in Total OPEB Liability and Related Ratios — Housing Authority of the County of Marin 98 Budgetary Comparison Schedules General Fund 99 Health and Human Services Operating Fund 102 Public Protection Fund 103 HUD Fund 104 Note to Required Supplementary Information Budgetary Basis of Accounting 105 Supplementary Information Combining and Individual Fund Statements and Schedules Nonmajor Governmental Funds Combining Balance Sheet 106 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 107 Nonmajor Special Revenue Funds Description 108 Combining Balance Sheet 112 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 118 Budgetary Comparison Schedules Road Maintenance Fund 124 Library Fund 125 Fish and Game Fund 126 Child Support Fund 127 Health and Sanitation Fund 128 Building Inspection Fund 129 Environmental Health Services Fund 130 High Tech Theft Fund 131 Sewer Districts Fund 132 County Service Areas Fund 133 Lighting Fund 135 Permanent Road Districts Fund 136 Tobacco Settlement Fund 137 COUNTY OF MARIN TABLE OF CONTENTS (CONTINUED) YEAR ENDED JUNE 30, 2022 In-Home Supportive Services Fund 138 Open Space District Fund 139 Low-Income Housing Fund 140 Flood Control District Zones Fund 141 Miscellaneous Special Revenue Fund 142 Public Ways and Facilities Fund 143 Restricted Housing Fund 144 Recreational and Cultural Services Fund 145 MCERA Employee Operations Fund 146 Health Services Fund 147 Nonmajor Debt Service Funds Description 148 Combining Balance Sheet 149 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 150 Budgetary Comparison Schedules Open Space Debt Service Fund 151 Pension Obligation Bond Fund 152 Debt Service Fund 153 Tobacco Securitization Fund 154 Nonmajor Capital Projects Funds Description 155 Combining Balance Sheet 156 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 157 Budgetary Comparison Schedules Courthouse Construction Fund 158 Miscellaneous Capital Project Fund 159 Other Capital Projects Fund 160 Nonmajor Enterprise Funds Description 161 Combining Statement of Net Position 162 Combining Statement of Revenues, Expenses, and Changes in Net Position 163 COUNTY OF MARIN TABLE OF CONTENTS (CONTINUED) YEAR ENDED JUNE 30, 2022 Combining Statement of Cash Flows 164 Internal Service Funds Description 166 Combining Statement of Net Position 167 Combining Statement of Revenues, Expenses, and Changes in Net Position 168 Combining Statement of Cash Flows 169 Nonmajor Discretely Presented Component Units Combining Statement of Net Position 170 Combining Statement of Revenues, Expenses, and Changes in Net Position 171 Fiduciary Funds Description 172 Combining Statement of Fiduciary Net Position — Investment Trust Funds 173 Combining Statement of Changes in Fiduciary Net Position — Investment Trust Funds 174 Combining Statement of Net Position — Private-Purpose Trust Funds 175 Combining Statement of Changes in Net Position — Private-Purpose Trust Funds 176 Combining Statement of Net Position — Custodial Funds 177 Combining Statement of Changes in Net Position — Custodial Funds 178 STATISTICAL SECTION Description 179 Government-Wide Net Position by Component— Last Ten Fiscal Years 180 Changes in Net Position — Last Ten Fiscal Years 181 Fund Balances, Governmental Funds — Last Ten Fiscal Years 183 Changes in Fund Balance, Governmental Funds— Last Ten Fiscal Years 184 Assessed Valuation of Taxable Property— Last Ten Fiscal Years 185 Direct and Overlapping Property Tax Rates — Last Ten Fiscal Years 186 Principal Revenue Taxpayers— Current Fiscal Year and Ten Years Ago 187 Property Tax Levies and Collections — Last Ten Fiscal Years 188 Ratios of Total Debt Outstanding by Type — Last Ten Fiscal Years 189 Legal Debt Margin Information 190 Direct and Overlapping Debt 191 Demographic and Economic Statistics— Last Ten Fiscal Years 192 COUNTY OF MARIN TABLE OF CONTENTS (CONTINUED) YEAR ENDED JUNE 30, 2022 Principal Employers — Most Recent Year and Nine Years Ago 193 Full-Time Equivalent County Government Employees by Function — Last Ten Fiscal Years 194 Operating Indicators by Function — Last Ten Fiscal Years 195 Capital Asset Statistics by Function — Last Ten Fiscal Years 197 THIS PAGE INTENTIONALLY LEFT BLANK INTRODUCTORY SECTION THIS PAGE INTENTIONALLY LEFT BLANK i : , . , 0 . ��" 1 DEPARTMENT OF FINANCE COUNTY OF MARW � ._-11ent�n� r��pn��,a f;.__, I�nder;h�. January 26, 2023 Mina Martinovich, CPA DIRECTOR To the Honorable Members of the Board of Supervisors and Residents of the County of Marin, California Sandra Kacharos ASSISTANT DIRECTOR It is my privilege to present the Annual Comprehensive Financial Report (ACFR) of the County of Marin, California for the fiscal year ended June 30, 2022. This report is submitted in compliance with California Government Code Sections 25250 and 25253. Marin Couny Civic Center 3501 Civic Center Drive The Department of Finance prepared the ACFR in conformance with the principles and s��re 225 standards for accounting and financial reporting set forth by the Governmental Accounting San Rafael,CA 94903 415 473 6154 T Standards Board (GASB) and Generally Accepted Accounting Principles (GAAP). a15 a73 3680 F Recommended guidelines by the Government Finance Officers Association (GFOA) of the CRS Dial 71 1 United States and Canada were also followed. California law requires that every local www.morincouny.org/dof government publish a complete set of audited financial statements. This report is published to fulfill that requirement for the fiscal year ended June 30, 2022. County management assumes full responsibility for the completeness and reliability of the information contained in the ACFR, based upon a comprehensive framework of internal control established for this purpose. As the cost of internal control should not exceed anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the financial statements are free from material misstatement. Management asserts that, to the best of our knowledge,the information presented in this report is accurate in all material respects and presents fairly the financial position of the various funds and component units of the County of Marin, including all disclosures necessary to understand the County's activities. The County's financial statements have been audited by CliftonLarsonAllen, LLP, a registered public accounting firm. The objective of the independent audit was to provide reasonable assurance that the financial statements of the County for the fiscal year ended June 30, 2022, are fairly presented in conformity with GAAP and are free of material misstatement. This involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor rendered an unmodified ("clean") opinion on the County's financial statements for the fiscal year ended June 30, 2022. The independent auditors' report is presented in the first component of the financial section of this report. The ACFR represents the culmination of all budgeting and accounting activities engaged in by management during the fiscal year. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a ManagemenYs Discussion and Analysis (MD&A), which is presented after the independent auditors' report. This letter of transmittal is designed to complement the MD&A, and as such, should be read in conjunction with it. (i) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive Suite 225�San Rafael,CA 94903 PROFILE OF THE GOVERNMENT The County of Marin (County) is one of nine counties in the San Francisco Bay Area and was established in 1850 as one of California's original 27 counties following the adoption of the Constitution of 1849. The County occupies 520 square miles of land serving a population of 257,135. Eleven incorporated cities and towns are within the County: Belvedere, Corte Madera, Fairfax, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. The County is linked to San Francisco by the Golden Gate Bridge to the South, Sonoma County to the North, San Pablo Bay and San Francisco Bay to the Unincorporated se.�� zs � East, and the Pacific Ocean to the West.A majority of San Rafael 60,560 za�io Novato 52,441 20% the County's residents live along the eastern side, MiII Valley 13,850 s�io with a string of communities running along the San SanAnselmo �z,�s� 5�io Francisco Bay. The rural coastal corridor and inland Larkspur �2,sas 5^io valleys feature vast acreage of land in agricultural Corte Madera �o,o2a a�io production and open space for preservation, tourism, Tiburon s,sss s�ro and recreation. Some of the notable attractions Fairfax �,a�s 3�io include the Golden Gate Bridge, the Marin Sausalito �,0�2 s°io Ross 2,301 1%I Headlands, Mount Tamalpais State Park, Muir Belvedere 2,oao ��io Woods National Monument, and Point Reyes Total zs�,135 National Seashore. Californin DepnrtmenT of Finance,estimnte for Jnnunr y 2022 Marin County is a general-law county that is a geographic and political subdivision of the State of California. Under the state constitution, counties are required to provide certain healthcare, welfare, and criminal justice programs, and to enforce state and federal laws. These services are provided to all residents within the County's jurisdiction. As an agent of the state, many of the County's programs and services are mandated. These mandated services include property tax assessment, collection and distribution; elections; mental health treatment, public health programs and social services; as well as criminal justice functions such as the District Attorney, Public Defender, Sheriff and Probation. Some mandated programs require specific service levels, including public assistance payments, jail staffing and court security. However,the majority of mandated services have discretionary service levels that can be determined by local elected officials based on available funding. Roughly 30% of the County's programs are fully discretionary. These services include Marin County Parks, the Marin Center, environmental sustainability programs, fire prevention initiatives, and most administrative functions. The County provides regional services, such as libraries, parks and open space preserves, and performing arts. In unincorporated areas, the County provides municipal services which includes law enforcement, fire protection, building permitting, traffic safety and road maintenance. The central and most visible location of Marin County government is the Marin County Civic Center in San Rafael, which was designed by Frank Lloyd Wright and is on the National Register of Historic Places. The Civic Center is home to a public library and many other County service centers. It also houses the Hall of Justice, which includes the Marin County Superior Court and public safety departments. Other County facilities and services are located throughout Marin County. (ii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 Board of Supervisors The County is comprised of five districts that are approximately equal in population with boundaries adjusted every ten years following the latest United States census. Under California's Constitution and laws, the five members of the Marin County Board of Supervisors serve as the legislative and executive body of Marin County. Members are elected by district and they are required to live in the district they represent. Supervisor's terms are four years, and either two or three supervisors are elected every two years. Within limits prescribed by the state's Constitution and laws, the Board of Supervisors enacts ordinances, determines policies, adopts annual budgets, fixes salaries, is responsible for ensuring that mandated functions are properly discharged, and supervises the activities of County departments. The Board of Supervisors also serves as the governing board for several special districts, including the Open Space District, County Free Library, Flood Control District, Lighting District, county service areas and sewer maintenance districts. Each special district is distinct from the County and has separate roles, budgets, and staff. Supervisors also serve on regional agencies and as ex-officio members on the boards of County service districts. The Marin County Board of Supervisors and their corresponding districts as of June 30, 2022, is illustrated below. SUPERVISORIAL DISTRICT MAP — Damon Connolly ' �" ie�cr i �r � K.atie Rice(President) . _ISfkICT 2 5 \ •��phanie Moulton-Peters 4 � ' � (�.'ice President) -- . '..IR�CT 3 � � -f"+-=" Gennis Rodoni�Second Vice �- .�.� 2 � ?residenl) �1. �-�sra-cr a r" ✓4r^e,!.,J � 3 � -, ,�,-� The Board of Supervisors meets on Tuesdays in the Board Chambers of the Civic Center to discuss and vote on all County policy items. The Board's meeting schedule and agenda are posted weekly on the Board of Supervisors website, located at www.marincountv.orq. Audio and video broadcasts of Board meetings (both live and archived) are also available online. Organizational St�ucture The County organization is divided into five functional service areas that represent general categories of service to County residents: Health and Human Services, Public Safety, Administration and Finance, Community Development and Public Works, and Community Services. These service areas are composed of 22 separate departments, a majority of which are directed by officials appointed by the Board of Supervisors, while the District Attorney, Sheriff-Coroner, and Assessor-Recorder-County Clerk are elected by residents to serve a four-year term. (iii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 Included in operations are various component units which provide specific services throughout the County or to distinct geographic areas within it. The governmental reporting entity consists of the County and its component units. The following component units, although legally separate entities, are considered to be part of the primary government for financial reporting purposes: Golden Gate Tobacco Funding Corporation, In-Home Supportive Services Public Authority of Marin, Marin County Fair, Housing Authority of the County of Marin, Marin County Law Library, Marin County Open Space District, Marin County Transit District, Sewer Maintenance, County Service Areas, Lighting, Permanent Road Districts, Flood Control Zones and Water Conservation, and other Special Districts. Boards and Commissions The Board has established advisory boards, committees, and commissions to which it appoints residents to serve in an advisory role to help direct policy by making suggestions and recommendations to their local elected policymakers and government management. This system of commissions is intended to be representative of, and responsive to, the communities they serve. Appointive commissions exist within the County as a whole, as well as the cities and towns, special districts and joint exercise of power authorities. Some positions are created by local elected officials and others are mandated by state statute. Each commission has an issue, policy, or program focus representing its constituencies and, generally, commission appointees represent defined communities of interest. The main goals of the County's advisory boards, committees, and commissions are to Identify common ground on issues, indicate program priority preference, and provide input on existing and proposed public programs. FISCAL OUTLOOK Improving Financial Position The County is slowly emerging from the financial volatility of the COVID-19 pandemic and its impacts. Our fiscal landscape has undergone massive shifts, from the brink of a global recession to the beginning of an economic recovery, temporarily fueled by historic levels of federal fiscal relief. While the reopening and recovery of our local economy has afforded the County with more stable financial footing,we know that we need to be prepared for future uncertainty. The long-term fiscal outlook is heavily dependent on several key assumptions. • Residential Propertv: Property tax is the largest source of the County's discretionary revenue, accounting for about 40% of the General Fund budget. Proposition 13 places a limit on the annual growth of a property's assessed value, and therefore property tax, to no more than 2 percent, unless there is a change in ownership or new construction. As such, the health of the local real estate market and the associated changes in assessed property values are key indicators of the County's fiscal outlook. Based on valuations as of January 1, 2022, SINGLE-FAMILY HOME SALES Countywide assessed property values s�.soo increased 6.5%, as compared to 4.0% in the g,boo prior year, reflecting the results of historically " s5 400 ; low mortgage rates and an upsurge in 'S�° S�.2oo 5� housing demand. Real estate sales for �� _� single family conventional detached homes �,;::o `R°o �� increased 13% in 2021, from 2,599 homes 5�°0 � snoo sold in 2020 to 2,945 in 2021. Similarly, SZoo median sales price increased approximately 2°„ Z°,e z°,9 Zo2° 2°Z, �Units Sold � Metlian Sales Pnce 7%, from $1.45 million in 2020 to $1.65 fll I��IOfI I(l 2�2�. Source:Marin Counry Assessor �IV) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 The California Association of Realtors' Traditional Housing Affordability Index (HAI) measures the percentage of households that can afford to purchase a median priced home in the state and regions of California. The HAI for the County was 17 as of June 30, 2022. This means that only 17 percent of households in Marin County could afford to purchase a median-priced home within the County. For the same time period, the U.S. index was 38 and California's index was 16. CHANGES IN ASSESSED VALUE Marin County continues to be a "seller's market." While the recent increase in �,�� — property tax has contributed to the new FY 2013-18= FY 2022.23= ongoing baseline and overall improvement ��+x �� for longer-term revenue forecasts, growth is ultimately expected to slow in the coming years. The County projects property tax � f 20-year growth will average 5.4%through fiscal year e�e�e9e= F"',zo;;'2= s.ai 2026-27 as the housing market assimilates through our current adjustment period of increasing interest rates and the overall o"� d o" d° o� ob oy ° ` :ti <� � . � � � . ti° i titi ti"' ti" ti" ti`° ry� economic environment. yo��;�';�`,�"�,�'^�,�ti��,��°�"��^,yo,0,Lo9,yoti,Lpti'L�'��''L�'��'Lj1p"A'Ly'4�'L� Source:Marin CounTy Administrntor's Office • Retiree Liabilities The County remains fully committed to reducing its long-term liabilities associated with pension and retiree health, and over the years have taken effective steps in paying down retiree obligations and reducing their future growth. The County established an irrevocable trust to pre-fund the County's other post-employment benefits (OPEB) in addition to the regular pay-as-you-go contributions, created a pension rate stabilization reserve, and made accelerated discretionary payments to pay down unfunded retiree liabilities. As a result of the significant market investment returns of 2021, the County's current unfunded pension liability has been eliminated. Although we are fortunate to have eliminated unfunded pension liabilities, the County's retiree liabilities will continue to be affected by annual returns in the stock market. To reduce investment earnings volatility and to continue commitments in reducing unfunded retiree liabilities, in April 2022 the County adopted a new fiscal policy to allocate any ongoing pension savings to the retiree healthcare trust fund over a phased-in period of five years. Based on this policy, the County anticipates contributing up to $5 million to the retiree health trust in FY 2022-23. As of June 30, 2022, the County had a (in millions) balance of$62 million in Pension Obligation Bonds (POB) and a Net OPEB Liability of �"`� $639 $108 million, reflecting a $351 million s,co ssaz reduction in retiree liabilities over the last ssz� ,�0 5479 year. It has been a long-term goal of the County to reduce its unfunded retiree `-'�0 ,: liabilities,and due to recent market gains the �;,� s9� sn County is able modify its existing �5 s�s �,;�o vo amortization schedule for the unfunded retiree healthcare liabilities from 21 years to �,�o s2`z sz�l 5193 s�" ,: 15 while maintaining a level annual sbz contribution. This will lead to long-term zois zo�s zozo zozi zozz savings and a quicker reduction in our future ��,.,P„�S1O��;�b;,,�y P��s;o�obi��Bo�d ■Net OPEB Liability liabilities. (v) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 • Sales Tax: Sales tax revenues fully recovered at the local level during FY 2021-22 as regional economic activity returned to pre-pandemic levels. Based on available data published by the California Department of Tax and Fee Administration, taxable transactions in Marin across all jurisdictions totaled $6.2 billion in calendar year 2021, reflecting a 19% increase from 2020, and a 12% increase from 2019, or pre-pandemic levels. The County projects that sales tax revenues in FY 2022-23 will be approximately 20% higher than what was received in FY 2020-21. Similarly, state allocations of Proposition 172 revenues, which are based on statewide sales tax revenues, are forecasted to grow by approximately 18%. Economic Indicators Although fiscal data from a regional perspective point to an improved financial position for the County, several of these factors could change quickly. This report comes at a time where our global economic landscape is faced with an unprecedented mix of challenges. The cost-of-living crisis continues to unfold amid high inflation, low growth, global supply chain bottlenecks, tighter financing constraints, and volatile food and energy prices. While these extraordinary economic shifts can be attributed to the world's climate crisis, geopolitical instability in various parts of the world,the ongoing Russian invasion of Ukraine,and the lingering effects of the COVID-19 pandemic,attaining a positive fiscal outlook for our local economy ultimately requires our attention towards the greater collective and the broad-based remedial actions taken on a global scale. • Emplovment: Preliminary data issued by the California 'NEMPLOYMENT RATE Employment Development Department reports that .�.�,.'.�� Marin County's unemployment rate was 2.5% in -.,� � November 2022, up from a revised 2.3% in October "`"• �,,�� 2022,and below the year-ago estimate of 3.0%.This �;,,.:o compares with an average unemployment rate of �� 2.9% for the nine Bay Area counties (Alameda, '""' ��» Contra Costa, Marin, San Francisco, San Mateo, �_��o Santa Clara, Solano, and Sonoma), and with "°'° Zo,B Zo,s zozo 2oz, zozz seasonally adjusted unemployment rates of 4.1%for _�UniteA Statos-Calilomia--Bayllrcallvorago�MarinCounty California and 3.7% for the nation during the same Sources:California Employment Development Department and U.S.Bureau of period. Among California's 58 counties, Marin �aborstpt;st;�s recorded the 4th lowest employment rate in the state. The chart above provides the historical unemployment rate as of November for the last five years for the United States(seasonally adjusted), California (seasonally adjusted), the Bay Area average(not seasonally adjusted), and Marin County (not seasonally adjusted). • Median Household Effective Buvinq Income: The County's median household income increased M E D I A N H O U S E H O L D I N C O M E o.aao to $103,568 for 2022, an increase of 2.2% from :a.o� $101,360 in 2021. Prior year's increase was 7.8%. 5a o� The chart at right provides the historical median ��a� household effective buying income for the United �a000 States, California, nine-county Bay Area average, sa,o� and the County of Marin, for the last five years. Zo,a Zo,9 Zozo zo2, ZOZZ —Unnetl States—Caircorma- �Bay nrea nverege—Marin Counry Source:Environ Analytics Inc. �VI� COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 • Gross Domestic Product: According to statistics released by the Bureau of Economic Analysis, real Gross Domestic Product (GDP) increased at an annual rate of 3.2% in the third quarter of 2022, in contrast to a decrease of 0.6% in the second quarter. The increase reflected increases in exports, consumer spending, business investment, and government spending that were partly offset by decreases in housing investment and private inventory investment. • Consumer Price Index: The San Francisco Bay Area Consumer Price Index grew 6.8% for the fiscal year ended June 30, 2022. Increased inflation reduces the purchasing power of local businesses, governments, and individual consumers. More recently, the annual inflation rate in the U.S. slowed for a fifth month to 7.1% in November 2022, the lowest since December of last year. Despite the slow-down,the annual inflation is set to remain more than three times the Federal Reserve's 2% long-term target, pointing to broad price increases across the economy. Heightened inflation pressures will continue for some time, and in response the Federal Reserve is expected to continue to aggressively tighten monetary policy into 2023. Federal Policy Considerations Approximately 40% of the County's budget is comprised of federal revenues or state matching revenues. Over the past two years, one-time state and federal funding allocations enabled the County to maintain and enhance emergency response operations without making additional reductions to community services. Initially, through the federal Coronavirus Aid, Relief,and Economic Security(CARES)Act and Federal Emergency Management Agency (FEMA) reimbursements, and now through the federal American Rescue Plan Act(ARPA)of 2021, the County has been able to fund investments in rental assistance, homelessness prevention, small business assistance, educational services, public health response, racial equity initiatives enhanced emergency response capacity and other areas to support our recovery from the unprecedented public health emergency. The historic $1.9 trillion federal relief program, known as the American Rescue Plan Act (ARPA) of 2021, brought much needed financial resources to millions of Americans and businesses to generate a strong, resilient, and equitable recovery from the pandemic.That relief program included $65 billion to support counties and cities across the nation through the State and Local Fiscal Recovery Funds (SLFRF), of which the County received $50.2 million over a two-year period. State Policy Considerations This coming fiscal year will bring about many significant reforms to California's health care system, which in turn will impact many of the programs provided by Marin County Health and Human Services. Specifically,the California Advancing and Innovating Medi-Cal (CaIAIM) initiative could be one of the most significant system overhauls of Medi-Cal in the state's history. Over a five-year transition period, CaIAIM will begin a process of integrating Medi- Cal physical health, behavioral health, and social services into one system that is centered around a whole person approach. For Marin, this will have broad and far-reaching impacts to the way services are provided, including broadened eligibility for Behavioral Health Services, the incorporation of the Whole Person Care pilot into a new Claim Community Supports program, transition to a managed-care, fee for service model of repayment which will change how the County is reimbursed for services, streamlining of the public assistance enrollment process full integration of foster-care youth supportive services, and changes to howjustice-involved individuals are enrolled in Medi-Cal. The FY 2022-23 Governor's May Revise Budget included a historic $97.6 billion surplus, driven predominantly by GDP growth and continued strong sales of property and goods throughout the state. Nearly$50 billion of the surplus was allocated towards discretionary spending priorities, the largest piece being $32 billion towards one-time programmatic expansions, followed by $12 billion in direct relief payments. The remainder of the discretionary surplus was put aside to pay down debts and build reserves to brace for economic uncertainty. Of notable concern are the effects of inflation on California's budget and the risk of a recession, and the likely revenue loss that would accompany it and strain the state's ability to fund its commitments. (vii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 TOP COMMUNITY PRIORITIES The mission of the County of Marin is to provide excellent services that support healthy, safe, sustainable, and equitable communities. Looking ahead, the County's Adopted Budget for FY 2022-23 includes new ongoing funding for our top community priorities and makes substantial one-time investments consistent with community priorities and the continued need to address the impacts of the COVID-19 pandemic. Enhancing Disaster Preparedness In recognition that County facilities often become the hub of regional emergency response efforts during wildfires, floods and public safety power outage events, the County has prioritized the development of resilient facilities to support emergency response efforts. Backup power functionality have been instituted at critical Health and Human Services offices and Marin Center facilities — both of which have been used as critical evacuation centers and operations centers for county staff. Given recent trends and the likelihood that emergency events will increase in scale, complexity, and frequency, staff have contracted for a review of our existing capacity and organizational structure within the Office of Emergency Services. Based on this review, additional staffing as well as restructuring the Office of Emergency Services has been proposed. The goal of this assessment is to ensure that the County is appropriately staffed and organized to plan for, and respond to, more frequent emergency events. Reducing Carbon Emissions and Adapting to Climate Change County departments continue to work together and with community stakeholders to adapt to enhanced flooding risk and sea level rise, reduce our carbon footprint and create a more sustainable community. Through the recent formation of a new non-profit, MarinCAN, the County is engaging with residents and community partners on home improvement, transportation and waste reduction alternatives. Through long-standing partnerships with our cities and towns with programs such as BayWAVE, the County has been able to complete planning and transportation studies of Richardson Bay, as well as technical studies of flooding risk along the Bothin Marsh and Bay Trail. Through coordination within the County and our partner agencies, BayWAVE staff have included hazard risk and sea level rise adaptation measures as part of efforts to update the Countywide Plan and Local Hazard Mitigation Plan. To proactively address this emerging community need, the FY 2022-23 Adopted Budget includes ongoing General Fund support to establish a dedicated Sea-Level Rise Unit to coordinate countywide efforts on climate change and sea-level rise adaptation and mitigation. The Adopted Budget also includes an additional $3.0 million in allocations of ARPA funding towards sea level rise and climate change projects,which is in addition to$5.0 million in prior year allocations. Investing in County Infrast�ucture With an estimated $200 million in deferred maintenance on County-owned facilities, investments in infrastructure remain a top priority for the County. Progress has been made in many key areas, including the recent completion of a new fire station in Tomales, rehabilitation and replacement of the Civic Center Roof and refurbishment of the West Marin service center, and the FY 2022-23 Adopted Budget includes over$16 million in recommended projects as part of the Capital Improvement Plan throughout FY 2022-24. Amongst other infrastructure investments, the County plans to adopt a "Vision Zero" plan for unincorporated Marin to provide education, road, and traffic improvements to eliminate traffic fatalities and severe injuries in our community, support Civic Center facility improvements, Fire Facilities improvements, Health and Human Services Facility improvements, and local match reserves for state and federal grant-funded road improvement projects. Building a Racially Equitable Community The County's Race Equity Action Plan was adopted in early 2022, and identifies three strategic priorities—economic opportunity, housing, and mental health — as high-leverage areas to catalyze racial equity in Marin. Developed through extensive community dialogue and engagement, the Race Equity Action Plan provides a roadmap with a variety of recommended action steps to advance equity for marginalized racial, ethnic, and social groups in Marin. (viii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 Implementation of the Race Equity Action Plan will require collective action. The new Race Equity Action Plan Implementation Team, composed of 23 residents, community-based organizations, and staff from local municipalities will soon take the lead on initiatives, policies,and recommendations to improve the delivery of County services. Other initiatives include implementing the County's first participatory budgeting process, which will give the Marin community an opportunity to allocate $2.5 million in one-time funding towards high-priority projects focused on achieving equitable community outcomes. Preserving and Increasing Affordable Housing Addressing Marin's housing crisis and its impact on residents and local workforce remains one of the Board's highest priorities. To address housing needs, the County remains committed to increasing housing stock, availability, and rental affordability. The County has committed over$10 million in investments towards Affordable Housing, which includes a $5 million one-time contribution to the County's Affordable Housing Trust, and one-time allocations of ARPA funding of $5 million to support capital improvements at the Golden Gate Village housing development in Marin City. Addressing Homelessness The County's "Housing FirsY' policy approach seeks ways to provide permanent housing in both scattered site, supportive housing and providing connections to needed services for chronically homeless residents and families. The County has also leveraged historic state and federal funding opportunities to address homelessness, including nearly$47 million for Project Homekey to provide over 135 permanent supportive residential housing units in Marin. The County currently spends approximately $25 million annually on homelessness prevention and response programs, including over $8.6 million in discretionary General Fund support. The FY 2022-23 Adopted Budget includes additional ongoing allocations of $1.5 million for permanent supportive housing services and preserves critical Whole Person Care services by backfilling the loss of the state-funded pilot program. In addition, one-time allocations of ARPA funding include $7 million towards permanent supportive housing and $1.5 million for City/County partnerships to enhance homelessness services. RELEVANT FISCAL POLICIES The County's fiscal policies assist in ensuring its long-term fiscal stability. These policies are intended to provide direction so that the County's finances are managed in a manner that will continue to provide for the delivery of quality services; maintain enhanced service delivery; ensure a balanced budget; and establish reserves necessary to meet the known and unknown future obligations. These fiscal policies are included in the County's Budget and are an essential component of long-term forecasts and contingency plans. 1. Balanced Budget The annual budget must balance resources with expenditure appropriations (California State Government Code §29009). The Board requires the County Administrator's Office, in coordination with the Department of Finance, to ensure that expenses are controlled in such a manner that department budgets are not expended above the levels that are appropriated in the annual budget or beyond that which the County has the funds to pay. 2. Pursuit of New Revenues/Maximizing Use of Non-General Fund Revenues County departments will pursue revenue sources, when reasonable, in support of the countywide goals. Where not prohibited by law, departments will maximize use of non-General Fund revenues prior to using General Fund monies to fund programs. In any case, revenues will only be budgeted when there is substantial assurance of their receipt in the fiscal year that is being considered. The County will continue (ix) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 to advocate for more discretion over its revenue sources and to diversify and maximize discretionary revenue sources to improve the County's ability to manage revenue fluctuations. 3. Use of"One-Time" Funds The Board expects that one-time revenues shall be dedicated for use as one-time expenditures. Annual budgets will not be increased to the point that ongoing operational costs become overly reliant on cyclical or unreliable one-time revenues. In the face of downturns in the economy or any significant state cuts in subventions for locally mandated services, the use of one-time sources will only be used to ease the transition to downsized and/or reorganized operations. The State of California owes Marin County for unpaid state mandate reimbursements. Since these payments are reimbursing the General Fund for prior year support and are one-time revenues, the Department of Finance will deposit these funds directly into the General Fund one-time reserve. Any spending of these funds will be subject to future appropriation by the Board of Supervisors. 4. Cost Recovery Through Fees Departments must utilize fees to recover costs where reasonable and after all cost-saving options have been explored. There must be statutory authority for the County to charge a fee and the fee must be approved by the Board of Supervisors, except for those fees in which a statute mandates the imposition of the fee. If permissible by law,fees and charges will cover all costs of the services provided, unless otherwise directed by the Board, and will be adjusted annually to keep pace with inflation. Programs financed by service charges, fees, grants, and special revenue fund sources will pay their full and fair share of all direct and indirect administrative costs to the extent feasible and legally permitted. 5. Grants Any new grant award that requires County matching funds or other County commitments must be reviewed and approved by the County Administrator before departmental submission of the grant application. When applying for grants for ongoing programs, departments must demonstrate how funding will be provided for the duration of the program. To the extent legally possible, all grant applications should be based on full costing, including salaries, benefits, overhead, equipment, and indirect administrative costs. In addition, departments will apply for the maximum administrative overhead allowances and will use the overhead allowance to offset existing administrative costs within the department. Where matching funds are required for grant purposes, departments should provide as much "in-kind" contribution as allowed instead of hard- dollar matches. Unless long-term funding is secure, departments should avoid adding staff to support new grant-supported programs. If it is necessary to add staff, fixed-term positions should be used to support short-term programs. 6. Interest Earnings Unless otherwise prohibited by law or Generally Accepted Accounting Principles (GAAP), interest earnings in County operating funds are retained in the General Fund. 7. Matching Funds/Backfill County programs funded by federal and state revenues will not be backfilled with County discretionary revenues except by special action of the Board of Supervisors. The Board typically does not backfill these programs due to their size and impact on the County's financial position. The Board, at its discretion, may also provide County "overmatches" to federal and state-funded programs to ensure specified levels of service are achieved. These overmatches are considered discretionary and therefore are not included in ongoing Maintenance of Effort (MOE) calculations. Furthermore, as discretionary overmatch comes from the General Fund, all related reimbursements for services funded by overmatch dollars will be credited to the General Fund and allocated at the discretion of the Board of Supervisors. (x) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 8. Cost Allocation Countywide indirect and direct overhead costs shall be allocated to all County departments and funds based upon the indirect cost allocation plan and interdepartmental charges developed annually by the Department of Finance in consultation with the County Administrator. 9. Debt Financing Debt is incurred for the purpose of spreading capital project costs over the years in which the improvement will provide benefits. Debt is also incurred to reduce future costs such as refinancing (pension obligation bonds, general obligation bonds, certificates of participation) at lower interest rates. The County will consider, finance, and administer debt consistent with Marin County's Debt Management Policy. 10. Workers Compensation Funding Marin County initiated a self-insured liability program for workers compensation in 1993. The Board of Supervisors has adopted a funding policy that program assets be maintained at or above the 70% confidence level, including recognition of anticipated investment income. 11. General Fund Balance General Fund balance that is available at the end of any given fiscal year is estimated during the final stages of the budget development process for the following year. Much of this amount is derived from savings on personnel costs and other unencumbered balances that are generated in departmental operating budgets. Fund balance will be used to achieve and maintain the County's reserve goals and to balance the next year's budget. Reliance upon fund balance for budget balancing will be monitored and will not materially deviate from past actual activity, which is equal to $20 million in the General Fund. The County will strive to reduce its reliance upon the prior year's remaining fund balance to finance the next year's budget. 12. Funding of Contingency Reserves and Designations Industry best-practices and credit rating agencies recommend that contingency reserves be maintained between 5% and 15% of the annual operating budget. For the General Fund, the County shall maintain a minimum of 5%of its operating budget in contingency or budget uncertainty reserves.The County will strive to maintain General Fund Contingency Reserves of at least 10% of the operating budget, which is defined as the annual General Fund and HHS Operations Fund ongoing expenditures. The reserve balance will be adjusted at the end of the fiscal year to maintain at least the 10% level. All other county funds that directly support staff or essential community services should strive to maintain a minimum contingency reserve equal to at least 5% of annual expenditures. Contingency reserves may be used in future years to phase into fiscal distress periods in a planned,gradual manner, or to support costs on a one-time basis for the following purposes: • Economic recession or depression • Natural disaster • Unanticipated reductions in state and/or federal funding sources • Unanticipated lease expenses that are necessary for the delivery of local services • Unforeseen events that require the allocation of funds Other reserves may be used to designate one-time funds for anticipated events or requirements, or for significant capital projects to minimize debt service and issuance costs ("pay-as-you-go" capital spending). Administrative designations may be established for the cost of anticipated expenditures where there is uncertainty concerning the exact timing and/or amount of the expenditures that will be needed in the fiscal year. The County Administrator will review any request for an administrative designation and verify that funding can be taken from existing expenditure appropriations, unanticipated revenues or prior year available fund balance. (xi) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 13. Stabilization Reserves Over the last few years, the County has established a Budget Stabilization and Pension Fund Stabilization Reserve to avoid or mitigate service level cuts due to an unexpected economic downturn. These reserves would be used to balance the budget in the short term if there are significant increases in pension costs or unexpected revenue losses. For both reserves, no more than one-third of the balance would be used in any given year to ensure that these funds could be used across multiple years and that one-time funds are not used in place of ongoing structural adjustments. 14. Collection of Fees for Service All departments in the County shall make a reasonable effort to collect all unpaid amounts due them. In consultation with the County Administrator, departments may utilize the Department of Finance's Central Collections service. Departments wishing to engage the Central Collections Division's services shall enter into a Memorandum of Understanding (MOU) with the Central Collections Division of the Department of Finance to establish responsibilities of the Central Collections Division and the Client Department. Such MOU shall also reference the Central Collections Division Discharge of Accountability Policy, which codifies under what circumstances the Central Collections Department would suspend collection efforts on delinquent accounts determined"not collectable." However, any delinquent accounts suspended in accord with this policy would remain in archive status to preserve the County's right to collect on all unpaid fees. After the discharge of accountability is exercised by the Central Collections Division, the responsibility to resolve the outstanding collectible amount will rest with the individual department in accordance with applicable laws and regulations. 15. Additional Contributions Toward Facilities Effective FY 2019-20, contributions to the General Fund Facility Reserve increased by an additional $1 million to $5 million annually. The Facility Reserve contribution amount will serve as a budget stabilization mechanism and will vary from year to year based on the ability to fund contributions without creating an operating shortfall. Additional one-time contributions can also be made to the Facility Reserve to reach the goal of saving $50 million by 2025 for deferred facility maintenance. 16. Other Post-Employment Benefits (OPEB) Contributions will be made each year to the County's irrevocable trust for retiree healthcare costs to reduce and ultimately eliminate the unfunded liability.The actuarially determined contribution(ADC),as determined by the County's actuary, will at a minimum, be fully budgeted and funded each year. Beginning in FY 2022-23, the amortization schedule for paying down unfunded retiree healthcare liabilities is modified from a 21-year period to a 15-year period. Additionally, if the General Fund is balanced, annual savings from reduced pension payment requirements related to the extraordinary investment market gains of 2021 will be allocated to the County's Retiree Healthcare Trust Fund. This policy will remain in effect for five years, or until the OPEB Trust is 85%funded. (xii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 AWARDS AND ACKNOWLEDGEMENTS Certificate of Achievement We are pleased that the Government Finance Officers Association of the United States and Canada (GFOA) awarded to the County of Marin the Certificate of Achievement for Excellence in Financial Reporting for its ACFR for the year ended June 30, 2021; this represents the County's 12th consecutive award. The Certificate of Achievement is the highest form of recognition for excellence in state and local government financial reporting. In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and efficiently organized ACFR, whose contents conform to program standards. Such an ACFR must satisfy both generally accepted accounting principles (GAAP) and applicable legal requirements. A certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. Acknowledgements My goal for this report is to provide financial information that is transparent and useful to our residents, taxpayers, policy leaders, and County management. We welcome input from all users of this report. The preparation of this ACFR was made possible by the dedicated services of all County fiscal officers and staff. Their daily work helps to ensure the financial transparency, stability, and integrity of the County. I would also like to acknowledge the extra efforts extended for the preparation of this report by the Department of Finance team and thank the County's independent auditor CliftonLarsonAllen, LLP. I would also like to thank the Board of Supervisors, the County Administrator's Office, and all County departments, agencies, and employees for their continued efforts in planning and conducting the County's operations in a fiscally responsible manner. Respectfully submitted, �h� v��t� Mina Martinovich, CPA Director of Finance (xiii) COUNTY OF MARIN DEPARTMENT OF FINANCE 3501 Civic Center Drive�Suite 225�San Rafael,CA 94903 � Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to County of Marin California For its Annual Comprehensive Financial Report For the Fiscal Year Ended June 30, 2021 ��i�u�,e�w,. P• ��er�%��-C Executive Director/CEO (xiv) COUNTY OF MARIN ELECTED AND APPOINTED PUBLIC OFFICIALS JUNE 30, 2022 ELECTED OFFICIALS Supervisor—District 1 Damon Connolly Supervisor—District 2 Katie Rice Supervisor—District 3 Stephanie Moulton-Peters Supervisor—District 4 Dennis Rodoni Supervisor—District 5 Judy Arnold Assessor-Recorder-County Clerk Shelly Scott District Attorney Lori E. Frugoli Sheriff- Coroner Jamie Scardina APPOINTED OFFICIALS (bv the Board of Supervisors) County Administrator Matthew H. Hymel Agricultural Commissioner Stefan P. Parnay Director of Child Support Services Jill K. Francis Director of Community Development Thomas Lai County Counsel Brian E. Washington Director of Cultural &Visitor's Services Gabriella Calicchio Director of Finance Mina Martinovich, CPA Farm Advisor/U.C. Cooperative Extension David Lewis Fire Chief Jason Weber Director of Health & Human Services Benita McLarin County Librarian Lana Aldawan Director and General Manager of Parks Max Korten Chief Probation Officer Marlon Washington Public Defender David Joseph Sutton Director of Public Works Rosemarie Gaglione APPOINTED OFFICIALS (bv the County Administrator) Director of Human Resources Sarah Anker(Acting) Director of Information Services &Technology Liza Massey Registrar of Voters Lynda Roberts (xv) MARIN COUNTY ORGANIZATION CHART BOaRD OF SUPERviSORS HEAITH AND C4MMUNITY HUMAN PUBIIC SAFETY ADMINISTRATION �EvEIOFMENT COMMUNITY SERvICES ANO FINANCE AND PUBIIC SEkL'ICES woRKs I I I ME�ITM AND CMIlO SUP�OtT CCUNiY COMMVNRY AGRICUITUtE, DEti'ElC11r1ENT Y►�Ei�MTS�N� M!�:�.�tr� Sft1iCE5 SERviCES AOMiNiSTRATOIt AGENCY MEASURES -- 1 - - - - ! - - � � � ASSESSOR � PIANNING ANO � DISTRiCT � � . REtORCE1• � OEP�tTh!ENt Of CVITURAI SEtv�CES AD:�INISTRATION I ATiORNEY I I I �VDU� W,'pRKS � � � COUNTY CIEIlK � ---T--- --- T --- eeMAv�oeA� ME�1TM AND Iv1ARIN COVNTY COUNTY COVNSEI f140C:ONE ��rf ti�ARIN IE�CvE1Y FIIE DISTRICI iER'.��CES I I �U�UC MEAITM ►RODATION DEPAtTh!ENT Of fr1ARIN COVMY SER'��CES fIN�NCE FIEE UBRARY I I SOCIA�SERY�CES PUDUC dEFENDEt EIECTIONS '.1�ttIN COUNTY MRKS -- � - - I / — —♦ SMMOIE fERSCN ( h1ARIN COVNTY I MUM.AN O�EN $►ACE C1�lE I SMEltlff'S OffICE 1 I.ESCU►�ES OISTR�CT ♦ / INFCi:�.At1�N SEt�1iCES AND TECMNOIOGY �—� I 1 ! Eiec:ed Otfipal Independen;Boa�d �_� Service Area Diws�on ►ETiIEMENt �epartment I�dependert (xvi) FINANCIAL SECTION THIS PAGE INTENTIONALLY LEFT BLANK �( CliftonLarsonAllen LLP . CLAconnect.com / INDEPENDENT AUDITORS' REPORT Board of Supervisors County of Marin San Rafael, California Report on the Audit of the Financial Statements Opinions We have audited the accompanying financial statements of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the County of Marin, as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the County of Marin's basic financial statements as listed in the table of contents. In our opinion, based on our audit and the reports of other auditors, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component units, each major fund, and the aggregate remaining fund information of the County of Marin, as of June 30, 2022, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. We did not audit the financial statements of the Housing Authority of the County of Marin and its aggregate discretely presented component units, the Marin County Transit District and the pension trust fund, which represent the following percentages of assets, net position, and revenues/additions of the opinion units shown below as of and for the fiscal year ended June 30, 2022: Revenues/ Opinion Unit Assets Net Position Additions Business-Type Activities 85.4% 85.3% 93.8% Marin County Transit District 100.0 100.0 100.0 Housing Authority of the County of Marin 100.0 100.0 100.0 Aggregate Discretely Presented Component Units 100.0 100.0 100.0 Pension Trust Fund 100.0 100.0 100.0 Those financial statements were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as they relates to the amounts included for the Housing Authority of the County of Marin, its aggregate discretely presented component units, the Marin County Transit District and the pension trust fund are based solely on the reports of the other auditors. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the County of Marin and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. CLA�loba I.com/disclaimer (1) Board of Supervisors County of Marin Emphasis of Matter Change in Accounting Principle As discussed in Note 1 to the financial statements, effective July 1, 2021, the County of Marin adopted new accounting guidance for leases. The guidance requires lessees to recognize a right-to-use lease asset and corresponding lease liability and lessors to recognize a lease receivable and corresponding deferred inflow of resources for all leases with lease terms greater than twelve months. Our opinion is not modified with respect to this matter. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the County of Marin's ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditors'Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and GovernmentAuditing Standards, we: • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of County of Marin's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about County of Marin's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit. (2) Board of Supervisors County of Marin Required Supplementary Information Accounting principles generally accepted in the United States of America require that the managemenYs discussion and analysis, budgetary comparison schedules, proportionate share of the net pension liability, schedule of County contributions — Pension Plan, schedule of changes in net OPEB liability and related ratios, schedule of County's OPEB contributions, and schedule of changes in total OPEB liability and related ratios — Housing Authority of the County of Marin, as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We and other auditors have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with managemenYs responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County of Marin's basic financial statements. The combining and individual fund financial statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining individual and fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. (3) Board of Supervisors County of Marin Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 26, 2023, on our consideration of the County of Marin's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the County of Marin's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering County of Marin's internal control over financial reporting and compliance. LL� CliftonLarsonAllen LLP Roseville, California January 26, 2023 (4) MANAGEMENT'S DISCUSSION AND ANALYSIS THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) This ManagemenYs Discussion and Analysis provides a narrative overview and analysis of the County of Marin's (the County)financial activities for the fiscal year ended June 30, 2022. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the County's financial basic statements, which immediately follow this section. I. FINANCIAL HIGHLIGHTS Government-wide financial position The County's assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources as of June 30, 2022, by$1.9 billion (net position): • $1,490.8 million represents the County's investment in capital assets, less any related outstanding debt used to acquire those assets (net investment in capital assets).These capital assets are used to provide services to citizens and are not available for future spending. • $274.8 million represents resources that are subject to external restrictions on their use and are available to meet the County's ongoing obligations for programs with external restrictions(restricted net position). • $199.8 million is available to fund County programs for citizens and debt obligations to creditors (unrestricted net position). The County's total net position increased by$288.1 million, from $1.6 billion in the prior year to $1.9 billion in the current year. The positive change in the County's net position indicates that the financial position of the County continues to improve. • $282.1 million of the increase in net position was derived from governmental activities. This increase was the result of total revenues of$822.1 million exceeding total expenses of$540 million, mostly attributable to increase in operating and capital grant contributions and property tax revenues, offset with an overall decrease in expenses, primarily relating to public protection, general government, and health and sanitation. • $6 million of the increase in net position was derived from business-type activities, primarily from Transit District's $4.3 million increase in net position due to increased investment in capital assets and increased Federal and State funding. Housing Authority's$1.5 million increase in net position was primarily due to an increase in HUD operating grants, tenant revenue and other intergovernmental revenues. Capital assets and debt administration The County's capital assets, net of accumulated depreciation, increased by $22.8 million, from $1,569.6 million to $1,592.4 million, with $17.4 million from governmental activities and $5.4 million from business- type activities. The increase was mostly due to the current year implementation of Governmental Accounting Standards Board (GASB) Statement No. 87, Leases, construction in progress for resurfacing and road sealant projects in the northern region, as well as Marin Transit's construction in progress activity and their acquisition of various depreciable assets. The County's total outstanding long-term debt balance (e.g., bonds, loans, certificates of participation, financed purchase obligations, and lease liability) was $214 million as of June 30, 2022. Scheduled debt service payments totaling $16.2 million was offset by $1.3 million in accretion adjustments for the 2007 Tobacco Settlement Asset-Backed Bonds and $14.9 million in recognized lease liability due to implementation of GASB Statement No. 87. (5) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Governmental funds financial analysis The County's governmental funds reported combined fund balances of $791.6 million at fiscal year end, which is an increase of $151.1 million compared to the prior fiscal year. Of this amount, $431.4 million (assigned and unassigned fund balances), or 54.5%, is available for spending at the County's discretion. II. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis serve as an introduction to the County's basic financial statements. The County's basic financial statements include the following three components: 1) Government-wide financial statements 2) Fund financial statements 3) Notes to the basic financial statements In addition to these basic financial statements, this report also includes Required Supplementary Information on pages 94-105. The Required Supplementary Information provides additional detail to support the basic financial statements. Government-wide Financial Statements The Government-wide financial statements provide readers with a broad overview of County finances, in a manner similar to private-sector business, providing both long-term and short-term information about the County's overall financial position. The Statement of Net Position is conceptually the same as a balance sheet in the private-sector, presenting balances of the County's assets, liabilities, and deferred outflows/inflows of resources as of fiscal year end, with the difference reported as net position. The Statement ofActivities presents changes in net position (revenues and expenses), and are reported as soon as the underlying event occurs, regardless of the timing of related cash flows, which may occur in a future fiscal year(e.g., uncollected taxes). The government-wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues(governmental activities)from other functions intended to recover all or a significant portion of costs through user fees and charges (business-type activities). Governmental activities of the County include general government, public protection, public ways and facilities, health and sanitation, public assistance, education, and recreation and cultural services. Business-type activities include the Marin County Housing Authority (Housing Authority), Marin County Transit District (Transit District), Marin Commons Property Management, Gnoss Airport, Marin County Fair, and Marin.Org. The government-wide financial statements include not only the County itself (known as the primary government), but also legally separate entities for which the County is financially accountable, known as component units. Some of these entities, although legally separate, function for all practical purposes as departments of the County and therefore have been included as an integral part of the primary government. Pages 29-31 of this report display the government-wide financial statements. Fund Financial Statements A fund is a grouping of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.All funds of the County can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. (6) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Governmental funds account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows, outflows, and balances of spendable resources. Such information is useful in evaluating the County's near-term financing requirements. Because the governmental funds'focus is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The County maintains four major governmental funds: the General Fund, Health and Human Services Operating Fund, Public Protection Fund, and HUD Fund. Data from the remaining nonmajor governmental funds are combined into a single, aggregate presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report. A budgetary comparison schedule has been provided for the General Fund, Health and Human Services Operating Fund, Public Protection Fund and HUD Fund to demonstrate compliance with the budget and are located in the Required Supplementary Information section of the report. Pages 32-37 of this report display the governmental funds financial statements. Proprietary funds — Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The County maintains two different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are included in the government-wide financial statements as business-type activities and include Marin County Housing Authority(Housing Authority), Marin County Transit District(Transit District), Marin Commons Property Management, Gnoss Airport, Marin County Fair, and Marin.Org. Internal service funds are included in the government-wide financial statements as governmental activities, as they predominantly benefit governmental rather than business-type functions. Internal service funds are used to accumulate and allocate costs internally among the County's various functions for workers' compensation insurance, vehicle replacement and technology replacement. The proprietary fund financial statements provide separate information for the Housing Authority and Transit District, which are considered to be major funds. Conversely, all internal service funds are combined into a single aggregated presentation in the proprietary fund financial statements. Individual fund data for the nonmajor enterprise funds and the nonmajor internal service funds are provided in the form of combing statements elsewhere in this report. Pages 38-41 of this report display the proprietary funds financial statements. Fiduciary funds account for resources held for the benefit of parties outside the County. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the County's own programs. Fiduciary fund accounting is similar to proprietary fund accounting. Pages 42-43 of this report display the fiduciary fund's financial statements. (�) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) The basic financial statements also incorporate component units, which are legally separate entities for which the County is financially accountable. A component unit can be "blended" or "discretely presented" in the County's financial statements. A blended component unit functions, for all practical purposes, as an integral part of the primary government(the County),whereas a discretely presented component unit does not function as an integral part of the County. The County's blended component units include the Golden Gate Tobacco Funding Corporation, In-Home Supportive Services Public Authority of Marin, Marin County Fair, Housing Authority, Marin County Law Library, Marin County Open Space District, Transit District, and special districts governed by the County Board of Supervisors (including sewer maintenance, County service areas, lighting, permanent road districts, flood control zones, water conservation and other special districts). Marin County Housing Development Financing Corporation (MCHDFC)and Marin Housing Development Corporation (MHDC)do not meet the requirements for blending; therefore, are separately reported as discretely presented component units of the County. Notes to the Basic Financial Statements provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Pages 44-93 of this report display the notes to the financial statements. Required Supplementary Information presents certain actuarial information concerning the County's progress in funding its obligation to provide pension and other postemployment benefits to its employees. Budgetary comparison schedules for the major governmental funds are also included as supplementary information to demonstrate compliance with expenditure limits set by the County's adopted budget. Pages 94-105 of this report display the Required Supplementary Information. Combining and individual fund statements and schedules provide information for nonmajor governmental funds, enterprise funds, and fiduciary funds and are presented immediately following the Required Supplementary Information. Pages 106-178 of this report display the combining and individual fund statements and schedules. (8) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) III. GOVERNMENT-WIDE FINANCIAL ANALYSIS Net position may serve over time as a useful indicator of a government's financial position. In the case of the County, assets and deferred outflows exceeded liabilities and deferred inflows by$1.9 billion as of June 30, 2022. Further details are provided in the table below. Condensed Statement of Net Position (In thousands) Governmental Activities Business-type Activities Total Total 2022 2021 2022 2021 2022 2021 Dollar Percent Change Change Assets: Current and other assets $ 1,009,485 $ 781,735 $ 77,415 $ 73,279 $ 1,086,900 $ 855,014 $ 231,886 27.1% Capital assets,net 1,511,050 1,493,600 81,388 76,038 1,592,438 1,569,638 22,800 1.5% Total assets 2,520,535 2,275,335 158,803 149,317 2,679,338 2,424,652 254,686 10.5% Deferred outflows 121,944 117,886 2,215 1,514 124,159 119,400 4,759 4.0% Liabilities: Current and other liabilities 92,488 115,081 11,306 14,028 103,794 129,109 (25,315) -19.6% Noncurrent liabilities 333,810 669,756 13,997 11,918 347,807 681,674 (333,867) -49.0% Totalliabilities 426,298 784,837 25,303 25,946 451,601 810,783 (359,182) -44.3% Deferred inflows 380,818 55,143 5,722 899 386,540 56,042 330,498 589.7% Net position: Net investment in 1,414,840 1,403,309 75,950 71,005 1,490,790 1,474,314 16,476 1.1% capital assets Restricted 265,865 247,873 8,855 7,863 274,720 255,736 18,984 7.4%a Unrestricted 154,658 (97,940) 45,188 45,118 199,846 (52,822) 252,668 -478.3% Total net position $ 1,835,363 $ 1,553,242 $ 129,993 $ 123,986 $ 1,965,356 $ 1,677,228 $ 288,128 17.2% Governmental Activities Total assets from governmental activities increased by$245.2 million, or 10.8%, from the prior fiscal year. The overall increase was attributable to the following significant changes: • Cash and Investments increased $119.4 million, from $666.9 million in the prior year to $786.3 million in the current year, due to current year receipts from property tax collections, service charges, and grant funding. • Receivables increased $15.9 million, from $106.4 million in the prior year to $122.3 million in the current year. Most of this increase was attributable to Due from OtherAgencies, which increased by $22.6 million. This increase was due to the accrual of the second half of the State and Local Fiscal Recovery Funds(SLFRF)funded by the American Rescue Plan Act(ARPA)of 2021 of$25.1 million, offset by the receipt of$2.8 million in Measure A funding for farmland preservation. • Total Capital Assets increased $17.4 million, from $1,493.6 million in the prior year as compared to $1,511 million in the current year. Of this increase, $14 million was due to increases in lease assets as the result of the County's implementation of GASB Statement No. 87. Land increased by $1.2 million, attributable to the acquisition of various properties, most notably the County's purchase of the former San Rafael Fire Station located at 30 Joseph Court, which will be used temporarily for Marin County Fire Department equity initiatives, and the County's acquisition of a 1.25-acre parcel in Pt. Reyes Station. Lastly, non-amortizable intangible assets increased by$1.6 million due to software acquisition for the County's phone system upgrades. • Net Pension Asset increased $90.7 million. This increase was ultimately the result of plan fiduciary �9) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) net position increase, primarily due to increased employer and employee contributions, as well as investment earnings gains and their outperformance of the assumed rate. Deferred outflows from governmental activities increased by $4.1 million, or 3.4%, from the prior fiscal year, primarily due to Deferred Pension and its $3.2 million increase in pension contributions made subsequent to the actuarial valuation measurement date,from$49.5 million in the prior year to$52.7 million in the current year. Total liabilities from governmental activities decreased by $358.5 million, or 45.7%, from the prior fiscal year. The overall decrease was attributable to the following significant changes: • Unearned Revenues decreased $26.1 million, from $34 million in the prior year to $7.9 million in the current year. The decrease was mainly attributable to the $25.1 million revenue recognition of the first half of the SLFRF funded by ARPA of 2021. In addition, $742 thousand in Emergency Rental Assistance Program grant revenues were recognized in the current year. • Net OPEB Liability decreased $93.4 million, from $201.3 million in the prior year to $107.9 million in the current year, due to actuarial experience gain and valuation assumption changes. • Net Pension Liability decreased $241.8 million, or 100%. See explanation in Net Pension Asset. Deferred inflows from governmental activities increased by $325.7 million, or 591%, from the prior fiscal year. The overall increase was attributable to the following significant changes: • Deferred Inflows-Lease Revenue is required to be reported in the amount of$2.2 million due to the implementation of GASB Statement No. 87. • Deferred Pensions increased $264 million, from $0.5 million in the prior year to $264.5 million in the current year, mostly due to investment earnings gains and their outperformance of the assumed rate. • Deferred OPEB increased $59.5 million, from $54.7 million in the prior year to$114.2 million in the current year due to actuarial experience gain and valuation assumption changes. Business-type Activities Total assets from business-type activities increased by$9.5 million,or 6.4%,from the prior fiscal year. The overall increase was due to the following significant changes: • Cash and Investments increased by$3.8 million,from$42.9 million in the prior year to$46.7 million in the current year, primarily attributable to Transit District's increased cash receipts from capital contributions (grants)from intergovernmental sources. • Total Capital Assets increased by$5.4 million, from $76 million in the prior year to $81.4 million in the current year, mostly due to Transit DistricYs increase in investment in capital assets which included vehicles, facilities, stops, communication and data equipment, fare revenue collection equipment, and furniture and fixtures. Deferred outflows from business-type activities increased by $0.7 million, or 46.3%, from the prior fiscal year, primarily due to Housing Authority's $0.5 million increase in Deferred OPEB due to changes in actuarial assumptions. Total liabilities from business-type activities decreased by$0.6 million, or 2.5%, from the prior fiscal year. The overall increase was primarily due to the following: (10) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) • Transit District's total liabilities increased $2.3 million, mostly due to increase in Accounts Payable and Accrued Expenses by$1.9 million in the current year as compared to prior year. • Housing Authority's total liabilities decreased $3.6 million, primarily due to decreases in Housing Authority's net pension liability and long-term portion of debt. • Total liabilities of Nonmajor enterprise funds increased $0.7, mostly due to increased current year activity of the Marin County Fair as a result of returning back to pre-pandemic levels. Deferred inflows from business-type activities increased by $4.8 million, or 536%, from the prior fiscal year, primarily due to Housing Authority's $2.5 million increase in Deferred Pensions due to investment earnings gains and their outperformance of the assumed rate. Analvsis of Net Position The County's total net position of$1.9 billion can be divided into three categories: net investment in capital assets, restricted net position, and unrestricted net position. • Net investment in capital assets — The County's net investment in capital assets (e.g., land, buildings, infrastructure, and equipment), is the largest portion of the County's net position, amounting to $1,490.8 million. These capital assets are used to provide services to citizens, and consequently, are not available for future spending. Although the County's investment in its capital assets is reported net of related outstanding debt,the resources to repay this debt must be provided from other sources since the capital assets themselves cannot be used to liquidate these liabilities. • Restricted net position — Approximately $274.8 million of the County's net position represents resources that are subject to external restrictions on how they may be used. Restricted net position funds are restricted for special purposes, enabling legislation, and other outside sources. • Unrestricted net position — Approximately $199.8 million of the County's net position represents funds which may be used to meet the County's ongoing obligations to citizens and creditors. (11) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) The following table presents the revenues, expenses, and changes in net position for governmental and business-type activities for the current and prior fiscal years: Change in Net Position (In thousands) Go�rnmental Activities Business-type ActiNties Total Total 2022 2021 2022 2021 2022 2021 Dollar Change %Change Revenues: Program re�enues: Fees,fnes,and charges forservices $ 104,658 $ 105,430 $ $826 $ 6,634 $ 113,484 $ '112,064 $ '1,420 '1.3% Operating grants and contributions 340,920 289,560 94,689 88,494 435,609 378,054 57,555 152% Capital grants and contributions �9,859 31,714 6,268 6,208 26,127 37,922 (1�,795) 3�.1% Program re�enues subtotal: 465,437 426,704 109,783 101,336 575,220 528,040 47,180 8.9% General re�enues: Property taxes 320,562 293,914 5,383 5,025 325,945 298,939 27,006 9.0% Sales and use taxes 19,525 20,664 - - 19,525 20,664 (1,139) -5.5% Othertaxes 16,171 11,544 - - 1Q171 11,544 4,627 40.1% UnresMcted interest&imestment earnings (5,043) 3,091 4,999 5,575 (44) $666 (8,7'10) -100.5% Sale of Capital Assets 93 - 32 125 - 125 Tobaccosettlement 2,82'I 2,802 - - 2,82'I 2,802 '19 0.7% Miscellaneous 2,435 4,608 1,622 1,583 4,057 6,191 (2,134) 34.5% General reeenues subtotal: 356,564 336,623 12,036 12,183 368,600 348,806 19,794 5.7% Total reeenues 822,00'I 763,327 121,819 113,519 943,820 876,846 66,974 7.6% 6cpenses: General go�,ernment 88,'160 105,153 - - 88,160 105,153 (16,993) -162% Public protection 164,039 230,339 - - 164,039 230,339 (66,300) -28.8% Public ways and facilities 20,352 24,719 - - 20,352 24,719 (4,367) -17.7% Health and sanitation 121,219 137,325 - - 121,219 137,325 (16,106) -1'17% Publicassistance 98,073 107,374 - - 98,073 107,374 (9,301) -87% Education '14,483 16,459 - - 14,483 16,459 ('1,976) -12.0% Recreation and cultural sen.ices 24,'119 26,579 - - 24,119 26,579 (2,460) -9.3% Interest and fiscal charges 9,488 9,952 - - 9,488 9,952 (464) -4.7% HousingAuthority - - 69,787 65,168 69,787 65,168 4,619 7.1% Transit District - - 38,553 34,751 38,553 34,751 3,802 10.9% Gnoss Airport - - 1,002 809 1,002 809 193 23.9% MarinCountyFair - - 1,119 56 1,119 56 1,063 18982% Marin.Org - - 994 1,315 994 1,315 (321) -24.4% Marin Commons Property Management 4,111 4,151 4,111 4,151 (40) -1.0% Total expenses 539,933 657,900 115,566 106,250 655,499 764,150 (108,651) 1805.8% Excess before transfers 282,068 105,427 6,253 7,269 288,321 112,696 '175,625 155.8% Transfers,net 54 (960) (54) 960 - - - 0.0% Specialltem (192) (192) (192) Change in net position 282,'122 104,467 6,007 8,229 288,129 112,696 175,433 1557% Net position,beginning-Restated '1,553,241 1,448,774 123,986 1'15,757 1,677,227 1,564,531 112,696 72% Net position,ending $ 1,835,363 $ 1,553,241 $ 129,993 $ 123,986 $ 1,965,356 $ 1,677,227 $ 288,129 172% Explanations for the overall increase in net position are discussed in the following sections for governmental activities and business-type activities. Analvsis of Governmental Activities: Governmental activities increased the County's net position by$282.1 million, or 18.2%,to$1,835.4 million. Current year revenues increased by$58.7 million, and expenses decreased by $118 million as compared to prior year. Program Revenues of$465.4 million accounted for 56.6% of the County's overall governmental activities revenues. Program revenues consisted of three categories:(1) fees, fines, and charges for services, (2) operating grants and contributions, and (3) capital grants and contributions. Program revenues increased by$38.7 million, or 9.1%, from the prior year. The significant changes included the following: • Operating grants and contributions increased by $51.4 million, or 17.7%, to $340.9 million. The increase was primarily due to: - $24.2 million increase in federal funding from the U.S. Department of Treasury to support the County's COVID-19 emergency response efforts, from $32.6 million in the prior year (12) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) for Emergency Rental Assistance and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, as compared to $56.8 million in the current year for Emergency Rental Assistance and from State and Local Fiscal Recovery Funds funded by ARPA. - $9.2 million in increased current year funding from the State for the Emergency Rental Assistance program. - $7.1 million increase due to funding realignment in State-funded programs for Mental Health, Social Services and Public Health Services. - $4.9 million from increased Proposition 172 Public Safety State sales tax allocations. - $3.8 million increased federal funding for various Mental Health, Social Services and Public Health Services. - $3 million increase in State funding for the administration of Medi-Cal programs. - $1.2 million increase in the current year from Federal Emergency Management Agency (FEMA)for Staffing for Adequate Fire and Emergency Response(SAFER)grant to provide funding to Marin County Fire for increased operational staffing levels. • Capital grants and contributions decreased $11.9 million, or 37.4%, to$19.9 million. The decrease was primarily due to a $9 million decrease in funding from Transportation Authority of Marin and $2.4 million decreased reimbursements from Marin Municipal Water District for the rehabilitation of 2.2 miles of Sir Francis Drake Boulevard which has been completed. General Revenues increased by$19.9 million, or 5.9%, from the prior year. General revenues accounted for 43.4% of the County's overall governmental activities revenues. The significant changes included the following: • Property taxes increased by $26.6 million, or 9.1°/o, to $320.6 million, primarily due to the nearly $3.3 billion (3.95%) increase in the annual assessment roll of$89.38 billion for the 2021-22 fiscal year. • Sa/es and use taxes decreased by $1.1 million, or 5.5%, to $19.5 million, due to the expiration of the 2012 Marin Parks, Open Space, and Farmland Preservation Transactions and Use Tax Ordinance (Measure A) on March 31, 2022. While Marin County voters approved the re- implementation of the Measure A sales tax in June 2022, the new ordinance does not become operative until October 1, 2022. • Other taxes increased by $4.6 million, or 40%, to $16.2 million, largely due to the increase in transient occupancy taxes in unincorporated areas that reflect a return to pre-pandemic levels of activity. • Unrestricted interest and investment earnings(loss)decreased by$8.1 million,or 263.2°/o, primarily due to market fluctuations and less robust earnings on investments in current year compared to prior year, thus reducing earnings on investments. • Miscellaneous revenues decreased by $2.2 million, or 47%, primarily due to the decrease in donations and contributions received in the prior year from Marin Community Foundation for COVID-19 related impacts to the community. (13) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Figure 1 -Governmental Activities Revenues by Source Tobacco settlement& Miscelleneous Taxes - �% 43% Fees,fines,&charges Operating and Capital for services grants&contributions 13% 43% Expenses from governmental activities decreased by $118 million, or 17.9%, from the prior year. The overall decrease was the result of changes in the following categories of expenses: • Public protection decreased by $66.3 million, or 28.8%, mainly attributable to the decrease in expenditures relating to the Countywide COVID-19 response efforts, including professional service fees, Community Based Organization (CBO) Contracts, public housing assistance and other expenses including supplies, decontamination services, medical testing services, and disaster relief payments. • General government decreased by $17 million, or 16.2%, primarily due to decreased salary and benefit costs and a decrease in professional services expenses for MERA Next Generation Radio System. • Health and sanitation decreased by $16.1 million, or 11.7%, from the prior fiscal year, primarily attributable to decreased expenditures for Community Based Organization (CBO) contracts to provide the public with COVID-19 rental assistance, housing case management and information and referral services. • Public assistance decreased by $9.3 million, or 8.7%, from the prior fiscal year, primarily attributable to decreased pass-through grantee awards and decreased expenditures related to Community Based Organization (CBO)contracts for Great Plates Delivered Program. • Public Ways and Facilities decreased by$4.4 million, or 17.7%, from prior fiscal year, primarily due to decrease in professional service expenditures for the rehabilitation of 2.2 miles of Sir Francis Drake Boulevard which has been completed. Figure 2 -Governmental Activities Health&sanitation Expenses by Function 22% � �Public assistance 18% Education Public ways&facilities� ` � 30�0 4% r � � Recreation&cultural services 5% �Interest and fiscal charges 2% Public protection General government 30% 16/o (14) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Analvsis of Business-type Activities: Business-type activities increased the County's net position by$6 million, compared to a prior year increase in net position of$8.2 million. Current year revenues increased by $ 8.3 million, and expenses increased by$9.3 million as compared to the prior year. Program Revenues increased by$8.4 million, or 8.3%,from the prior fiscal year. Of this increase, Housing Authority had a $5.5 million, or 8.6%, increase in intergovernmental revenue from Federal, State, and local grants, primarily from U.S. Department of Housing and Urban Development(HUD)operating grants for their Housing Choice Voucher program and Housing Assistance Payment. Transit DistricYs operating revenues increased to $4.4 million, compared to $2.9 million in the prior fiscal year. This increase was due to the recovery of fixed route transit ridership, associated increase in fare revenue, and increased contractual compensation from Golden Gate Bridge Highway and Transportation District. In addition, there was $0.8 million increase in operating grants and contributions for the Marin County Fair, which reopened for in- person activities for the first time since the summer of 2019. General Revenues decreased by $147 thousand, or 1.2%, from the prior fiscal year, primarily due to a $576 thousand decrease in Unrestricted interest & investment earnings. There was a $358 thousand increase in Transit DistricYs property taxes in FY 2022. Expenses from business-type activities increased by$9.3 million, or 8.8%, from the prior year. The overall increase was because of increased spending, as detailed below: • Housing Authority's total expenses increased by $4.6 million, or 7.1% from the prior fiscal year. This increase is primarily due to an increase of 6 million in the average housing assistance payments paid to landlords during the current year as compared to the prior year, offset by a $1.3 million decrease in employee benefit payments related to the reduction in the net pension liability. • Marin TransiYs total expenses increased by$3.9 million, or 11.2%from the prior fiscal year due to increased purchased transportation costs from returning to pre-pandemic service levels and amendments to increase labor rates and increased fuel costs. • Marin County Fair expenses increased by $1.1 million this year, compared to the prior fiscal year. The increase is due to the re-opening of the first in-person fair event since the summer of 2019. IV. FINANCIAL ANALYSIS OF THE COUNTY'S MAJOR FUNDS Governmental Funds The County uses fund accounting to ensure compliance with finance-related legal requirements. The focus of the County's governmental funds is to provide information on near-term inflows, outflows, and balances of unrestricted resources. Such information is useful in assessing the County's financing requirements. Assigned and unassigned fund balance at the end of the fiscal year may serve as a useful measure of the County's net resources available for spending. As of June 30, 2022, the County's governmental funds reported a combined fund balance of$791.6 million, at year-end, an increase of$151.1 million from the prior fiscal year. Approximately 54.5% of the combined amount, or$431.4 million constitutes fund balance that is available for appropriation in the upcoming fiscal year.The remainder of the fund balance totaling$360.2 million is nonspendable, restricted, and committed. Specifically, $10 million is "not in spendable form"for items that are not expected to be converted into cash such as prepaid expenditures, long-term loans, deposits with others, and inventories. $257.3 million is restricted for specific purposes, and $92.8 million is committed for specific purposes determined by formal action of the Board of Supervisors, the County's highest-level of decision-making authority. (15) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) The General Fund is the primary operating fund of the County. As of June 30, 2022, the General Fund's assigned, and unassigned fund balance (unrestricted) was $275.6 million. As a measure of liquidity, total unrestricted fund balance as well as total fund balance can be compared to total fund expenditures. Total unrestricted fund balance represents 92.2% of total fund expenditures, and total fund balance represents 138.8% of total fund expenditures. The overall fund balance in the General Fund has increased $103.7 million during the current fiscal year. General Fund Revenues: The following table presents revenue (in thousands) for General fund from specific sources as well as changes from the prior year. Further details are provided in Figure 3 and Figure 4 below. Revenues Classified by Source General Fund Fund Financial Statements For the Fiscal Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 Change Amount %of total Amount %of total Amount %of Change Taxes 292,567 63% $ 264,073 63% $ 28,494 10.8% Licenses and permits 7,187 2% 7,462 2% $ (275) -3.7% Intergovernmental revenues 84,567 18% 64,609 15% $ 19,958 30.9% Chargesforservices 67,254 15% 69,004 16% $ (1,750) -2.5% Fines and forfeits 9,436 2% 9,131 2% $ 305 3.3% From use of money and property (1,844) 0% 2,763 1% $ (4,607) -166.7% Miscellaneous 1,990 0% 3,639 1°/o $ (1,649) -45.3% Total Revenues $ 461,157 100% $ 420,681 100% $ 40,476 9.6% Figure 3 -Revenues by Source -General Fund Charges for services Fines and 15% forfeits 2% Intergovernmental revenues 15% Licenses and permits Taxes 2% 66% Significant changes in General fund revenue sources are summarized as follows: • Taxes increased by$28.5 million, or 10.8°/o, from the prior fiscal year, primarily attributable to$7.6 million increase in current secured property tax, due to the County's continuous rise in assessed property values and median home sales. Other factors that also contributed to the overall increase were $3.6 million increase in transient occupancy tax, $2.7 million increase in supplemental property tax, and $1.5 million increase in property tax in lieu of Vehicle License Fee (VLF). (16) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) • Intergovernmental revenues increased by $20 million, or 30.9%, from the prior fiscal year, mainly attributable to the following factors: - $17.3 million received from federal stimulus relief program through the State and Local Fiscal Recovery Funds funded by the American Rescue Plan Act(ARPA)of 2021. - $9.2 million received for COVID-19 Rent Relief block grant from the State. - $3.4 million received by the County for the Shuttered Venue Operators Grant(SVOG). - $8.7 million decrease in State funding for Homekey Program. - $1.2 million decrease in federal CDBG-CV funding. • Charges for services decreased by $1.8 million, or 2.5%, from the prior fiscal year, mainly due to $2.5 million decrease in CAL FIRE reimbursement and funding for the County's fire prevention, protection, and suppression activities, offset by approximately $1.0 million increase in election services revenues and $0.2 million increase in Environmental Impact Report (EIR) revenues. • From use of money and property decreased by$4.6 million, or 166.7%, from the prior fiscal year primarily due to market fluctuations and less robust earnings on investments in current year compared to prior year, thus reducing earnings on investments. • Miscellaneous revenue decreased by$1.6 million, or 45.3%, from the prior fiscal year, mainly due to the reduction in contribution and donation from other agencies. General Fund Expenditures: The following table provides a comparison of expenditures by function for General fund for the current and prior years. Expenditures by Function Including Capital Outlay General Fund Fund Financial Statements For the Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 Change Amount %of total Amount %of total Amount %of Change Current: General government 78,510 26% $ 87,529 28% $ (9,019) -10.3% Publicprotection 179,566 60% 192,964 61% (13,398) -6.9% Publicwaysandfacilities 2,862 1% 2,870 1% (8) -0.3% Healthandsanitation 1,809 1% 10,444 3% (8,635) -82.7% Public assistance 19,546 7% 10,576 3% 8,970 84.8% Education 322 0% 315 0% 7 2.2% Recreation and cultural seroices 7,972 2% 6,835 3% 1,137 16.6% Capitaloutlay 5,375 2% 2,948 1% 2,427 82.3% Debt service: Principal 2,792 1% 347 0% 2,445 704.6% Interest 160 0% 25 0% 135 540.0% TotalExpenditures $ 298,914 100% $ 314,853 100% $ (15,939) -5.1% (17) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Significant changes in the General fund expenditures are summarized as follows: • General government decreased by$9 million, or 10.3%, from the prior fiscal year primarily due to $6.3 million decrease in MERA Next Generation Radio System's professional service expenses and $3 million in adjudicatory proceeding and settlement expenses. • Public protection expenditures decreased by$13.4 million, or 6.9°/o, from the prior fiscal year. The decrease was primarily attributable to a decrease of$11.9 million in Countywide expenditures for services required to mitigate the public health impacts of COVID-19, including housing/rental expenses, salaries and benefits, and food and fuel costs, as well as a $1.3 million decrease in workers' compensation insurance. • Health and sanitation expenditures decreased by$8.6 million, or 82.7%, from the prior fiscal year, primarily attributable decreased expenditures for Community Based Organization (CBO)contracts to provide the public with COVID-19 pandemic related contracted services. • Public assistance expenditures increased by$9 million, or 84.8%,from the prior fiscal year, mainly attributable to $7.8 million increase in Community Based Organization (CBO) contracts for the administration of COVID-19 Emergency Rental Assistance (ERA) program and $1.4 million rise in production support and platform subscription fees for the implementation of COVID-19 emergency rental assistance programs. • Capital out/ay expenditures increased by$2.4 million, or 82.3%, from the prior fiscal year primarily due to an increase of $1.2 million land purchase including 101 B Street Point Reyes Station, 30 Joseph Court, and Bothin Marsh, as well as $0.9 million rise in structures and improvements expenditures. The Health and Human Services Operating Fund is a major governmental fund. It is the primary operating fund for the Department of Health and Human Services to plan and administer the programs and services for behavioral health and recovery, public health, social services, and whole person care. As of June 30, 2022, total fund balance increased by$15.8 million, or 42.1%, from $37.5 million in the prior year to $53.3 million in the current year. Of this amount,$14.9 million is restricted for various grant program expenditures; $37.9 million is assigned and $0.5 million is non-spendable. Health and Human Services Operating Fund Revenues: The following table represents (in thousands)for Health and Human Services Operating fund from specific sources as well as changes from the prior year. (18) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Revenues Classified by Source Health and Human Services Operating Fund Fund Financial Statements For the Fiscal Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 Change Amount %of total Amount %of total Amount %of Change Taxes $ - 0% $ - 0% $ - 0.0% Licenses and permits 4 0% 5 0% $ (1) -13.7°/o Intergovernmental revenues 138,861 99% 95,426 99% $ 43,435 45.5°/o Chargesforservices 1,463 1°/o 1,262 1% $ 201 15.9°/o Fines and forfeits 13 0% 20 0% $ (7) -35.0% From use of money and property (420) 0% 16 0% $ (436) -2725.0% Miscellaneous (21) 0% 163 0% $ (184) -112.9% Total Revenues $ 139,900 100°/o $ 96,892 100% $ 43,008 44.4% Significant changes in Health and Human Services Operating Fund revenue sources were due to an increase in Intergovernmental revenues by$43.4 million, or 45.5%, from the prior fiscal year. The increase was primarily attributable to the following factors: • $32.6 million received from federal stimulus relief program through the State and Local Fiscal Recovery Funds funded by the American Rescue Plan Act (ARPA)of 2021. • $3.4 million increase from allocation of federal Epidemiology and Laboratory Capacity Enhancing Detection Expansion through the CARES Act to fund the local COVID-19 response. • $3 million increase in State funding for Medi-Cal program. • $2.7 million increase in reimbursement from the State to support the administration of CaIWORKs programs. Health and Human Services Operating Fund Expenditures: The following table provides a comparison of expenditures by function for Health and Human Services Operating Fund for the current and prior years. Expenditures by Function Including Capital Outlay Health and Human Services Operating Fund Fund Financial Statements For the Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 C hange Amount %of total Amount %of total Amount %of Change Current: General government - 0% $ - 0% $ - 0.0% Publicprotection 1,977 1% 2,542 1% (565) -22.2% Public ways and facilities - 0% - 0% - 0.0% Health and sanitation 104,118 53% 95,921 50% 8,197 8.5% Public assistance 89,482 46% 95,133 49% (5,651) -5.9% Education - 0% - 0% - 0.0% Recreation and cultural services - 0% - 0% - 0.0% Capital outlay 34 0% 81 0% (47) -58.0% Debt service: Principal - 0% - 0% - 0.0% Interest - 0% - 0% - 0.0% Total Expenditures $ 195,611 100% $ 193,677 100% $ 1,934 1.0% (19) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Significant changes in the Health and Human Services Operating fund expenditures are summarized as follows: • Health and Sanitation expenditures increased by $8.2 million, or 8.5%, from the prior fiscal year. The increase was primarily attributable to the following factors: - $7.8 million increase in expenditures on Community Based Organization (CBO) contracts for Whole Person Care and to support Marin's efforts to end homelessness. - $3 million increase in professional services expenditures for the redevelopment of the building and the operation of the new adult residential facility at 920 Grand Avenue, in partnership with Progress Foundation. - Offset by $2.3 million decrease in staffing costs for extra-hire personnel to support the County's COVID-19 emergency response efforts. • Public Assistance expenditures decreased by $5.7 million, or 5.9%, from the prior fiscal year, primarily attributable to the decreased expenditures on Community Based Organization (CBO) contracts for food and meals delivery in support of the Great Plates Delivered program. Public Protection Fund is a major governmental fund. It is the primary operating fund of the County to support local juvenile justice programs, realign low-level offenders from state prison to county jails, and improve probation services. As of June 30, 2022, total fund balance increased by$12.1 million, or 25.8%, from $46.9 million in the prior year to $59 million in the current year. Of this amount, $49.8 million is restricted to various grant program expenditures; $5.5 million is committed and $3.7 million is assigned. Public Protection Fund Revenues: The following table represents (in thousands)for Public Protection fund from specific sources as well as changes from the prior year. Revenues Classified by Source Public Protection Fund Fund Financial Statements For the Fiscal Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 Change Amount %of total Amount %of total Amount %of Change Taxes $ 935 3% $ 541 1% $ 394 0.0% Licenses and permits - 0% - 0% $ - 0.0% Intergovernmental revenues 32,800 93% 53,710 96% $ (20,910) -38.9% Chargesforservices 1,423 4% 1,485 3% $ (62) -4.2% Fines and forfeits 303 1% 277 0% $ 26 9.4% From use of money and property (274) -1% 183 0% $ (457) -249.7% Miscellaneous 31 0% 26 0% $ 5 19.2% Total Revenues $ 35,218 100% $ 56,222 100% $ (21,004) -37.4% Significant changes in Public Protection Fund revenue sources were due to decrease in Intergovernmental revenues by$20 million, or 38.9%, from the prior fiscal year. The decrease was primarily attributable to the following factors: • $26.6 million one-time payment in the prior year from Coronavirus Aid Relief, and Economic Security(CARES)Act to support the County's COVID-19 emergency response efforts. (20) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Public Protection Fund Expenditures: The following table provides a comparison of expenditures by function for Public Protection Fund for the current and prior years. Expenditures by Function Including Capital Outlay Public Protection Fund Fund Financial Statements For the Year Ended June 30, 2022 (In thousands) FY 2022 FY 2021 C hange Amount %of total Amount %of total Amount %of Change C urrent: General government 7 0% $ 5 0% $ 2 0.0% Public protection 8,707 86% 8,029 86% 678 8.4% Public ways and facilities - 0% - 0% - 0.0% Healthandsanitation 1,117 11% 960 10% 157 16.4% Public assistance 263 3% 263 3% - 0.0% Education - 0% - 0% - 0.0% Recreation and cultural services - 0% - 0% - 0.0% Capital outlay 36 0% 64 1% (28) -43.8% Debt service: Principal - 0% - 0% - 0.0% Interest - 0% - 0% - 0.0% Total Expenditures $ 10,130 100% $ 9,321 100% $ 809 8.7% Significant changes in the Public Protection fund expenditures are summarized as follows: • Public protection expenditures increased by$678K million, or 8.4%, from the prior fiscal year. The increase was primarily attributable to the following factors: o $336K increase for the purchase of live scan fingerprinting equipment and software. o $289K increase in contractual services to provide support to parents of youth who are placed into foster care through the Marin County Probation Department. o $288K increase in Measure W Transient Occupancy Tax distribution intended to augment support and to enhance fire and emergency services. o Offset by $243K decreased professional services expenditures for the implementation of Marin County Office of Education AB 1913 Alternative Education Programs. • Hea/th and Sanitation expenditures increased by$157K million, or 16.4%,from the prior fiscal year mainly due to increased professional services expenditures for recovery coach and care management programs. Housing and Urban Development Fund (HUD Fund) is a major governmental fund. This fund is the primary operating fund of the County to support the development of affordable housing units. As of June 30, 2022, total fund balance increased by$0.4 million, or 2.3%, from $17.7 million in the prior year to$18.1 million in the current year. Of this amount, $18 million is restricted to various grant program expenditures and $5,066 is assigned. The HUD fund's intergovernmental revenues decreased by$0.3 million, or 14.8%, from the prior fiscal year. This was due to decrease in federal funding for Community Development Block Grant programs. The expenditures decreased by$0.31 million, or 2.2%,from the prior fiscal year. This was (21) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) primarily attributable to decrease in expenditures incurred due to completion of Community Based Organization (CBO)contracts. Nonmajor governmental funds experienced a $19.1 million increase in fund balance as a whole to $246 million in the current year. Significant changes were seen in the increase in fund balance for nonmajor special revenue funds by $18.6 million to $198.1 million due to increase in intergovernmental revenues from Federal and State government by $9.5 million and expenses not increasing proportionately to increasing revenues. Proprietary Funds The County's proprietary funds provide the same type of information that can be found in the government- wide financial statements, but in more detail. Housing Authority of the County of Marin (Housing Authority) • As of December 31, 2021, the Housing Authority's total net position was $28.9 million. Of this amount, net investment in capital assets was$14.4 million, or 49.7%of total net position, restricted net position was $8.9 million, or 30.7% of total net position, and unrestricted net position was $5.7 million, or 19.6% of total net position. As a measure of the Housing Authority's liquidity, it may be useful to compare unrestricted net position to total operating expenses. Unrestricted net position of $5.7 million was 8.2%of total operating expenses of$69.6 million, as compared to 7.4% in the prior fiscal year. • Change in net position for the Housing Authority increased by$0.9 million, from $0.6 million in the prior fiscal year to $1.5 million in the current fiscal year. The increase was primarily due to an increase in federal, state, and local funding in the current fiscal year, including an increase in tenant revenue. • The major portion of the Housing Authority's ending net position, $14.4 million, or 49.7% of total net position, represents its net investment in capital assets. These assets are not available for future spending. At the end of the fiscal year, the Housing Authority reported positive balances in all categories of net position. Marin County Transit District(Transit District) • On June 30, 2022, Transit DistricYs total net position was $82 million. Of this amount, net investment in capital assets was $46.4 million, or 56.6% of total net position and unrestricted net position was$35.6 million, or 43.4%of total net position.As a measure of Transit District's liquidity, it may be useful to compare unrestricted net position to total operating expenses. Unrestricted net position of $35.6 million was 93.7% of total operating expenses of $38 million, as compared to 106.3% in the prior fiscal year. • Total net position of Transit District increased by$4.28 million. The increases are due to increased investment in capital assets, increased operating revenue, and increased intergovernmental operating revenue including Federal, State, and local agencies funding. • The major portion of Transit DistricYs ending net position, $46.4 million, or 56.6%, represents its net investment in capital assets. These assets are not available for future spending. At the end of the fiscal year, Transit District reported positive balances in all categories of net position. (22) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) V. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets The County's investment in capital assets for its governmental and business-type activities as of June 30, 2022, amounted to$1,592.4 million(net of accumulated depreciation),which is an increase of$22.8 million, or 1.5%, from the prior fiscal year. This investment is in a broad range of capital assets including land, land improvements, easements, construction in progress (CIP), structures and improvements, equipment, intangible assets, and infrastructure. The table below provides a comparison of the County's capital assets for the governmental and business- type activities for the current and prior fiscal years. Figures are presented net of accumulated amortization/ depreciation. Capital Assets Net of Accumulated Amortization/Depreciation (In thousands) Governmental Activities Business-type Activities Total Increase(Decrease) 2022 2021 2022 2021 2022 2021 Amount °/o Change Land and improvements 1,265,176 $1,262,865 $ 9,301 $ 7,825 $1,274,477 $1,270,690 $ 3,787 0.3% Easements 9,163 9,099 - - 9,163 9,099 64 0.7% Non-amortizable intangible assets 10,368 8,873 - - 10,368 8,873 1,495 16.8% Construction in progress 32,198 44,694 8,424 2,283 40,622 46,977 (6,355) -13.5% Structures&improvements 105,984 108,364 22,036 17,867 128,020 126,231 1,789 1.4% Equipment 8,656 10,874 33,165 40,046 41,821 50,920 (9,099) -17.9% Amortizable intangible assets 2,200 3,069 235 306 2,435 3,375 (940) -27.9% Infrastructure 65,750 45,762 - - 65,750 45,762 19,988 43.7% Other property - - 7,355 7,711 7,355 7,711 (356) -4.6% Lease Assets-Buildings 10,328 - 872 - 11,200 - 11,200 Lease Assets-Equipment 1,227 - - - 1,227 - 1,227 Total Capital Assets $ 1,511,050 $1,493,600 $ 81,388 $ 76,038 $1,592,438 $1,569,638 $ 22,800 1.5% The most notable capital asset transactions during the current fiscal year include the following: • Construction in progress (CIP)decreased by$6.4 million, or 13.5%, from the prior fiscal year. The decrease was the result of new capital project additions totaling to$25.5 million, offset by transfers to depreciable assets of$31.9 million. The major additions to the CIP projects were as follows: - $6 million for Marin TransiYs Work in Progress with the purchase of four 40-foot electric transit buses and improvements to the districYs facilities. - $4.3 million for the rehabilitation of Sir Francis Drake Boulevard Corridor between Highway 101 and Ross town in Phase II project to improve vehicle flow, transit operations, and pedestrian and bicyclist circulation safely. - $2.3 million for 2021 Road Sealant Project- Phase II for preventative maintenance on 19.6 miles of pavements on various roadways in Novato and West Marin. (23) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) - $1.6 million for Marin Center Exhibit Hall Seismic Retrofit project to address structural deficiencies within the Marin Center Exhibit Hall that may pose a risk to life safety and building collapse if there is an earthquake. - $0.9 million for Marin Emergency Back-Up Power project. - $0.9 million for McNears Beach Park Parking Lot Improvements project. - $0.9 million for 2021 Northern Region Road Rehabilitation project- Phase II. - $0.9 million for Dillon Beach Road MP 3.08 Retaining Wall project. - $0.7 million for the rehabilitation of Admin Upper Parking Lot. The new additions to CIP projects were offset by$31.9 million in transfers to depreciable assets, following project completions. The most notable project completions for FY 2022 were as follows: - $20 million for Sir Francis Drake Boulevard Corridor Rehabilitation project—Phase II. - $3.6 million for West Marin Service Center Renovation project at 100-6t" Street, Point Reyes Station, CA. - $0.9 million for Office Space Renovation project. - $0.9 million for Dillon Beach Road MP 3.08 Retaining Wall project. - $0.9 million for 2021 Northern Region Road Rehabilitation project- Phase II. - $0.8 million for 2021 Road Sealant—Atherton Avenue Traffic Control Plan. - $0.7 million for Novato Public Library Roof Replacement project. - $0.7 million for the purchase and construction of two MOD 35 vehicle lifting systems. • Equipment decreased by$9.1 million, or 17.9%from the prior fiscal year.The decrease was mainly due to current year depreciation of$8.6 million, disposals of$3.1 million, current year additions of $3 million and transfers of$3.8 million. The additions included the purchase of new equipment and vehicles by the County of Marin, as well as revenue vehicles, furniture and communication and data equipment by Marin Transit. (24) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) • Infrastructure increased by $20 million, or 43.7°/o from the prior fiscal year. The increase was primarily due to current year depreciation of $2.2 million, offset by $22.2 million in additions and transfers from construction in progress primarily for the completion of Sir Francis Drake Boulevard Corridor Rehabilitation project— Phase II between Highway 101 and Ross town. • Non-amortizable Intangible assets increased by $1.5 million, or 16.8% from the prior fiscal year. The increase was due to current year addition of$1.5 million, primarily due to the payroll ATOM project. • Due to the implementation of GASB 87 that was effective on July 1, 2021, there was $11.2 million Lease Assets—Buildings and $1.2 million Lease Assets—Equipment recorded. Additional information on the County's capital assets can be found in Note 7 to the financial statements. Debt Administration At June 30, 2022, the County's governmental and business-type activities carried an outstanding long-term debt balance(e.g., bonds, loans, certificates of participation,capital leases and lease liability)in the amount of$214 million. Current year scheduled debt service payments total is $16.2 million, offset by$1.3 million in loan accretion and $14.9 million in recognized lease liability due to the implementation of GASB 87. Outstanding Debt (in thousands) Total Governmental Activities Business-type Activities Total Dollar Percent 2022 2021 2022 2021 2022 2021 Change Change Bonds payable $ 114,125 $ 123,336 $ - $ - $ 114,125 $ 123,336 $ (9,211) -7.5% Loans payable 1,419 1,861 5,694 5,994 7,113 7,855 (742) -9.4% Certificatesofparticipation 79,562 81,892 - - 79,562 81,892 (2,330) -2.8% Capitalleases - - 787 953 787 953 (166) -17.4% Lease Liability 11,588 - 873 - 12,461 - 12,461 TotalOutstanding Debt $ 206,694 $ 207,089 $ 7,354 $ 6,947 $ 214,048 $ 214,036 $ 12 0.0% Additional information on the County's long-term debt can be found in Note 9 to the financial statements. VI. GENERAL FUND BUDGETARY HIGHLIGHTS During the fiscal year ended June 30, 2022, there was a $36.6 million, or 11.1 percent increase in expenditure appropriations between the original adopted budget and the final amended budget. This was mainly due to the carryforward of unencumbered prior year project appropriations, increased appropriations in the Fire Department for out-of-county mutual assistance expenses, unanticipated legal settlement costs, and one-time expenditures in multiple departments for Covid-response related activities. During the fiscal year ended June 30,2022, there was also a $126.3 million, or 35.6 percent increase, in revenues between the original adopted budget and the final amended budget. Major Components of the increase were as follows: (25) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) • Taxes increased by $31.6 million, and were predominantly due to increased excess ERAF revenues, which accounted for $12.0 million of the total increase. The budget for other property taxes increased by$4.1 million, and property transfer taxes were increased by$3.0 million to reflect a rebounding local real estate market. • Intergovernmental revenues increased by$69.8 million, largely due to the carryforward of prior year funding sources for countywide projects and $43.5 million in increased revenue appropriations related to state and federal reimbursements for the County's COVID response. • $6.0 million in positive adjustments to Proposition 172 Public Safety Sales tax allocations from the State. • Charges for services increased by $19.5 million, mainly attributable to $9.1 million in the Fire Department for reimbursements for out-of-county fire services and charges for vegetation management work, as well as $1.5m for increased election services. General Fund Budget to Actual Highlights Total actual expenditures in FY 21-22 were $65.4 million, or 17.9%, less than the final amended budget. This was mainly due to the following: • Salary and benefit expenditures were $13.6 million less than budgeted due to vacancies across all General Fund departments • Services, Supplies and Capital Assets totaled $63.8 million less than the final budget, which is primarily due to unspent funds for multi-year projects that is carried forward into FY 2022-23, as well as $3.1 million in unspent funds from baseline department expenses and countywide initiatives. Total actual revenues in FY 2021-22 were $16.9 million, or 3.5°/o, less than the final amended budget, mainly due to the following: • Taxes exceeded the final budget by $8.4 million mainly due to better-than-expected receipts of excess Educational Revenue Augmentation Funds (ERAF)and property transfer taxes. • Intergovernmental revenues were$20.8 million less than the final budget, of which $11.8 million is attributable to multi-year projects and grants that will be carried forward to FY 2022-23. • Fines and Forfeitures were $457 thousand more than the final budget, primarily due to increased penalties from delinquent taxes. ECONOMIC FACTORS AND THE OUTLOOK FOR NEXT YEAR'S BUDGET The County's economy has begun to see transition because of new developments related to the pandemic. The post-COVID economic recovery indicates a balanced budget for the County over the next five years. For revenues, it is projected that the Countywide assessed value, which determines property tax revenues, will grow at 6.5 percent in FY2022-2023 and will average at 5.4 percent over the subsequent four years. Sales taxes have fully recovered at the local level and the projected sales tax revenue in FY 2022-23 will be approximately 20 percent higher than what was received in FY 2020-21. Similarly, state allocations of (26) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) Proposition 172 revenues, which are based on statewide sales tax revenues, are expected to grow by approximately 18 percent compared to FY 2020-21 actuals. Recent property tax growth has been strong due to historically low mortgage rates, implementation of Proposition 19, and a surge in housing demand largely driven by workers who are now able to work remotely can be seen in significant increases in local real estate sales compared to prior years. Pension costs, which account for nearly 10 percent of the County's expense budget, will decrease by over $6 million in FY 2022-23 due to the significant market investment returns of 2021. The County's current unfunded pension liability has been eliminated and the resulting savings will be recognized over a phased- in period of five years, pursuant to funding policies established by the Marin County Employee Retirement Agency (MCERA). Although unfunded pension liabilities have been eliminated, the County's retiree liabilities will continue to be significantly affected by annual returns in the stock market. The County's total unfunded retiree liabilities were reduced by over$400 million in FY 2021 largely due to market investment gains. However, despite the extraordinary gains, the County still faces approximately $175 million in other retiree liabilities. It has been a long-term goal of the County to reduce unfunded retiree liabilities, and due to market gains the County is able modify its existing amortization schedule for the unfunded retiree healthcare liabilities from 21 years to 15 while maintaining a level annual contribution.This will lead to long- term savings and a quicker reduction in our future liabilities. To reduce investment earnings volatility, and to continue our commitment to reducing unfunded retiree liabilities,your Board approved a new fiscal policy in April to allocate any ongoing pension savings to the retiree healthcare trust fund,when the General Fund is balanced. This policy will remain in effect for five years, or until the retiree healthcare trust is 85 percent funded. Although recent revenue trends point to improvements in the County's financial position, several of these factors could change quickly if the economy worsens, inflation continues to rise, or additional variants of COVID-19 impact our economy. Recent survey data from the Philadelphia Federal Reserve and Wall Street Journal show that economists are predicting an increased risk of a recession within the next year due to persisting inflation, increasing interest rates, supply chain disruptions, labor shortages and geopolitical instability. The County plans to address high priority areas of permanent supportive services for homeless individuals, reorganization of the Office of Emergency Services, creation of a countywide sea level rise unit, public communication enhancements, environmental compliance support and immigration related support within the Public Defender and District Attorney's Office. This year's May Revision of the Governor's Budget included an historic $97.5 billion surplus, driven predominately by 7.8 percent GDP growth and continued strong sales of property and goods throughout the state. Nearly$50 billion of the surplus is allocated towards discretionary spending priorities, the largest piece being $32 billion towards one-time programmatic expansions, followed by $12 billion in direct relief payments, including a proposed $400-per-vehicle rebate to all vehicle owners in the state. The remainder of the discretionary surplus was put aside to pay down debts and build reserves — citing the economic uncertainty from the recent stock market decline and negative leading economic indicators as cause for fiscal prudency. Only$2 billion was marked for ongoing spending increases,such as the expansion of Medi- Cal to undocumented residents. The Legislative Analyst Office warns of a Gann Limit"fiscal cliff' in FY 2023-24 and urges the State to build more reserves. The Gann Limit is likely to significantly affect the State Budget in the years ahead,with risks to important funding for local services whether there is a recession or continued revenue growth. Due to this the spending proposals for the next year will rely on direct relief payments, infrastructure investments and emergency response. (2�) COUNTY OF MARIN Management's Discussion and Analysis For the Fiscal Year Ended June 30, 2022 (Unaudited) VII. REQUEST FOR INFORMATION This financial report is designed to demonstrate accountability by the Marin County government by providing both long-term and near-term views of the County's finances. Questions or comments regarding any of the information presented in this report or requests for additional financial information should be addressed to: Director of Finance County of Marin 3501 Civic Center Dr., Room 225 San Rafael, CA 94903 (28) BASIC FINANCIAL STATEMENTS - GOVERNMENT-WIDE FINANCIAL STATEMENTS THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN STATEMENT OF NET POSITION JUNE 30, 2022 Primary Government Governmental Business-Type Marin Housing Activities Activities Total Component Units ASSETS Cash and Investments $ 786,317,858 $ 46,668,364 $ 832,986,222 $ 2,723,600 Restricted Cash - 3,689,174 3,689,174 - Receivables: Accounts and Other-Net 12,093,596 2,754,689 14,848,285 4,853 Tax Receivable 17,767,075 - 17,767,075 - Due from Other Agencies 53,583,472 15,289,997 68,873,469 - Other Loans 38,878,151 6,748,251 45,626,402 - Inventories 727,390 - 727,390 - Prepaid Items and Other Assets 2,579,187 668,578 3,247,765 2Q214 Other Noncurrent Assets - 314,672 314,672 - Restricted Cash Held with Trustee 3,474,618 - 3,474,618 - Internal Balances 1,100,000 (1,100,000) - - Lease Receivable 2,222,848 2,381,079 4,603,927 - Net Pension Asset 90,741,495 - 90,741,495 - Capital Assets: Nondepreciable 1,315,355,533 17,725,074 1,333,080,607 714,752 Depreciable,Net 184,139,212 62,791,138 246,930,350 557,495 Right of Use Assets,Net 11,555,048 872,145 12,427,193 - Total Assets 2,520,535,483 15S,S03,161 2,679,338,644 4,020,914 DEFERRED OUTFLOWS OF RESOURCES Deferral on Refunding-Bonds Payable and Certificates of Participation 5,495,993 - 5,495,993 - Deferred Pensions 96,608,623 1,666,033 98,274,656 - Deferred OPEB 19,839,000 549,445 20,388,445 Total Deferred Outflows of Resources 121,943,616 2,215,478 124,159,094 - LIABILITIES Accounts Payable and Accrued Expenses 34,409,712 6,990,412 41,400,124 14,983 Salaries and Benefits Payable 5,627,662 203,846 5,831,508 - Interest Payable 2,151,810 166,007 2,317,817 3,955 Unearned Revenues 7,914,426 1,593,372 9,507,798 6,912 Other Liabilities 2,160,788 810,301 2,971,089 4,000 Security Deposits and Escrows Payable - 196,401 196,401 35,229 Estimated Claims: Due Within One Year 7,013,000 - 7,013,000 - Due Beyond One Year 32,167,000 - 32,167,000 - Compensated Absences: Due Within One Year 17,791,595 181,912 17,973,507 - Due Beyond One Year 2,488,713 174,084 2,662,797 - Long-Term Liabilities: Due Within One Year 15,418,684 1,359,964 16,778,648 25,448 Due Beyond One Year 191,275,321 5,994,168 197,269,489 1,168,634 Housing Loan Liability - 2,584,318 2,584,318 - Net OPEB Liability 107,879,000 2,065,564 109,944,564 6,216 Net Pension Liability 2,982,896 2,982,896 Total Liabilities 426,297,711 25,303,245 451,600,956 1,265,377 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue 2,196,156 2,345,869 4,542,025 - Deferred Pensions 264,475,845 3,173,020 267,648,865 - Deferred OPEB 114,146,000 203,068 114,349,068 - Total Deferred Inflows of Resources 380,818,001 5,721,957 386,539,958 - NET POSITION Net Investment in Capital Assets 1,414,839,769 75,949,644 1,49Q789,413 78,165 Restricted for: General Government 46,864,109 - 46,864,109 - Public Protection 88,030,018 - 88,030,018 - Public Ways and Facilities 10,435,341 - 10,435,341 - Health and Sanitation 17,867,396 - 17,867,396 - Public Assistance 64,575,412 - 64,575,412 - Education 1,181,932 - 1,181,932 - Recreation and Cultural Services 17,458,205 - 17,458,205 - Community Service Area Projects 19,140,791 - 19,140,791 - HousingAuthority - 8,855,193 8,855,193 - Debt Service 312,846 - 312,846 - Unrestricted 154,657,568 45,188,600 199,846,168 2,677,372 Total Net Position $ 1,835,363,387 $ 129,993,437 $ 1,965,356,824 $ 2,755,537 See accompanying Notes to Basic Financial Statements. �29) COUNTY OF MARIN STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2022 Program Revenues Fees, Fines, Operating Capital and Charges Grants and Grants and Functions/Programs Expenses for Services Contributions Contributions Primary Government: Governmental Activities: General Government $ 88,159,503 $ 30,590,230 $ 5,987,110 $ 1,727,471 Public Protection 164,038,876 58,706,433 112,520,338 2,995,675 Public Ways and Facilities 20,352,217 4,138,303 - 15,136,104 Health and Sanitation 121,219,013 7,643,983 105,796,283 - Public Assistance 98,073,260 568,852 112,170,411 - Education 14,483,254 786,744 214,808 - Recreation and Cultural Services 24,118,987 2,223,600 4,231,423 - Debt Service: Interest 9,488,586 - - - Total Governmental Activities 539,933,696 104,658,145 340,920,373 19,859,250 Business-Type Activities: Housing Authority 69,787,117 2,587,018 66,928,527 682,606 Transit District 38,553,414 4,406,825 26,855,061 5,585,587 Marin Commons Property Management 4,111,289 - - - Gnoss Airport 1,002,125 692,298 38,797 - Marin County Fair 1,119,057 - 866,650 - Marin.Org 992,724 1,139,749 - - Total Business-Type Activities 115,565,726 8,825,890 94,689,035 6,268,193 Total Primary Government $ 655,499,422 $ 113,484,035 $ 435,609,408 $ 26,127,443 Marin Housing Component Units 774,795 1,091,854 - - See accompanying Notes to Basic Financial Statements. (30) COUNTY OF MARIN STATEMENT OF ACTIVITIES (CONTINUED) YEAR ENDED JUNE 30, 2022 Net Revenues(Expenses)and Changes in Net Position Business- Total Governmental Type Primary Component Functions/Programs Activities Activities Government Units Primary Government: Governmental Activities: General Government $ (49,854,692) $ - $ (49,854,692) $ - Public Protection 10,183,570 - 10,183,570 - Public Ways and Facilities (1,077,810) - (1,077,810) - Health and Sanitation (7,778,747) - (7,778,747) - Public Assistance 14,666,003 - 14,666,003 - Education (13,481,702) - (13,481,702) - Recreation and Cultural Services (17,663,964) - (17,663,964) - Debt Service: Interest and Fiscal Charges (9,488,586) - (9,488,586) - Total Governmental Activities (74,495,928) - (74,495,928) - Business-Type Activities: Housing Authority - 411,034 411,034 - Transit District - (1,705,941) (1,705,941) - Marin Commons Property Management - (4,111,289) (4,111,289) - Gnoss Airport - (271,030) (271,030) - Marin County Fair - (252,407) (252,407) - Marin.Org - 147,025 147,025 - Total Business-Type Activities - (5,782,608) (5,782,608) - Total Primary Government (74,495,928) (5,782,608) (80,278,536) - Component Units - - - 317,059 General Revenues: Taxes: PropertyTaxes 320,561,633 5,382,566 325,944,199 - Sales and Use Taxes 19,524,925 - 19,524,925 - Other 16,170,780 - 16,170,780 - Unrestricted Interest and Investment Earnings (5,042,787) 4,999,181 (43,606) 1,406 Tobacco Settlement 2,820,701 - 2,820,701 - Sale of Capital Assets 93,012 32,281 125,293 - Miscellaneous 2,435,240 1,621,836 4,057,076 - Transfers 54,226 (54,226) - - Total General Revenues and Transfers 356,617,730 11,981,638 368,599,368 1,406 Change in Net Position Before Special Item Special Item-Forgiveness of Notes Receivable - (192,056) (192,056) - Change in Net Position 282,121,802 6,006,974 288,128,776 318,465 Net Position-Beginning of Year 1,553,241,585 123,986,463 1,677,228,048 2,437,072 Net Position-End of Year $ 1,835,363,387 $ 129,993,437 $ 1,965,356,824 $ 2,755,537 See accompanying Notes to Basic Financial Statements. (31) THIS PAGE INTENTIONALLY LEFT BLANK BASIC FINANCIAL STATEMENTS - FUND FINANCIAL STATEMENTS COUNTY OF MARIN BALANCE SHEET GOVERNMENTALFUNDS JUNE 30, 2022 Health and Public General Human Services Protection Fund Operating Fund Fund ASSETS Cash and Investments in County Pool $402,735,338 $ 45,407,900 $ 34,281,811 Cash with Fiscal Agent - - - Accounts Receivable 8,230,226 611,079 446 Tax Receivable 17,767,075 - - Prepaid Items 2,103,399 473,684 - Notes Receivable - Short Term - - - Notes Receivable - Long Term 1,139,525 - - Interest Receivable - Deferred - - - Due from Other Funds 1,100,000 - - Advance to Other Funds 5,569,655 - - Due from Other Governmental Agencies 7,011,276 19,146,449 25,136,958 Lease Receivable 1,274,170 - - Inventory of Supplies 591,476 - - Total Assets $447,522,140 $ 65,639,112 $ 59,419,215 LIABILITIES Accounts Payable and Accrued Expenditures $ 20,673,556 $ 6,927,947 $ 303,874 Accrued Salaries and Benefits 3,299,360 1,301,194 71,229 Advance from Other Funds - - - Unearned Revenue 5,313,785 2,155,518 - Other Liabilities 119,568 1,930,229 18,267 Total Liabilities 29,406,269 12,314,888 393,370 DEFERRED INFLOWS OF RESOURCES Deferred Inflows - Lease Revenue 1,273,429 - - Unavailable Revenue 1,853,543 - - Total Deferred Inflows of Resources 3,126,972 - - FUND BALANCES Nonspendable 9,404,055 473,684 - Restricted 45,691,679 14,861,589 49,763,760 Committed 84,262,564 - 5,537,264 Assigned 261,121,639 37,988,951 3,724,821 Unassigned 14,508,962 - - Total Fund Balances 414,988,899 53,324,224 59,025,845 Total Liabilities, Deferred Inflows of Resources and Fund Balances $447,522,140 $ 65,639,112 $ 59,419,215 See accompanying Notes to Basic Financial Statements. (32) COUNTY OF MARIN BALANCE SHEET GOVERNMENTALFUNDS JUNE 30, 2022 Other HUD Governmental Fund Funds Total ASSETS Cash and Investments in County Pool $ 491,599 $ 238,854,064 $ 721,770,712 Cash with Fiscal Agent - 3,474,618 3,474,618 Accounts Receivable - 3,251,845 12,093,596 Tax Receivable - - 17,767,075 Prepaid Items - 2,104 2,579,187 Notes Receivable - Short Term - 1,000,000 1,000,000 Notes Receivable - Long Term 17,537,165 11,022,723 29,699,413 Interest Receivable- Deferred 6,458,200 1,720,538 8,178,738 Due from Other Funds - - 1,100,000 Advance to Other Funds - - 5,569,655 Due from Other Governmental Agencies 220,637 2,068,152 53,583,472 Lease Receivable - 948,678 2,222,848 Inventory of Supplies - 135,914 727,390 Total Assets $ 24,707,601 $ 262,478,636 $ 859,766,704 LIABILITIES Accounts Payable and Accrued Expenditures $ 141,825 $ 6,261,352 $ 34,308,554 Accrued Salaries and Benefits 6,115 946,682 5,624,580 Advance from Other Funds - 5,569,655 5,569,655 Unearned Revenue - 445,123 7,914,426 Other Liabilities - 92,724 2,160,788 Total Liabilities 147,940 13,315,536 55,578,003 DEFERRED INFLOWS OF RESOURCES Deferred Inflows - Lease Revenue - 922,727 2,196,156 Unavailable Revenue 6,458,200 2,073,000 10,384,743 Total Deferred Inflows of Resources 6,458,200 2,995,727 12,580,899 FUND BALANCES Nonspendable - 138,018 10,015,757 Restricted 18,096,395 128,921,427 257,334,850 Committed - 3,025,092 92,824,920 Assigned 5,066 114,244,060 417,084,537 Unassigned - (161,224) 14,347,738 Total Fund Balances 18,101,461 246,167,373 791,607,802 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 24,707,601 $262,478,636 $859,766,704 See accompanying Notes to Basic Financial Statements. (33) THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET TO THE GOVERNMENT-WIDE STATEMENT OF NET POSITION - GOVERNMENTAL ACTIVITIES JUNE 30, 2022 Fund Balance-Total Governmental Funds $ 791,607,802 Amounts reported for governmental activities in the statement of net position are different because: Unavailable revenues represent amounts that are not available to fund current expenditures and, therefore, are not reported in the governmental funds. 10,384,743 Capital assets used in governmental activities are not financial resources and,therefore, are not reported in the governmental funds. Please refer to Note 7 for details. These assets consist of: Land $ 58,501,632 Land Improvements 1,206,817,085 Easements 9,162,575 Construction in Progress 32,197,905 Structures and Improvements, Net of Accumulated Depreciation 105,841,573 Equipment, Net of Accumulated Depreciation 6,403,163 Intangible Assets, Net of Accumulated Amortization 12,568,477 Infrastructure, Net of Accumulated Depreciation 65,749,570 Right to Use Assets, Net 11,546,588 Total Capital Assets 1,508,788,568 Deferred outflows of resources used in Governmental Activities, such as deferred outflows related to pension, OPEB, and deferral on refunding of debt, are not current financial resources and, therefore, are not reported in the governmental funds. 121,943,616 Deferred inflows of resources reported in the statement of net position (378,621,845) Long-term liabilities applicable to the County's governmental activities are not due and payable in the current period and, accordingly, are not reported as fund liabilities. Interest on long-term debt is not accrued in governmental funds, but rather is recognized as an expenditure when due.All liabilities are reported in the statement of net position. Balances as of June 30th are: Certificates of Participation, Bonds, and Loans Payable (195,105,630) Accrued Interest on Long-Term Debt (2,151,810) Compensated Absences (20,280,308) Lease Liability (11,579,747) Liability for Other Postemployment Benefits (107,879,000) Estimated Claims-General Liability (5,803,000) Net Pension Liability(Asset) 90,741,495 Total Long-Term Liabilities (252,058,000) Internal Service Fund assets and liabilities are included in the governmental activities in the Statement of Net Position 33,318,503 Net Position of Governmental Activities $ 1,835,363,387 See accompanying Notes to Basic Financial Statements. (34) COUNTY OF MARIN STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 Health and Public General Human Services Protection Fund Operatinq Fund Fund REVENUES Taxes $ 292,567,488 $ - $ 935,295 Licenses and Permits 7,187,200 4,450 - Intergovernmental Revenues 84,566,997 138,861,365 32,799,701 Charges for Services 67,253,901 1,462,616 1,422,536 Fines and Forfeits 9,435,506 13,134 303,235 From Use of Money and Property (1,843,983) (419,888) (274,070) Miscellaneous 1,989,881 (21,759) 31,063 Total Revenues 461,156,990 139,899,918 35,217,760 EXPENDITURES Current: General Government 78,509,548 - 7,200 Public Protection 179,565,760 1,977,411 8,706,669 Public Ways and Facilities 2,862,274 - - Health and Sanitation 1,808,974 104,118,271 1,117,002 Public Assistance 19,546,148 89,482,148 262,938 Education 322,594 - - Recreation and Cultural Services 7,971,913 - - CapitalOutlay 5,374,856 33,985 36,248 Debt Service: Principal 2,792,042 - - Interest 160,371 - - Total Expenditures 298,914,480 195,611,815 10,130,057 EXCESS (DEFICIENCY)OF REVENUES OVER (UNDER) EXPENDITURES 162,242,510 (55,711,897) 25,087,703 OTHER FINANCING SOURCES(USES) Lease liability issued 222,508 - - Transfers In 3,872,944 77,402,693 336,492 Transfers Out (62,670,523) (5,865,910) (13,327,846) Total Other Financing Sources(Uses), Net (58,575,071) 71,536,783 (12,991,354) NET CHANGE IN FUND BALANCES 103,667,439 15,824,886 12,096,349 Fund Balances- Beginning of Year 311,321,460 37,499,338 46,929,496 FUND BALANCES -END OF YEAR $ 414,988,899 $ 53,324,224 $ 59,025,845 See accompanying Notes to Basic Financial Statements. (35) COUNTY OF MARIN STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 Other HUD Governmental Fund Funds Total REVENUES Taxes $ - $ 62,754,555 $ 356,257,338 Licenses and Permits - 12,374,667 19,566,317 Intergovernmental Revenues 1,836,708 101,673,806 359,738,577 Charges for Services - 4,411,709 74,550,762 Fines and Forfeits - 789,193 10,541,068 From Use of Money and Property (4,687) (1,891,404) (4,434,032) Miscellaneous - 3,256,756 5,255,941 Total Revenues 1,832,021 183,369,282 821,475,971 EXPENDITURES Cu rrent: General Government - 5,372,823 83,889,571 Public Protection - 27,267,878 217,517,718 Public Ways and Facilities - 19,526,942 22,389,216 Health and Sanitation - 31,241,787 138,286,034 PublicAssistance 1,394,013 513,585 111,198,832 Education - 17,310,984 17,633,578 Recreation and Cultural Services - 19,694,533 27,666,446 CapitalOutlay - 18,747,819 24,192,908 Debt Service: Principal - 12,832,205 15,624,247 Interest - 8,353,443 8,513,814 Total Expenditures 1,394,013 160,861,999 666,912,364 EXCESS(DEFICIENCY)OF REVENUES OVER (UNDER) EXPENDITURES 438,008 22,507,283 154,563,607 OTHER FINANCING SOURCES (USES) Lease liability issued - - 222,508 Transfers In - 49,740,344 131,352,473 Transfers Out (17,024) (53,112,226) (134,993,529) Total Other Financing Sources (Uses), Net (17,024) (3,371,882) (3,418,548) NET CHANGE IN FUND BALANCES 420,984 19,135,401 151,145,059 Fund Balances-Beginning of Year 17,680,477 227,031,972 640,462,743 FUND BALANCES-END OF YEAR $ 18,101,461 $ 246,167,373 $ 791,607,802 See accompanying Notes to Basic Financial Statements. (36) THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES - GOVERNMENTAL ACTIVITIES YEAR ENDED JUNE 30, 2022 Net Change in Fund Balances-Total Governmental Funds $ 151,145,059 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Expenditures for General Capital Assets and Infrastructure $ 24,007,400 Expenditures for Right to Use Assets 222,508 Less: Disposal of Capital Assets (3,833) Less: Current Year Depreciation and Amortization (20,353,898) 3,872,177 Governmental fund revenues deferred at year end due to unavailability, and therefore, deferred under the modified accrual basis method of accounting,were recognized as revenue on the full accrual method of accounting. 1,041,045 Debt proceeds are reported as financing sources in governmental funds and thus contribute to the change in fund balance. In the statement of net position, however, issuing debt increases long-term liabilities and does not affect the statement of activities. Similarly, repayment of principal is an expenditure in the governmental funds, but reduces the liability in the statement of net position. Accretion of Loan Payable (1,288,326) Amortized Premium 86,047 Repayment and Adjustments of Lease Liability 2,215,744 Repayment and Adjustments of Bonds, Loans, Certificates of Participation, Capital Leases, and Deferral on Refunding 13,185,995 Net Adjustment 14,199,460 Some expenses reported in the statement of activities do not require the use of current financial resources and,therefore, are not reported as expenditures in governmental funds. Change in Compensated Absences (378,227) Change in Net OPEB Liability 33,643,000 Change in General Claims Liability (1,655,000) Change in Net Pension Liability 72,905,970 Accrued Interest on Long-Term Debt 227,884 Net Adjustment 104,743,627 Internal service funds are used by the County to charge the cost of workers' compensation insurance to individual funds. The net revenue (expense) of internal service fund is reported with governmental activities. 7,120,434 Change in Net Position of Governmental Activities $ 282,121,802 See accompanying Notes to Basic Financial Statements. (37) COUNTY OF MARIN STATEMENT OF NET POSITION PROPRIETARY FUNDS JUNE 30, 2022/DECEMBER 31, 2021 Governmental Business-Type Activities Activities Nonmajor Housing Transit Enterprise Internal Authority District Funds Service Funds 12/31/2021 6/30/2022 6/30/2022 Total 6/30/2022 ASSETS Current Assets: Cash and Investments in County Pool $ - $ 22,293,091 $ 4,801,757 $ 27,094,845 $ 64,547,146 Other Cash 13,285,636 6,254,880 - 19,573,516 - Receivables: Accounts - 829,244 1,628,243 2,457,487 - Other - - 297,202 297,202 - Prepaid Items and Other Assets 653,782 8,229 6,567 668,578 - Due from Other Governments 3,603,025 11,686,972 15,289,997 TotalCurrentAssets 17,545,443 41,102,416 6,733,769 65,381,628 64,547,146 Noncurrent Assets: Restricted Cash 3,689,174 - - 3,689,174 - Long-Term Notes Receivable 6,748,251 - - 6,748,251 - Other Noncurrent Assets 314,672 - - 314,672 - Lease Receivable - - 2,381,079 2,381,079 - Capital Assets: Nondepreciable 5,023,291 9,159,946 3,541,837 17,725,074 - Depreciable and Amortizable,Net 13,866,085 37,220,131 11,704,922 62,791,135 2,252,765 Right to Use Assets,Net 872,145 572,145 $460 TotalNoncurrentAssets 29,641,473 47,252,222 17,627,838 94,521,533 2,261,225 Total Assets 47,186,916 85,354,638 24,361,607 159,903,161 66,808,371 DEFERRED OUTFLOWS OF RESOURCES Deferred Pensions 1,517,135 148,898 - 1,666,033 - Deferred OPEB 549,445 549,445 Total Deferred Outflows 2,066,580 148,898 2,215,478 LIABILITIES Current Liabilities: Accounts Payable 602,008 4,834,429 1,553,975 6,99Q412 101,158 Interest Payable 159,044 - 6,963 166,007 - Due to Other Funds - - 1,10Q000 1,100,000 - Salaries and Benefits Payable 111,092 58,945 3,809 203,846 3,082 Other Liabilities 684,615 - 125,686 810,301 - Unearned Revenues 1,096,920 466,327 3Q125 1,593,372 - Long-Term Notes Payable - - 40,000 40,000 - Compensated Absences 55,992 100,856 25,064 181,912 - Mortgages Payable 1,153,757 - - 1,153,757 - Lease Liability-Current - 166,207 - 166,207 7,905 Estimated Claims 5,476,000 Total Current Liabilities 3,863,428 5,656,764 2,885,622 12,405,814 5,588,145 Long-Term Liabilities: Security Deposits and Escrows Payable (Payable from Restricted Assets) 196,401 - - 196,401 - Compensated Absences 167,975 2,560 3,549 174,084 - Loan Liability 2,584,318 - - 2,584,318 - Mortgages Payable 5,286,959 - - 5,286,959 - Lease Liability-Noncurrent - 707,179 - 707,179 723 Other Postemployment Benefits 2,065,564 - - 2,065,564 - Estimated Claims - - - - 27,901,000 Net Pension Liability 2,804,455 178,441 2,982,896 Total Noncurrent Liabilities 13,105,702 888,180 3,549 13,997,431 27,901,723 Total Liabilities 16,969,130 6,544,944 2,889,171 26,403,245 33,489,868 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - 2,345,569 2,345,869 - Deferred Pensions 3,173,020 - - 3,173,020 - Deferred OPEB 203,068 203,068 Total Deferred Inflows 3,376,088 - 2,345,569 5,721,957 - NET POSITION Net Investment in Capital Assets 14,364,049 46,378,836 15,206,759 75,949,644 2,252,597 Restricted for Housing Authority 8,855,193 - - $855,193 - Unrestricted 5,689,036 35,579,756 3,919,808 45,188,600 31,065,906 Total Net Position $ 28,908,278 $ 81,958,592 $ 19,126,567 $ 129,993,437 $ 33,318,503 See accompanying Notes to Basic Financial Statements. (38) COUNTY OF MARIN STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION PROPRIETARY FUNDS YEAR ENDED JUNE 30, 2022/DECEMBER 31, 2021 Governmental Business-Type Activities Activities Nonmajor Housing Transit Enterprise Internal Authority District Funds Service Funds 12/31/2021 6/30/2022 6/30/2022 Total 6/30/2022 OPERATING REVENUES Charges for Services $ 2,587,018 $ 4,406,825 $ 1,832,047 $ 8,825,890 $ 12,267,542 HUD Operating Grants 65,377,377 - - 65,377,377 - OtherGovernmentalGrants 1,551,150 - - 1,551,150 - Other Revenue 1,011,007 57,653 1,068,660 Total Operating Revenues 70,526,552 4,406,825 1,889,700 76,823,077 12,267,542 OPERATING EXPENSES Salaries and Employee Benefits - 2,527,315 292,269 2,819,584 2,897,760 Services and Supplies - 27,651,081 6,106,399 33,757,480 1,165,426 Housing Assistance 68,309,369 - - 68,309,369 - Claims Expense - - - - 3,603,116 Depreciation and Amortization 1,276,329 4,784,362 836,465 6,897,156 659,969 Other Operating 2,997,169 2,997,169 Total Operating Expenses 69,585,698 37,959,927 7,235,133 114,780,758 8,326,271 OPERATING INCOME(LOSS) 940,854 (33,553,102) (5,345,433) (37,957,681) 3,941,271 NONOPERATING REVENUES(EXPENSES) PropertyTaxRevenue - 5,382,566 - 5,382,566 - Intergovernmental Revenue - 26,855,061 905,447 27,760,508 - Advertising Revenue - 232,513 - 232,513 - Rental Income Revenue - 320,663 - 320,663 - Investment Income-Unrestricted 310,658 14,463 4,674,060 4,999,181 (608,755) Interest Expense (173,543) (1,552) 9,938 (165,157) (376) Sale of Capital Assets - 32,281 - 32,281 93,012 Other Nonoperating Expense (27,876) (591,935) (619,811) Total Nonoperating Revenues,Net 109,239 32,244,060 5,589,445 37,942,744 (516,119) INCOME(LOSS)BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS 1,050,093 (1,309,042) 244,012 (14,937) 3,425,152 CAPITAL CONTRIBUTIONS AND TRANSFERS Capital Contributions 682,606 5,585,587 - 6,268,193 - Transfers In - - 39,763 39,763 4,500,000 Transfers Out (93,989) (93,989) (804,718) Net Capital Contributions and Transfers 682,606 5,585,587 (54,226) 6,213,967 3,695,282 Change in Net Position Before Special Item 1,732,699 4,276,545 189,786 6,199,030 7,120,434 Special Item-Forgiveness of Notes Receivable (192,056) (192,056) CHANGE IN NET POSITION 1,540,643 4,276,545 189,786 6,006,974 7,120,434 Net Position-Beginning of Year 27,367,635 77,682,047 18,936,781 123,986,463 26,198,069 NET POSITION-END OF YEAR $ 28,908,278 $ 81,958,592 $ 19,126,567 $ 129,993,437 $ 33,318,503 See accompanying Notes to Basic Financial Statements. (39) COUNTY OF MARIN STATEMENT OF CASH FLOWS PROPRIETARY FUNDS YEAR ENDED JUNE 30, 2022/DECEMBER 31, 2021 Governmental Business-Type Activities-Enterprise Funds Activities Nonmajor Housing Transit Enterprise Internal Authority District Funds Service Funds 12/31/2021 6/30/2022 6/30/2022 Total 6/30/2022 CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Customers $ 71,059,244 $ 3,925,646 $ 263,253 $ 75,248,143 $ - Cash Receipts from Internal Fund Services Provided - - - - 12,272,042 Cash Paid to Suppliers for Goods and Services (64,247,700) (30,675,576) (5,174,798) (100,09$074) (4,479,114) Cash Paid to Employees for Salaries and Benefits (6,199,170) 2,41Q064 (290,867) (4,079,973) (2,897,044) Net Cash Provided(Used)by Operating Activities 612,374 (24,339,866) (5,202,412) (28,929,904) 4,895,884 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Property Tax Revenues - 5,382,566 - 5,382,566 - Intergovernmental Revenues - 26,280,095 905,447 27,185,542 - Casualty losses (27,876) - - (27,876) - Transfers In - - 39,763 39,763 - Transfers Out - - (93,989) (93,989) (804,718) Net Cash Provided(Used)by Noncapital Financing Activities (27,876) 31,662,661 851,221 32,486,006 (804,718) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Principal Repayments on Long-Term Debt (247,113) - (219,905) (467,018) - Principal Repayments on Lease Liability - (28,833) - (28,833) - Proceeds from the Issuance of Debt 22,566 - - 22,566 - Capital Contributions - 5,585,587 - 5,585,587 - Grants received to acquire capital assets 682,606 - - 682,606 - Interest Repayments Related to Capital Purposes (288,120) (1,552) (2,716) (292,388) - Transfers in Related to the Acquisition of Capital Assets - - - - 4,500,000 Proceeds from the Sale of Capital Assets 636,348 32,281 - 668,629 93,012 Payments on Leases - - - - (16,579) Payments Related to the Acquisition of Capital Assets (682,606) (10,239,136) (423,916) (11,345,658) (416,767) Net Cash Provided(Used)by Capital and Related Financing Activities 123,681 (4,651,653) (646,537) (5,174,509) 4,159,666 CASH FLOWS FROM INVESTING ACTIVITY Issuance of Notes Receivable (419,000) - - (419,000) - Proceeds from Repayment of Notes Receivable 858,100 - - 858,100 - Mortgage Interest Income 294,472 - - 294,472 - Interest and Investments Earnings(Losses) 16,186 14,463 4,638,850 4,669,499 (608,755) Net Cash Provided(Used)by Investing Activities 749,758 14,463 4,638,850 5,403,071 (608,755) NET INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS 1,457,937 2,685,605 (358,878) 3,784,664 7,642,077 Cash and Cash Equivalents-Beginning of Year 15,519,873 25,892,366 5,16Q635 46,572,874 56,905,069 CASH AND CASH EQUIVALENTS-END OF YEAR $ 16,977,810 $ 28,577,971 $ 4,801,757 $ 50,357,538 $ 64,547,146 See accompanying Notes to Basic Financial Statements. (40) COUNTY OF MARIN STATEMENT OF CASH FLOWS (CONTINUED) PROPRIETARY FUNDS YEAR ENDED JUNE 30, 2022/DECEMBER 31, 2021 Governmental Business-Type Activities-Enterprise Funds Activities Nonmajor Housing Transit Enterprise Internal Authority District Funds Service Fund 12/31/2021 6/30/2022 6/30/2022 Total 6/30/2022 RECONCILIATION OF OPERATING INCOME (LOSS)TO NET CASH PROVIDED(USED) BY OPERATING ACTIVITIES Operating Income(Loss) $ 940,854 $ (33,553,102) $ (5,345,433) $ (37,957,681) $ 3,941,271 Depreciation and Amortization 1,276,329 4,784,362 836,465 6,897,156 659,969 Bad Debt 154,695 - - 154,695 - Related Party Activity - - - - - Changes in Assets and Liabilities: (Increase)Decrease in: Accounts Receivable (206,156) 173,504 (1,626,447) (1,659,099) 4,500 Property Held for Resale - - - - - Prepaid Items and Other Assets (186,635) 2,975,328 (5,404) 2,783,289 - OtherAssets 8,069 - - 8,069 - Deferred Outflows of Resources (558,236) - - (558,236) - Increase(Decrease)in: Accounts Payable (443,194) 1,914,373 937,005 2,408,184 (207,572) Accrued Salaries and Benefits - 2,538 764 3,302 716 Unearned Revenues 581,693 (654,683) - (72,990) - Compensated Absences (13,807) (29,864) 638 (43,033) - Other Liabilities (1,142,730) - - (1,142,730) 497,000 Other Postemployment Benefits 289,043 - - 289,043 - Net Pension Asset - - - - - Net Pension Liability (2,567,028) 47,678 - (2,519,350) - Deferred Inflows of Resources 2,477,148 - - 2,477,145 - Security Deposits and Escrows Payable 2,329 - - 2,329 - Net Cash Provided(Used) by Operating Activities $ 612,374 $ (24,339,866) $ (5,202,412) $ (28,929,904) $ 4,895,884 See accompanying Notes to Basic Financial Statements. (41) COUNTY OF MARIN STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS JUNE 30, 2022 Pension Investment Private Purpose Custodial Trust Fund Trust Funds Trust Funds Funds ASSETS Current Assets: Cash and Investments in County Pool $ - $ 953,908,361 $ 25,882,339 $ 35,318,645 Cash with Fiscal Agent 105,664,961 - 459,656 1,034,195 Cash Collateral on Loaned Securities 91,684,215 - - - Other Cash - 567,422 - - Taxes Receivable - - - 1,628,689 Contributions Receivable 6,290,667 - - - Interest and Dividends Receivable 4,506,274 - 35,848 10,095 Due from Brokers for Securities Sold 9,621,715 - - - Other Receivables 1,527,450 - - - Prepaid Insurance 263,349 - - - Notes Receivable - - 110,000 - Investments: Domestic Fixed Income 533,045,310 - - - International Fixed Income 69,142,524 - - - Domestic Equities 820,416,009 - - - International Equities 554,453,464 - - - Private Equity 381,189,873 - - - Opportunistic 52,423,309 - - - Real Estate Equity 325,912,457 - - - Real Assets 166,523,845 - - - Total CurrentAssets 3,122,665,422 954,475,783 26,487,843 37,991,624 Noncurrent Assets: Capital Assets: Nondepreciable - - 30,014 - Depreciable 7,777,799 - - - Total Assets 3,130,443,221 954,475,783 26,517,857 37,991,624 LIABILITIES Accounts Payable 1,554,586 2,714,415 12,851 - Due to Other Governments - - - 30,087,421 Due to Brokers for Securities Purchased 27,325,272 - - - Accrued Interest Payable - - 79,365 - Obligations Under Securities Lending Program 91,684,215 - - - Agency Obligations - - - - Noncurrent Liabilities: Due Within One Year - - 781,151 - Due in More than One Year - - 2,893,584 - Total Liabilities 120,564,073 2,714,415 3,766,951 30,087,421 NET POSITION Investment in Capital Assets - - 30,014 - Restricted for: Pensions 3,009,879,148 - - - Pool Participants - 951,761,368 - - Individuals,Organizations,and Other Governments 23,869,229 7,904,203 Unrestricted(Deficit) - - (1,148,337) - Total Net Position $ 3,009,879,148 $ 951,761,368 $ 22,750,906 $ 7,904,203 See accompanying Notes to Basic Financial Statements. (42) COUNTY OF MARIN STATEMENT OF CHANGES IN FIDUCIARY NET POSITION FIDUCIARY FUNDS YEAR ENDED JUNE 30, 2022 Pension Investment Private Purpose Custodial Trust Fund Trust Funds Trust Funds Funds ADDITIONS Contributions: Employer Contributions $ 85,165,422 $ - $ - $ - Member Contributions 33,878,121 - - - Property Tax Revenues - - 1,526,861 240,998,584 Fee Revenue - - - 1,803,721 Contributions to Investment Pool - 1,930,469,407 5,260,527 - Interest - (8,517,474) (203,617) (152,263) Total Contributions 119,043,543 1,921,951,933 6,583,771 242,650,042 Investment Income: Net Appreciation in Fair Value of Investments (358,258,105) - - - Interest and Dividends 44,325,603 - - - Real Estate Operating Income, Net 162,101 - - - Other Investment Income 1,148,999 - - - Securities Lending Activities, Net 195,686 - - - Less Investment Expense (10,296,718) - - - Netlnvestmentlncome (322,722,434) - - - TotalAdditions (203,678,891) 1,921,951,933 6,583,771 242,650,042 DEDUCTIONS Benefits 174,758,842 - - - Refunds 2,242,861 - - - Distributions from Investment Pool - 1,893,209,775 - - Property Tax Disbursements - - 497,409 246,826,591 Fee Disbursements - - - 1,803,721 Administrative and Other 4,254,848 - 480,737 - Other Distributions from Pension Trust 705,696 - - - Total Deductions 181,962,247 1,893,209,775 978,146 248,630,312 CHANGE IN NET POSITION (385,641,138) 28,742,158 5,605,625 (5,980,270) Net Position-Beginning of Year 3,395,520,286 923,019,210 17,145,281 13,884,473 NET POSITION-END OF YEAR $ 3,009,879,148 $ 951,761,368 $ 22,750,906 $ 7,904,203 See accompanying Notes to Basic Financial Statements. (43) THIS PAGE INTENTIONALLY LEFT BLANK BASIC FINANCIAL STATEMENTS - NOTES TO BASIC FINANCIAL STATEMENTS THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 1 THE FINANCIAL REPORTING ENTITY A. Reporting Entity The County of Marin (the County) is a political subdivision of the state of California (the State), and as such, can exercise the powers specified by the Constitution and laws of the State. The County is governed by an elected five-member Board of Supervisors (the Board), with legislative and executive control of the County. The governmental reporting entity consists of the County (primary government) and its component units. Component units are legally separate organizations for which the County is considered to be financially accountable or whose nature and significant relationship with the County are such that exclusion would cause the County's financial statements to be misleading or incomplete. Financial accountability is defined as the appointment of a voting majority of the component unit's board, and (i) either the County's ability to impose its will on the organization or (ii) there is potential for the organization to provide a financial benefit to or impose a financial burden on the County. As required by accounting principles generally accepted in the United States of America (GAAP), these financial statements present the financial activity of the County and its component units. Reporting for component units on the County's financial statements can be blended or discretely presented. Blended component units, although legally separate entities, are in substance part of the government's operations, and as such data from these units are combined with data of the primary government for financial reporting purposes. Discretely presented component units are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the primary government. The financial statements are formatted to allow the user to clearly distinguish between the primary government and its discretely presented component units. B. Blended Component Units The following blended component units, although legally separate entities, are considered to be part of the primary government for financial reporting purposes because their governing boards are comprised of County Board members, and/or they provide services exclusively to the County, and/or there exists a financial benefit or burden relationship: Golden Gate Tobacco Fundinq Corporation The Golden Gate Tobacco Funding Corporation (the Funding Corporation) is a nonprofit public benefit corporation established in June 2002 for the purpose of providing tobacco securitization financing to the County. The Funding Corporation is governed by a three- person Board of Directors, consisting of two Directors who are employees of the County and one independent Director who is not. The component unit's governing body is substantially the same as the governing body of the primary government. The Funding Corporation's asset-backed bonds are secured by tobacco revenues received per the Master Settlement Agreement. (44) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 In-Home Supportive Services Public Authoritv of Marin In-Home Supportive Services Public Authority of Marin (IHSS PA) is a public agency established in 2002 by the Board of Supervisors to serve low-income older adults and persons with disabilities who qualify for in-home support services in order to remain independent and safe in their own homes. IHSS PA works in partnership with the In-Home Supportive Services Program (IHSS) administered by Marin County Health and Human Services by matching IHHS care recipients with qualified care providers so they can live healthy and productive lives. There is a financial benefit relationship between the primary government and the component unit. Marin County Fair The Marin County Fair is a component unit of the County with a December 31 St fiscal year-end. The County's Board of Supervisors serves as the governing board of the Marin County Fair. County management conducts the activities of this component unit in essentially the same manner as it manages its own activities. The component unit's governing body is substantially the same as the governing body of the primary government. Housinq Authority of the County of Marin The Housing Authority of the County of Marin (Housing Authority), pursuant to the state of California's Health and Safety Code, was formed in January 1942 by a resolution of the Marin County Board of Supervisors. Its governance structure is comprised of a seven-member Board of Commissioners, five of whom are the County's Board of Supervisors, plus two tenant Commissioners. The component unit's governing body is substantially the same as the governing body of the primary government. The Housing Authority is responsible for the development and implementation of housing programs and activities within the County of Marin. To accomplish this purpose, the Housing Authority has entered into annual contribution contracts with the U.S. Department of Housing and Urban Development (HUD) to operate assisted housing programs. The Housing Authority is reported as a major enterprise fund in the County's basic financial statements. The Housing Authority has a December 31St fiscal year-end and issues a separate financial report that can be obtained online at www.marinhousing.org, or by contacting the Housing Authority at 4020 Civic Center Drive, San Rafael, California 94903. Marin Countv Law Library (Law Librarv) The Marin County Law Library (Law Library) serves the general public by providing patrons with access to legal information resources in a variety of inedia with research assistance. Its governance structure is comprised of the County's Board of Supervisors. County management conducts the activities of this component unit in essentially the same manner as it manages its own activities. There is a financial benefit relationship between the primary government and the component unit. (45) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Marin Countv Open Space District (Open Space� The Marin County Open Space District (Open Space) is responsible for planning, acquiring, and managing the County's approximately 16,000 acres of open space and 249 miles of public roads and trails. Its governance structure is comprised of a seven-member Parks & Open Space Commission, five seats of which are the County of Marin Board of Supervisors, plus two members of the general public. The component unit's governing body is substantially the same as the governing body of the primary government. Marin Countv Transit District (Transit District� The Marin County Transit District (Transit District) is an autonomous special district created by the authority of the Marin County Transit District Act of 1964. The Transit District's purpose is to develop, finance, organize, and provide local Marin County transit service. Its Board of Directors is comprised of the County's Board of Supervisors, and two members chosen from city council persons or mayors of cities within the county. Revenues are derived principally from property taxes, aid from other governmental entities, transportation contract revenue, and transit fare revenue. The Transit District is reported as a major enterprise fund in the County's basic financial statements, and issues a separate report that can be obtained online at www.marintransit.orq, or by contacting the Transit District at 711 Grand Avenue, Suite 110, San Rafael, California 94901. The component unit's governing body is substantially the same as the governing body of the primary government. Sewer Maintenance, County Service Areas, Liqhtinq, Permanent Road Districts, Flood Control Zone and Water Conservation, and other Special Districts The County Board of Supervisors is the governing body of the Sewer Maintenance, County Service Areas, Lighting, Permanent Road Districts, Flood Control Zone and Water Conservation, and other Special Districts (special districts). The component unit's governing body is substantially the same as the governing body of the primary government. Among its duties, the Board approves the budgets, special taxes, and fees of these special districts. Each of these special districts are, in substance, an integral part of the County and are reported as nonmajor special revenue funds in the County's basic financial statements. C. Discretely Presented Component Units Marin Countv Housing Development Financing Corporation (MCHDFC) The Marin County Housing Development Financing Corporation (MCHDFC) is a California nonprofit public benefit corporation established to provide assistance to the Housing Authority by financing or carrying out the acquisition, construction, rehabilitation, remodeling and equipping of rental housing units for persons of low income, together with related facilities and improvements as are necessary or convenient or incidental to their use, on sites located in the County of Marin, to develop and construct low-income housing through use of government financing, subsidies and other available resources to alleviate housing problems affecting low and moderate income families, elderly individuals and handicapped citizens. MCHDFC owns a 15-unit housing development known as Bradley House, located in Tiburon, California. The Board of MCHDFC is made up of nine directors, four of whom are employees of the Housing Authority. MCHDFC has no employees, and their accounting records are maintained by the Housing Authority. (46) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Marin Housing Development Corporation (MHDC) The Marin Housing Development Corporation (MHDC) is a California nonprofit public benefit corporation, and was established to maintain, improve, and increase the supply of affordable housing in the County of Marin by financing or carrying out the acquisition, construction, rehabilitation, remodeling and equipping of housing units for persons of low income. MHDC owns a 28-unit apartment complex known as the Sundance Apartments, located in San Rafael, California. The Board of MHDC is comprised of nine directors, four of whom are current employees of the Housing Authority of the County of Marin. MHDC has no employees, and their accounting records are maintained by the Housing Authority. Since MCHDFC and MHDC are other organizations for which the nature and significance of their relationship with the Housing Authority and the County of Marin are such that exclusion from the financial statements would cause the County's financial statements to be misleading or incomplete, these entities have been included in the County's financial statements as discretely presented component units. Separate financial statements are not prepared for these entities. D. Component Unit— Fiduciary in Nature Marin Countv Emplovees' Retirement Association (MCERA� Marin County Employees' Retirement Association (MCERA) exists to serve as a cost- sharing multiple employer defined benefit plan for the County and eight other participating employers: City of San Rafael, Local Agency Formation Commission, Marin City Community Services District, Marin County Superior Court, Marin/Sonoma Mosquito and Vector Control District, Novato Fire Protection District, Southern Marin Fire Protection District, and Tamalpais Community Services District. Separate actuarial valuations are performed for these other agencies and districts, and the responsibility for funding their plans rest with those entities. Postretirement benefits are administered by MCERA to qualified retirees. MCERA's management is vested in the Board of Retirement. Pursuant to the County Employees Retirement Law of 1937, board members include the County's Director of Finance, four members appointed by the Board of Supervisors, two general members elected by general membership, one safety member, one safety member alternate elected by the safety membership, one retired member and one retired member alternate elected by the retired membership. The Board of Retirement undertakes the administrative and fiduciary responsibility over the pension plan. Because of its fiduciary relationship with the County, MCERA is a component unit of the County (fiduciary in nature) and reported as a pension trust fund in the County's basic financial statements and not reported in the government-wide financial statements. MCERA issues a separate financial report that can be obtained from One Mclnnis Parkway, Suite 100, San Rafael, California 94903 or online at www.mcera.org. (47) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation Government-Wide Financial Statements The statement of net position and the statement of activities report information on all of the nonfiduciary activities of the County and its component units. All fiduciary activities are reported only in the fund financial statements. Eliminations have been made to minimize the double-counting of internal activities. These statements distinguish between the governmental and business-type activities of the County and between the County and its discretely presented component units. Governmental activities, which are normally supported by taxes, intergovernmental revenues, and other nonexchange transactions, are reported separately from business-type activities, which rely to a great extent on fees charged to external parties. The statement of activities demonstrates the degree to which program expenses of a given function are offset by program revenues. Program expenses include direct expenses, which are clearly identifiable with a specific program or function. Interest expense related to long- term debt is reported as a direct expense. Certain indirect costs, which cannot be identified and broken down, are included in the program expense reported for individual functions and activities. InterFund charges, which equal or approximate the external exchange value of services provided, are reported as program revenues. Interfund reimbursements, repayments from the funds responsible for particular expenses to the funds that initially paid for them, are treated as an adjustment to expenses. Program revenues include (1) fees, fines and charges paid by the recipients of goods or services offered by the programs, and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular program. Revenues that are not classified as program revenues, including all taxes, are presented instead as general revenues. When both restricted and unrestricted net position is available, unrestricted resources are used only after the restricted resources are depleted. While separate government-wide and fund financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds and internal service funds, while business-type activities incorporate data from the County's enterprise funds. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Fund Financial Statements The fund financial statements provide information about the County's funds, including its fiduciary funds and blended component units. Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are respectively aggregated and reported as nonmajor funds. Major individual governmental and enterprise funds are presented as separate columns in the fund financial statements. (48) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 The County reports the following major governmental funds: • The General Fund is the County's primary operating fund and is used to account for all financial resources except those required by law or practice to be accounted for in another fund. The General Fund supports many of the essential county services such as health, safety, and administration. • The Health and Human Services Operating Fund was established in 2016 to account for all Health and Human Services revenues and expenditures, many of which are dedicated for specific safety net and social services. The fund also receives transfers from various special revenue funds as well as the General Fund to support operations. • The Public Protection Fund primarily includes the following: o Public Safety Realiqnment — Established by California Assembly Bill 109 in 2011, the legislation that realigned low-level offenders from state prison to county jails. The Community Corrections Partnership Board manages the provision of criminal justice services through the departments of Probation, Health and Human Services, the Public Defender, the District Attorney, Marin County Sheriff, and the Courts. Other funds providing related services include the Juvenile Justice Crime Prevention Fund, the Youth Offender Fund, and the Adult Felony Probation Fund. o Juvenile Justice Crime Prevention Realiqnment — The Juvenile Justice Crime Prevention Act (JJCPA) was created by the Crime Prevention Act of 2000 to provide a stable funding source for local juvenile justice programs aimed at reducing crime and delinquency among at-risk youth and young offenders. o Communitv Corrections Performance — This fund was established as a result of California Senate Bill 678. These funds are utilized to reduce recidivism of felony probationers by improving probation services. o CARES Act Emerqency Relief Fund — This fund was established in accordance with Coronavirus Aid, Relief and Economic Security Act (CARES Act) to account for economic relief package that included funding from state and local governments to respond to actions of public health emergency effects of the COVID-19 pandemic. ■ American Rescue Plan Act Of 2021 Fund — This fund was created in accordance with the American Rescue Plan Act of 2021 to speed up the Country's recovery from the economic and health effects of COVID -19 pandemic and the ongoing recession. The revenues received in these funds are allocations from the U.S. Department of Treasury and the deadline to spend all monies in this fund is December 31,2024. ■ MWPA Measure C Fund- This fund was created to collect Measure C tax allocations allocated by Marin Wildfire Prevention Authority for wildfire preparation and prevention. The allocations received are used for direct services as well as staffing reimbursements to General Fund for services provided by County staff. (49) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 ■ TOT Measure W Fire Emergency Services Fund — This fund was established per ordinance number 3692 where Measure W created the West Marin Transient Occupancy Tax of 4% in addition to the tax rate of ten percent applicable to the entire unincorporated County of Marin. This special tax is allocated equally for fire and emergency services, and community housing in West Marin Transient Occupancy Tax Area. • The Housing and Urban Development Fund (HUD Fund) was established to account for federal and state grant proceeds and disbursements associated with housing and community development within the County. Such grants are generally obtained from the Department of Housing and Urban Development (HUD), and may only be used for the purposes stipulated in the grant agreement. HUD funds are used to support the development of affordable housing units within the County. The County reports the following major enterprise funds: • The Housing Authority provides housing assistance to low and moderate income residents of Marin County, primarily funded by contributions from HUD and rent payments from tenants. The Housing Authority has a fiscal year-end of December 31 St • The Transit District accounts for activities related to the provision of transit services within Marin County, the revenues of which are principally derived from property taxes, aid from other governmental entities, transportation contract revenue, and transit fare revenue. The County also reports the following additional fund types: • Internal Service Fund accounts for the financing of goods and services provided by one department or agency to other departments or agencies of the County or other governmental units on a cost reimbursement basis. Activities relate to the County's workers' compensation self-insurance plan, vehicle replacement fund for the department of public works and technology replacement fund for the information services and technology department. These services predominately benefit governmental rather than business-type functions, and hence they are included within governmental activities in the government-wide financial statements. • Employees' Retirement Trust (Pension Trust Fund) accumulates contributions from the County, its employees, and other participating employers, and earnings, from the fund's investments. Disbursements are made from the fund for retirement, disability, and death benefits (based on a defined benefit formula) and administrative expenses. This fund includes all assets of the Marin County Employees' Retirement Association (MCERA). • Investment Trust Funds account for the assets of legally separate entities such as special districts that deposit cash in the County Treasurer's investment pool. These entities include school and community college districts, other special (50) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 districts governed by local boards, regional boards and authorities and pass- through funds for tax collections for cities and towns. These funds represent the assets, primarily cash and investments, and the related liability of the County to disburse these monies on demand. • Custodial Funds account for assets held by the County in a custodial capacity for various local government units and individuals. The majority of these funds are tax pass-through entities for secured and unsecured taxes. • Private-Purpose Trust Funds are a fiduciary fund type used by the County to report trust arrangements under which principal and income benefits other governments. These funds report the assets, liabilities, and activities of the Successor Agency to the County of Marin Redevelopment Agency and funds held for individuals in a trust capacity. B. Measurement Focus and Basis of Accounting Measurement focus indicates the type of resources being measured, and the basis of accounting indicates the timing of transactions or events for recognition in the financial statements. The government-wide, proprietary fund and fiduciary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of when the related cash flows take place. Nonexchange transactions, in which the County provides (or receives) value without directly receiving (or providing) equal value in exchange, include property and sales taxes, grants, entitlements and donations. Under the accrual basis, revenues from property taxes are recognized in the fiscal year for which taxes are levied. Revenues from sales taxes are recognized when the underlying transactions take place. Revenues from grants, entitlements, and donations are recognized in the fiscal year in which all eligibility requirements have been satisfied. The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized when they are both measurable and available. Most revenue sources, such as sales tax, interest, certain state and federal grants and charges for services are accrued when services are provided or when taxes are levied. Property taxes revenue, however, is accrued only if funds are expected to be received within 60 days after the end of the fiscal year. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. All other revenues are considered available if they are received within 200 days after the end of the fiscal year. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term debt and capital leases are reported as other financing sources. (51) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 C. Cash and Cash Equivalents For purposes of the accompanying statement of cash flows, the enterprise and internal service funds consider all highly liquid investments with a maturity of three months or less when purchased, and their equity in the County Treasurer's investment pool, to be cash equivalents. D. Investments The County sponsors an investment pool to invest funds of the County and external public entities. The County's pool activity is governed by California Government Code Section 53600, et seq., and Section 27000, et seq., as well as the County's Statement of Investment Policy, which delegates the Director of Finance to invest in securities issued by the United States, certain corporate bonds and notes, bankers acceptances, certificates of deposit, commercial paper, repurchase agreements, the State of California Local Agency Investment Fund (LAIF), and securities lending transactions. Investment transactions are recorded on the trade date. Participants' equity in the investment pool is determined by the dollar amount of participant deposits, adjusted for withdrawals and distributed investment income. Interest is apportioned to all pool participants on a quarterly basis, based upon the ratio of the average daily balance of each individual fund to the average daily balance of all funds in the investment pool. The amount of interest apportioned is determined using the cash method of accounting, whereby interest is apportioned for the quarter in which it was actually received, net of administrative costs. This method differs from the fair value method used to value investments in these financial statements, as unrealized gains or losses are not apportioned to pool participants. E. Receivables Accounts receivable are reported net of allowance for uncollectible amounts. The estimated allowance is calculated based on historical experience and collectability analysis. F. Inventories Inventories are stated at cost (first-in, first-out basis) for governmental funds and lower- of-cost-or-fair value for proprietary funds. Inventories in governmental funds are recorded as expenditures when consumed. Unconsumed inventories in governmental funds are equally offset by nonspendable fund balance to indicate that portion of fund balance that is not in spendable form. G. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. In the fund financial statements, prepaid items are equally offset by nonspendable fund balance to indicate that portion of fund balance that is not in spendable form. Prepayments are amortized and recognized as expenditures in the period consumed using the consumption method. (52) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 H. Capital Assets Capital assets are recorded at historical cost (or at estimated historical cost if actual historical cost is not available). Donated capital assets are valued at their estimated acquisition value on the date donated. Capital assets include public domain (infrastructure) general capital assets consisting of certain improvements including roads, bridges, water/sewer, lighting systems, drainage systems, and flood control systems. The County defines capital assets as assets with an initial unit cost of more than $5,000 and an estimated useful life in excess of one year. Capital assets used in operations are depreciated or amortized using the straight-line method over the lesser of the capital lease period or their estimated useful lives in the government-wide statements and the proprietary funds. The estimated useful lives for capital assets are as follows: Infrastructure 20 to 50 Years Structures and Improvements 10 to 50 Years Equipment 5 to 25 Years Software 2 to 10 Years Maintenance and repairs are charged to operations when incurred. Betterments and major improvements, which significantly increase values, change capacities, or extend useful lives of the capital assets are capitalized. Upon sale or retirement of capital assets, the cost and related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is included in the statement of activities. I. Deferred Outflows and Inflows of Resources In addition to assets and liabilities, the statement of net position will sometimes report a separate section for deferred outflows and inflows of resources. A deferred outflow of resources represents a consumption of net assets that applies to future periods, and so will not be recognized as an outflow of resources (expense/expenditure) until then. A deferred inflow of resources represents an acquisition of net assets that applies to future periods, and so will not be recognized as an inflow of resources (revenue) until that time. Current year deferred inflows and outflows consist of amounts related to pensions, other postemployment benefits, and the refunding of debt. Deferred outflows on the refunding of debt were not related to the purchase of capital assets. The County has deferred inflows of resources related to unavailable revenues reported under the modified accrual basis of accounting in the governmental funds balance sheet and related to pensions and other postemployment benefits in its proprietary and government-wide statements. The governmental funds report unavailable revenues from property taxes, advances from federal and State, and other sources as appropriate. These amounts are deferred and recognized as revenues in the period the amounts become available. (53) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 J. Compensated Absences The liability for compensated absences reported in the government-wide and proprietary fund statements consist of unpaid, accumulated vacation and compensatory time-off balances. The liability has been calculated using the vesting method, in which leave amounts for both employees who currently are eligible to receive termination payments and other employees who are expected to become eligible in the future to receive such payments upon termination are included. The current portion of the liability for compensated absences has been estimated based on historical experience. K. Interfund Transactions Interfund transactions are reflected as loans, services provided or used, reimbursements, or transfers. Loans are reported as receivables and payables as appropriate, are subject to elimination upon consolidation, and are referred to as either "due to/from other funds" (the current portion of interfund loans) or "advances to/from other funds" (the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and the business-type activities are reported in the government-wide financial statements as "internal balances." Services provided or used, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund, and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide presentation. L. Net Position and Fund Balances The government-wide, proprietary, and fiduciary funds utilize a net position presentation. Net position is classified as follows: • Net investment in capital assets is the amount representing all capital assets, net of accumulated depreciation and amortization, and reduced by the outstanding balances of debt that are attributable to the acquisition, construction or improvement of those assets, net of unspent financing proceeds. • Restricted net position is the amount representing the net position which usage is subject to limitation and constraint imposed by either external parties (such as creditors, grantors, other governments) or law through constitutional provisions or enabling legislation. • Unrestricted net position is the amount representing the portion of net position that is neither restricted nor invested in capital assets. Governmental funds report fund balance in one of five classifications that comprise a hierarchy based primarily on the extent to which the County is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. The five fund balance classifications are as follows: (54) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 • Nonspendable Fund Balances — Consist of amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The "not in spendable form" criterion includes items that are not expected to be converted to cash, such as inventories, prepaid amounts and long-term amount of loans and notes receivable, if any. • Restricted Fund Balances — Includes amounts with constraints placed on their use, imposed either by (a) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (b) law through constitutional provisions or enabling legislation. • Committed Fund Balances — Represents resource balances with constraints imposed by formal action of the Board of Supervisors (the Board) through public meeting minutes that specifically state the revenue source and purpose of the commitment. Commitments may be modified or rescinded as approved by the Board through Board resolutions. • Assigned Fund Balances — Consist of resource balances intended to be used by the County for specific purposes that do not meet the criteria to be classified as restricted or committed. The County Administrator and Director of Finance can assign fund balance to be used for specific purposes during budget preparation. Budgets recommended by departments require Board approval. Unlike commitments, assignments generally only exist temporarily. Further action is not needed to remove the assignment. • Unassigned Fund Balances — Is the residual classification for all resource balances in the General Fund and includes all amounts not contained in other classifications. For other governmental funds, the unassigned classification is used only to report a deficit balance resulting from specific purposes for which amounts had been restricted, committed, or assigned. Unassigned amounts are technically available for any purpose. Based on the County's policy regarding the fund balance classification as noted above, when both restricted and unrestricted funds are available for expenditure, restricted funds should be spent first unless legal requirements disallow it. When expenditures are incurred for purposes for which amounts in any unrestricted fund balance classification could be used, committed funds are to be spent first, assigned funds second, and unassigned funds last. M. Property Tax Revenue The County levies, bills, collects, and distributes property taxes for the County as a whole. Property taxes are levied for each fiscal year on taxable real and personal property that is situated in the County. Property taxes paid to the County within 60 days after the end of the fiscal year are considered "available" and are, therefore, recognized as revenue. In accordance with State law, the County is responsible for the assessment, collection, and apportionment of property taxes for all taxing jurisdictions within the County, including school districts, cities and towns, and special districts. Property taxes are (55) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 levied on both secured (real property) and unsecured (business and personal property other than land and buildings) property. Supplemental property taxes are assessed upon transfer of property ownership or completion of new construction. Secured and unsecured property taxes are levied based on the assessed value as of January 1St, the lien date, of the preceding fiscal year. Secured property tax is billed approximately October 1St of each fiscal year and due in two installments, on November 1St and February 1St. Collection dates are December 10'h and April 10th which are also the delinquent dates. After the delinquent date, unpaid first installments are assessed a penalty of 10%, and unpaid second installments are assessed a 10% penalty, plus $10 cost. Accounts that remain unpaid on June 30�" are charged an additional 1.5°/o per month beginning July 1St of the next fiscal year. Such property may thereafter be redeemed by payment of a penalty of 1.5% per month to the time of redemption, plus costs and a redemption fee. If taxes are unpaid for a period of five years or more, the property becomes subject to tax sale by the Director of Finance. Unsecured property tax is levied by July 1St, due on July 31St, and has a collection date of August 31 St which is also the delinquent date. A 10% penalty attaches to delinquent unsecured taxes. If unsecured taxes are unpaid by October 31 St, an additional penalty of 1.5% attaches to the unpaid tax on the first day of each month until paid. The State's Constitution Article XIIIA, commonly known as Proposition 13, provides that the combined maximum property tax rate on any given property may not exceed 1°/o of its assessed value, unless two-thirds of the voters have approved additional taxes be levied to fund infrastructure, services, and/or operations. Under Proposition 13, beginning with FY 1978-79, assessed value is calculated at 100% of fair value and may increase by no more than 2% per year, unless the property undergoes new construction or is sold or transferred. State law provides exemptions from ad valorem property taxation for certain classes of property, such as churches, colleges, nonprofit hospitals, and charitable institutions. Beginning in 1993-94, the County began apportioning secured property tax revenue in accordance with the alternate method of distribution, commonly known as the "Teeter Plan," as prescribed by Section 4717 of the California Revenue and Taxation Code (Code). The Teeter Plan has no impact on tax rates or collection procedures. Rather, it merely changes the way taxes and penalties are distributed among the taxing agencies. Under the Teeter Plan, the County apportions 100% of the secured property tax charge to local taxing entities. The County advances all unpaid current secured taxes to the taxing entities and, in return, retains the penalties and interest on the taxes when collected. As a result of the Teeter Plan, secured property tax receivables are recorded in the Tax Resource Fund only, and there is no allowance for uncollectible amounts. Penalties and interest are deposited into the Tax Loss Reserve Fund (TLRF). Should the TLRF fund balance exceed 25% of the current year unpaid secured taxes, the excess is credited to the General Fund. Pursuant to Section 97.2(D)(4)(i) of the California Revenue and Taxation Code, in 1992 the County established a custodial fund, the Educational Revenue Augmentation Fund (ERAF), to redirect property tax from the County, cities, and special districts to fund public education (K-12 Offices of Education and community colleges). Each of these local agencies are required to shift an amount of property tax revenues prescribed by the (56) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Code to ERAF. Once school districts and related programs reach their maximum allowable funding, the Code requires that any excess ERAF be refunded back to the local contributing agencies. N. Estimates The preparation of the basic financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. O. Current Governmental Accounting Standards Board (GASB) Pronouncements GASB Statement No. 87 — In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87, Leases. This standard requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of resources or outflows of resources recognized based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. County of Marin adopted the requirements of the guidance effective July 1, 2021, and has applied the provisions of this standard to the beginning of the period of adoption. NOTE 3 CASH AND INVESTMENTS The County maintains a cash and investment pool for the purpose of increasing interest earnings through pooled investment activities. Cash and investments for most County activities are included in the County investment pool. Interest earned on the investment pool is allocated quarterly to the participating funds using the average daily cash balance of each fund. This pool, which is available for use by all participating funds, is displayed in the financial statements as "Cash and Investments in County Pool." Funds that are required to be held by outside fiscal agents do not participate in the County pool. The County pool includes both voluntary and involuntary participation from external public entities. Certain special districts and entities are required under State statute to maintain their cash surplus in the pool. As of June 30, 2022, the net asset value of involuntary participation in the investment pool was $953,908,361 or 52.17% of the pool. The County's investment pool is not registered with the Securities and Exchange Commission as an investment company. Investments made by the Department of Finance are regulated by California Government Code and by the County's Statement of Investment Policy (Investment Policy). The objectives of the Investment Policy are structured in order of priority: safety, liquidity, and yield. The Board established a Treasury Oversight Committee (Oversight Committee) to monitor and review the management of public funds maintained in the investment pool in accordance with Article 6 Section 27131 of the California Government Code. The Oversight (57) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Committee and the Board review and approve the Investment Policy annually. The Department of Finance prepares and submits a comprehensive investment report to the members of the Oversight Committee, to the investment pool participants, and the Board on a monthly basis. The report covers the types of investments in the pool, maturity dates, par value, actual costs, and fair value. The County pool has been rated by Fitch Ratings since 1994 and has maintained the highest rating of `AAA' since inception. The pool's `AAA' rating reflects the high credit quality of portfolio assets, appropriate management oversight, and operational capabilities. In addition, Fitch ratings rate the pool `S1' for market risk sensitivity, which reflects low market risk and a capacity to return stable principal value to participants, as well as to meet anticipated cash flow needs, even in adverse interest rate environments. Fair values were obtained from the County's investment custodian statement for all investments having greater than 90 days to maturity. Cash and investments at June 30, 2022 consist of the following: Cash and Investments in County Pool: Cash $ 4,811,597 Investments 1,863,857,791 Subtotal 1,868,669,388 Less: Outstanding Warrants and Other Reconciling Items (40,147,336) Total Cash and Investments in County Pool 1,828,522,052 Cash and Investments Outside County Pool: Investments of Blended Component Units 25,986,290 Investments with Fiscal Agents 4,968,469 Cash and Investments in MCERA 3,100,455,967 Specific Investments 567,421 Total Cash and Investments Outside County Pool 3,131,978,147 Total Cash and Investments $ 4,960,500,199 Total cash and investments at June 30, 2022 were presented on the County's financial statements as follows: Primary Government $ 840,150,014 Component Units 2,723,600 Investment Trust Funds 954,475,783 Custodial Funds 36,352,840 Pension Trust Fund 3,100,455,967 Private Purpose Trust Funds 26,341,995 Total $ 4,960,500,199 (58) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Investments The following table identifies the investment types that are authorized for the County by California Government Code or the County's Investment Policy, where more restrictive. The table also identifies certain provisions of the County's investment policy that address interest rate risk, credit risk, and concentration risk. Maximum Maximum Authorized Maximum Percentage Investment in Investment Type Maturity of Portfolio One Issuer Local Agency Bonds 5 Years None None U.S. Treasury Obligations 5 Years None None U.S. Agency Obligations 5 Years None None State of California Obligations 3 Years None None Banker's Acceptances 180 Days 30% 30% Commercial Paper 270 Days 40% 10% Negotiable Certificates of Deposit 3 Years 30% None Repurchase Agreements 1 Year None None Medium Term Notes 2 Years 30% None Money Market Mutual Funds/Mutual Funds N/A 20% 10% Time Deposits 3 Years None None Local Agency Investment Fund (LAIF) N/A None None At June 30, 2022, the County's investments consisted of the following: Par Fair WAM Interest Rates Maturities Value Value Years Pooled Investments Federal Agencies-Coupon 0.07%-3.35% 7/19/22-3/14/25 $ 684,915,000 $ 672,638,285 1.0800 Federal Agencies-Discount 0.02%-2.80% 7/1/22-5/5/23 1,143,600,000 1,131,790,261 0.4000 Money Market 0.04%-5.17% On Demand 20,001,859 28,013,849 - California Local Agency Investment Fund(LAIF) Variable On Demand 233,944 256,227 - Treasury Securities-Coupon 0.13%-1.50% 1/15/23-8/31/23 8,000,000 7,818,550 0.9300 Treasury Securities-Discount 0.09%-1.12% 7/14/22-2/23/23 23,000,000 22,797,040 0.3800 Amortized Note 3.50%-4.00% 12/5/22-11/1/24 800,000 403,459 1.8500 Miscellaneous Securities 3.65% 9/15/22-2/1/23 140,000 140,120 0.4800 Total Pooled Investments $ 1,880,690,803 $ 1,863,857,791 Specific Investments in Treasury-Nonpooled California Local Agency Investment Fund(LAIF) Variable On Demand $ 567,421 $ 567,421 - Total Specific Investments in Treasury-Nonpooled $ 567,421 $ 567,421 Interest Rate Risk Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. In accordance with the County's Investment Policy, the County manages its exposure to declines in fair values by limiting the weighted average maturity of its investment portfolio to 1.5 years or less. At June 30, 2022, the investment pool had a weighted average maturity of 0.80 years, or approximately 236 days. (59) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Credit Risk Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. State law and the County's Investment Policy limit the County's investments in commercial paper, corporate bonds, and medium-term notes to the rating of `A' or higher as provided by Moody's Investors Service or Standard & Poor's Corporation. The County's Investment Policy limits investments purchased by Financial Institution Investment Accounts, a type of mutual fund, to United States Treasury and Agency obligations with a credit quality rating of`AAA.' Concentration of Credit Risk Concentration of credit risk is the risk of loss attributable to the magnitude of the County's investment in a single issuer of securities. At June 30, 2022, the County did have 10°/o or more of its net investment in any one money market mutual fund. At June 30, 2022, the County had the following investments in any one issuer that represent 5% or more of the total investments. Investments issued or explicitly guaranteed by the U.S. government and investments in mutual funds, external investment pools, and other pooled investments are excluded because they are not a concentration of credit risk. Federal Home Loan Discount $ 1,044,639,101 Federal Farm Credit Bank $ 236,061,400 Federal Home Loan Bank $ 315,392,445 The following is a summary of the credit quality distribution and concentration of credit risk by investment type as a percentage of each pool's fair value at June 30, 2022. %of Moody's S& P Portfolio Investments in Investment Pool Federal Agencies Discount: Fed Home Ln Bk* Unrated Unrated 55.90 % Federal Home Loan Bank� Unrated Unrated 16.88 Federal Home Loan Mortgage Corp" Unrated Unrated 2.12 Federal Agencies Discount: Federal Agric Mtg Corp* Unrated Unrated 1.32 Federal Agric Mortgage Corp* Unrated Unrated 4.36 Federal Agencies Discount: Fed Farm Credit Bk' Unrated Unrated 3.34 Federal Farm Credit Bank* Unrated Unrated 12.63 Treasury Securities Discount: Treasury Bill Unrated Unrated 1.22 Treasury Securities Unrated Unrated 0.42 Amortized Note Unrated Unrated 0.30 Money Market/Mutual Funds Aaa AAAm 1.50 California Local Agency Investment Fund (LAIF) Unrated Unrated 0.01 Total 100.00 % * Federal Home Loan Bank, Freddie Mac, and Fannie Mae issue most of their short-term debt as discount notes. Although Moody's and S&P rate their short-term debt at `P-1' and `A-1+,' respectively, their discount notes are not currently rated by individual CUSIP. (60) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Custodial Credit Risk For investments and deposits held with safekeeping agents, custodial credit risk is the risk that, in the event of the failure of the counterparty, the County will not be able to recover the value of its investments or deposits that are in the possession of an outside party. California Government Code and the County's Investment Policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits and securities lending transactions: California Government Code requires that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by depository regulated under state law. The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. At year-end, the County's investment pool and cash with fiscal agents had no securities exposed to custodial credit risk. Local Aqencv Investment Fund The County pool maintains an investment in the State of California Local Agency Investment Fund (LAIF), managed by the State Treasurer. This fund is not registered with the Securities and Exchange Commission as an investment company, but is required to invest according to California State Code. Participants in the pool include voluntary and involuntary participants, such as special districts and school districts for which there are legal provisions regarding their investments. The Local Investment Advisory Board (LIAB) has oversight responsibility for LAIF. LIAB consists of five members as designated by State Statute. At June 30, 2022, the County's pooled investment position in LAIF was $256,227, which approximates fair value and is the same value of pool shares. The total amount invested by all public agencies in LAIF on that day was $234.5 billion. Of that amount, 98.12% is invested in nonderivative financial products and 1.88% in structured notes and asset-backed securities. Fair value is based on information provided by the State for the Local Agency Investment Fund. Restricted Cash Cash held by the Housing Authority in the amount of $3.7 million is restricted for specific project operations and cannot be disbursed without the prior approval of another government agency. Countv Investment Pool Condensed Financial Statements The following represents a condensed statement of net position and changes in net position for the County's investment pool as of June 30, 2022: Statement of Net Position Equity of Internal Pool Participants $ 874,613,691 Equity of External Pool Participants 953,908,361 Total Net Position $ 1,828,522,052 Statement of Changes in Net Position Net Position - Beginning of Year $ 1,675,719,535 Net Change in Investments by Pool Participants 152,802,517 Net Position - End of Year $ 1,828,522,052 (61) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Fair Value Measurement GASB Statement No. 72, Fair Value Measurement and Application, sets forth the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The investments in an external investment pool are not subject to reporting within the level hierarchy. The three levels of the fair value hierarchy are described below: Level 1 — Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the County has the ability to access. Level 2— Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in inactive markets; inputs other than quoted prices that are observable for the asset or liability; or inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3— Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The County's pooled investments by fair value level as of June 30, 2022 include the following: Quoted Prices Significant in Active Other Markets for Observable Identical Assets Inputs Investments Total (Level1) (Level2) Pooled Investments Subject to Fair Value Hierarchy: Debt Securities: U.S.Government Agency Securities $ 1,804,428,546 $ - $ 1,804,428,546 Treasury Securities $ 30,615,590 $ - $ 30,615,590 Pooled Investments not Subject to Fair Value Hierarchy: Local Agency Investment Fund(LAIF) 256,227 Pooled Investments Measured at Amortized Cost: Money Market 28,013,849 Miscellaneous Securities 140,120 Amortized Note 403,459 Total Investments Measured at Amortized Cost 28,557,428 Total Pooled Investments $ 1,863,857,791 (62) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 4 NOTES RECEIVABLE Notes receivable consists of the following activities: Short-Term Balance Notes Repayments/ Balance Balance Description July 1,2021 Issued Forqiveness June 30,2022 June 30,2022 Governmental Activities General Fund The County executed a long-term loan agreement with Buckelew Programs to fund the construction of a crisis residential facility funded with Mental Health Services Act(MHSA)funds.This note does not accrue interest and is due in'June 2057. $ 739,525 $ - $ - $ 739,525 $ - The County executed a long-term loan agreement with Buckelew Programs to fund the construction of a crisis residential facility funded with Mental Health Services Act(MHSA)funds. This is an additional loan amount representing contingency funds to cover any unanticipated costs related to the construction project. This loan does not accrue interest and the note is due in October 2032. 400,000 400,000 Subtotal General Fund 1,139,525 - - 1,139,525 - Other Governmental Funds The County provides long-term financing to numerous local-based nonprofit organizations for affordable housing construction and rehabilitation.These notes are due at various time frames through 2066. 28,970,198 709,084 (119,394) 29,559,888 1,OOQ000 Total Governmental Activities $ 30,109.723 $ 709,084 $ (119,394) $ 30,699,413 $ 1,000,000 Short-Term Balance Notes Repayments/ Balance Balance Description July 1,2021 Issued Forqiveness June 30,2022 June 30,2022 Business-Type Activities Marin Housinq Authoritv Marin Housing Authority manages a portfolio for lending programs to assist qualified homeowners and renters with rehabilitation expenses,down payment on home purchases,and rental security deposits. $ 7,379,407 $ 374,000 $ (1,005,156) $ 6,748,251 $ - NOTE 5 UNEARNED REVENUE/UNAVAILABLE REVENUE Under both the accrual and modified accrual basis of accounting, revenues are recognized only when earned. Thus, the government-wide statement of net position, governmental funds, and enterprise funds defer revenue recognition for resources that have been received at year-end but not yet earned. Assets recognized before the earning process is complete are offset by a corresponding liability as unearned revenues. Under the modified accrual basis of accounting, revenues are recognized when earned and susceptible to accrual. (63) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Revenues are considered susceptible to accrual if they are measurable and available to finance expenditures of the current period. Thus, governmental funds defer revenue recognition for revenues not considered available to liquidate liabilities for the current period. As of June 30, 2022, the various components of unearned revenue were as follows: Unearned Unavailable Governmental Activities: General Fund: Fees for Services $ 5,313,785 $ 1,853,543 Health and Human Services Operating Fund: Reimbursable Grant Advances 2,155,518 - HUD Fund: Interest Receivable- Deferred - 6,458,200 Other Governmental Funds: Fees for Services 445,123 352,462 Interest Receivable- Deferred - 1,720,538 Total Governmental Activities $ 7,914,426 $ 10,384,743 Business-Type Activities: Fees for Services $ 1,593,372 $ - Total Business-Type Activities $ 1,593,372 $ - NOTE 6 INTERFUND TRANSACTIONS Interfund receivables and payables may result from services rendered by one fund to another fund, or from interfund loans. "Due to/from other funds" balances are generally used to reflect short-term interfund receivables and payables, whereas "Advances to/from other funds" balances are for long-term. All of the interfund balances presented below resulted from the timing difference between the dates that (1) interfund goods and services were provided or reimbursable expenditures occurred, (2) transactions were recorded in the accounting system, and (3) payments between funds were made. The composition of interfund balances as of June 30, 2022 is as follows: Due to/from Other Funds Receivable Fund Payable Fund Amount Purpose General Fund Nonmajor Enterprise Funds $ 1,100,000 Temporary loans for Gnoss Field Airport RunwaV Reconstruction Prolect Total $ 1,100,000 (64) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Advances to/from Other Funds Receivable Fund Payable Fund Amount Purpose General Fund Other Nonmajor Governmental Funds $ 569,655 Coverage of operational and maintenance needs Other Nonmajor Governmental Funds 5,000,000 Capital improvements Transfers Transfers are indicative of funding for capital projects, lease or debt service payments, subsidies of various County operations, and reallocations of special revenues. The following schedule summarizes the County's transfer activities: Transfer from Transfer to Amount Purpose General Fund Health and Human Services Operating Fund $ 18,291,160 Health and Human Services funding Health and Human Services Operating Fund 2,545,359 Various program cost funding Public Protection Fund 336,492 Various capital project funding Other Nonmajor Governmental Funds 7,158,728 Allocation of pension obligation costs Other Nonmajor Governmental Funds 4,275,255 Debt Service Other Nonmajor Governmental Funds 1,000,000 Flood Control Zone Easement Other Nonmajor Governmental Funds 1,182,494 H&HS Subsidy Other Nonmajor Governmental Funds 250,000 Housing Trust Funding Other Nonmajor Governmental Funds 8,000,000 Road and bridge rehabilitation Other Nonmajor Governmental Funds 3,557,550 Road maintenance Other Nonmajor Governmental Funds 140,520 Salary Reimbursement Other Nonmajor Governmental Funds 8,303,000 Various capital project funding Other Nonmajor Governmental Funds 15,000 Various operating needs and cost reimbursements Other Nonmajor Governmental Funds 3,075,202 Various program cost funding Internal Service Fund 2,000,000 Enterprise Technology Replacement Support Internal Service Fund 2,500,000 Vehicle Purchase Other Nonmajor Enterprise Funds 39,763 Various program cost funding Subtotal 62,670,523 Health and Human Service Other Nonmajor Governmental Funds 3,231,366 Allocation of pension obligation costs Operating Fund Other Nonmajor Governmental Funds 675,000 Debt Service Other Nonmajor Governmental Funds 1,959,544 IHSS Funding Subtotal 5,865,910 Public Protection Fund General Fund 118,760 Auto theft obligation program General Fund 49,000 Public Safety Realignment General Fund 444,017 Various operating needs and cost reimbursements General Fund 51,463 Various program cost funding Health and Human Services Operating Fund 12,547,942 Health and Human Services realignment Other Nonmajor Governmental Funds 116,664 Debt Service Subtotal 13,327,846 HUD Fund Other Nonmajor Governmental Funds 17,024 Allocation of pension obligation costs Other Nonmajor Governmental Health and Human Services Operating Fund 946,303 H&HS Program Cost Reimbursement Funds Health and Human Services Operating Fund 41,386,736 Health and Human Services realignment Health and Human Services Operating Fund 1,348,511 Public Health Programs Health and Human Services Operating Fund 140,432 Various program cost funding Health and Human Services Operating Fund 196,250 Whole Person Care Incentive General Fund 175,047 Housing Trust Funding General Fund 2,071,763 Library Measure A Various Operating Expenses General Fund 83,000 Various program cost funding (65) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Transfer from Transfer to Amount Purpose Other Nonmajor Governmental Funds 1,555,372 Allocation of pension obligation costs Other Nonmajor Governmental Funds 810,274 Debt Service Other Nonmajor Governmental Funds 689,293 Hazard Mitigation Other Nonmajor Governmental Funds 1,250,000 Landscaping Improvements Other Nonmajor Governmental Funds 750,000 Road maintenance Other Nonmajor Governmental Funds 136,775 Various capital project funding Other Nonmajor Governmental Funds 1,572,470 Various operating needs and cost reimbursements Subtotal 53,112,226 Other Nonmajor Enterprise Funds General Fund 84,897 Salaries and benefits Other Nonmajor Governmental Funds 9,092 Allocation of pension obligation costs 93,989 Internal Seroice Fund General Fund 794,997 Various capital project funding Other Nonmajor Governmental Funds 9,721 Allocation of pension obligation costs 804,718 Total $ 135.892.236 NOTE 7 CAPITAL ASSETS Capital asset activity for the fiscal year ended June 30, 2022 was as follows: Balance Adjustments/ Balance July 1,2021 Additions Deletions Transfers June 3Q 2022 Governmental Activities Capital Assets,not being Depreciated and Amortized: Land $ 57,256,328 $ 1,245,304 $ - $ - $ 58,501,632 Land Improvements 1,205,125,438 - - - 1,205,125,438 Easements 9,099,188 63,387 - - 9,162,575 Intangible Assets 8,873,368 1,494,615 - - 10,367,983 Construction in Progress 44,694,001 18,935,431 - (31,431,527) 32,197,905 Total Capital Assets not being Depreciated and Amortized 1,325,048,323 21,738,737 - (31,431,527) 1,315,355,533 Capital Assets,being Depreciated and Amortized: Land Improvements 4S3,2S9 - - 1,208,355 1,691,647 Structures and Improvements 316,106,800 618,493 - 8,038,589 324,763,582 Equipment 65,370,249 1,877,120 (1,575,627) - 65,671,742 Intangible Assets 11,442,279 175,414 - - 11,617,693 Infrastructure 344,178,925 14,403 - 22,184,580 366,377,908 Lease asset-Buildings - 12,017,125 - - 12,017,128 Lease asset-Equipment - 2,025,702 - - 2,025,702 Total Capital Assets being Depreciated and Amortized 737,551,542 16,728,260 (1,575,627) 31,431,527 754,165,702 Less Accumulated Depreciation and Amortization for: Land Improvements (103,662) (38,932) - - (142,594) Structures and Improvements (207,639,601) (11,140,114) - - (218,779,715) Equipment (54,496,382) (4,091,226) 1,571,794 - (57,015,814) IntangibleAssets (8,372,954) (1,044,245) - - (9,417,199) Infrastructure (295,416,770) (2,211,568) - - (300,628,338) Lease asset-Buildings - (1,689,529) - - (1,689,529) Lease asset-Equipment - (798,253) - - (798,253) Total Accumulated Depreciation and Amortization (569,029,369) (21,013,867) 1,571,794 - (588,471,442) Total Capital Assets being Depreciated and Amortized,Net 165,552,173 (4,285,607) (3,833) 31,431,527 195,694,260 Govemmental Activities Capital Assets,Net $ 1,493,600,496 $ 17,453,130 $ (3,833) $ $ 1,511,049,793 (66) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Balance Adjustments/ Balance July 1,2021 Additions Deletions Transfers June 30,2022 Business-Type Activities Capital Assets,not being Depreciated: Land $ 7,824,599 $ 1,323,613 $ - $ 152,717 $ 9,300,929 Construction in Progress 2,282,721 6,643,719 - (502,295) 8,424,145 Total Capital Assets not being Depreciated 10,107,320 7,967,332 - (349,575) 17,725,074 Capital Assets,being Depreciated and Amortized: Structures and Improvements 54,812,237 2,206,706 - 4,174,519 61,193,462 Equipment 60,390,411 1,171,620 (1,499,120) (3,824,941) 56,237,970 Intangible Assets 610,332 - - - 610,332 Other Property 9,955,958 - - - 9,955,958 Lease asset-Buildings - 902,219 - - 902,219 Total Capital Assets being Depreciated and Amortized 125,768,938 4,280,545 (1,499,120) 349,578 128,899,941 Less accumulated Depreciation and Amortization for: Structures and Improvements (36,945,109) (1,897,430) - (314,832) (39,157,371) Equipment (20,344,904) (4,541,591) 1,499,120 314,832 (23,072,543) IntangibleAssets (303,931) (71,230) - - (375,161) Other Praperty (2,244,678) (356,831) - - (2,601,509) Lease asset-Buildings - (30,074) - - (30,074) Total Accumulated Depreciation and Amortization (59,838,622) (6,897,156) 1,499,120 - (65,236,658) Total Capital Assets being Depreciated and Amortized,Net 65,930,316 (2,616,611) - 349,575 63,663,283 Business-Type Activities Capital Assets,Net $ 76,037,636 $ 5,350,721 $ $ $ 51,388,357 Depreciation and Amortization Depreciation expense was charged to various functions or activities as follows: Governmental Activities: General Government $ 17,016,125 Public Protection 960,643 Public Ways and Facilities 1,263,362 Health and Sanitation 136,513 Public Assistance 90,780 Education 117,071 Recreation and Cultural Services 769,404 Capital Assets Held by the GovernmenYs Internal Service Funds are Charged to the Various Functions Based on Their Usage of the Assets 659,969 Total Depreciation and Amortization Expense- Governmental Activities $ 21,013,867 Business-Type Activities: Housing Authority $ 1,276,329 Transit District 4,784,362 Gnoss Airport 358,226 Marin County Fair 21,426 Marin.Org 19,757 Marin Commons Property Management 437,056 Total Depreciation and Amortization Expense- Business-Type Activities $ 6,897,156 (67) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 8 RISK MANAGEMENT Workers' Compensation The County is permissibly self-insured for the first $1,000,000 of workers' compensation claims per occurrence. The County provides for excess workers' compensation insurance above the $1,000,000 retention through a policy with Arch Insurance Company (A.M. Best Rated `A+') with statutory limits (optimum no limit coverage per claim). The actuarially determined outstanding claims liability, including incurred but not reported claims at marginally acceptable 70°/o confidence level, at June 30, 2022 is $33,377,000. The Board has adopted a funding policy that program assets be maintained at or above the 70% confidence level, including recognition of anticipated investment income. The changes in the balance of claims liabilities are as follows: 2022 2021 Liability Balance- Beginning of Fiscal Year $ 32,880,000 $ 32,912,000 Current Year Claims and Changes in Estimates 3,603,116 3,291,711 Claim Payments (3,106,116) (3,323,711) Liability Balance- End of Fiscal Year $ 33,377,000 $ 32,880,000 The Housing Authority participates in a joint venture under a joint powers agreement (JPA) with the California Housing Workers' Compensation Authority (CHWCA). CHWCA was formed to provide workers' compensation insurance coverage for member housing authorities. At December 31, 2021, there were 28 members. The relationship between the Housing Authority and CHWCA is such that CHWCA is not a component unit of the Housing Authority for financial reporting purposes. The Housing Authority's annual premium is based on covered payroll. Premiums paid for the calendar year ended December 31, 2021 was approximately $168,222. General Liabilitv The County maintains a self-insured retention (SIR) of $1,000,000 per occurrence for its general liability program. Losses, which exceed the SIR, are covered by an excess insurance policy through Travelers Insurance Company (A.M. Best Rated `A++'). The latest independent actuarial analysis (October 2022), concludes that given program assets, as of June 30, 2022 the program is not funded. The actuarially determined outstanding claims liability, including incurred but not reported claims at 70% confidence level, at June 30, 2022 is $5,803,000. The changes in the balance of claims liabilities are as follows: 2022 2021 Liability Balance- Beginning of Fiscal Year $ 4,148,000 $ 5,734,000 Current Year Claims and Changes in Estimates 2,434,441 2,204,299 Claim Payments (779,441) (3,790,299) Liability Balance- End of Fiscal Year $ 5,803,000 $ 4,148,000 (68) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Settled claims have not exceeded coverage in any of the past three years. Nonincremental claims adjustment expenses are included as part of the claims liability. The Housing Authority procured insurance from Housing Insurance Services, Inc. and Housing Authority Risk Retention Group for the period beginning July 1, 2011. The property insurance limits vary by property covered, with a deductible of $10,000 per occurrence. The commercial liability limit of coverage is $2,000,000; with a deductible of $10,000 per occurrence. The liability insurance covers public officials and employment policies. The maximum coverage for mold claims is $250,000, with a deductible of $25,000. The maximum coverage for employee benefits administration liability is $1,000,000, with a deductible of $1,000 per employee. The maximum coverage for automobile liability is $1,000,000; this includes uninsured motorist and un-owned autos, with no deductible. Premiums paid for this coverage were approximately $373,727. The Transit DistricYs insurance coverage is carried through CSAC (California State Association of Counties) Excess Insurance Authority (CSAC) in pooled programs and through a commercial insurance carrier. CSAC is a public entity risk pool currently operating as a common risk management and insurance program for counties located throughout California. The purpose of CSAC is to spread the adverse effects of losses among the member entities and to purchase excess insurance as a group. The Transit District's general liability insurance limit through CSAC was $25,000,000 with a $25,000 deductible at June 30, 2022. The Transit District's claims have not exceeded the maximum insurance coverage and there have been no reductions in insurance limits during the past three fiscal years. NOTE 9 LONG-TERM OBLIGATIONS The following table summarizes the changes in the County's long-term obligations for the fiscal year ended June 30, 2022: Amounts Balance Balance Due Within July 1,2021 Additions Deletions Adjustments* June 30,2022 One Year Governmental Activities Bonds Payable: Taxable Pension Obligation Bonds 2003 $ 70,500,000 $ - $ 8,660,000 $ - $ 61,840,000 $ 9,790,000 Tobacco Settlement Asset Backed Bonds 2007 49,700,464 1,288,326 1,335,000 - 49,653,790 - Less:Unamortized Discount 7 - 7 - - - Open Space Refunding Revenue Bonds 2013 2,825,511 - 487,620 - 2,337,891 500,541 Limited Obligation Improvement Bond 2014 310,402 17,440 292,962 18,068 Subtotal-Bonds Payable 123,336,354 1,288,326 10,500,067 - 114,124,643 10,305,609 Loans Payable(Direct Borrowing) 1,861,033 - 441,886 - 1,419,147 318,062 Certificates of Participation: Certificates of Participation 2001 7,67Q000 - 540,000 - 7,130,000 570,000 Certificates of Participation 2015 70,785,000 - 1,665,000 - 69,120,000 1,750,000 Add:Unamortized Premium 2,064,948 - 86,040 - 1,978,905 - Certificates of Participation 2020 1,371,981 39,049 1,332,932 41,467 Subtotal-Certificates of Participation 81,891,929 - 2,330,089 - 79,561,840 2,361,467 Lease Liability - 14,042,930 2,454,555 - 11,SS8,375 2,430,546 Compensated Absences 19,902,081 16,422,950 16,044,723 - 20,2SQ308 17,791,595 Claims Liability 37,028,000 6,037,557 3,885,557 39,180,000 7,013,000 Total Govemmental Activities Long-Term Liabilities $ 264.019,427 $ 37.791.763 $ 35.656.877 $ - $ 266.154,313 $ 40.223,279 * Accretion expense on loan (69) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Amounts Balance Balance Due Within July 1,2021 Additions Deletions Adjustments' June 3Q 2022 One Year Business-Type Activities Direct Borrowing: Notes Payable-HCD $ 2,051,161 $ - $ - $ - $ 2,051,161 $ - Notes Payable-MCF 792,156 - 41,650 - 750,506 43,488 Loan Payable 1,915,419 - - - 1,915,419 - Mortgages Payable-Office Building Refinance 975,812 - 39,225 - 936,587 936,587 Building Improvement Loan 177,905 - 177,905 - - - Runway Rehabilitation Loan 82,000 - 42,000 - 40,000 40,000 Financed Purchase Obligations 953,311 - 166,238 - 787,073 173,682 Lease Liability - 902,219 28,833 - 873,386 166,207 Compensated Absences 399,029 160,807 203,840 355,996 181,912 Total Business-Type Activities Long-Term Liabilities $ 7,346,793 $ 1,063A26 $ 699,691 $ $ 7,710,128 $ 1,541,876 The compensated absence liabilities attributable to the governmental activities are generally liquidated by the General Fund and related special revenue funds. Claims liability is liquidated by internal service funds for workers compensation claims and the General Fund for general liability claims. Typically the General Fund and related special revenue funds have been used to liquidate the OPEB obligation for the governmental activities. Under business-type activities, the purpose of the finance purchase obligations were to fund energy conservation improvements to the Public Housing properties. The cost of the equipment installed equaled to the amount financed. Equipment was placed into service in FY 2012-13. Upon completion of these obligations on December 19, 2027, title will pass to the Housing Authority. The following table summarizes the County's long-term obligations as of June 30, 2022: Annual Date of Interest Principal Amount Outstanding at Maturity Issue Rates Installments Authorized June 30,2022 Governmental Activities Pension Obligation Bonds: Taxable Pension Obligation Bonds Series A(Fund Pension Liability) 2027 2003 4.60%-5.41% $50,000-$14,940,000 $ 112,805,000 $ 61,840,000 Asset-Backed Bonds: Tobacco Settlement Asset-Backed Bonds(Series 2007A through F) 2057 2007 5.07%-6.90% $485,000-$8,350,986 49,870,081 49,653,790 Unamortized Discount (932,888) - Revenue Bonds: Open Space Refunding Revenue Bonds 2013 2027 2014 3.06% $270,309-$420,143 6,163,324 2,337,891 Improvement Bonds: Limited Obligation Improvement Bond 2014 2034 2015 3.60°/a $13,799-$29,537 429,712 292,962 Loans Payable(Direct Borrowing): Energy Resource Conservation- Solar Panels 2023 2009 4.50°/o $28,373-$49,287 553,345 49,286 I-Bank Loan 2027 2009 3.29°/o $47,681-$49,088 681,600 257,635 Energy Resource Conservation- Auditorium 2025 2011 1.00% $12,419-$15,732 410,781 93,220 Energy Resource Conservation- Exhibit Hall 2023 2008 4.50% $6,259-$14,822 326,477 29,312 Energy Efficiency Retrofit 2023 2012 0.00°/a $1,035 124,147 3,102 Energy Efficiency Retrofit 2024 2018 0.00°/a $4,379 354,723 109,482 Energy Conservation$1.8 m loan 2031 2014 1.00% $30,056-$54,262 1,800,000 877,110 Loans Payable Subtotal 4,251,073 1,419,147 (70) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Annual Date of Interest Principal Amount Outstanding at Maturity Issue Rates Installments Authorized June 30,2022 Certificates of Participation: 2001 Issue(Finance Capital Improvement Projects) 2032 2001 4.70°/a-7.00% $215,000-$880,000 14,100,000 7,130,000 2015 Issue(Financing ProjecU Defeases 2010 Issue) 2045 2016 2.000°/o3.750% $2,000,000-$3,045,000 80,140,000 69,120,000 Unamortized Premium 2,581,188 1,978,908 2020 Issue(Homestead) 2040 2020 2.85°/o $22,746-$53,776 1,339,000 1,332,932 Certificates of Participation Subtotal: 98,160,188 79,561,840 Lease Liability 14,042,930 11,588,375 Compensated Absences 20,280,308 20,280,308 Claims Liabilities 39,180,000 39,180,000 Total Governmental Activities $ 344,249,728 $ 266,154,313 Business-Tvpe Activities Direct Borrowing: Notes Payable-HCD 2024 2006 0°/-3.00% Deferred $ 2,861,319 $ 2,051,161 Notes Payable-MCF 2024 2014 4.00°/o $72,720 1,000,000 750,506 Loan Liability 2027 3.00°/o Deferred 1,915,419 1,915,419 Mortgages Payable-Office Building Refinance 2022 2012 5.50% $81,684-$917,282 1,100,000 936,587 Runway Rehabilitation Loan 2023 2018 3.5%-4.0°/ $40,000-$48,000 220,000 40,000 Financed Purchase Obligations 2027 2012 4.26%-4.884% $208,412 2,474,823 787,073 Lease Liability 902,219 873,386 Compensated Absences 355,996 355,996 Total Business-Type Activities $ 10,829,776 $ 7,710,128 A. Taxable Pension Obligation Bonds Series 2003 In May 2003, the County issued $112,805,000 Taxable Pension Obligation Bonds, series 2003. The bonds were sold to provide funds to refinance the County's actuarial accrued liability with respect to retirement benefits for County employees and retirees. The bonds are insured by National Public Finance Guarantee Corporation (NPFGC). The bonds have a Fitch rating of `AA+.' The bonds carry an interest rate range of 4.60% — 5.41°/o and mature on August 1, 2026. B. Tobacco Settlement Asset-Backed Bond Series 2007A-F The County is due a portion of receipts from the Tobacco Industry from the sale of tobacco products. This is a continual stream of funds based on the amount of tobacco sales. The County created a nonprofit public benefit corporation, the Golden Gate Tobacco Funding Corporation (the Corporation), which in turn joined eight other counties in the state of California to form the California Tobacco Securitization Agency. The Corporation acquired from the County all rights to future tobacco settlement payments and in June 2006 issued asset-backed bonds Series A through F. Proceeds from the Tobacco Industry are utilized to pay down these bonds. These bonds carry an interest rate range of 5.07°/o - 6.90% and mature between June 1, 2028 and June 1, 2057. C. Open Space Refunding Revenue Bonds 2013 In August 2013, the Marin County Open Space Finance Authority issued $6.2 million in revenue bonds, for the purpose of refunding on a current basis the Marin County Open Space Financing Authority's series 2002 revenue bonds and to provide funds to finance public capital improvements. The bonds carry an interest rate of 3.06%, and mature in September 2027. (71) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 D. Limited Obligation Improvement Bond 2014 In August 2014, the County issued Limited Obligation Improvement Bonds in the amount of $0.4 million bearing 3.60°/o interest and maturing September 2, 2034. The proceeds from the sale of the bond are to finance improvements to the Marshall Phase 2 Community Wastewater System authorized by the Community Wastewater System Assessment District. E. 2001 Certificates of Participation In November 2001, the County issued certificates of participation in the amount of $14.1 million to finance a building acquisition and various capital projects within the County. The certificates are insured by a policy with Ambac Assurance Corporation, which guarantees the scheduled payments of principal and interest on the certificates when due. The certificates have a Fitch rating of `AA+.' The certificates carry interest rates ranging from 4.70°/o - 7.00% and mature on July 15, 2031. F. 2015 Certificates of Participation In July 2015, the County issued $80,140,000 in certificates of participation to (1) defease the County's outstanding 2010 certificates of participation and (2) finance renovations, repairs, construction and improvements to Marin County facilities and infrastructure. The certificates carry interest rates ranging from 2.0°/o to 3.75% and mature on November 1, 2045. G. 2020 Certificates of Participation In June 2020, the County issued $1,339,000 in certificates of participation to (1) defease the County's outstanding 2012 certificates of participation and (2) finance the Homestead Valley Community Center Improvement Project. The certificates carry an interest rate of 2.85°/o and mature on March 1, 2040. Annual debt service requirements of governmental activities as of June 30, 2022 to maturity are as follows: Governmental Activities Year Ending Bonds Payable Certificates of Participation Loans Payable(Direct Borrowing) June 30, Principal Interest Principal Interest Principal Interest 2023 $ 10,308,609 $ 4,573,551 $ 2,361,467 $ 3,066,776 $ 318,062 $ 19,890 2024 11,551,577 3,997,958 2,474,535 2,948,569 238,990 14,455 2025 12,893,846 3,349,478 2,602,729 2,824,482 193,503 11,627 2026 14,029,659 2,630,825 2,731,053 2,694,143 160,161 8,825 2027 15,220,974 1,845,955 2,869,510 2,557,134 162,631 6,204 2028-2032 2,757,078 6,281,506 16,194,462 11,057,673 345,800 5,337 2033-2037 9,335,015 6,167,889 14,578,935 8,155,675 - - 2038-2042 - 4,312,500 13,745,241 5,900,340 - - 2043-2047 17,250,000 4,312,500 20,025,000 2,803,500 - - 2048-2052 - - - - - 2053-2057 20,777,885 170,801,211 - - - - Less:Unamortized Premium(Discount) 1,978,908 Total $ 114,124,643 $ 208,273,373 $ 79,561,840 $ 42,008,292 $ 1,419,147 $ 66,338 ��2� COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 H. Annual Debt Service Requirements for Business-Type Activities Annual debt service requirements for business-type activities as of June 30, 2022 to maturity are as follows: Business-Type Activities(Direct Borrowing) Year Ending Mortgages Payable Notes Payable Loans Payable June 30, Principal Interest Principal Interest Principal Interest 2023 $ 936,587 $ 38,507 $ 43,488 $ 29,229 $ 40,000 $ 338 2024 - - 45,261 27,457 - - 2025 - - 47,105 25,613 - - 2026 - - 614,652 6,106 - - 2027 - - - - - - 2028-2032 - - - - - - 2056 2,051,161 3,623,688 Total $ 936,587 $ 38,507 $ 2,801,667 $ 3,712,093 $ 40,000 $ 338 Business-Type Activities Year Ending Financed Purchase Obligations June 30, Principal Interest 2023 $ 173,668 $ 30,165 2024 181,212 22,620 2025 189,084 14,748 2026 197,298 6,534 2027 45,811 266 Total $ 787,073 $ 74,333 Bond Discounts, Bond Premiums, and Issuance Costs In the governmental funds, bond discounts, bond premiums, and issuance costs are treated as period costs in the year of issue. In the proprietary funds (and for the governmental activities in the government-wide statements) bond discounts, and bond premiums are deferred and amortized over the term of the debt using the straight-line method. Bond discounts and premiums are presented as a reduction and increase, respectively, of the outstanding balance of bonds payable. Arbitraqe The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax-exempt bonds after August 31, 1986. Arbitrage regulations deal with the investment of all tax-exempt bond proceeds at an interest yield greater than the interest yield paid to bondholders. Generally, all interest paid to bondholders can be retroactively rendered taxable if applicable rebates are not reported and paid to the Internal Revenue Service at least every five years. I. Legal Debt Service Limit In accordance with Revenue and Taxation Code section 135 and California Government Code section 29909, the County's outstanding bonded debt shall not exceed 1.25°/o of total assessed property value. However, for flood control purposes, the County's outstanding bonded debt may exceed 1.25% but shall not exceed 3.75% of the total assessed property value. (73) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 10 LEASES Lessee The County leases equipment as well as certain operating and office facilities for various terms under long-term, noncancelable lease agreements. The leases expire at various dates through 2062 and provide for renewal options ranging from twelve months to five years. Many lease contracts include increases to scheduled payments related to CPI or similar indices. The lease contracts, at times, include variable payments, residual value guarantees, or termination penalties that are no known or certain to be exercised at the time of the lease liability valuation. These are recognized as expenses in the period in which they occur. For fiscal year ended June 30, 2022, the County recognized variable payments of $1,208,414 for governmental activities and none for business-type activities. Total future minimum lease payments under lease agreements are as follows: Year Ending Governmental Activities Business-Type Activities June 30, Principal Interest Principal Interest Total 2023 $ 2,430,546 $ 97,961 $ 166,207 $ 16,753 $ 2,711,467 2024 1,501,541 78,609 173,647 13,191 1,766,988 2025 1,275,835 67,400 181,246 9,472 1,533,953 2026 1,111,384 58,441 189,005 5,591 1,364,421 2027 958,753 50,606 163,281 1,576 1,174,216 2028-2032 3,226,707 152,048 - - 3,378,755 2033-2037 695,850 52,180 - - 748,030 2038-2042 234,220 15,749 - - 249,969 2043-2047 34,932 10,187 - - 45,119 2048-2052 37,651 7,468 - - 45,119 2053-2057 40,582 4,538 - - 45,120 2058-2062 40,374 1,391 - 41,765 Total $ 11,588,375 $ 596,578 $ 873,386 $ 46,583 $ 13,104,922 Lessor The County, acting as lessor, leases real estate and equipment under long-term noncancelable lease agreements. The leases expire at various dates through 2053 and provide for renewal options ranging from twelve months to five years. Many lease contracts include increases to scheduled payments related to CPI or similar indices. During the year ended June 30, 2022, the County recognized $681,701 and $9,373 in lease revenue and interest revenue, respectively, for governmental activities, and $421,519 and $12,141, in lease revenue and interest revenue, respectively, for business-type activities pursuant to these contracts. Total future minimum lease payments to be received under lease agreements are as follows: Year Ending Governmental Activities Business-Type Activities June 30 Principal Interest Principal Interest Total 2023 $ 621,195 $ 7,230 $ 397,603 $ 10,359 $ 1,036,387 2024 624,628 5,593 409,226 8,520 1,047,967 2025 611,614 3,958 421,188 6,622 1,043,382 2026 185,341 2,767 383,454 4,709 576,271 2027 42,724 2,215 386,004 2,808 433,751 2028-2032 93,761 6,372 383,604 856 484,593 2033-2037 10,190 2,841 - - 13,031 2038-2042 9,734 2,079 - - 11,813 2043-2047 10,193 1,339 - - 11,532 2048-2052 10,986 545 - - 11,531 2053-2057 2,482 9 2,491 Total $ 2,222,848 $ 34,948 $ 2,381,079 $ 33,874 $ 4,672,749 (74) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 11 EMPLOYEES' RETIREMENT PLAN A. Plan Description The County's retirement plan is administered by the Marin County Employees' Retirement Association (MCERA), a retirement system established in July 1950 and governed by the California Constitution; the County Employees Retirement Law of 1937 (CERL or 1937 Act, California Government Code Section 31450 et seq.); the Public Employees' Pension Reform Act of 2013 (PEPRA, Government Code Section 7522); the provisions of California Government Code Section 7500 et seq; and the bylaws, procedures, and policies adopted by MCERA's Board of Retirement (Retirement Board). The Marin County Board of Supervisors may also adopt resolutions, as permitted by the CERL and PEPRA, which may affect the benefits of MCERA members. MCERA operates as a cost-sharing multiple employer defined benefit plan for the County and eight other participating employers: City of San Rafael, Local Agency Formation Commission, Marin City Community Services District, Marin County Superior Court, Marin/Sonoma Mosquito and Vector Control District, Novato Fire Protection District, Southern Marin Fire Protection District, and Tamalpais Community Services District. Separate actuarial valuations are performed for these other agencies and districts, and the responsibility for funding their plans rest with those entities. Postretirement benefits are administered by MCERA to qualified retirees. Copies of MCERA's annual financial reports, which include required supplementary information (RSI) for each plan may be obtained from their office at One Mclnnis Parkway, Suite 100, San Rafael, California 94903 or online at www.mcera.orq. Administration The Retirement Board is responsible for the general administration and management of the retirement association. All Retirement Board members, except the County Director of Finance, serve for a term of three years. By statute, Retirement Board members include the following: • The Director of Finance of the County (ex-officio) • Four members who are qualified electors of the County and not connected with County government in any capacity, except one may be a County Supervisor. The Board of Supervisor appoints these members. • Two General members of MCERA elected by the General membership. • One Safety member and one Safety member alternate elected by the Safety membership. • One retired member and one retired member alternate elected by the retired membership. (75) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Membership MCERA provides retirement, disability, and death benefits to its general and safety members. Safety membership primarily includes law enforcement and firefighters of MCERA, as well as other classifications as allowed under the CERL and adopted by the employer. General membership is applicable to all other occupational classifications. The retirement benefits within the plan are tiered based on the participating employer and the date of the member's entry into MCERA membership. Additional information regarding the benefit structure is available by contacting MCERA. Vestina Members become vested in retirement benefits upon completion of five years of credited service. B. Benefit Provisions Service Retirement MCERA's regular (service) retirement benefits are based on the years of credited service, final average compensation, and age at retirement, according to the applicable statutory formula. Members who qualify for service retirement are entitled to receive monthly retirement benefits for life. General County members hired after July 1, 2008, are eligible to retire at age 55 if they have earned 10 years of credited service, unless they are "new members" as defined by PEPRA (PEPRA members). Safety members, except PEPRA members, are eligible to retire at age 50 if they have earned 10 years of credited service. Unless they are PEPRA members, General members can retire at any age with 30 years of service and Safety members can retire at any age with 20 years of service. PEPRA members who are Safety members are eligible to retire after 5 years of service upon reaching 50 years of age. PEPRA members who are General members are eligible to retire after 5 years of service upon reaching 52 years of age. All members can retire at age 70 with no service requirement. Disability Retirement A member with five years of service, regardless of age, who becomes permanently incapacitated from the performance of duty is eligible to apply for a nonservice connected disability retirement. Any member who becomes permanently incapacitated from the perFormance of duty as a result of injury or disease arising out of and in the course of employment is eligible to apply for a service-connected disability retirement, regardless of service length or age. Death Benefits MCERA provides specified death benefits to beneficiaries and members' survivors. The death benefits provided depend on whether the member is active or retired. The basic active member death benefit consists of a members' retirement contributions plus interest plus one month's pay for each full year of service (up to a maximum of six month's pay). Retiring members may choose from five retirement benefit payment options. Most retirees elect to receive the unmodified allowance which provides the maximum benefit to the retiree and continuance of 60% of the retiree's allowance to the (76) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 surviving spouse or registered domestic partner after the retiree's death. Other death benefits may be available based on the years of service, marital status, and whether the member has minor children. Cost of Livinq Adjustment Retirement allowances are indexed for inflation. Most retirees receive automatic basic cost of living adjustments (COLA's) based upon the Urban Consumer Price Index (UCPI) for the San Francisco Bay Area. These adjustments go into effect on April 1 of each year. Annual COLA increases are statutorily capped at 2%, 3°/o, or 4% depending upon the member's retirement tier. When the UCPI exceeds the maximum statutory COLA for the member's tier, the difference is accumulated for use in future years when the UCPI is less than the maximum statutory COLA. The accumulated percentage carryover is known as the COLA Bank. C. Contributions — Governmental Activities For the fiscal year ended June 30, 2022, the contributions recognized as part of pension expense for the County were as follows: Contributions - Employer $ 52,695,628 Contributions - Employee 17,890,588 D. Pension Liabilities (Assets), Pension Expenses (Credits), and Deferred Outflows/Inflows of Resources Related to Pensions — Governmental Activities As of June 30, 2022, the County reported net pension liability (asset) for its proportionate share of the net pension liability (asset) of the Plan as follows: Proportionate Share of Net Pension Asset Total Net Pension Liability(Asset) $ (90,741,495) The County's net pension liability (asset) is measured as the proportionate share of the total net pension liability (asset) as reported by MCERA (the Plan). The net pension liability (asset) as reported by the Plan of each of the Plans is measured as of June 30, 2021, and the total pension liability for the Plan used to calculate the net pension liability (asset) was determined based upon the total pension liability from the actuarial valuation as of June 30, 2020, rolled forward to June 30, 2021. The County's proportion of the net pension liability (asset) was based on a projection of the County's long-term share of contributions to the pension plans relative to the projected contributions of all participating employers, actuarially determined. The County's proportionate share of the net pension liability (asset) for the Plan as of June 30, 2020 and 2021 was as follows: Proportion - June 30, 2020 52.8226 % Proportion - June 30, 2021 55.8749 Change- Increase (Decrease) 3.0523 (��) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 For the fiscal year ended June 30, 2022, the County recognized pension credit of $(20,408,956). At June 30, 2022, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources Change in Assumptions $ 14,111,697 $ - Differences Between Expected and Actual Experience 10,291,410 - Change in Proportion 10,901,164 (3,567,865) Difference Between Employer's Actual Contribution and the Employer's Proportionate Share of Contributions 8,608,724 - Net Difference Between Projected and Actual Earnings on Plan Investments - (260,907,980) County's Contributions Subsequent to the Measurement Date 52,695,628 - Total $ 96,608,623 $ (264,475,845) The County reported $52,695,628 in deferred outflows of resources related to contributions subsequent to the measurement date, which will be recognized as a(n) reduction of (addition to) the net pension liability (asset) in the fiscal year ended June 30, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized as pension expense (credit) as follows: Amortization Year Endinp June 30, Amount 2023 $ (51,596,550) 2024 (47,421,517) 2025 (53,317,692) 2026 (68,227,091) Total $ (220,562,850) Actuarial Assumptions and Methods — The County's net pension liability (asset) was measured as of June 30, 2021, and the total pension liability used to calculate the net pension liability (asset) was determined by an actuarial valuation as of that date. The total pension liability in the June 30, 2021 actuarial valuation was determined using the following actuarial methods and assumptions: Valuation Date June 30, 2020 (to determine FY 2020-21 actuarially determined contribution) Actuarial Cost Method Entry Age* Actuarial Experience Study July 1, 2017 through June 30, 2020** Amortization Method Level Percentage of Projected Payroll Amortization Period Unfunded Actuarial Liability (UAL) as of June 30, 2013 is amortized over a closed 17-year period ending June 30, 2030.*** Any subsequent unexpected change in the UAL after June 30, (78) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 2013 is amortized over 24 years (22 years for assumption changes) that includes a five-year phase-in/out (three years for assumptions changes) of the payments/credits for each annual layer. Asset Valuation Method Fair value Actuarial Assumptions: Discount Rate 6.75% Price Inflation 2.75% Salary increases 3.00%, plus merit component based on employee classification and years of service Mortality Rates of mortality for active Members are specified by CaIPERS 2017 Pre-Retirement Non-Industrial Death rates (plus Duty-Related death rates for Safety members) with the 15-year static projection used by CaIPERS replaced by generational improvements from a base year of 2014 using Scale MP-2017 * Under the principles of this method, the actuarial present value of the projected benefits of each individual included in the valuation is allocated as a level percentage of the individual's projected compensation between entry age and assumed exit (until maximum retirement age). For members who transferred from outside of MCERA, entry age is based on entry into the system. *�` Further details of the Experience Study, which is conducted on a triennial basis, can be found on MCERA's website at www.mcera.orq. *�`* Except for the additional UAL attributable to the extraordinary loss from 2008-09, which is being amortized over a separate closed period (17 years as of June 30, 2021). Discount Rate — The discount rate used to measure the total pension liability was 6.75% as of June 30, 2021. The projection of cash flows used to determine the discount rate assumed Plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the actuarially determined contribution rates. For this purpose, only employer contributions that are intended to fund benefits of current Plan members and their beneficiaries are included. Projected employer contributions that are intended to fund the service costs of future Plan members and their beneficiaries, as well as projected contributions from future Plan members, are not included. Based on those assumptions, the Plan's fiduciary net position was projected to be available to make all projected future benefit payments for current Plan members. Therefore, the long-term expected rate of return on Plan investments was applied to all periods of projected benefit payments to determine the total pension liability as of June 30, 2021. The long-term expected rate of return on Plan investments was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of Plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected �79) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and projected arithmetic real rates of return, after deducting inflation, but before investment expenses, used in the derivation of the long-term expected investment rate of return assumption for each major asset class are summarized in the following table: Long-Term Expected Real Asset Class Target Allocation Rate of Return Fixed Income 23.00 % (0.25)% Domestic Equities 32.00 4.60 International Equities 22.00 4.80 Public Real Assets 7.00 2.90 Real Estate 8.00 3.75 Private Equity 8.00 6.00 Total 100.00 % Sensitivity of the Proportionate Share of the Net Pension Liability (Asset) to Changes in the Discount Rate — The following presents the County's proportionate share of the net pension liability (asset) for the Plan, calculated using the discount rate for each Plan, as well as what the County's proportionate share of the net pension liability (asset) would be if it were calculated using a discount rate that is 1-percentage point lower or 1-percentage point higher than the current rate: 1% Decrease 5.75% Net Pension Liability $ 144,166,440 Current Discount Rate 6.75% Net Pension Liability $ (90,741,495) 1% Increase 7.75% Net Pension Liability $ (284,189,622) Pension Plan Fiduciary Net Position — Detailed information about each pension plan's fiduciary net position is available in the separately issued MCERA financial report. (so) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 E. Housing Authority of Marin Plan Description All eligible Housing Authority employees participate in the California Public Employees Retirement System (CaIPERS), a cost-sharing multiemployer defined benefit pension plan. This plan was established to provide retirement, death, and disability benefits to public agency's rate plans with generally less than 100 active members. The benefit provisions for plan participants are established by statute. A full description of pension plan benefit provisions, assumptions for funding purposes, but not accounting purposes, and membership information is listed in the June 30, 2021 annual actuarial valuation report. Details of the benefits provided is contained within a publicly available report that can be obtained at CaIPERS' website under `Forms and Publications.' The Housing Authority's plan is made up of two tiers. Tier 1, 2°/o at 55 covers all employees hired prior to January 1, 2013. Tier 2, 2% at 62 covers all employees hired after January 1, 2013. The second tier is the result of PEPRA. Required disclosure information regarding the Housing Authority's employee's retirement plan can be found in the Housing Authority of the County of Marin's audited financial statements. Net Pension Liabilitv The Housing Authority's net pension liability is measured as the total pension liability, less the pension plan's fiduciary net position. The net pension liability is measured as of June 30, 2021, using an annual actuarial valuation as of June 30, 2020 rolled forward to June 30, 2021 using standard update procedures. As of December 31, 2021 the Housing Authority's net pension liability was $2,804,455. Additional CaIPERS information, including GASB 68 Accounting Valuation Report and Schedule of Employer Allocations and Collective Pension Amounts can be found at the CaIPERS' website under `Forms and Publications.' The Housing Authority is a participant in the CaIPERS Miscellaneous Risk Pool which, along with the Safety Risk Pool, make up the PERF C Public Agency Cost Sharing Plan. Deferred Outflows and Inflows of Resources The Housing Authority has recorded the following deferred outflows and inflows of resources based on the actuarial report and the schedules of employer allocations by rate plan prepared by CaIPERS. The measurement date of these reports and schedules was June 30, 2021. The deferred outflows also include contributions made to CaIPERS subsequent to the measurement date of June 30, 2021, but prior to the Housing Authority's fiscal year-end of December 31, 2021. As of December 31, 2021, the Housing Authority recognized pension expense of $525,988, deferred outflows of resources was $1,517,135 which contained $563,593 of contributions subsequent to the measurement date, and deferred inflows of resources was $3,173,020. (81) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Deferred Outflows Deferred Inflows of Resources of Resources Miscellaneous risk pool: Changes in Proportion $ 330,952 $ (416,719) Differences Between Expected and Actual Experience 314,498 - Differences Between Expected and Actual Earnings on Investments 308,092 (2,756,301) Authority Contributions Made Between June 30, 2021 and December 31, 2021 563,593 - Total $ 1,517,135 $ (3,173,020) Amounts reported as deferred outflows and deferred inflows of resources, other than the contributions made after the measurement date, will be recognized in future pension expense as follows: Deferred Outflow Measurement Period: (Inflow)of Resources 2023 $ (493,774) 2024 (500,383) 2025 (548,762) 2026 (676,559) Total $ (2,219,478) The amounts reported as deferred outflows of resources related to pensions, contributions made after the measurement date of June 30, 2021, should have the effect of reducing net pension liability during the next actuarial measurement period. F. Marin County Transit District The Transit District contributes to the Marin County Transit District Governmental 401(a) single employer defined contribution pension plan for its employees who have attained 21 years of age and have more than 1,000 hours of service. The pension plan is administered by the Transit District. Benefit terms, including contribution requirements, for the pension plan are established and may be amended by the Transit DistricYs Board of Directors. For each employee in the pension plan at the end of the plan year, Transit District is required to contribute 10% to 15% of annual salary, exclusive of overtime, to individual employee accounts. Employees are not permitted to make contributions to the pension plan. For the fiscal year ended June 30, 2022, Transit District recognized pension expense of$247,644. Employees are fully vested in employer contributions after six months of service. Non- vested Transit District contributions are forFeited upon termination. Such forfeitures are first used to pay pension plan administrative expenses and any remaining forfeitures are used to reduce the required future employer contribution. There were no forFeitures during the fiscal year ended June 30, 2022. Total pension credit for all plans was $(19,635,324). (82) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 NOTE 12 OTHER POSTEMPLOYMENT BENEFIT (OPEB) PLAN A. Plan Description The County of Marin sponsors an agent multiple-employer defined-benefit post employment healthcare plan (OPEB Plan) to provide medical and dental insurance benefits to eligible retired employees. The OPEB plan is administered by CaIPERS. MCERA manages the medical and dental provisions for retired employees on the County behalf. Benefit provisions are established and may be amended by the County. California Employers Retirement Benefit Trust (CERBT) serves as an irrevocable trust, ensuring that funds contributed into its Investment Trust are dedicated to serving the needs of its members, and their employees and retirees. The County's OPEB liability, deferred outflows and deferred inflows of resources related to OPEB, OPEB expense, and information about the fiduciary net position have been determined on the same basis as they are reported by CERBT. For this purpose, the CERBT recognizes benefit payments when due and payable in accordance with the benefit terms. The CERBT reports its investments at fair value, except for money market investments and participating interest earning investment contracts that have a maturity at the time of purchase of one year or less, which are reported at cost. Separate financial statements are prepared for the CERBT and can be found at https://www.calpers.ca.gov. Under the current practice, the County allows eligible service and disability retirees and their dependents to continue health coverage in the County's medical and dental plans. The County pays a portion of the premiums based on date of hire. Retirees must retire directly from the County, have five years of County service, and continuity of coverage to be eligible. Retirees are not eligible for open enrollment and those waiving coverage may not re-enroll. • Plan 1 — For retirees hired before October 1, 1987, the County pays 100% of the eligible retiree's single health plan premiums and Medicare Part B premiums. • Plan 2 — For retirees hired between October 1, 1987 and September 30, 1993, the County pays the retiree's single health plan premiums up to $2,275 per year. • Plan 3 — For retirees hired between October 1, 1993 and December 31, 2007, the County pays a percentage of the retiree's single premium up to a dollar cap based on years of service at retirement, where the dollar cap is reviewed each year. Through January 1, 2007 the cap was increased to cover single Anthem Blue Cross Prudent Buyer Classic and Delta Dental premiums. Due to the amount of unfunded liability the County faces, the Board has implemented a policy to limit annual increases in the maximum allocation for Plan 3 to no more than 3°/o, subject to annual approval regarding whether any increase will be granted and, if so, the amount of the increase. Cap increases were 3% effective January 1, 2008 and January 1, 2009. No cap increases have been adopted since that time and the Plan 3 cap remains at $8,853 per year. The most recent action by the Board was on August 20, 2019 when it approved no change to the Plan 3 cap for 2020. • Plan 4 — For retirees hired on or after January 1, 2008, the County pays $150 per year of service up to $3,000 per year for the retiree's single health plan premiums only. (83) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 At retirement, retirees eligible for Plans 1 and 2 may elect Plan 3 instead; and retirees eligible for Plans 1, 2, or 3 may elect Plan 4 instead. Plan selections may not be changed after retirement. Retirees eligible for Plan 1 are eligible for Medicare Part B premium reimbursement even after electing another plan. Beginning in 2019, Medicare Part A premiums are paid for retirees not eligible for premium-free Part A. In addition, Part B penalties for delayed enrollment are paid for certain retirees. Medical coverage is provided through Kaiser, Western Health Advantage HMO and Teamsters Anthem PPO for non-Medicare retirees; and Kaiser Senior Advantage and UnitedHealthcare Medicare Advantage PPO for Medicare retirees. Premiums for all medical plans are the same for employees and retirees not eligible for Medicare. This premium structure results in subsidies of retiree claim costs from premiums paid for employees by the County. This implied subsidy is included in the County postretirement healthcare calculations. The County also provides retirees with 20 years of service $10,000 of life insurance and, on an 8-year phase-out basis, continuance of supplemental life coverage. B. Employees Covered by Benefit Terms At June 30, 2021, the following employees were covered by the benefit terms: Inactive Employees or Beneficiaries Currently Receiving Benefits 1,737 Inactive Employees Entitled to but not yet Receiving Benefits - Active Employees 1,996 Total 3,733 C. Contributions The contribution rate is determined on an annual basis by an independent actuary and is authorized by the County Board of Supervisors. For the year ended June 30, 2022, the County's average contribution rate was 8.3 percent of covered-employee payroll. Employees are not required to contribute to the plan. D. Actuarial Assumptions The County's net OPEB liability was measured as of June 30, 2021, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of July 1, 2021. The total OPEB liability in the July 1, 2021 actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement, unless otherwise specified: Valuation Date July 1, 2021 Actuarial Cost Method Entry Age Normal* Actuarial Experience Study July 1, 2017 through June 30, 2020** (84) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Amortization Method Level Percent of Projected Payroll Amortization Period Investment gain/loss since prior valuation: Over a closed 15-year period that includes a 3-year phase-in from 2021/22. Other: Over closed 15-year period from 2021/22. Asset Valuation Method Fair value Actuarial Assumptions Discount Rate 5.50% Expected Long-Term Rate of Return 5.50% Inflation 2.50% Mortality Improvement Mortality projected fully generational with Scale M P-2021 Healthcare Trend Non-Medicare: 6.5% for 2023, decreasing to an ultimate rate of 3.5% in 2076 Medicare: 5.65% for 2023, decreasing to an ultimate rate of 3.5% in 2076 Medicare Part B: 4.60% for 2023, decreasing to an ultimate rate of 3.5% in 2076 Plan 3 Cap Increase 3.0% per year * Under the principles of this method, the actuarial present value of the projected benefits of each individual included in the valuation is allocated as a level percentage of the individual's projected compensation between entry age and assumed exit (until maximum retirement age). For members who transferred from outside of MCERA, entry age is based on entry into the system. ** Further details of the Experience Study, which is conducted on a triennial basis, can be found on MCERA's website. E. Target Asset Allocation The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long- term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The County selected CERBT Fund Strategy 1 for its asset allocations as follows: Target Long-Term Expected Real Asset Class Allocation Rate of Return Global Equlty 59.0 % 4.56 % U.S. Fixed Income 25.0 0.78 Treasury Inflation Protected Securities (TIPS) 5.0 (0.08) Commodities 3.0 1.22 Real Estate Investment Trusts (REITs) 8.0 4.06 Total 100.0 % (85) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 F. Changes in the OPEB Liability The changes in the net OPEB liability for the County are as follows: Increase(Decrease) Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability Balance-June 30,2020 $ 325,813,000 $ 124,514,000 $ 201,299,000 (Valuation Date June 30,2019) Change in the Year: Service Cost 5,192,000 - 5,192,000 Interest on Total OPEB Liability 17,844,000 - 17,844,000 Differences Between Expected and Actual Experience (30,600,000) - (30,600,000) ChangesofAssumptions (31,314,000) - (31,314,000) Contributions-Employer - 20,162,000 (20,162,000) Net Investment Income - 34,427,000 (34,427,000) Benefit Payments, Including Refunds of Employee Contributions (13,162,000) (13,162,000) - Administrative Expenses - (47,000) 47,000 Net Changes (52,040,000) 41,380,000 (93,420,000) Balance-June 30,2021 $ 273,773,000 $ 165,894,000 $ 107,879,000 G. Discount Rate and Trend Sensitivity The following presents the net OPEB liability of the County, as well as what the County's net OPEB liability would be if it were calculated using a discount rate that is 1- percentage-point lower or 1-percentage-point higher than the current discount rate: Discount Rate 1% Decrease Current Rate 1% Increase 4.50% 5.50% 6.50% Net OPEB Liability $ 144,666,000 $ 107,879,000 $ 77,517,000 The following presents the net OPEB liability of the County, as well as what the County's net OPEB liability would be if it were calculated using health care cost trend rates that are 1-percentage-point lower or 1-percentage-point higher than the current healthcare cost trend rates: Healthcare Trend Rate 1°/o Decrease Current Trend 1% Increase Net OPEB Liability $ 85,943,000 $ 107,879,000 $ 121,752,000 (86) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 H. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2022, the County recognized OPEB credit of $(13,804,000). As of fiscal year ended June 30, 2022, the County reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Outflows Deferred Inflows of Resources of Resources OPEB Contributions Subsequent to Measurement Date $ 19,839,000 $ - Change in Assumptions - (30,920,000) Differences Between Expected and Actual Experience - (61,816,000) Net Difference Between Projected and Actual Earnings on Plan Investments - (21,410,000) Total $ 19,839,000 $ (114,146,000) The $19,839,000 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2021 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2023. Other amounts reported as deferred outflows and deferred inflows of resources related to OPEB expense will be recognized as follows: Amortization Year Endina June 30, Amount 2023 $ (29,306,000) 2024 (28,940,000) 2025 (28,796,000) 2026 (16,785,000) 2025 (10,319,000) Total $ (114,146,000) I. Housing Authority of Marin Plan Description The Housing Authority administers a single-employer OPEB plan. This plan provides postemployment medical health care benefits to its retired employees and, in some instances, their spouses. Benefits include coverage in the CaIPERS health plan. The majority of costs for this medical insurance is the responsibility of each retiree. No dental, vision, or other-retirement benefits are provided to retired employees. Benefit provisions and other requirements are established by management. This single- employer OPEB plan does not issue a stand-alone financial report. Eliqibility The Housing Authority's retirees are eligible for membership in the plan upon retirement. Employees are eligible for retirement at age 55, if hired before 2013, or at 62, if hired after 2012, with five years of service, or upon disability. (87) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Fundinq Policy The Housing Authority has adopted an entry age normal cost method to determine the present value of benefits and actuarial accrued liability. The plan currently has no assets. The amortization method is a level percent of payroll over a 15-year period. The Housing Authority has adopted a pay-as-you-go policy and is not currently funding this liability above the monthly requirement. The Housing Authority makes actual monthly payments to its healthcare provider for its portion of the retirees' premiums. OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources related to OPEB The Actuarial Present Value of Projected Benefit Payments (APVPBP) for all current and former employees, as of December 31, 2021, is $2,682,144. This is the amount that the Housing Authority would theoretically need to set aside at this time to fully fund all future benefits. The Total OPEB Liability (TOL) is the portion of the APVPBP which has been "earned" by employees based on past years of service. TOL for the Housing Authority as of December 31, 2021, is valued at $2,065,564. The Plan Fiduciary Net Position (FNP) is equal to the value of assets that have been accumulated in an irrevocable trust for these benefits. FNP for the Housing Authority is $0. The Net OPEB Liability (NOL) is the excess of the TOL over the FNP. Since the Housing Authority's plan is funded on a pay-as-you-go basis, the NOL equals the TOL. The TOL/NOL balances, including the current year change are as follows: 12/31/2021 Present value of benefits for employees $ 1,564,129 Present value of benefits for retirees 501,435 Total OPEB liability/Net OPEB liability $ 2,065,564 12/31/2021 Total OPEB liability at beginning of period $ 1,782,737 Service costs 57,317 Interest 48,468 Assumption changes 204,709 Benefits payments made (including subsidized premiums) (27,667) Total OPEB liability at end of period $ 2,065,564 The following presents the net OPEB liability as of December 31, 2021 calculated using the current discount rate of 2.12°/o, as well as what the liability would be if it were calculated using a discount rate that is 1 percentage point higher (3.12%) and 1 percentage point lower (1.12%). Discount Rate 1°/o Decrease Current Rate 1% Increase 1.12% 2.12% 3.12% Net OPEB Liability $ 2,467,256 $ 2,065,564 $ 1,749,415 �88) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 The following presents the net OPEB liability as of December 31, 2021 calculated using the current healthcare cost trend rate of 4.00%, as well as what the liability would be if it were calculated using a rate that is 1 percentage point higher (5.00%) and 1 percentage point lower (3.00°/a). Healthcare Trend Rate 1% Decrease Current Trend 1°/o Increase 3.00% 4.00% 5.00% NetOPE6 Liability $ 1,713,343 $ 2,065,564 $ 2,521,906 For the year ended December 31, 2021, the Housing Authority recognized OPEB expense of$143,383. The values of deferred outflows of resources and deferred inflows of resources related to OPEB as of December 31, 2021 and reported as of December 31, 2021 are as follows: Deferred Deferred Outflows Inflows Differences between expected and actual experience $ - $ (91,834) Changes in assumptions 520,942 (111,234) Employer contributions made subsequent to the measurement date 28,503 - Total $ 549.445 $ (203,0681 The deferred outflows and deferred inflows of resources, other than the employer contributions will be recognized in future expense as follows: Amortization Year Endina December 31, Amount 2023 $ 37,598 2024 37,598 2025 37,598 2026 37,598 2027 37,598 Thereafter 129,884 $ 317.874 The amount reported as deferred outflows of resources related to employer contributions made during 2021, should have the effect of reducing net pension liability during the next actuarial measurement period. Actuarial Methods and Assumptions Specific actuarial assumptions selected by the Housing Authority are, a) a discount rate of 2.12% per year, b) salary increases of 3.25% per year, based on a long-term inflation assumption of 2.75°/o at December 31, 2021, c) funding method is entry age normal, with the normal cost computed as a level percentage of salaries, d) turnover, mortality, and retirement rates are taken from the 2017 CaIPERS OPEB Assumptions Model, e) medical premiums are assumed to increase 4% per year, f) the future eligible retired employees assumed to participate is 65.0% in 2021, increasing to 70% after 2023, g) retirees are expected to keep their same medical plan and marital status after �89) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 retirement, h) CaIPERS administrative expenses are assumed to remain 0.27% in all future years, and i) 50% of the time between age 30 and hire age has been added to past service, to approximate CaIPERS service with prior employees. J. Marin County Transit District The Transit District does not currently provide OPEB to its employees. NOTE 13 COMMITMENTS AND CONTINGENT LIABILITIES Grants Grant monies, which represent reimbursement for costs incurred in certain federal and state programs administered by the County, are recognized as revenues when received. Amounts received from grantor agencies are subject to audit and adjustment, principally by the federal government. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds. The amount of expenditures that may be disallowed by the grantor cannot be determined at this time. The County expects such amounts, if any, to be immaterial. Encumbrances The County uses "encumbrances" to control expenditure commitments for the year and to enhance cash management. Encumbrances represent commitments related to executor contracts not yet performed and purchase orders not yet filled. Commitments for such expenditure of monies are encumbered to reserve portion of applicable appropriations. As of June 30, 2022, the County's General Fund had a total of$21.9 million in encumbrances. Litiqation There are various lawsuits pending in which the County is involved. Some of the lawsuits have been filed solely against the County, while in others, the County is one of a group of defendants. The general liability self-insurance program would cover probable claims losses for which adequate reserves have been maintained. Marin Countv Transit District The District has the following commitments as of June 30: Contractor Purpose 2022 Golden Gate Local fixed route service $ 5,320,311 Transdev Services, Inc. Marin Access Service Operations 20,957,817 Marin Airporter Shuttle and fixed route services 9,541,922 MV Transportation, Inc. Rural and seasonal transit service 3,300,000 Blinktag 170,000 In Defense of Animals PSA for 3010/3020 3,500,000 Arntz Builders Construction-600 Rush Landing 183,985 Mark Thomas General Engineering Services 1,200,000 Tiburon Pinensula Traffic Relief JPA Measure AA School Funding 206,168 San Rafael City Schools Measure AA School Funding 254,100 $ 44,634,303 (90) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 The District receives grants from federal and state agencies that are subject to compliance audits by the awarding agency. No such audits occurred during the fiscal year and the District's management does not believe that any such audits would result in material disallowed costs. However, it is possible that ineligible costs could be identified during any such audits in the future. The District contracted with LGS (LGS, a Joint Powers Authority) for employees from May 1, 2010, through October 15, 2013. The contract required LGS to take responsibility for any pension benefits of LGS employees used by the District and LGS made contributions to the California Public Employees Retirement System (CaIPERS) on their behalf. In June 2017, the District was made aware that LGS incorrectly enrolled six of the individuals employed by LGS and used by the District into CaIPERS membership. Due to this determination, it is unknown whether the employees will be allowed to retain CaIPERS service credits and the status of previously made pension contributions/responsibility for any unfunded pension liability for the employees is in question. The District is working with LGS and CaIPERS to explore options for retaining CaIPERS service credits and other alternatives for the six current and/or former employees. The ultimate resolution of this matter is currently unknown. A significant portion of the District's contracted transit services are provided by three transit contractors. A change in these relationships could have a significant impact on the district. The District receives a substantial percentage of its revenue from sales tax, fuel tax, and property tax, including TDA, STA, and Measure A revenue. A significant change in these revenue sources could have a significant impact on the District's operations. NOTE 14 FUND BALANCES/NET POSITION Net Position, Net Investment in Capital Assets Net Position, net investment in capital assets as of June 30, 2022 consisted of the following: Governmental Business-Type Activities Activities Capital Assets, Net of Accumulated Depreciation $ 1,511,049,793 $ 81,388,357 Outstanding Principal of Capital-Related Debt 96,210,024 5,438,713 Net Position Net Investment in Capital Assets $ 1,414,839,769 $ 75,949,644 (91) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 Fund Balance Classifications In accordance with the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, governmental funds report fund balance classifications based primarily on the extent to which the government is bound to honor constraints on the specific purposes for which amounts in those funds can be spent. Health and Public Other General Human Protection HUD Govemmental Fund Services Fund Fund Fund Funds Total Fund Balances Nonspendable: Prepaid items $ 2,103,399 $ 473,684 $ - $ - $ - $ 2,577,083 Advances to Other Funds 5,569,655 - - - - 5,569,655 NotesReceivable-LongTerm 1,139,525 - - - - 1,139,525 DepositswithOthers - - - - 2,104 2,104 InventoryofSupplies 591,476 135,914 727,390 Total Nonspendable 9,404,055 473,684 - - 138,018 1Q015,757 Restricted for: General Government 46,691,679 - - - 1,150,531 48,842,510 Public Protection - - 49,763,760 - - 49,763,760 Public Ways and Facilities - - - - 7,554,962 7,554,962 Health and Human Services - 14,861,589 - - - 14,561,589 Health and Sanitation - - - - 12,413,823 12,413,823 Affordable Housing - - - 18,096,395 23,593,146 41,689,541 Building Inspection - - - - 3,S03,OS5 3,503,085 Community Service Area Projects - - - - 19,140,791 19,140,791 Employee Retirement Obligation - - - - 21,599 21,599 Environmental Health Services - - - - 1,622,527 1,622,827 Fish and Game Preservation - - - - 57,625 57,625 Flood Control District Zones Projects - - - - 34,283,483 34,283,483 Hi Tech ID Theft - - - - 669 669 Library - - - - 1,058,087 1,058,087 Lighting Dis[rict - - - - 2,569,484 2,569,484 Open Space - - - - 4,979,661 4,979,661 Sewage Districts - - - - 231,774 231,774 Health Services - - - - 3,444,252 3,444,252 Recreation and Cultural Services - - - - 12,382,482 12,382,482 Debt Service 312,846 312,846 Total Restricled 45,69�,679 �4,86'I,589 49,763,760 'I8,096,395 128,921,427 257,334,850 Committed to: Contingency Reserves 49,500,000 - - - - 49,500,000 Budget Stabilization 12,269,462 - - - - 12,269,462 Self Insurance 5,785,000 - - - - 5,785,000 Public Protection - - 5,537,264 - - 5,537,264 Miscellaneous Capital Projects 10,904,148 - - - - 10,904,148 Slale Budget 5,803,954 - - - - 5,803,954 Open Space - - - - 3,000,000 3,000,000 Road Maintenance 25,092 25,092 Total Committed 84,262,564 - 5,537,264 - 3A25,092 92,824,920 Assigned to: General Government 169,398,695 - - - 162,455 169,561,150 Planned Use of Prior Year Fund Balance 55,451,055 - - - - 55,451,055 Retiree Liability 10,000,000 - - - - 10,000,000 Employee Retirement Obligation - - - - 4,417,822 4,417,822 Faciliry Improvements 22,017,500 - - - - 22,017,500 Self Insurance 2,833,000 - - - - 2,833,000 Public Protec[ion - - 3,724,821 - - 3,724,821 Health and Sanitation - - - - 27,151,235 27,151,235 Recreation and Cultural Services - - - - 13,753,240 13,753,240 Affordable Housing - - - 5,066 2,256,815 2,261,881 Building Inspection - - - - 47,170 47,170 Child Support Services - - - - 534,636 534,636 Community Service Area Projects - - - - 308,500 308,500 Countywide Equity Initiatives - - - - 542,363 542,363 Debt Service - - - - 669,874 669,874 Health Services - - - - 506,823 506,823 Health and Human Services - 37,988,951 - - - 37,988,951 Emironmental Health Services - - - - 230,574 230,574 Flood Control District Zones Projects - - - - 3,036 3,036 Library - - - - 12,805,260 12,805,260 Lighting District - - - - 60,598 60,598 Miscellaneous Capital Projects - - - - 38,933,515 38,933,515 Vehicle and Equipment Replacemenl 471,389 - - - - 471,389 Other Capital Projects 950,000 - - - - 950,000 Road Maintenance - - - - 5,335,816 5,335,816 Sewage District - - - - 31,156 31,156 Tobacco Settlement Sewrity - - - - 3,493,172 3,493,172 Open Space 3,000,000 3,000,000 Total Assigned 261,121,639 37,988,951 3,724,821 5,066 114,244,060 417,084,537 Unassigned 14,SOS,962 (161,224) 14,347,738 Total Fund Balance $ 414,988,899 $ 53,324,224 $ 59A25,845 $ 18,101,461 $ 24Q167,373 $ 791,607,802 �92) COUNTY OF MARIN NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2022 The amounts assigned in the General Fund for general government purposes are comprised of amounts which have been earmarked for facility improvements, protection services, affordable housing preservation, vehicle and equipment replacements, building maintenance services, and various other general government purposes, including short-term coverage of costs associated with unanticipated expenses. The amounts restricted in the General Fund for general government purposes is comprised of open contracts and purchase orders within various functions of the government including public protection, public ways and facilities, public assistance, education and recreation and cultural services. Continqencv Reserves and Desiqnations Industry best-practices and credit rating agencies recommend that contingency reserves be maintained between 5 and 15 percent of the annual operating budget. The County strives to maintain General Fund Contingency Reserves of at least 8.5 percent of the operating budget, which is defined as the annual General Fund ongoing expenditures plus the annual transfer to the HHS Operations Fund and Whole Person Care Fund. The reserve balance is adjusted at the end of the fiscal year to maintain the 8.5 percent level. All other county funds that directly support staff or essential community services strive to maintain a minimum contingency reserve equal to at least 5 percent of annual expenditures. As of June 30, 2022 the Contingency reserve in the General fund is $49.5 million. Contingency reserves may be used in future years to phase into fiscal distress periods in a planned, gradual manner, or to support costs on a one-time basis for the following purposes: • Economic recession or depression • Natural disaster • Unanticipated reductions in state and/or federal funding sources • Unanticipated lease expenses that are necessary for the delivery of local services • Unforeseen events that require the allocation of funds Deficit Net Position Successor Agency to the Marin County Redevelopment Agency reported a deficit net position of ($1,118,323). This fund accounts for the activities of the Successor Agency to the Marin County Redevelopment Agency (RDA). The assets and liabilities of the former RDA were transferred to the Successor Agency in February 2012 as a result of the dissolution of the former RDA. The Successor Agency acts in a fiduciary capacity to wind down the affairs of the former RDA, which includes disposing of the assets and liabilities and is reported as a private-purpose trust fund. The 2006 Debt Service Fund reported a deficit net position of ($30,673), it is expected that the deficit will be covered by future revenues. The Permanent Road District Fund reported a deficit net position of ($96,199), it is expected that the deficit will be covered by future revenues. The In Home Support Services Authority Fund reported a deficit net position of ($32,248), it is expected that the deficit will be covered by future revenues. (93) REQUIRED SUPPLEMENTARY INFORMATION COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 Proportionate Share of the Net Pension Liability County of Marin Reporting Period Measurement Date June 30,2022 June 30,2021 June 30,2020 June 30,2019 June 30,2018 June 30,2017 June 30,2016 June 30,2015 Last 10 Fiscal Years' June 30,2021 June 3Q 2020 June 30,2019 June 3Q 2018 June 30,2017 June 3Q 2016 June 3Q 2015 June 30,2014 Proportion of the Net Pension Liability 55.8749% 52.8226% 51.5677% 55.5636% 56.3625% 54.4105°/ 52.5803% 57.4629% Proportionate Share of the Net Pension Liability (90,741,495) 241,808,638 185,585,487 183,525,363 207,841,379 260,044,342 203,688,484 142,013,491 Covered-Payroll $ 209,135,143 $ 201,982,304 $ 193,146,939 $ 188,385,322 $ 182,952,561 $ 180,339,571 $ 167,380,610 $ 160,513,845 Proportionate Share of the Net Pension Liability as a Percentage of Covered Payroll (43.4)% 119.7% 97.6% 97.4% 113.6% 144.2% 121.7% 88.5% Plan Fiduciary Net Position as a Percentage of the Total Pension Liability(Collective) 105.0% 85.2% 87.6% 58.3% 86.3% 81.5% 84.3% 89.0% Housing Authority of the County of Marin Reporting Period Measurement Date December 31,2021 December 31,2020 December 31,2019 December 31,2018 December 31,2017 December 31,2016 December 31,2015 Last 10 Fiscal Years* June 3Q 2021 June 3Q 2020 June 3Q 2019 June 3Q 2018 June 3Q 2017 June 3Q 2016 June 3Q 2015 Proportion of Net Pension Liability 0.148% 0.127% 0.121% 0.115% 0.145% 0.141% 0.133% Proportionate Share of the Net Pension Liability 2,804,457 5,371,483 4,834,111 4,337,345 5,702,269 4,889,029 3,643,432 Covered-Payroll 3,232,824 2,845,832 2,753,389 2,832,516 2,633,232 2,421,377 2,562,422 Proportionate share of the Net Pension Liability as a Percentage of Covered Payroll 86.7% 188.7% 175.6% 153.1% 216.6% 201.9% 1422% Plan Fiduciary Net Position as a Percentage gg,6% 78.1% 50.1°/ 81.6% 74.8% 76.8% 82.3°/ of the Total Pension Liability(Collective) *Fiscal year 2015 was the first year of implementation.Additional years will be presented as they become available. See accompanying Notes to Required Supplementary Information. (94) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 Schedule of Countv Contributions — Pension Plan Liabilitv Last 10 Fiscal Years� County of Marin June 30,2022 June 30,2021 June 30,2020 June 30,2019 June 30,2018 June 30,2017 June 30,2016 June 30,2015 Contractually Required Contributions (ActuariallyDetermined) $ 52,695,628 $ 49,601,254 $ 46,360,598 $ 48,129,766 $ 48,159,006 $ 46,667,468 $ 48,693,249 $ 48,302,383 Contributions in Related to the Actuarially Determined Contribution 52,695,625 49,601,254 46,360,598 48,129,766 48,159,006 46,667,468 4$693,249 48,302,383 Contribution Deficiency(Excess) $ - $ - $ - $ - $ - $ - $ - $ - Covered Payroll $ 213,320,906 $ 209,138,143 $ 201,982,304 $ 193,146,939 $ 188,385,322 $ 182,952,561 $ 180,339,571 $ 167,380,610 Contributions as a Percentage of Covered Payroll 24.7% 23.7% 23.0% 24.9% 25.6% 25.5% 27.0% 28.9% Housing Authority of the County of Marin Last 10 Fiscal Years* December 31,2021 December 31,2020 December 31,2019 December 31,2018 December 31,2017 December 31,2016 December 31,2015 Contractually Required Contributions(Actuarially Determined) 604,562 520,265 479,391 469,201 396,180 331,622 259,754 Contributions in Related to the Actuarially Determined Contribution 604,562 520,265 479,391 1,669,201 396,150 331,622 259,754 Contribution Deficiency(Excess) - - - (1,20Q000) - - - Covered Payroll 3,405,832 2,845,832 2,753,389 2,832,516 2,633,232 2,421,377 2,562,422 Contributions as a Percentage of Covered Payroll 17.8% 1 S.3% 17.4% 58.9°/ 15.0% 13.7°/ 10.1% *Fiscal year 2015 was the first year of implementation.Additional years will be presented as they become available. In accordance with GASB Statement No. 68, a cost-sharing employer is required to recognize a liability for its proportionate share of the net pension liability. The County's net pension liability is measured as its proportionate share of the total pension plan's liability less the County's proportionate share of the pension plan's fiduciary net position. The net pension liability is an accounting measurement for financial statement reporting purposes. In addition, a cost-sharing employer is required to recognize pension expense and report deferred outflows of resources and deferred inflows of resources related to pensions for its proportionate shares of collective pension expense and collective deferred outflows of resources and deferred inflows of resources related to pensions. The schedules above are intended to present information to illustrate changes in the County's proportionate share of the net pension liability and contributions over a 10-year period. Additional years will be displayed as they become available. See accompanying Notes to Required Supplementary Information. (95) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 Schedule of Chanqes in Net OPEB Liabilitv and Related Ratios Last 10 Fiscal Years' Reporting Reporting Reporting Reporting Reporting Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year (Measurement Date) (Measurement Date) (Measurement Date) (Measurement Date) (Measurement Date) June 30,2022 June 30,2021 June 30,2020 June 30,2019 June 30,2018 June 3Q 2021 June 3Q 2020 June 3Q 2019 June 3Q 2018 June 3Q 2017 TOTAL OPEB LIABILITY Service Cost $ 5,192,000 $ 5,236,000 $ 5,639,000 $ 5,903,000 $ 5,731,000 Interest on Total OPEB Liability 17,844,000 17,622,000 21,012,000 20,337,000 19,676,000 Difference Between Expected and Actual Experience (3Q60Q000) (5,770,000) (72,634,000) - - Changes of Assumptions (31,314,000) - (1,957,000) - - Benefit Payments,Including Refunds of Employee Contributions (13,162,000) (12,866,000) (13,725,000) (13,676,000) (13,435,000) Net Change in Total OPEB Liability (52,040,000) 4,222,000 (61,665,000) 12,564,000 11,972,000 Total OPEB Liability—Beginning 325,813,000 321,591,000 383,256,000 370,692,000 355,720,000 Total OPEB Liability—Ending(a) $ 273,773,000 $ 325,513,000 $ 321,591,000 $ 383,256,000 $ 370,692,000 PLAN FIDUCIARY NET POSITION Contributions—Employer $ 20,162,000 $ 17,866,000 $ 22,825,000 $ 22,478,000 $ 24,264,000 Net Investment Income 34,427,000 4,294,000 6,279,000 6,617,000 7,400,000 Benefit Payments,Including Refunds of Employee Contributions (13,162,000) (12,866,000) (13,725,000) (13,676,000) (13,435,000) Administrative Expenses (47,000) (57,000) (21,000) (158,000) (37,000) Net Change in Fiduciary Net Position 41,380,000 9,237,000 15,358,000 15,261,000 18,192,000 Plan Fiduciary Net Position—Beginning 124,514,000 115,277,000 99,919,000 84,658,000 66,466,000 Plan Fiduciary Net Position—Ending(b) $ 165,594,000 $ 124,514,000 $ 115,277,000 $ 99,919,000 $ 84,658,000 Plan OPEB Liability/(Asset)—Ending(a)-(b) $ 107,879,000 $ 201,299,000 $ 206,314,000 $ 283,337,000 $ 286,034,000 Plan Fiduciary Net Position as a Percentage of the Total OPEB Liability 60.6% 35.2% 35.8% 26.7% 22.8% Covered Payroll $ 233,671,000 $ 213,283,000 $ 214,644,000 $ 209,589,000 $ 203,311,000 Net OPEB liability as a percentage of covered payroll 46.2% 94.4% 96.1% 135.2% 140.7% *Fiscal year 2018 was the first year of implementation. Additional years will be presented as they become available. See accompanying Notes to Required Supplementary Information. (96) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 Schedule of Countv's OPEB Contributions Reporting Reporting Reporting Reporting Reporting Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year June 30,2022 June 30,2021 June 30,2020 June 30,2019 June 30,2018 ActuariallyDeterminedContribution $ 13,987,000 $ 17,723,000 $ 17,374,000 $ 21,751,000 $ 21,561,000 Contributions in Relation to the Actuarially Determined Contribution (19,839,000) (2Q162,000) (17,866,000) (22,825,000) (22,478,000) Contribution Deficiency(Excess) $ (5,852,000) $ (2,439,000) $ (492,000) $ (1,074,000) $ (917,000) Covered Payroll $ 238,547,000 $ 233,671,000 $ 213,283,000 $ 214,644,000 $ 209,589,000 Contributions as a Percentage of Covered Payroll 8.3% 8.6% 8.4% 10.6% 10.7% Methods and assumptions used to determine contribution rates: Valuation Date June 30,2021 Actuarial cost method Entry Age Normal,Level Percentage of Payroll Amortization method Level percentage of payroll Investment gain/loss since prior valuation-Over closed 15-year period that includes a 3-year phase-in from 2021/22 Other-Over closed 15-year period from 2021/22 Asset valuation method Fair value of assets See accompanying Notes to Required Supplementary Information. �97) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 Schedule of Chanqes in Total OPEB Liabilitv and Related Ratios — Housinq Authoritv of the County of Marin Last 10 Fiscal Years* Dec.31,2021 Dec.31,2020 Dec.31,2019 Dec.31,2018 Service Cost $ 57,317 $ 38,311 $ 44,208 $ 39,037 Interest on Total OPEB Liability 48,468 55,466 53,256 52,831 Benefit Changes - - - - Difference Between Expected and Actual Experience - - (125,431) - Changes of Assumptions 204,709 349,484 (136,061) 82,391 Benefit Payments,Including Refunds of Employee Contributions (27,667) (33,317) (22,645) (24,897) Net Change in Total OPEB Liability 282,827 409,944 (186,673) 149,362 Total OPEB Liability—Beginning 1,782,737 1,372,793 1,559,466 1,410,104 TotaIOPEBLiability—Ending $ 2,065,564 $ 1,782,737 $ 1,372,793 $ 1,559,466 Plan Fiduciary Net Position as a Percentage of Total OPEB Liability 0% 0% 0% 0% Covered-Employee Payroll 3,405,831 2,973,269 3,024,413 2,825,836 Total OPEB Liability as a Percentage of Covered-Employee Payroll 60.65% 59.96% 45.39% 55.19% "Calendar year 2018 was the first year of implementation. Additional years will be presented as they become available. See accompanying Notes to Required Supplementary Information. �98) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES GENERALFUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 252,799,650 $ 284,477,560 $ 295,646,489 $ 11,168,929 Licenses and Permits 5,966,264 6,116,264 7,187,200 1,070,936 Intergovernmental Revenues 35,599,335 105,353,106 84,566,997 (20,786,109) Charges for Services 51,134,607 70,646,678 67,253,901 (3,392,777) Fines and Forfeits 6,278,635 8,978,635 9,435,506 456,871 From Use of Money and Property 2,350,281 2,474,918 (1,843,983) (4,318,901) Miscellaneous 736,781 3,116,354 1,989,881 (1,126,473) Total Revenues 354,865,553 481,163,515 464,235,991 (16,927,524) EXPENDITURES Current: General Government: Assessor-Recorder 8,328,944 8,294,759 8,294,062 697 Board of Supervisors 3,778,653 3,758,268 3,654,582 103,686 CountyAdministrator 8,276,367 10,305,629 9,168,436 1,137,193 County Counsel 5,513,990 5,494,812 5,062,325 432,487 Cultural Services 321,941 321,941 157,802 164,139 Department of Finance 9,391,913 8,710,356 8,360,179 350,177 Elections 3,764,124 5,544,787 4,623,123 921,664 Human Resources 7,566,449 7,134,509 7,006,114 128,395 Information Services&Technology 19,363,320 22,336,583 22,289,613 46,970 Non-Departmental 31,623,473 (3,651,312) (12,420,445) 8,769,133 Public Works 23,863,738 25,686,047 22,880,474 2,805,573 Total General Government 121,792,912 93,936,379 79,076,265 14,860,114 Public Protection: Agricultural Weights&Measures 2,811,678 3,333,331 2,949,484 383,847 Assessor-Recorder 2,128,731 2,053,731 1,739,776 313,955 Child Support Services 1,025,074 1,025,074 884,927 140,147 CommunityDevelopmentAgency 8,206,056 9,851,856 7,179,994 2,671,862 Department of Finance 663,868 501,731 452,057 49,674 District Attorney 15,272,458 16,373,043 15,652,327 720,716 Fire Department 33,733,085 42,400,864 40,542,347 1,858,517 Non-Departmental 12,314,026 22,325,253 8,739,114 13,586,139 Probation 18,133,597 16,979,648 15,740,376 1,239,272 Public Defender 7,976,847 8,589,786 7,893,198 696,588 Public Works 6,405,734 7,113,212 5,883,521 1,229,691 Sheriff 72,870,773 74,414,167 71,908,639 2,505,528 Total Public Protection 181,541,927 204,961,696 179,565,760 25,395,936 See accompanying Notes to Required Supplementary Information. �99) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES GENERAL FUND (CONTINUED) YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget EXPENDITURES(CONTINUED) Current(Continued): Public Ways and Facilities: Public Works $ 4,866,750 $ 4,726,509 $ 2,862,274 $ 1,864,235 Total Public Ways and Facilities 4,866,750 4,726,509 2,862,274 1,864,235 Health and Sanitation: Community Development Agency 236,760 457,396 347,883 109,513 Non-Departmental 65,379 93,656 92,020 1,636 Public Works 1,814,935 1,528,842 1,369,071 159,771 Total Health and Sanitation 2,117,074 2,079,894 1,808,974 270,920 Public Assistance: Community Development Agency 2,889,726 8,404,069 3,798,876 4,605,193 Non-Departmental 435,133 27,092,169 15,747,272 11,344,897 Total PublicAssistance 3,324,859 35,496,238 19,546,148 15,950,090 Education: Farm Advisor/UC Coop Ext 324,161 319,526 322,594 (3,068) Recreation and Cultural Services: Cultural Services 3,368,034 3,454,281 2,882,831 571,450 Parks 4,998,927 5,124,271 5,089,082 35,189 Total Recreation and Cultural Services 8,366,961 8,578,552 7,971,913 606,639 CapitalOutlay 5,587,377 14,365,586 5,374,856 8,990,730 Debt Service: Principal 346,829 359,441 2,792,042 (2,432,601) Interest 46,600 43,600 160,371 (116,771) Total Debt Service 393,429 403,041 2,952,413 (2,549,372) Total Expenditures 328,315,450 364,867,421 299,481,197 65,386,224 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER)EXPENDITURES 26,550,103 116,296,094 164,754,794 (48,458,700) See accompanying Notes to Required Supplementary Information. (100) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES GENERAL FUND (CONTINUED) YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget OTHER FINANCING SOURCES(USES) Lease Debt Issued $ - $ - $ 222,508 $ 222,508 Transfers In 1,293,221 53,673,572 3,872,944 (49,800,628) Transfers Out (95,383,412) (104,494,555) (62,670,523) 41,824,032 Total Other Financing Sources (Uses), Net (94,090,191) (50,820,983) (58,575,071) (7,754,088) NET CHANGE IN FUND BALANCE (67,540,088) 65,475,111 106,179,723 40,704,612 Fund Balance-Beginning of Year, Restated 311,321,460 311,321,460 311,321,460 - FUND BALANCE-END OF YEAR $ 243,781,372 $ 376,796,571 $ 417,501,183 $ 40,704,612 Reconciliation to the Statement of Revenues, Expenditures,and Changes in Fund Balance Total Revenues from the Budgetary Comparison Schedule $ 464,235,991 Tax Revenue Adjustment for Funds not Included in General Fund Budget (3,079,001) Total Revenues from the Statement of Revenues,Expenditures,and Changes in Fund Balance-General Fund $ 461,156,990 Total expenditures from the budgetary comparison schedule $ 299,481,197 Expense Adjustment for Funds not included in General Fund Budget (566,717) Total Expenditures from the Statement of Revenues, Expenditures,and Changes in Fund Balance-General Fund $ 298,914,480 See accompanying Notes to Required Supplementary Information. (101) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES HEALTH AND HUMAN SERVICES OPERATING FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Licenses and Permits $ 15,000 $ 5,000 $ 4,450 $ (550) Intergovernmental 89,405,490 128,035,836 138,861,365 10,825,529 Charges for Services 2,438,956 2,468,956 1,462,616 (1,006,340) Fines and Forfeits 50,880 50,880 13,134 (37,746) From Use of Money and Property 8,000 8,000 (419,888) (427,888) Miscellaneous 15,500 20,601 (21,759) (42,360) Total Revenues 91,933,826 130,589,273 139,899,918 9,310,645 EXPENDITURES Cu rrent: Public Protection: Health and Human Services 2,247,578 2,233,690 1,977,411 256,279 Health and Sanitation: Health and Human Services 118,624,039 115,660,574 104,118,271 11,542,303 Public Assistance: Health and Human Services 101,049,838 97,308,215 89,482,148 7,826,067 CapitalOutlay 137,922 274,597 33,985 240,612 Total Expenditures 222,059,377 215,477,076 195,611,815 19,865,261 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (130,125,551) (84,887,803) (55,711,897) 29,175,906 OTHER FINANCING SOURCES(USES) Transfers In 114,579,507 140,152,289 77,402,693 (62,749,596) Transfers Out (6,738,097) (19,431,609) (5,865,910) 13,565,699 Total Other Financing Sources (Uses), Net 107,841,410 120,720,680 71,536,783 (49,183,897) NET CHANGE IN FUND BALANCE (22,284,141) 35,832,877 15,824,886 (20,007,991) Fund Balance- Beginning of Year, Restated 37,499,338 37,499,338 37,499,338 - FUND BALANCE -END OF YEAR $ 15,215,197 $ 73,332,215 $ 53,324,224 $ (20,007,991) See accompanying Notes to Required Supplementary Information. (102) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES PUBLIC PROTECTION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 625,000 $ 975,767 $ 935,295 $ (40,472) Intergovernmental Revenues 24,617,002 26,615,084 32,799,701 6,184,617 Charges for Services 115,000 276,000 1,422,536 1,146,536 Fines and Forfeits 540,000 260,638 303,235 42,597 From Use of Money and Property - - (274,070) (274,070) Miscellaneous - 36,000 31,063 (4,937) Total Revenues 25,897,002 28,163,489 35,217,760 7,054,271 EXPENDITURES Cu rrent: General Government Nondepartmental - 7,200 7,200 - Public Protection: District Attorney - 164,275 163,479 796 Fire 1,306,570 2,141,605 1,738,981 402,624 Probation 6,158,805 6,472,251 5,159,198 1,313,053 Sheriff 2,542,015 2,125,081 1,645,011 480,070 Total Public Protection 10,007,390 10,903,212 8,706,669 2,196,543 Health and Sanitation: Health and Human Services 2,014,794 1,676,412 1,117,002 559,410 Public Assistance: Health and Human Services 181,929 33,508 262,938 (229,430) CapitalOutlay 18,210 354,702 36,248 318,454 Total Expenditures 12,222,323 12,975,034 10,130,057 2,844,977 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 13,674,679 15,188,455 25,087,703 9,899,248 OTHER FINANCING SOURCES(USES) Transfers In - 1,008,771 336,492 (672,279) Transfers Out (15,193,661) (67,003,435) (13,327,846) 53,675,589 Total Other Financing Sources (Uses), Net (15,193,661) (65,994,664) (12,991,354) 53,003,310 NET CHANGE IN FUND BALANCE (1,518,982) (50,806,209) 12,096,349 62,902,558 Fund Balances- Beginning of Year, Restated 46,929,496 46,929,496 46,929,496 - FUND BALANCE -END OF YEAR $ 45,410,514 $ (3,876,7131 $ 59,025,845 $ 62,902,558 See accompanying Notes to Required Supplementary Information. (103) COUNTY OF MARIN REQUIRED SUPPLEMENTARY INFORMATION BUDGETARY COMPARISON SCHEDULES HUD FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 2,398,844 $ 5,178,305 $ 1,836,708 $ (3,341,597) Miscellaneous - - (4,687) (4,687) Total Revenues 2,398,844 5,178,305 1,832,021 (3,346,284) EXPENDITURES Cu rrent: Public Assistance: CommunityDevelopmentAgency 2,407,976 5,071,034 1,394,013 3,677,021 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (9,132) 107,271 438,008 330,737 OTHER FINANCING SOURCES(USES) Transfers In - 40,000 - (40,000) Transfers Out (16,890) (56,890) (17,024) 39,866 Total Other Financing Uses (16,890) (16,890) (17,024) (134) NET CHANGE IN FUND BALANCE (26,022) 90,381 420,984 330,603 Fund Balance- Beginning of Year, Restated 17,680,477 17,680,477 17,680,477 - FUND BALANCE -END OF YEAR $ 17,654,455 $ 17,770,858 $ 18,101,461 $ 330,603 See accompanying Notes to Required Supplementary Information. (104) COUNTY OF MARIN NOTE TO REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED JUNE 30, 2022 BUDGETARY BASIS OF ACCOUNTING In accordance with the provisions of Sections 29000 through 29144 of the California Government Code, commonly known as the County Budget Act, the County prepares and adopts a budget for each fiscal year on or before August 30th. Budgeted expenditures are enacted into law through the passage of an Appropriation Ordinance. This ordinance mandates the maximum authorized expenditures for the fiscal year and cannot be exceeded except by subsequent amendments to the budget by the County's Board of Supervisors. An operating budget is adopted each fiscal year for Governmental Funds. The legal level of control for appropriations is at the departmental fund level. Appropriations at this level may only be changed with the approval of the Board. The County Administrator may make adjustments at their discretion below that level. Budgeted amounts in the budgeted financial schedules are reported as originally adopted and as amended during the fiscal year by the Board of Supervisors and the County Administrator. The County uses an encumbrances system as an extension of normal budgetary accounting for all governmental funds. Under this system, purchase orders, contracts, and other commitments for the expenditure of monies are encumbered in order to reserve that portion of applicable appropriations. Encumbrances outstanding at year-end are recorded as either restricted, committed, or assigned fund balance since they do not constitute expenditures or liabilities. Encumbrances are not combined with expenditures for budgetary comparison purposes. Unencumbered appropriations lapse at year-end. Encumbered appropriations are carried forward in the ensuing year's budget. The General Fund's encumbrances at June 30, 2022 totaled to $21.9 million. The budget-to-actual comparison schedules are shown using the financial statement approach and GAAP basis. (105) THIS PAGE INTENTIONALLY LEFT BLANK SUPPLEMENTARYINFORMATION THIS PAGE INTENTIONALLY LEFT BLANK COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR GOVERNMENTAL FUNDS COUNTY OF MARIN COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS JUNE 30, 2022 Special Debt Capital Revenue Service Project Funds Funds Funds Total ASSETS Cash and Investments in County Pool $ 194,369,225 $ 5,087,200 $ 39,397,639 $ 238,854,064 Cash with Fiscal Agent - 3,474,618 - 3,474,618 Accounts Receivable 2,872,221 - 379,624 3,251,845 Prepaid Items - 2,104 - 2,104 Notes Receivable-Short Term 1,000,000 - - 1,000,000 Notes Receivable-Long Term 11,022,723 - - 11,022,723 Interest Receivable- Deferred 1,720,538 - - 1,720,538 Due from Other Governmental Agencies 1,328,172 - 739,980 2,068,152 Lease Receivable 948,678 - - 948,678 Inventory of Supplies 135,914 - - 135,914 Total Assets $ 213,397,471 $ 8,563,922 $ 40,517,243 $ 262,478,636 LIABILITIES Accounts Payable and Accrued Expenditures $ 5,245,379 $ 6,164 $ 1,009,809 $ 6,261,352 Accrued Salaries and Benefits 921,514 - 25,168 946,682 Advance from Other Funds 5,569,655 - - 5,569,655 Unearned Revenue 445,123 - - 445,123 Other Liabilities 86,333 - 6,391 92,724 Total Liabilities 12,268,004 6,164 1,041,368 13,315,536 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue 922,727 - - 922,727 Unavailable Revenue 2,073,000 - - 2,073,000 Total Deferred Inflows of Resources 2,995,727 - - 2,995,727 FUND BALANCES Nonspendable 135,914 2,104 - 138,018 Restricted 128,921,427 - - 128,921,427 Committed 3,025,092 - - 3,025,092 Assigned 66,179,754 8,588,431 39,475,875 114,244,060 Unassigned (128,447) (32,777) - (161,224) Total Fund Balances 198,133,740 8,557,758 39,475,875 246,167,373 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 213,397,471 $ 8,563,922 $ 40,517,243 $ 262,478,636 (106) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2022 Special Debt Capital Revenue Service Project Funds Funds Funds Total REVENUES Taxes $ 62,061,513 $ 693,042 $ - $ 62,754,555 Licenses and Permits 12,374,667 - - 12,374,667 Intergovernmental Revenues 91,908,150 - 9,765,656 101,673,806 Charges for Services 3,619,563 - 792,146 4,411,709 Fines and Forfeits 549,779 - 239,414 789,193 From Use of Money and Property (1,486,091) (49,061) (356,252) (1,891,404) Miscellaneous 318,659 2,820,851 117,246 3,256,756 Total Revenues 169,346,240 3,464,832 10,558,210 183,369,282 EXPENDITURES Current: General Government 3,048,576 34,072 2,290,175 5,372,823 Public Protection 27,267,878 - - 27,267,878 Public Ways and Facilities 11,738,690 - 7,788,252 19,526,942 Health and Sanitation 31,230,503 11,284 - 31,241,787 Public Assistance 513,585 - - 513,585 Education 17,310,984 - - 17,310,984 Recreation and Cultural Services 19,649,488 19,065 25,980 19,694,533 CapitalOutlay 2,234,149 - 16,513,670 18,747,819 Debt Service: Principal 88,462 12,743,743 - 12,832,205 Interest 53,721 8,299,722 - 8,353,443 Total Expenditures 113,136,036 21,107,886 26,618,077 160,861,999 EXCESS (DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 56,210,204 (17,643,054) (16,059,867) 22,507,283 OTHER FINANCING SOURCES(USES) Transfers In 13,351,438 17,858,496 18,530,410 49,740,344 Transfers Out (50,975,725) (567,338) (1,569,163) (53,112,226) Total Other Financing Sources (Uses), Net (37,624,287) 17,291,158 16,961,247 (3,371,882) NET CHANGE IN FUND BALANCES 18,585,917 (351,896) 901,380 19,135,401 Fund Balances-Beginning of Year 179,547,823 8,909,654 38,574,495 227,031,972 FUND BALANCES -END OF YEAR $ 198,133,740 $ 8,557,758 $ 39,475,875 $ 246,167,373 (107) THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR SPECIAL REVENUE FUNDS COUNTY OF MARIN NONMAJOR SPECIAL REVENUE FUNDS SPECIAL REVENUE FUNDS Special revenue funds are used to account for the proceeds of specific revenue sources that are legally restricted or committed to expenditures for specified purposes other than capital projects or debt service. The County's nonmajor special revenue funds are comprised of the following: Road Maintenance Fund The Road Maintenance Fund provides for the County Road Program, which protects, preserves, enhances, and improves the existing County road system. This fund pays for the construction and maintenance of the road system in the unincorporated areas of the County. The fund receives revenue primarily derived from highway users, including license fees and taxes upon motor vehicles, trailers, motor fuel, and federal grants. Once moneys are deposited into the Road Maintenance Fund, it is restricted to expenditures made in compliance with article XIX of the California Constitution and Streets and Highway Code Sections 2101 and 2150. Marin County Free Library Fund (Library Fund) Funded primarily from its share of property taxes and user fees, the Marin County Free Library serves the unincorporated areas of the County, as well as the cities of Fairfax, Novato and Corte Madera. The Library is a special district that operates various branch libraries within the County under the authority of the Board. The Board appoints the Director of County Library Services, approves the Library budget, and has the ultimate responsibility for County Library services. Fish and Game Fund The Fish and Game Fund provides for expenditures of funds to projects that benefit fish and wildlife in the County pursuant to California Fish and Game Code Section 13100, to advise and make recommendations to the Board on all matters pertaining to fish and wildlife propagation and habitat conservation. This fund is financed by fines imposed from Fish and Game Code violations. Child Support Services Fund (Child Support Fund) The Child Support Services Fund is a non-general fund County division responsible for establishing and enforcing orders for child support. Its mission is to serve the community and enhance the lives of children through establishing paternity, establishing child support orders, and collecting support. The Fund receives funding from federal and state grants, as well as matching funds from the County General Fund. Incentive funds are also provided by the state and federal governments. Such grants are obtained for a specific purpose and may only be used for the purpose obtained with state and federal dollars constituting its revenues. Health and Sanitation Fund The Health and Sanitation Fund provides for the benefit of well-being of the County residents including administration of federal, state, and local entitlement programs, and a vast array of community-based health and human services, including realignment. • Social Services Realianment—The state of California provides support to the Social Services Realignment fund through a realignment of funding streams received from vehicle license fees and sales tax allocated to California counties. Funds are allocated based on altered program cost-sharing ratios, to pay for various social services programs, which were shifted from the state to the County to administer. • Health Services Realiqnment — The state of California provides support to the Health Services Realignment fund through a realignment of funding streams received from vehicle license fees and sales tax allocated to California counties. Funds are allocated based on altered program cost-sharing ratios, to pay for various health services programs, which were shifted from the state to the County to administer. (�os) COUNTY OF MARIN NONMAJOR SPECIAL REVENUE FUNDS (CONTINUED) • Mental Health Realiqnment — The state of California provides support to the Mental Health Realignment fund through a realignment of funding streams received from vehicle license fees and sales tax allocated to California counties. Funds are allocated based on altered program cost-sharing ratios, to pay for various mental health programs, which were shifted from the state to the County to administer. • Mental Health Services Act — The Mental Health Services Act Fund was established by Proposition 63, a California state initiative which added a 1% tax on individuals earning over $1 million dollars annually. The initiative was approved by voters in November 2004 to expand and transform California's county mental health services system to provide better coordinated and more comprehensive care to those with serious mental illness, particularly in underserved populations. • Substance Abuse Prevention and Treatment—The primary purpose of the Substance Abuse Prevention and Treatment (SAPT) fund is to account for prevention funds to strengthen the capacity of coalitions and other community-based partnerships to effectively reduce and prevent substance use related problems in the community by influencing policies and organizational practices, ensuring consistent enforcement of laws and policies, reducing community risk factors and increasing community preventative factors. Buildinq Inspection Fund The Building Inspection Fund was established to account for the provision of building inspection, plan filing, and building permits to the residents of the County and to enforce building code. Funding is provided by fees charged to external users, and all activities necessary to provide such services are accounted for in this fund, including, but not limited to, administration, operations, capital improvements, and billing and collection. Any revenues collected in excess of expenditures received in a given year are retained in the fund balance and can be used to cover building inspection costs in future years. Environmental Health Services Fund The Environmental Health Services Fund accounts for the provision of the County's comprehensive Environmental Health program, which includes the promotion of environmental health, control of communicable diseases and the prolonging of life and the promotion of the well-being of the people of the County. Funding is sourced through Federal grants, fees, and local taxes via contributions from the County. The Environmental Health Services Fund receives funds from the issuance of permits and licenses to fund its inspections for public health protection and the well-being of all Marin County residents, workers, and visitors by preventing injury and the spread of disease by identifying potential dangerous and unhealthy situations and the promotion of sound environmental health practices through education and the enforcement of public health statutes and regulations. Hiah Tech Theft Fund The High Technology Theft Apprehension and Prosecution (HTTAP) program is supported by two grants from the Governor's Office of Emergency Services. The HTTAP program seeks to assist local law enforcement and District Attorneys in providing the tools necessary to successfully prevent high technology crime in the jurisdiction of the State of California's five regional task forces, including the Northern California Computer Crimes Task Force. Investigation and prosecution of identity theft crimes is also a part of this program, including Internet tracing and computer forensics, conducting identity theft "sting" operations, and shutting down fraudulent document printers employed as paper mills. Sewer Districts Fund The Sewer Districts Fund provides maintenance of reliable sanitary sewer systems, providing sensitive sewage treatment and disposal to sewer and sanitary districts within the County. The Sewer Districts Fund is also used to provide other services to specific geographic areas that utilize their own discrete tax base and specific revenue sources earmarked for their own purposes within their geographic location. Revenues are provided by tax assessments and user charges. (109) COUNTY OF MARIN NONMAJOR SPECIAL REVENUE FUNDS (CONTINUED) Countv Service Areas Fund (CSA's Fund) The County Service Areas Fund accounts for special district funds that provide refuse disposal, water, and lighting maintenance services to specific areas in the County. Revenues are derived from user charges and property taxes. Liqhtinq District Fund (Liqhtinq Fund) The Lighting District Fund accounts for special district funds that enhance the safety of residents and businesses by providing adequate lighting systems to street lighting districts within the County. Property taxes are the primary source of revenue. Permanent Road Districts Fund (PRD's Fund� The Permanent Road Districts (PRD) Fund is responsible for routine and emergency road maintenance, performing inspections and issuing permits, constructing and installing sidewalks, signs, road markings, and landscaping maintenance. Revenues primarily come from state highway user taxes and federal grants. Tobacco Settlement Fund The Tobacco Settlement Fund, pursuant to California Health and Safety Code Sections 104555 through 104557 and Senate Bill Number 822, the state of California has collected funds from tobacco manufacturers and apportioned a percentage to the County. Funds collected are used to increase educational efforts related to the adverse health effects of tobacco use and for smoking prevention programs. In-Home Supportive Services Fund (IHSS Fund) In-Home Supportive Services (IHSS) provides in-home care to senior citizens, the blind, and persons with disabilities (including children), who are unable to remain safely in their homes without assistance. IHSS is an alternative to out-of-home care and is a state-mandated program funded through a combination of federal, state, and local funds. Open Space District Fund The Open Space District Fund provides support for the Marin County Open Space District. The District is responsible for planning, acquiring, and managing the county's 34 open space preserves, which includes an extensive network of approximately 249 miles of roads and trails, 335 entry points to nearly 16,000 acres of lands managed by the District. Monies in this fund are used for the acquisition and development of parks and open space parcels, for renovation of existing parks and recreation facilities, and for maintenance of acquired properties. Low-Income Housing Fund The Low-Income Housing Fund was created to increase the inventory of permanently affordable housing units in the County. This fund provides a local funding source for financial and technical assistance to help affordable housing developers produce and provide affordable housing. Flood Control District Zones Fund The Flood Control District Zones are used to account for the activities of various special districts whose primary purpose is flood control and water conservation. Revenues are used to fund the operating expenses of the Regional Flood Control Districts. Funds are obligated by inter-local contracts among districts of the County for the implementation of regional flood control projects. This fund is financed through property taxes and state and federal grants. Miscellaneous Special Revenue Fund This fund is used to account for various countywide grant program expenditures, such as records modernization, waste management, and other countywide grants. (110) COUNTY OF MARIN NONMAJOR SPECIAL REVENUE FUNDS (CONTINUED) Public Ways and Facilities Fund • Roadway Impact Fee — Funds are derived from development fees, calculated at 1% of the value of proposed improvements, in order to provide funds for ongoing and future road improvement and maintenance impacts. • Nonmotorized Transportation Program — The U.S. Department of Transportation Federal Highway Administration established a nonmotorized transportation pilot program to construct a network of nonmotorized transportation infrastructure facilities, including sidewalks, bicycle lanes, and pedestrian and bicycle trails, that connect directly with transit stations, schools, residences, businesses, recreation areas, and other community activity centers. Marin County is one of four communities in the nation to be selected for this pilot program. More information can be found at www.walkbikemarin.orq. Restricted Housinq Fund The Restricted Housing Fund is used to provide funds for the development of affordable housing units within the County. Recreational and Cultural Services Fund • Measure A Parks Open Space Fund — This fund was established to account for proceeds obtained through the '/4 cent sales tax approved by voters in November 2012 to care for Marin's existing parks and open spaces, support regional community parks projects and programs, and farmland preservation. MCERA Emplovee Operations Fund The Marin County Employee Retirement Association (MCERA) is an independent special district, governed by the Retirement Board. This County fund accounts solely for the salaries and benefits of MCERA employees. Health Services Fund The Health Service Fund accounts for federal and state funding to support health services for Medi-Cal beneficiaries and other underserved populations. (111) COUNTY OF MARIN COMBINING BALANCE SHEET NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Road Maintenance Fish and Child Support Fund Library Fund Game Fund Fund ASSETS Cash and Investments in County Pool $ 5,303,560 $ 14,272,167 $ 60,660 $ 587,356 Accounts Receivable - 123,510 - - Prepaid Items - - - - Notes Receivable-Short Term - - - - Notes Receivable- Long Term - - - - Interest Receivable- Deferred - - - - Due from Other Governmental Agencies 253,665 - - - Lease Receivable - - - - Inventory of Supplies 135,914 - - - Total Assets $ 5,693,139 $ 14,395,677 $ 60,660 $ 587,356 LIABILITIES Accounts Payable and Accrued Expenditures $ 110,910 $ 213,961 $ - $ 22,443 Accrued Salaries and Benefits 77,874 235,256 - 29,942 Advance from Other Funds - - - - Unearned Revenue - - - - Other Liabilities 7,532 (40,732) - 335 Total Liabilities 196,316 408,485 - 52,720 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - - - Unavailable Revenue - 123,845 - - Total Deferred Inflows of Resources - 123,845 - - FUND BALANCES Nonspendable 135,914 - - - Restricted - 1,058,087 57,625 - Committed 25,092 - - - Assigned 5,335,817 12,805,260 3,035 534,636 Unassigned - - - - Total Fund Balances 5,496,823 13,863,347 60,660 534,636 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 5,693,139 $ 14,395,677 $ 60,660 $ 587,356 (112) COUNTY OF MARIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Environmental Health and Building Health Services High Tech Sanitation Fund Inspection Fund Fund Theft Fund ASSETS Cash and Investments in County Pool $ 39,174,349 $ 4,073,814 $ 2,219,637 $ 247,291 Accounts Receivable 12 7,704 402 - Prepaid Items - - - - Notes Receivable-Short Term - - - - Notes Receivable- Long Term 1,479,581 - - - Interest Receivable- Deferred 154,456 - - - Due from Other Governmental Agencies 402,139 4,230 137,938 - Lease Receivable - - - - Inventory of Supplies - - - - Total Assets $ 41,210,537 $ 4,085,748 $ 2,357,977 $ 247,291 LIABILITIES Accounts Payable and Accrued Expenditures $ 1,225,919 $ 50,271 $ 8,087 $ 245,161 Accrued Salaries and Benefits 101,644 44,725 42,235 1,047 Advance from Other Funds - - - - Unearned Revenue - - 444,087 - Other Liabilities 163,460 140,498 10,166 414 Total Liabilities 1,491,023 235,494 504,575 246,622 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - - - Unavailable Revenue 154,456 - - - Total Deferred Inflows of Resources 154,456 - - - FUND BALANCES Nonspendable - - - - Restricted 12,413,823 3,803,085 1,622,827 669 Committed - - - - Assigned 27,151,235 47,169 230,575 - Unassigned - - - - Total Fund Balances 39,565,058 3,850,254 1,853,402 669 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 41,210,537 $ 4,085,748 $ 2,357,977 $ 247,291 (113) COUNTY OF MARIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Sewer Districts Fund CSAs' Fund Lighting Fund PRD's Fund ASSETS Cash and Investments in County Pool $ 263,207 $ 19,648,599 $ 2,972,999 $ 473,456 Accounts Receivable 264 52,120 9,916 979 Prepaid Items - - - - Notes Receivable-Short Term - - - - Notes Receivable- Long Term - - - - Interest Receivable- Deferred - - - - Due from Other Governmental Agencies - - - - Lease Receivable - - - - Inventory of Supplies - - - - Total Assets $ 263,471 $ 19,700,719 $ 2,982,915 $ 474,435 LIABILITIES Accounts Payable and Accrued Expenditures $ - $ 196,631 $ 37,423 $ - Accrued Salaries and Benefits - - - - Advance from Other Funds - - - 569,655 Unearned Revenue - 30 - - Other Liabilities 277 2,648 5,495 - Total Liabilities 277 199,309 42,918 569,655 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - - - Unavailable Revenue 264 52,120 9,916 979 Total Deferred Inflows of Resources 264 52,120 9,916 979 FUND BALANCES Nonspendable - - - - Restricted 231,774 19,140,791 2,869,484 - Committed - - - - Assigned 31,156 308,499 60,597 - Unassigned - - - (96,199) Total Fund Balances 262,930 19,449,290 2,930,081 (96,199) Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 263,471 $ 19,700,719 $ 2,982,915 $ 474,435 (114) COUNTY OF MARIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Tobacco Open Space Low-Income Settlement Fund IHSS Fund District Fund Housing Fund ASSETS Cash and Investments in County Pool $ 336,756 $ 30,816 $ 11,138,479 $ 13,077,818 Accounts Receivable - - 98,472 - Prepaid Items - - - - Notes Receivable-Short Term - - - 1,000,000 Notes Receivable- Long Term - - - 9,014,762 Interest Receivable- Deferred - - - 1,523,830 Due from Other Governmental Agencies - - - - Lease Receivable - - 64,037 - Inventory of Supplies - - - - Total Assets $ 336,756 $ 30,816 $ 11,300,988 $ 24,616,410 LIABILITIES Accounts Payable and Accrued Expenditures $ - $ 38,938 $ 86,906 $ 13,495 Accrued Salaries and Benefits - 270,438 72,713 - Advance from Other Funds - - - - Unearned Revenue - - 1,006 - Other Liabilities - (246,312) 1,160 18,627 Total Liabilities - 63,064 161,785 32,122 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - 63,480 - Unavailable Revenue - - 96,062 1,523,830 Total Deferred Inflows of Resources - - 159,542 1,523,830 FUND BALANCES Nonspendable - - - - Restricted 312,846 - 4,979,661 20,936,852 Committed - - 3,000,000 - Assigned 23,910 - 3,000,000 2,123,606 Unassigned - (32,248) - - Total Fund Balances 336,756 (32,248) 10,979,661 23,060,458 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 336,756 $ 30,816 $ 11,300,988 $ 24,616,410 (115) COUNTY OF MARIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Flood Control Miscellaneous Public Ways Restricted District Special Revenue and Facilities Housing Zones Fund Fund Fund Fund ASSETS Cash and Investments in County Pool $ 40,261,924 $ 1,466,744 $ 7,555,167 $ 2,221,365 Accounts Receivable 166,921 2,656 4,396 - Prepaid Items - - - - Notes Receivable-Short Term - - - - Notes Receivable- Long Term - - - 528,380 Interest Receivable- Deferred - - - 42,252 Due from Other Governmental Agencies 636 - - 39,757 Lease Receivable 208,469 - 676,172 - Inventory of Supplies - - - - Total Assets $ 40,637,950 $ 1,469,400 $ 8,235,735 $ 2,831,754 LIABILITIES Accounts Payable and Accrued Expenditures $ 1,082,351 $ 185,654 $ 3,710 $ - Accrued Salaries and Benefits - 3,233 - - Advance from Other Funds 5,000,000 - - - Unearned Revenue - - - - Other Liabilities 2,747 - 17,909 - Total Liabilities 6,085,098 188,887 21,619 - DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue 200,093 - 659,154 - Unavailable Revenue 69,276 - - 42,252 Total Deferred Inflows of Resources 269,369 - 659,154 42,252 FUND BALANCES Nonspendable - - - - Restricted 34,283,483 1,150,831 7,554,962 2,656,294 Committed - - - - Assigned - 129,682 - 133,208 Unassigned - - - - Total Fund Balances 34,283,483 1,280,513 7,554,962 2,789,502 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 40,637,950 $ 1,469,400 $ 8,235,735 $ 2,831,754 (116) COUNTY OF MARIN COMBINING BALANCE SHEET (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS JUNE 30, 2022 Recreational and MCERA Health Cultural Services Employee Services Fund Operations Fund Fund Total ASSETS Cash and Investments in County Pool $ 27,273,176 $ 24,637 $ 1,685,248 $ 194,369,225 Accounts Receivable 120,191 - 2,284,678 2,872,221 Prepaid Items - - - - Notes Receivable-Short Term - - - 1,000,000 Notes Receivable- Long Term - - - 11,022,723 Interest Receivable- Deferred - - - 1,720,538 Due from Other Governmental Agencies 489,807 - - 1,328,172 Lease Receivable - - - 948,678 Inventory of Supplies - - - 135,914 Total Assets $ 27,883,174 $ 24,637 $ 3,969,926 $ 213,397,471 LIABILITIES Accounts Payable and Accrued Expenditures $ 1,704,668 $ - $ 18,851 $ 5,245,379 Accrued Salaries and Benefits 40,676 1,731 - 921,514 Advance from Other Funds - - - 5,569,655 Unearned Revenue - - - 445,123 Other Liabilities 2,109 - - 86,333 Total Liabilities 1,747,453 1,731 18,851 12,268,004 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue - - - 922,727 Unavailable Revenue - - - 2,073,000 Total Deferred Inflows of Resources - - - 2,995,727 FUND BALANCES Nonspendable - - - 135,914 Restricted 12,382,482 21,599 3,444,252 128,921,427 Committed - - - 3,025,092 Assigned 13,753,239 1,307 506,823 66,179,754 Unassigned - - - (128,447) Total Fund Balances 26,135,721 22,906 3,951,075 198,133,740 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 27,883,174 $ 24,637 $ 3,969,926 $ 213,397,471 (117) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Road Maintenance Fish and Child Support Fund Library Fund Game Fund Fund REVENUES Taxes $ - $ 18,586,080 $ - $ - Licenses and Permits - - - - Intergovernmental Revenues 5,689,157 211,308 - 3,383,440 Charges for Services 985,479 786,744 - - Fines and Forfeits - - 48,426 - From Use of Money and Property (47,095) (127,347) (551) (5,141) Miscellaneous 12,693 94,849 - - Total Revenues 6,640,234 19,551,634 47,875 3,378,299 EXPENDITURES Cu rrent: General Government - 140,839 - - Public Protection - - 14,106 3,010,908 Public Ways and Facilities 10,388,786 - - - Health and Sanitation - - - - Public Assistance - - - - Education - 17,310,984 - - Recreation and Cultural Services - - - - CapitalOutlay 19,292 741,535 - 47,500 Debt Service: Principal - - - - Interest - - - - Total Expenditures 10,408,078 18,193,358 14,106 3,058,408 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (3,767,844) 1,358,276 33,769 319,891 OTHER FINANCING SOURCES (USES) Transfers In 4,045,938 2,476,102 - - Transfers Out (199,307) (2,596,325) - (87,386) Total Other Financing Sources (Uses), Net 3,846,631 (120,223) - (87,386) NET CHANGE IN FUND BALANCES 78,787 1,238,053 33,769 232,505 Fund Balances- Beginning of Year 5,418,036 12,625,294 26,891 302,131 FUND BALANCES -END OF YEAR $ 5,496,823 $ 13,863,347 $ 60,660 $ 534,636 (118) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Environmental Health and Building Health Services High Tech Sanitation Fund Inspection Fund Fund Theft Fund REVENUES Taxes $ - $ - $ (1,748) $ - Licenses and Permits 35,574 6,043,401 4,020,391 - Intergovernmental Revenues 68,372,190 - 117,214 1,411,437 Charges for Services 102,022 329,754 288,392 - Fines and Forfeits 501,353 - - - From Use of Money and Property (348,624) (36,682) (19,614) (2,155) Miscellaneous 3,018 - 11,896 - Total Revenues 68,665,533 6,336,473 4,416,531 1,409,282 EXPENDITURES Cu rrent: General Government - - - - Public Protection - 3,998,177 - 1,405,150 Public Ways and Facilities - - - - Health and Sanitation 19,505,963 - 3,997,947 - Public Assistance - - - - Education - - - - Recreation and Cultural Services - - - - Capital Outlay - - - - Debt Service: Principal - - - - Interest - - - - Total Expenditures 19,505,963 3,998,177 3,997,947 1,405,150 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 49,159,570 2,338,296 418,584 4,132 OTHER FINANCING SOURCES (USES) Transfers In - - - - Transfers Out (44,706,328) (130,109) (109,407) - Total Other Financing Sources (Uses), Net (44,706,328) (130,109) (109,407) - NET CHANGE IN FUND BALANCES 4,453,242 2,208,187 309,177 4,132 Fund Balances- Beginning of Year 35,111,816 1,642,067 1,544,225 (3,463) FUND BALANCES -END OF YEAR $ 39,565,058 $ 3,850,254 $ 1,853,402 $ 669 (119) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Sewer Districts Lighting Fund CSAs' Fund Fund PRD's Fund REVENUES Taxes $ 50,043 $ 7,938,497 $ 1,288,689 $ 185,690 Licenses and Permits - 377 - - Intergovernmental Revenues 91 17,944 4,914 337 Charges for Services - - - - Fines and Forfeits - - - - From Use of Money and Property (2,346) (172,396) (26,400) (4,201) Miscellaneous - - 7,965 - Total Revenues 47,788 7,784,422 1,275,168 181,826 EXPENDITURES Cu rrent: General Government - - - - Public Protection - 4,050,232 - - Public Ways and Facilities - 54,039 997,330 278,535 Health and Sanitation 30,113 426,643 - - Public Assistance - - - - Education - - - - Recreation and Cultural Services - 2,437,465 - - Capital Outlay - - - - Debt Service: Principal - 39,049 49,413 - Interest - 38,283 1,115 14,323 Total Expenditures 30,113 7,045,711 1,047,858 292,858 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 17,675 738,711 227,310 (111,032) OTHER FINANCING SOURCES(USES) Transfers In - 1,276,775 - - Transfers Out - (1,775) (25,000) - Total Other Financing Sources (Uses), Net - 1,275,000 (25,000) - NET CHANGE IN FUND BALANCES 17,675 2,013,711 202,310 (111,032) Fund Balances- Beginning of Year 245,255 17,435,579 2,727,771 14,833 FUND BALANCES -END OF YEAR $ 262,930 $ 19,449,290 $ 2,930,081 $ (96,1991 (120) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Tobacco Settlement Open Space Low-Income Fund IHSS Fund District Fund Housing Fund REVENUES Taxes $ - $ - $ 9,326,320 $ 935,295 Licenses and Permits - - 4,727 503,601 Intergovernmental Revenues 512,270 311,976 33,293 - Charges for Services - - 13,422 - Fines and Forfeits - - - - From Use of Money and Property (2,993) (6) (77,575) (12,608) Miscellaneous - - 179,008 - Total Revenues 509,277 311,970 9,479,195 1,426,288 EXPENDITURES Cu rrent: General Government - - 293,499 - Public Protection - - - - Public Ways and Facilities - - - - Health and Sanitation - 3,025,190 - - Public Assistance - - - 513,585 Education - - - - Recreation and Cultural Services - - 7,819,021 - CapitalOutlay - - 157,298 - Debt Service: Principal - - - - Interest - - - - Total Expenditures - 3,025,190 8,269,818 513,585 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 509,277 (2,713,220) 1,209,377 912,703 OTHER FINANCING SOURCES (USES) Transfers In - 1,959,544 - 300,000 Transfers Out (466,449) - (190,004) (864,340) Total Other Financing Sources (Uses), Net (466,449) 1,959,544 (190,004) (564,340) NET CHANGE IN FUND BALANCES 42,828 (753,676) 1,019,373 348,363 Fund Balances- Beginning of Year 293,928 721,428 9,960,288 22,712,095 FUND BALANCES -END OF YEAR $ 336,756 $ (32,248) $ 10,979,661 $ 23,060,458 (121) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Flood Control Miscellaneous Public Ways Restricted District Special Revenue and Facilities Housing Zones Fund Fund Fund Fund REVENUES Taxes $ 10,456,580 $ - $ 76,518 $ - Licenses and Permits - - 1,766,596 - Intergovernmental Revenues 2,992,199 1,620,586 - - Charges for Services 589,415 489,509 34,826 - Fines and Forfeits - - - - From Use of Money and Property (305,588) (12,275) (3,386) (19,733) Miscellaneous 9,230 - - - Total Revenues 13,741,836 2,097,820 1,874,554 (19,733) EXPENDITURES Cu rrent: General Government - - - - Public Protection 12,329,093 2,460,212 - - Public Ways and Facilities - - 20,000 - Health and Sanitation - - 56,598 - Public Assistance - - - - Education - - - - Recreation and Cultural Services - - - - Capital Outlay 220,801 118,639 - - Debt Service: Principal - - - - Interest - - - - Total Expenditures 12,549,894 2,578,851 76,598 - EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 1,191,942 (481,031) 1,797,956 (19,733) OTHER FINANCING SOURCES(USES) Transfers In 1,210,585 - - - Transfers Out (180,000) (271,171) (770,000) - Total Other Financing Sources (Uses), Net 1,030,585 (271,171) (770,000) - NET CHANGE IN FUND BALANCES 2,222,527 (752,202) 1,027,956 (19,733) Fund Balances- Beginning of Year 32,060,956 2,032,715 6,527,006 2,809,235 FUND BALANCES -END OF YEAR $ 34,283,483 $ 1,280,513 $ 7,554,962 $ 2,789,502 (122) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES (CONTINUED) NONMAJOR SPECIAL REVENUE FUNDS YEAR ENDED JUNE 30, 2022 Recreational and MCERA Health Cultural Services Employee Services Fund Operations Fund Fund Total REVENUES Taxes $ 13,219,549 $ - $ - $ 62,061,513 Licenses and Permits - - - 12,374,667 Intergovernmental Revenues 778,287 2,689,979 3,761,528 91,908,150 Charges for Services - - - 3,619,563 Fines and Forfeits - - - 549,779 From Use of Money and Property (244,597) (235) (14,543) (1,486,091) Miscellaneous - - - 318,659 Total Revenues 13,753,239 2,689,744 3,746,985 169,346,240 EXPENDITURES Cu rrent: General Government - 2,614,238 - 3,048,576 Public Protection - - - 27,267,878 Public Ways and Facilities - - - 11,738,690 Health and Sanitation - - 4,188,049 31,230,503 Public Assistance - - - 513,585 Education - - - 17,310,984 Recreation and Cultural Services 9,393,002 - - 19,649,488 CapitalOutlay 929,084 - - 2,234,149 Debt Service: Principal - - - 88,462 Interest - - - 53,721 Total Expenditures 10,322,086 2,614,238 4,188,049 113,136,036 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 3,431,153 75,506 (441,064) 56,210,204 OTHER FINANCING SOURCES(USES) Transfers In 900,000 - 1,182,494 13,351,438 Transfers Out (87,293) (94,581) (196,250) (50,975,725) Total Other Financing Sources (Uses), Net 812,707 (94,581) 986,244 (37,624,287) NET CHANGE IN FUND BALANCES 4,243,860 (19,075) 545,180 18,585,917 Fund Balances- Beginning of Year 21,891,861 41,981 3,405,895 179,547,823 FUND BALANCES -END OF YEAR $ 26,135,721 $ 22,906 $ 3,951,075 $ 198,133,740 (123) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE ROAD MAINTENANCE FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 5,938,637 $ 6,160,701 $ 5,689,157 $ (471,544) ChargesforServices 1,100,000 1,100,000 985,479 (114,521) From Use of Money and Property 2,500 2,500 (47,095) (49,595) Miscellaneous 45,000 45,000 12,693 (32,307) Total Revenues 7,086,137 7,308,201 6,640,234 (667,967) EXPENDITURES Cu rrent: Public Ways and Facilities: Public Works 11,198,128 11,070,442 10,388,786 681,656 Capital Outlay 100,000 119,311 19,292 100,019 Total Expenditures 11,298,128 11,189,753 10,408,078 781,675 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (4,211,991) (3,881,552) (3,767,844) 113,708 OTHER FINANCING SOURCES(USES) Transfers In 4,307,550 4,307,550 4,045,938 (261,612) Transfers Out (207,232) (207,232) (199,307) 7,925 Total Other Financing Sources (Uses), Net 4,100,318 4,100,318 3,846,631 (253,687) NET CHANGE IN FUND BALANCE (111,673) 218,766 78,787 (139,979) Fund Balance- Beginning of Year 5,418,036 5,418,036 5,418,036 - FUND BALANCE -END OF YEAR $ 5,306,363 $ 5,636,802 $ 5,496,823 $ (139,979) (124) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE LIBRARY FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 17,390,875 $ 17,390,875 $ 18,586,080 $ 1,195,205 Intergovernmental Revenues 188,600 188,600 211,308 22,708 Charges for Services 567,900 567,900 786,744 218,844 From Use of Money and Property 1,550 1,550 (127,347) (128,897) Miscellaneous 38,900 119,900 94,849 (25,051) Total Revenues 18,187,825 18,268,825 19,551,634 1,282,809 EXPENDITURES Cu rrent: General Government: Marin County Free Library 100,000 2,734,236 140,839 2,593,397 Education: Law Library 169,900 175,320 175,886 (566) Marin County Free Library 19,151,265 19,451,541 17,135,098 2,316,443 Total Education 19,321,165 19,626,861 17,310,984 2,315,877 CapitalOutlay 1,627,350 1,328,635 741,535 587,100 Total Expenditures 21,048,515 23,689,732 18,193,358 5,496,374 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (2,860,690) (5,420,907) 1,358,276 6,779,183 OTHER FINANCING SOURCES(USES) Transfers In 2,377,000 2,512,000 2,476,102 (35,898) Transfers Out (2,618,658) (2,753,658) (2,596,325) 157,333 Total Other Financing Sources (Uses), Net (241,658) (241,658) (120,223) 121,435 NET CHANGE IN FUND BALANCE (3,102,348) (5,662,565) 1,238,053 6,900,618 Fund Balance- Beginning of Year 12,625,294 12,625,294 12,625,294 - FUND BALANCE -END OF YEAR $ 9,522,946 $ 6,962,729 $ 13,863,347 $ 6,900,618 (125) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE FISH AND GAME FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Fines and Forfeits $ 46,930 $ 46,930 $ 48,426 $ 1,496 From Use of Money and Property - - (551) (551) Total Revenues 46,930 46,930 47,875 945 EXPENDITURES Cu rrent: Public Protection: Nondepartmental 46,930 44,680 14,106 30,574 DEFICIENCY OF REVENUES UNDER EXPENDITURES - 2,250 33,769 31,519 OTHER FINANCING SOURCES(USES) Transfers Out - (2,250) - (2,250) Total Other Financing Sources, Net - (2,250) - (2,250) NET CHANGE IN FUND BALANCE - - 33,769 33,769 Fund Balance- Beginning of Year 26,891 26,891 26,891 - FUND BALANCE -END OF YEAR $ 26,891 $ 26,891 $ 60,660 $ 33,769 (126) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE CHILD SUPPORT FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 3,335,730 $ 3,335,730 $ 3,383,440 $ 47,710 From Use of Money and Property 3,000 3,000 (5,141) (8,141) Miscellaneous 463,514 463,514 - (463,514) Total Revenues 3,802,244 3,802,244 3,378,299 (423,945) EXPENDITURES Cu rrent: Public Protection: Child Support Services 3,699,320 3,649,320 3,010,908 638,412 CapitalOutlay - 50,000 47,500 2,500 Total Expenditures 3,699,320 3,699,320 3,058,408 640,912 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 102,924 102,924 319,891 216,967 OTHER FINANCING SOURCES(USES) Transfers Out (102,924) (102,924) (87,386) 15,538 NET CHANGE IN FUND BALANCE - - 232,505 232,505 Fund Balance- Beginning of Year 302,131 302,131 302,131 - FUND BALANCE -END OF YEAR $ 302,131 $ 302,131 $ 534,636 $ 232,505 (127) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE HEALTH AND SANITATION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Licenses and Permits $ - $ - $ 35,574 $ 35,574 Intergovernmental Revenues 56,838,648 64,132,651 68,372,190 4,239,539 Charges for Services 13,315 21,815 102,022 80,207 Fines and Forfeits 765,255 659,700 501,353 (158,347) From Use of Money and Property - - (348,624) (348,624) From Use of Money and Property 66,000 66,000 3,018 (62,982) Total Revenues 57,683,218 64,880,166 68,665,533 3,785,367 EXPENDITURES Health and Sanitation Health and Human Services 17,951,290 19,551,098 19,505,963 45,135 Total Expenditures 17,951,290 19,551,098 19,505,963 45,135 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 39,731,928 45,329,068 49,159,570 3,830,502 OTHER FINANCING SOURCES(USES) Transfers Out (41,353,365) (48,639,874) (44,706,328) 3,933,546 Total Other Financing Uses, Net (41,353,365) (48,639,874) (44,706,328) 3,933,546 NET CHANGE IN FUND BALANCE (1,621,437) (3,310,806) 4,453,242 7,764,048 Fund Balance- Beginning of Year 35,111,816 35,111,816 35,111,816 - FUND BALANCE -END OF YEAR $ 33,490,379 $ 31,801,010 $ 39,565,058 $ 7,764,048 (128) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE BUILDING INSPECTION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Licenses and Permits $ 3,808,452 $ 3,808,452 $ 6,043,401 $ 2,234,949 Charges for Services 305,035 305,035 329,754 24,719 From Use of Money and Property - - (36,682) (36,682) Total Revenues 4,113,487 4,113,487 6,336,473 2,222,986 EXPENDITURES Cu rrent: Public Protection: CommunityDevelopmentAgency 3,935,199 3,728,241 3,998,177 (269,936) CapitalOutlay 210,000 239,654 - 239,654 Total Expenditures 4,145,199 3,967,895 3,998,177 (30,282) EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (31,712) 145,592 2,338,296 2,192,704 OTHER FINANCING SOURCES(USES) Transfers Out (114,868) (139,868) (130,109) 9,759 NET CHANGE IN FUND BALANCE (146,580) 5,724 2,208,187 2,202,463 Fund Balance- Beginning of Year 1,642,067 1,642,067 1,642,067 - FUND BALANCE -END OF YEAR $ 1,495,487 $ 1,647,791 $ 3,850,254 $ 2,202,463 (129) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE ENVIRONMENTAL HEALTH SERVICES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ (1,800) $ (1,800) $ (1,748) $ 52 Licenses and Permits 4,308,603 4,308,603 4,020,391 (288,212) Intergovernmental Revenues 220,000 88,144 117,214 29,070 Charges for Services 276,399 278,793 288,392 9,599 From Use of Money and Property - - (19,614) (19,614) Miscellaneous 7,000 (81,000) 11,896 92,896 Total Revenues 4,810,202 4,592,740 4,416,531 (176,209) EXPENDITURES Cu rrent: Health and Sanitation: CommunityDevelopmentAgency 4,898,185 4,785,315 3,997,947 787,368 CapitalOutlay 70,000 70,000 - 70,000 Total Expenditures 4,968,185 4,855,315 3,997,947 857,368 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (157,983) (262,575) 418,584 681,159 OTHER FINANCING SOURCES(USES) Transfers In - 290,000 - (290,000) Transfers Out (123,334) (235,993) (109,407) 126,586 Total Other Financing Sources (Uses), Net (123,334) 54,007 (109,407) (163,414) NET CHANGE IN FUND BALANCE (281,317) (208,568) 309,177 517,745 Fund Balance- Beginning of Year 1,544,225 1,544,225 1,544,225 - FUND BALANCE -END OF YEAR $ 1,262,908 $ 1,335,657 $ 1,853,402 $ 517,745 (130) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE HIGH TECH THEFT FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 2,000,000 $ 2,000,000 $ 1,411,437 $ (588,563) From Use of Money and Property - - (2,155) (2,155) Total Revenues 2,000,000 2,000,000 1,409,282 (590,718) EXPENDITURES Cu rrent: Public Protection: DistrictAttorney 1,751,820 2,019,463 1,405,150 614,313 Capital Outlay 274,132 - - - Total Expenditures 2,025,952 2,019,463 1,405,150 614,313 NET CHANGE IN FUND BALANCE (25,952) (19,463) 4,132 23,595 Fund Balance- Beginning of Year (3,463) (3,463) (3,463) - FUND BALANCE -END OF YEAR $ (29,415) $ (22,926) $ 669 $ 23,595 (131) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE SEWER DISTRICTS FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 45,785 $ 45,785 $ 50,043 $ 4,258 Intergovernmental Revenues 100 100 91 (9) From Use of Money and Property 500 500 (2,346) (2,846) Total Revenues 46,385 46,385 47,788 1,403 EXPENDITURES Cu rrent: SMD San Quentin 97,845 61,358 30,113 31,245 Total Expenditures 97,845 61,358 30,113 31,245 NET CHANGE IN FUND BALANCE (51,460) (14,973) 17,675 32,648 Fund Balance- Beginning of Year 245,255 245,255 245,255 - FUND BALANCE -END OF YEAR $ 193,795 $ 230,282 $ 262,930 $ 32,648 (132) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE COUNTY SERVICE AREAS FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 7,416,051 $ 7,416,051 $ 7,938,497 $ 522,446 Licenses and Permits 433 433 377 (56) Intergovernmental Revenues 18,005 18,005 17,944 (61) From Use of Money and Property 123,529 123,529 (172,396) (295,925) Total Revenues 7,558,018 7,558,018 7,784,422 226,404 EXPENDITURES Cu rrent: Public Protection: CSA#31 County Fire 528,747 528,747 514,747 14,000 CSA#13 Marin County Upper Lucas 1,007,083 977,173 736,352 240,821 CSA#17 Kentfield 226,209 226,209 3,218 222,991 CSA#19 Fire Protection Services 3,100,864 3,100,864 2,750,562 350,302 CSA#29 Paradise Cay 227,841 173,679 35,064 138,615 CSA#6 Santa Venetia 425,293 272,232 10,289 261,943 Total Public Protection 5,516,037 5,278,904 4,050,232 1,228,672 Public Ways and Facilities: Public Works 11,480 6,237 - 6,237 CSA#1 Loma Verde 110,545 110,246 30,718 79,528 CSA#9 Northbridge 35,584 35,407 23,321 12,086 Total Public Ways and Facilities 157,609 151,890 54,039 97,851 Health and Sanitation: CSA#27 Ross Valley Paramedic 63,550 63,550 61,958 1,592 CSA#28 West Marin Paramedic 370,685 370,685 364,685 6,000 Total Health and Sanitation 434,235 434,235 426,643 7,592 Recreation and Cultural Services: CSA#14 Homestead Valley 1,629,789 1,494,600 1,321,548 173,052 CSA#16Greenbrae 512,179 468,449 374,817 93,632 CSA#17 Kentfield 2,015,165 1,956,630 475,982 1,480,648 CSA#18 Gallinas Village Area 213,254 259,840 240,406 19,434 CSA#20 Indian Valley 25,412 25,412 412 25,000 CSA#33 Stinson Beach 42,205 37,469 24,300 13,169 Total Recreation and Cultural Services 4,438,004 4,242,400 2,437,465 1,804,935 Debt Service: Principal 36,331 48,087 39,049 9,038 Interest 36,607 38,344 38,283 61 Total Debt Service 72,938 86,431 77,332 9,099 Total Expenditures 10,618,823 10,193,860 7,045,711 3,148,149 (133) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE COUNTY SERVICE AREAS FUND (CONTINUED) YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES $ (3,060,805) $ (2,635,842) $ 738,711 $ 3,374,553 OTHER FINANCING SOURCES(USES) Transfers In 25,000 1,276,775 1,276,775 - Transfers Out - (1,775) (1,775) - Total Other Financing Sources (Uses), Net 25,000 1,275,000 1,275,000 - NET CHANGE IN FUND BALANCE (3,035,805) (1,360,842) 2,013,711 3,374,553 Fund Balance- Beginning of Year 17,435,579 17,435,579 17,435,579 - FUND BALANCE -END OF YEAR $ 14,399,774 $ 16,074,737 $ 19,449,290 $ 3,374,553 (134) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE LIGHTING FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 1,037,220 $ 1,037,220 $ 1,288,689 $ 251,469 Intergovernmental Revenues 3,541 3,541 4,914 1,373 From Use of Money and Property 16,509 16,509 (26,400) (42,909) Miscellaneous 150 150 7,965 7,815 Total Revenues 1,057,420 1,057,420 1,275,168 217,748 EXPENDITURES Cu rrent: Public Ways and Facilities: Marin County Lighting 903,353 960,766 887,226 73,540 Rush Creek Lighting 116,092 111,767 110,104 1,663 Total Public Ways and Facilities 1,019,445 1,072,533 997,330 75,203 CapitalOutlay 125,000 23,506 - 23,506 Debt Service: Principal 38,618 49,618 49,413 205 Interest 11,910 11,910 1,115 10,795 Total Debt Service 50,528 61,528 50,528 11,000 Total Expenditures 1,194,973 1,157,567 1,047,858 109,709 DEFICIENCY OF REVENUES UNDER EXPENDITURES (137,553) (100,147) 227,310 327,457 OTHER FINANCING USES Transfers Out (25,000) (25,000) (25,000) - Total Other Financing Uses (25,000) (25,000) (25,000) - NET CHANGE IN FUND BALANCE (162,553) (125,147) 202,310 327,457 Fund Balance- Beginning of Year 2,727,771 2,727,771 2,727,771 - FUND BALANCE -END OF YEAR $ 2,565,218 $ 2,602,624 $ 2,930,081 $ 327,457 (135) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE PERMANENT ROAD DISTRICTS FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 126,232 $ 126,232 $ 185,690 $ 59,458 Intergovernmental Revenues 323 323 337 14 From Use of Money and Property 3,234 3,234 (4,201) (7,435) Total Revenues 129,789 129,789 181,826 52,037 EXPENDITURES Cu rrent: Public Ways and Facilities: PRD Bolinas Highlands 15,000 15,000 - 15,000 PRD Inverness Div#2 23,607 23,000 - 23,000 PRD Monte Cristo 65,000 65,000 - 65,000 Mountain View Avenue-Lagunitas PRD 10,000 10,000 - 10,000 PRD Paradise Estates 111,354 90,884 19,404 71,480 Ridgewood PED 275,000 259,131 15,869 Total Public Ways and Facilities 224,961 478,884 278,535 200,349 Debt Service: Principal 42,345 42,345 - 42,345 Interest 14,323 14,323 14,323 - Total Debt Service 56,668 56,668 14,323 42,345 Total Expenditures 281,629 535,552 292,858 242,694 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (151,840) (405,763) (111,032) 294,731 OTHER FINANCING SOURCES(USES) Issuance of Debt - 275,000 - (275,000) Total Other Financing Sources (Uses) - 275,000 - (275,000) NET CHANGE IN FUND BALANCE (151,840) (130,763) (111,032) 19,731 Fund Balance- Beginning of Year 14,833 14,833 14,833 - FUND BALANCE -END OF YEAR $ (137,007) $ (115,930) $ (96,199) $ 19,731 (136) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE TOBACCO SETTLEMENT FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 613,589 $ 773,508 $ 512,270 $ (261,238) From Use of Money and Property - - (2,993) (2,993) Total Revenues 613,589 773,508 509,277 (264,231) OTHER FINANCING SOURCES(USES) Transfers Out (613,589) (799,616) (466,449) 333,167 NET CHANGE IN FUND BALANCE - (26,108) 42,828 68,936 Fund Balance-Beginning of Year 293,928 293,928 293,928 - FUND BALANCE -END OF YEAR $ 293,928 $ 267,820 $ 336,756 $ 68,936 (137) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE IN-HOME SUPPORTIVE SERVICES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 365,000 $ 415,848 $ 311,976 $ (103,872) From Use of Money and Property - - (6) (6) Total Revenues 365,000 415,848 311,970 (103,878) EXPENDITURES Current: Health and Sanitation: IHSSPublicAuthority 2,977,725 3,361,062 3,025,190 335,872 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (2,612,725) (2,945,214) (2,713,220) 231,994 OTHER FINANCING SOURCES(USES) Transfers In 2,612,725 2,874,266 1,959,544 (914,722) NET CHANGE IN FUND BALANCE - (70,948) (753,676) (682,728) Fund Balance-Beginning of Year 721,428 721,428 721,428 - FUND BALANCE -END OF YEAR $ 721,428 $ 650,480 $ (32,248) $ (682,728) (138) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE OPEN SPACE DISTRICT FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 8,590,654 $ 8,590,654 $ 9,326,320 $ 735,666 Licenses and Permits - - 4,727 4,727 Intergovernmental Revenues 35,809 35,809 33,293 (2,516) Charges for Services - - 13,422 13,422 From Use of Money and Property 162,434 162,434 (77,575) (240,009) Miscellaneous 102,000 102,000 179,008 77,008 Total Revenues 8,890,897 8,890,897 9,479,195 588,298 EXPENDITURES Cu rrent: General Government: Open Space 628,587 529,149 293,499 235,650 Recreation and Cultural Services: Open Space 8,750,003 8,134,140 7,819,021 315,119 CapitalOutlay 105,026 159,326 157,298 2,028 Total Expenditures 9,483,616 8,822,615 8,269,818 552,797 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (592,719) 68,282 1,209,377 1,141,095 OTHER FINANCING SOURCES(USES) Transfers Out (155,738) (165,738) (190,004) (24,266) Total Other Financing Uses, Net (155,738) (165,738) (190,004) (24,266) NET CHANGE IN FUND BALANCE (748,457) (97,456) 1,019,373 1,116,829 Fund Balance- Beginning of Year 9,960,288 9,960,288 9,960,288 - FUND BALANCE -END OF YEAR $ 9,211,831 $ 9,862,832 $ 10,979,661 $ 1,116,829 (139) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE LOW-INCOME HOUSING FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual VariAKce with Original Final Amounts Final Budget REVENUES Taxes $ 625,000 $ 975,767 $ 935,295 $ (40,472) Licenses and Permits 463,550 463,550 503,601 40,051 From Use of Money and Property - - (12,608) (12,608) Total Revenues 1,088,550 1,439,317 1,426,288 (13,029) EXPENDITURES Cu rrent: Public Assistance: CommunityDevelopmentAgency 1,248,361 1,554,678 513,585 1,041,093 Total Expenditures 1,248,361 1,554,678 513,585 1,041,093 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (159,811) (115,361) 912,703 1,028,064 OTHER FINANCING SOURCES(USES) Transfers In 250,000 989,293 300,000 (689,293) Transfers Out (175,047) (1,935,715) (864,340) 1,071,375 Total Other Financing Sources (Uses), Net 74,953 (946,422) (564,340) 382,082 NET CHANGE IN FUND BALANCE (84,858) (1,061,783) 348,363 1,410,146 Fund Balance- Beginning of Year 22,712,095 22,712,095 22,712,095 - FUND BALANCE -END OF YEAR $ 22,627,237 $ 21,650,312 $ 23,060,458 $ 1,410,146 (140) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE FLOOD CONTROL DISTRICT ZONES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 9,295,178 $ 9,295,178 $ 10,456,580 $ 1,161,402 Intergovernmental Revenues 1,424,966 2,609,966 2,992,199 382,233 Charges for Services 588,974 588,974 589,415 441 From Use of Money and Property 87,940 125,940 (305,588) (431,528) Miscellaneous 900 900 9,230 8,330 Total Revenues 11,397,958 12,620,958 13,741,836 1,120,878 EXPENDITURES Cu rrent: Public Protection: FCZ#1 Novato 3,458,455 3,626,935 2,058,787 1,568,148 FCZ#3 Richardson Bay 3,144,411 1,728,822 1,578,995 149,827 FCZ#4 Bel Air and Strawberry Circle 684,744 496,097 225,968 270,129 FCZ#5 Stinson Beach 136,448 108,302 59,355 48,947 FCZ#6 San Rafael Meadows 50,241 45,441 16,632 28,809 FCZ#7 Santa Venetia 918,443 1,549,237 1,401,754 147,483 FCZ#9 Ross Valley Corte Madera 5,513,179 7,597,638 6,219,002 1,378,636 FCZ#10 Inverness 16,259 6,250 812 5,438 Marin County Stormwater Pollution 955,487 1,470,979 767,788 703,191 Total Public Protection 14,877,667 16,629,701 12,329,093 4,300,608 CapitalOutlay - 1,000,000 220,801 779,199 Total Expenditures 14,877,667 17,629,701 12,549,894 5,079,807 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (3,479,709) (5,008,743) 1,191,942 6,200,685 OTHER FINANCING SOURCES (USES) Transfers In 215,000 1,215,000 1,210,585 (4,415) Transfers Out - (180,000) (180,000) - Total Other Financing Sources (Uses), Net 215,000 1,035,000 1,030,585 (4,415) NET CHANGE IN FUND BALANCE (3,264,709) (3,973,743) 2,222,527 6,196,270 Fund Balance- Beginning of Year 32,060,956 32,060,956 32,060,956 - FUND BALANCE -END OF YEAR $ 28,796,247 $ 28,087,213 $ 34,283,483 $ 6,196,270 (141) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE MISCELLANEOUS SPECIAL REVENUE FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual VAPiance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 674,249 $ 3,436,903 $ 1,620,586 $ (1,816,317) Charges for Services 670,000 670,000 489,509 (180,491) From Use of Money and Property 4,100 4,100 (12,275) (16,375) Total Revenues 1,348,349 4,111,003 2,097,820 (2,013,183) EXPENDITURES Cu rrent: Public Protection: Assessor-Recorder 491,016 871,925 762,309 109,616 Probation 1,351,930 1,560,869 1,259,655 301,214 Sheriff 287,966 1,654,531 438,248 1,216,283 Total Public Protection 2,130,912 4,087,325 2,460,212 1,627,113 CapitalOutlay 147,043 118,639 28,404 Total Expenditures 2,130,912 4,234,368 2,578,851 1,655,517 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (782,563) (123,365) (481,031) (357,666) OTHER FINANCING SOURCES(USES) Transfers Out (265,741) (270,741) (271,171) (430) Total Other Financing Sources (Uses), Net (265,741) (270,741) (271,171) (430) NET CHANGE IN FUND BALANCE (1,048,304) (394,106) (752,202) (358,096) Fund Balance- Beginning of Year 2,032,715 2,032,715 2,032,715 - FUND BALANCE -END OF YEAR $ 984,411 $ 1,638,609 $ 1,280,513 $ (358,096) (142) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE PUBLIC WAYS AND FACILITIES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 70,000 $ 70,000 $ 76,518 $ 6,518 Licenses and Permits 790,000 790,000 1,766,596 976,596 Charges for Services - - 34,826 34,826 From Use of Money and Property 20,000 20,000 (3,386) (23,386) Total Revenues 880,000 880,000 1,874,554 994,554 EXPENDITURES Cu rrent: Public Ways and Facilities: Public Works 40,000 40,000 20,000 20,000 Health and Sanitation: Community Development Agency 78,013 72,896 56,598 16,298 Total Expenditures 118,013 112,896 76,598 36,298 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 761,987 767,104 1,797,956 1,030,852 OTHER FINANCING SOURCES(USES) Transfers Out (770,000) (770,000) (770,000) - NET CHANGE IN FUND BALANCE (8,013) (2,896) 1,027,956 1,030,852 Fund Balance- Beginning of Year 6,527,006 6,527,006 6,527,006 - FUND BALANCE -END OF YEAR $ 6,518,993 $ 6,524,110 $ 7,554,962 $ 1,030,852 (143) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE RESTRICTED HOUSING FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES From Use of Money and Property $ - $ - $ (19,733) $ (19,733) NET CHANGE IN FUND BALANCE - - (19,733) (19,733) Fund Balance- Beginning of Year 2,809,235 2,809,235 2,809,235 - FUND BALANCE -END OF YEAR $ 2,809,235 $ 2,809,235 $ 2,789,502 $ (19,733) (144) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE RECREATIONAL AND CULTURAL SERVICES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 14,056,159 $ 10,231,159 $ 13,219,549 $ 2,988,390 Intergovernmental Revenues - 1,060,438 778,287 (282,151) From Use of Money and Property 245,644 245,644 (244,597) (490,241) Total Revenues 14,301,803 11,537,241 13,753,239 2,215,998 EXPENDITURES Cu rrent: Recreation and Cultural Services Parks 12,620,439 12,437,024 9,393,002 3,044,022 CapitalOutlay - 935,000 929,084 5,916 Total Expenditures 12,620,439 13,372,024 10,322,086 3,049,938 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 1,681,364 (1,834,783) 3,431,153 5,265,936 OTHER FINANCING SOURCES(USES) Transfers In - 900,000 900,000 - Transfers Out (116,314) (116,314) (87,293) 29,021 Total Other Financing Sources (Uses), Net (116,314) 783,686 812,707 29,021 NET CHANGE IN FUND BALANCE 1,565,050 (1,051,097) 4,243,860 5,294,957 Fund Balance- Beginning of Year 21,891,861 21,891,861 21,891,861 - FUND BALANCE -END OF YEAR $ 23,456,911 $ 20,840,764 $ 26,135,721 $ 5,294,957 (145) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE MCERA EMPLOYEE OPERATIONS FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental $ - $ - $ 2,689,979 $ 2,689,979 From Use of Money and Property - - (235) (235) Miscellaneous 3,209,080 3,209,080 - (3,209,080) Total Revenues 3,209,080 3,209,080 2,689,744 (519,336) EXPENDITURES Cu rrent: General Government: Retirement 3,102,587 3,102,587 2,614,238 488,349 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 106,493 106,493 75,506 (30,987) OTHER FINANCING SOURCES(USES) Transfers Out (106,493) (106,493) (94,581) 11,912 TotalOtherFinancingUses (106,493) (106,493) (94,581) 11,912 NET CHANGE IN FUND BALANCE - - (19,075) (19,075) Fund Balance- Beginning of Year 41,981 41,981 41,981 - FUND BALANCE -END OF YEAR $ 41,981 $ 41,981 $ 22,906 $ (19,075) (146) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE HEALTH SERVICES FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental $ 2,500,000 $ 4,757,169 $ 3,761,528 $ (995,641) From Use of Money and Property - - (14,543) (14,543) Total Revenues 2,500,000 4,757,169 3,746,985 (1,010,184) EXPENDITURES Cu rrent: Health and Sanitation: Health and Human Services 6,238,894 7,350,367 4,188,049 3,162,318 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (3,738,894) (2,593,198) (441,064) 2,152,134 OTHER FINANCING SOURCES(USES) Transfers In 2,500,000 2,500,000 1,182,494 (1,317,506) Transfers Out (10,036) (2,122,169) (196,250) 1,925,919 Total Other Financing Uses 2,489,964 377,831 986,244 608,413 NET CHANGE IN FUND BALANCE (1,248,930) (2,215,367) 545,180 2,760,547 Fund Balance- Beginning of Year 3,405,895 3,405,895 3,405,895 - FUND BALANCE -END OF YEAR $ 2,156,965 $ 1,190,528 $ 3,951,075 $ 2,760,547 (147) THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR DEBT SERVICE FUNDS COUNTY OF MARIN NONMAJOR DEBT SERVICE FUNDS DEBT SERVICE FUNDS Debt service funds are used to account for the accumulation of resources for, and the payment of, principal and interest on the County's general long-term debt and related costs. Open Space Debt Service Fund The Open Space Debt Service Fund is used to account for the accumulation of resources for the payment of the 2013 Open Space Revenue Bonds debt principal, interest, and related costs. In August 2013, the Marin County Open Space Finance Authority issued $6.2 million in revenue bonds for the purpose of refunding on a current basis the Marin County Open Space Financing Authority's 2002 revenue bonds, and to provide funds to finance public capital improvements. Pension Obliqation Bond Fund (2003 POB Fund� The Pension Obligation Bond Fund is used to accumulate resources for the payment of principal and interest and related costs of the Taxable Pension Obligation Bond series 2003. The bonds were sold to provide funds to refinance the County's actuarial accrued liability with respect to retirement benefits for County employees and retirees. Debt Service Fund The Debt Service Fund is used to account for the accumulation of resources for and the payment of principal and interest on the County's general long-term debt and related costs. Tobacco Securitization Fund The Tobacco Securitization Fund is used to account for the County's portion of receipts from the Tobacco Industry from the sale of tobacco products and the payment of Tobacco Settlement Asset-Backed Bonds of 2007 debt principle, interest, and related costs. (148) COUNTY OF MARIN COMBINING BALANCE SHEET NONMAJOR DEBT SERVICE FUNDS JUNE 30, 2022 Open Space Tobacco Debt Service 2003 Debt Securitization Fund POB Fund Service Fund Fund Total ASSETS Cash and Investments in County Pool $ 706,018 $ 4,416,270 $ (35,487) $ 399 $ 5,087,200 Cash with Fiscal Agent - 3,046 2,710 3,468,862 3,474,618 Prepaid Items - - 2,104 - 2,104 Total Assets $ 706,018 $ 4,419,316 $ (30,673) $ 3,469,261 $ 8,563,922 LIABILITIES Accounts Payable and Accrued Expenditures $ 3,366 $ 2,798 $ - $ - $ 6,164 Total Liabilities 3,366 2,798 - - 6,164 FUND BALANCES Nonspendable - - 2,104 - 2,104 Assigned 702,652 4,416,518 - 3,469,261 8,588,431 Unassigned - - (32,777) - (32,777) Total Fund Balances 702,652 4,416,518 (30,673) 3,469,261 8,557,758 Total Liabilities and Fund Balances $ 706,018 $ 4,419,316 $ (30,673) $ 3,469,261 $ 8,563,922 (149) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR DEBT SERVICE FUNDS YEAR ENDED JUNE 30, 2022 Open Space Tobacco Debt Service 2003 Debt Securitization Fund POB Fund Service Fund Fund Total REVENUES Taxes $ 608,064 $ - $ 84,978 $ - $ 693,042 From Use of Money and Property (6,422) (42,273) (1,440) 1,074 (49,061) Miscellaneous - 150 - 2,820,701 2,820,851 Total Revenues 601,642 (42,123) 83,538 2,821,775 3,464,832 EXPENDITURES Current: General Government - 3,316 6,833 23,923 34,072 Health and Sanitation - - 11,284 - 11,284 Recreation and Cultural Services 19,065 - - - 19,065 Debt Service: Principal 487,620 8,660,000 2,261,123 1,335,000 12,743,743 Interest 79,000 3,569,913 3,160,574 1,490,235 8,299,722 Total Expenditures 585,685 12,233,229 5,439,814 2,849,158 21,107,886 EXCESS(DEFICIENCY)OF REVENUES OVER (UNDER)EXPENDITURES 15,957 (12,275,352) (5,356,276) (27,383) (17,643,054) OTHER FINANCING SOURCES(USES) Transfers In 567,338 12,097,967 5,193,191 - 17,858,496 Transfers Out (567,338) - - - (567,338) Total Other Financing Sources (Uses), Net - 12,097,967 5,193,191 - 17,291,158 NET CHANGE IN FUND BALANCES 15,957 (177,385) (163,085) (27,383) (351,896) Fund Balances-Beginning of Year 686,695 4,593,903 132,412 3,496,644 8,909,654 FUND BALANCES-END OF YEAR $ 702,652 $ 4,416,518 $ (30,673) $ 3,469,261 $ 8,557,758 (150) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE OPEN SPACE DEBT SERVICE FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 610,000 $ 610,000 $ 608,064 $ (1,936) From Use of Money and Property - - (6,422) (6,422) Total Revenues 610,000 610,000 601,642 (8,358) EXPENDITURES Cu rrent: Recreation and Cultural Services: Open Space 37,500 37,500 19,065 18,435 Debt Service: Principal 490,000 490,000 487,620 2,380 Interest 81,000 81,000 79,000 2,000 Total Debt Service 571,000 571,000 566,620 4,380 Total Expenditures 608,500 608,500 585,685 22,815 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 1,500 1,500 15,957 14,457 OTHER FINANCING SOURCES(USES) Transfers In 581,000 581,000 567,338 (13,662) Transfers Out (581,000) (581,000) (567,338) 13,662 Total Other Financing Sources (Uses), Net - - - - NET CHANGE IN FUND BALANCE 1,500 1,500 15,957 14,457 Fund Balance- Beginning of Year 686,695 686,695 686,695 - FUND BALANCE -END OF YEAR $ 688,195 $ 688,195 $ 702,652 $ 14,457 (151) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE 2003 PENSION OBLIGATION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES From Use of Money and Property $ 7,500 $ 7,500 $ (42,273) $ (49,773) Miscellaneous 12,232,413 12,232,413 150 (12,232,263) Total Revenues 12,239,913 12,239,913 (42,123) (12,282,036) EXPENDITURES Cu rrent: General Government: Nondepartmental 10,000 10,000 3,316 6,684 Debt Service: Principal 8,660,000 8,660,000 8,660,000 - Interest 3,569,913 3,569,913 3,569,913 - Total Debt Service 12,229,913 12,229,913 12,229,913 - Total Expenditures 12,239,913 12,239,913 12,233,229 6,684 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES - - (12,275,352) (12,275,352) OTHER FINANCING SOURCES(USES) Transfers In - - 12,097,967 12,097,967 NET CHANGE IN FUND BALANCE - - (177,385) (177,385) Fund Balance- Beginning of Year 4,593,903 4,593,903 4,593,903 - FUND BALANCE -END OF YEAR $ 4,593,903 $ 4,593,903 $ 4,416,518 $ (177,385) (152) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE DEBT SERVICE FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Taxes $ 93,000 $ 93,000 $ 84,978 $ (8,022) From Use of Money and Property 1,123 1,123 (1,440) (2,563) Total Revenues 94,123 94,123 83,538 (10,585) EXPENDITURES Cu rrent: General Government: Nondepartmental 14,000 14,000 6,833 7,167 Health and Sanitation Community Development Agency 16,864 15,864 11,284 4,580 Debt Service: Principal 2,262,343 2,262,343 2,261,123 1,220 I nterest 3,172,691 3,173,691 3,160,574 13,117 Total Debt Service 5,435,034 5,436,034 5,421,697 14,337 Total Expenditures 5,465,898 5,465,898 5,439,814 26,084 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (5,371,775) (5,371,775) (5,356,276) 15,499 OTHER FINANCING SOURCES(USES) Transfers In 5,371,775 5,371,775 5,193,191 (178,584) NET CHANGE IN FUND BALANCE - - (163,085) (163,085) Fund Balance- Beginning of Year 132,412 132,412 132,412 - FUND BALANCE -END OF YEAR $ 132,412 $ 132,412 $ (30,673) $ (163,085) (153) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE TOBACCO SECURITIZATION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES From Use of Money and Property $ 125,000 $ 125,000 $ 1,074 $ (123,926) Miscellaneous 1,648,200 1,648,200 2,820,701 1,172,501 Total Revenues 1,773,200 1,773,200 2,821,775 1,048,575 EXPENDITURES Cu rrent: General Government: Nondepartmental 50,000 50,000 23,923 26,077 Debt Service: Principal - 1,335,000 1,335,000 - Interest 1,723,200 1,723,200 1,490,235 232,965 Total DebtService 1,723,200 3,058,200 2,825,235 232,965 Total Expenditures 1,773,200 3,108,200 2,849,158 259,042 NET CHANGE IN FUND BALANCE - (1,335,000) (27,383) 1,307,617 Fund Balance- Beginning of Year 3,496,644 3,496,644 3,496,644 - FUND BALANCE -END OF YEAR $ 3,496,644 $ 2,161,644 $ 3,469,261 $ 1,307,617 (154) NONMAJOR CAPITAL PROJECTS FUNDS COUNTY OF MARIN NONMAJOR CAPITAL PROJECT FUNDS CAPITAL PROJECT FUNDS Capital project funds are used to account for financial resources that are restricted, committed, or assigned to expenditures for the acquisition of major capital assets other than those financed by proprietary funds. Funding may only be used for the purpose obtained. Courthouse Construction Fund This fund provides for the appropriation of Court Construction Funds, restricted by law to be used for the development, rehabilitation, and/or enhancement of Court facilities. Miscellaneous Capital Projects Fund This fund is a general government fund used to account for revenues and expenditures related to capital improvements and infrastructure rehabilitation. Other Capital Proiects Fund This fund is used primarily to finance or reimburse the financing of various County capital improvements, including the County's road and bridge infrastructure program, and projects financed by the 2015 certificates of participation proceeds. (155) COUNTY OF MARIN COMBINING BALANCE SHEET NONMAJOR CAPITAL PROJECT FUNDS JUNE 30, 2022 Miscellaneous Other Courthouse Capital Capital Construction Projects Projects Fund Fund Fund Total ASSETS Cash and Investments in County Pool $ 546,247 $ 15,302,535 $ 23,548,857 $ 39,397,639 Accounts Receivable - 12,366 367,258 379,624 Due from Other Governmental Agencies - 739,980 - 739,980 Total Assets $ 546,247 $ 16,054,881 $ 23,916,115 $ 40,517,243 LIABILITIES Accounts Payable and Accrued Expenditures $ - $ 544,564 $ 465,245 $ 1,009,809 Accrued Salaries and Benefits - 20,653 4,515 25,168 Other Liabilities 3,885 2,506 - 6,391 Total Liabilities 3,885 567,723 469,760 1,041,368 FUND BALANCES Assigned 542,362 15,487,158 23,446,355 39,475,875 Total Fund Balances 542,362 15,487,158 23,446,355 39,475,875 Total Liabilities and Fund Balances $ 546,247 $ 16,054,881 $ 23,916,115 $ 40,517,243 (156) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR CAPITAL PROJECT FUNDS YEAR ENDED JUNE 30, 2022 Miscellaneous Other Courthouse Capital Capital Construction Projects Projects Fund Fund Fund Total REVENUES Intergovernmental Revenues $ - $ 1,498,657 $ 8,266,999 $ 9,765,656 Charges for Service - 645,986 146,160 792,146 Fines and Forfeits 239,414 - - 239,414 From Use of Money and Property (4,774) (138,954) (212,524) (356,252) Miscellaneous - 117,246 - 117,246 Total Revenues 234,640 2,122,935 8,200,635 10,558,210 EXPENDITURES Current: General Government - 2,066,231 223,944 2,290,175 Public Ways and Facilities - - 7,788,252 7,788,252 Recreation and Cultural Services - 25,980 - 25,980 Capital Outlay - 4,875,723 11,637,947 16,513,670 Total Expenditures - 6,967,934 19,650,143 26,618,077 EXCESS (DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES 234,640 (4,844,999) (11,449,508) (16,059,867) OTHER FINANCING SOURCES(USES) Transfers In - 10,350,410 8,180,000 18,530,410 Transfers Out (242,936) (56,631) (1,269,596) (1,569,163) Total Other Financing Sources (Uses), Net (242,936) 10,293,779 6,910,404 16,961,247 NET CHANGE IN FUND BALANCES (8,296) 5,448,780 (4,539,104) 901,380 Fund Balances- Beginning of Year 550,658 10,038,378 27,985,459 38,574,495 FUND BALANCES -END OF YEAR $ 542,362 $ 15,487,158 $ 23,446,355 $ 39,475,875 (157) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE COURTHOUSE CONSTRUCTION FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Fines and Forfeits $ 379,108 $ 242,936 $ 239,414 $ (3,522) From Use of Money and Property - - (4,774) (4,774) Total Revenues 379,108 242,936 234,640 (8,296) OTHER FINANCING SOURCES(USES) Transfers Out (379,108) (242,936) (242,936) - NET CHANGE IN FUND BALANCE - - (8,296) (8,296) Fund Balance- Beginning of Year 550,658 550,658 550,658 - FUND BALANCE -END OF YEAR $ 550,658 $ 550,658 $ 542,362 $ (8,296) (158) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE MISCELLANEOUS CAPITAL PROJECT FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 10,140 $ 5,224,822 $ 1,498,657 $ (3,726,165) Charges for Services 551,822 631,622 645,986 14,364 From Use of Money and Property - - (138,954) (138,954) Miscellaneous - 111,000 117,246 6,246 Total Revenues 561,962 5,967,444 2,122,935 (3,844,509) EXPENDITURES Current: General Government: County Administrator (4,139) 43,861 42,459 1,402 Public Works 9,176,139 3,709,341 2,023,772 1,685,569 Total General Government 9,172,000 3,753,202 2,066,231 1,686,971 Public Protection: Public Works - 2,068,000 - 2,068,000 Recreation and Cultural Services: Parks - 39,216 25,980 13,236 CapitalOutlay - 18,195,638 4,875,723 13,319,915 Total Expenditures 9,172,000 24,056,056 6,967,934 17,088,122 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (8,610,038) (18,088,612) (4,844,999) 13,243,613 OTHER FINANCING SOURCES(USES) Transfers In 7,000,000 10,371,664 10,350,410 (21,254) Transfers Out (66,989) (66,989) (56,631) 10,358 Total Other Financing Sources (Uses), Net 6,933,011 10,304,675 10,293,779 (10,896) NET CHANGE IN FUND BALANCE (1,677,027) (7,783,937) 5,448,780 13,232,717 Fund Balance- Beginning of Year 10,038,378 10,038,378 10,038,378 - FUND BALANCE -END OF YEAR $ 8,361,351 $ 2,254,441 $ 15,487,158 $ 13,232,717 (159) COUNTY OF MARIN BUDGETARY COMPARISON SCHEDULE OTHER CAPITAL PROJECTS FUND YEAR ENDED JUNE 30, 2022 Budgeted Amounts Actual Variance with Original Final Amounts Final Budget REVENUES Intergovernmental Revenues $ 5,373,504 $ 13,835,986 $ 8,266,999 $ (5,568,987) Charges for Services - 100,000 146,160 46,160 From Use of Money and Property - - (212,524) (212,524) Miscellaneous - 24,092 - (24,092) Total Revenues 5,373,504 13,960,078 8,200,635 (5,759,443) EXPENDITURES Current: General Government: Department of Public Works 623,488 278,524 223,944 54,580 Public Ways and Facilities: Public Works 30,459,747 9,142,784 7,788,252 1,354,532 CapitalOutlay - 15,530,000 11,637,947 3,892,053 Total Expenditures 31,083,235 24,951,308 19,650,143 5,301,165 EXCESS(DEFICIENCY)OF REVENUES OVER(UNDER) EXPENDITURES (25,709,731) (10,991,230) (11,449,508) (458,278) OTHER FINANCING SOURCES(USES) Transfers In 8,000,000 8,180,000 8,180,000 - Transfers Out (218,652) (1,481,652) (1,269,596) 212,056 Total Other Financing Sources (Uses), Net 7,781,348 6,698,348 6,910,404 212,056 NET CHANGE IN FUND BALANCE (17,928,383) (4,292,882) (4,539,104) (246,222) Fund Balance- Beginning of Year 27,985,459 27,985,459 27,985,459 - FUND BALANCE -END OF YEAR $ 10,057,076 $ 23,692,577 $ 23,446,355 $ (246,222) (160) THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR ENTERPRISE FUNDS COUNTY OF MARIN NONMAJOR ENTERPRISE FUNDS ENTERPRISE FUNDS Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises, where the intent of the governing body is to have the costs of providing goods or services (including depreciation and amortization)to the general public on a continuing basis be financed primarily through user charges; or where the County has decided that periodic determination of revenues earned, expenses incurred and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Enterprise Funds should generate revenue sufficient, as a goal, to support the full operating costs of these funds. Gnoss Airport The Gnoss Airport fund is used to account for the general airport operations, office and administrative expenses and the maintenance of airport facilities, including the replacement of exterior lighting fixtures, runway, taxiway and ramp lighting, heating and air conditioning service. Major revenue sources include fuel flow fees, rents, land leases, airport royalties, and interest earnings. Marin Countv Fair The Marin County Fair fund was established to provide for operations of the annual Marin County Fair. The Marin County Fair offers colorful traditions and innovations, unparalleled art and photography, farm animals, family activities, popular concerts, thrilling rides, leading-edge exhibits, and spectacular fireworks. The Marin County Fair fund is used to account for both revenues and expenses generated by the annual Marin County Fair. The Marin County Fair for FY 2020 was cancelled due to the pandemic. The County of Marin had reserved the fairgrounds to serve as a vital resource in its response to COVID-19 Pandemic Emergency. Marin.Orq Marin.Org was initially created from the use of grant funds to inform Marin County citizens and visitors of government services provided in the County, as well as a community calendar of events. Once the grant funding was used, the County established Marin.Org as an enterprise fund and began charging a membership fee for both government and business members for their participation in the community calendar of events. Marin Commons Propertv Manaqement Established to account for the properly management activities of 1600 Los Gamos Blvd. in San Rafael. (161) COUNTY OF MARIN COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS JUNE 30, 2022 Marin Commons Gnoss Marin Property Airport County Fair Marin.Org Management Total ASSETS Current Assets: Cash and Investments in County Pool $ 984,850 $ 1,646,532 $ 402,967 $ 1,767,408 $ 4,801,757 Accounts Receivable - 636 - 1,627,607 1,628,243 Other Receivable 3,652 - 293,550 - 297,202 Lease Receivable 581,704 - - 1,799,375 2,381,079 Prepaid Items and Other Assets 6,567 6,567 TotalCurrentAssets 1,570,206 1,653,735 696,517 5,194,390 9,114,848 Noncurrent Assets: Capital Assets: Nondepreciable 1,764,178 1,777,659 - - 3,541,837 Depreciable and Amortizable,Net 7,450,542 574,906 55,577 3,623,897 11,704,922 Total Noncurrent Assets 9,214,720 2,352,565 55,577 3,623,897 15,246,759 Total Assets $ 10,784,926 $ 4,006,300 $ 752,094 $ 8,818,287 $ 24,361,607 LIABILITIES Current Liabilities: Accounts Payable $ 17,076 $ 1,021,841 $ 6Q077 $ 454,981 $ 1,553,975 Accrued Salaries and Benefits 2,750 - - 1,059 3,809 Interest Payable 6,963 - - - 6,963 Other Liabilities - - - 125,686 125,686 Due to Other Funds 1,100,000 - - - 1,100,000 Unearned Revenues - 30,125 - - 30,125 Long-Term Notes Payable 40,000 - - - 40,000 Compensated Absences 25,064 25,064 Total Current Liabilities 1,191,853 1,051,966 60,077 581,726 2,885,622 Long-Term Liabilities: Compensated Absences 3,549 3,549 Total Noncurrent Liabilities 3,549 - - - 3,549 Total Liabilities 1,195,402 1,051,966 60,077 581,726 2,889,171 DEFERRED INFLOWS OF RESOURCES Deferred Inflows-Lease Revenue 576,741 - - 1,769,128 2,345,869 NET POSITION Net Investment in Capital Assets 9,174,720 2,352,565 55,577 3,623,897 15,206,759 Unrestricted (161,937) 601,769 636,440 2,843,536 3,919,808 Total Net Position 9,012,783 2,954,334 692,017 6,467,433 19,126,567 Total Liabilities,Deferred Inflows of Resources and Net Position $ 10,784,926 $ 4,006,300 $ 752,094 $ 8,818,287 $ 24,361,607 (162) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION NONMAJOR ENTERPRISE FUNDS YEAR ENDED JUNE 30, 2022 Marin Commons Gnoss Marin Property Airport County Fair Marin.Orq Manaqement Total OPERATING REVENUES Charges for Services $ 692,298 $ - $ 1,139,749 $ - $ 1,832,047 Other Revenue 15,194 27,500 14,959 57,653 Total Operating Revenues 707,492 27,500 1,139,749 14,959 1,889,700 OPERATING EXPENSES Salaries and Employee Benefits 210,466 4,585 - 77,218 292,269 Services and Supplies 431,197 1,093,046 972,967 3,609,189 6,106,399 Depreciation and Amortization 358,226 21,426 19,757 437,056 836,465 Total Operating Expenses 999,889 1,119,057 992,724 4,123,463 7,235,133 OPERATING INCOME(LOSS) (292,397) (1,091,557) 147,025 (4,108,504) (5,345,433) NONOPERATING REVENUES (EXPENSES) Intergovernmental Revenue 38,797 866,650 - - 905,447 Investment Income-Unrestricted 191,663 (13,196) (2,890) 4,498,483 4,674,060 Interest Expense (2,236) - - 12,174 9,938 Total Nonoperating Revenues,Net 228,224 853,454 (2,890) 4,510,657 5,589,445 INCOME BEFORE TRANSFERS (64,173) (238,103) 144,135 402,153 244,012 Transfers In - - - 39,763 39,763 Transfers Out (6,033) (87,956) (93,989) CHANGE IN NET POSITION (70,206) (238,103) 144,135 353,960 189,786 Net Position-Beginning of Year 9,082,989 3,192,437 547,882 6,113,473 18,936,781 NET POSITION-END OF YEAR $ 9,012,783 $ 2.954,334 $ 692,017 $ 6,467.433 $ 19,126,567 (163) COUNTY OF MARIN COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS YEAR ENDED JUNE 30, 2022 Gnoss Marin Airport County Fair Marin.Org CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Customers $ 742,103 $ 27,500 $ 1,011,563 Cash Paid to Suppliers for Goods and Services (420,884) (89,678) (912,890) Cash Paid to Employees for Salaries and Benefits (209,275) (4,585) - Net Cash Provided(Used)by Operating Activities 111,944 (66,763) 98,673 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Intergovernmental Revenues 38,797 866,650 - Transfers In - - - Transfers Out (6,033) - - Net Cash Provided(Used)by Noncapital Financing Activities 32,764 866,650 - CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Payments on Debt Related to the Acquisition of Capital Assets (42,000) - - Interest Repayments Related to Capital Purposes (5,985) - - Payments Related to the Acquisition of Capital Assets (9,834) (13,951) (10,161) Net Cash Provided(Used)by Capital and Related Financing Activities (57,819) (13,951) (10,161) CASH FLOWS FROM INVESTING ACTIVITY Interest and Investments Earnings(Losses) 186,700 (13,196) (2,890) NET INCREASE(DECREASE)IN CASH AND CASH EQUIVALENTS 273,589 772,740 85,622 Cash and Cash Equivalents-Beginning of Year 711,261 873,792 317,345 CASH AND CASH EQUIVALENTS-END OF YEAR $ 984.850 $ 1.646.532 $ 402,967 RECONCILIATION OF OPERATING INCOME(LOSS)TO NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES Operating Income(Loss) $ (292,397) $ (1,091,557) $ 147,025 Depreciation and Amortization 358,226 21,426 19,757 Changes in Assets and Liabilities: (Increase)Decrease in: Accounts Receivable 34,611 - (128,186) Prepaid Items and Other Assets - (5,404) - Increase(Decrease)in: Accounts Payable 10,313 1,008,772 60,077 Accrued Salaries and Benefits 553 - - Compensated Absences 638 - - Net Cash Provided(Used)by Operating Activities $ 111.944 $ (66.7631 $ 98.673 (164) COUNTY OF MARIN COMBINING STATEMENT OF CASH FLOWS (CONTINUED) NONMAJOR ENTERPRISE FUNDS YEAR ENDED JUNE 30, 2022 Marin Commons Property Management Total CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Customers $ (1,517,913) $ 263,253 Cash Paid to Suppliers for Goods and Services (3,751,346) (5,174,798) Cash Paid to Employees for Salaries and Benefits (77,007) (290,867) Net Cash Provided(Used)by Operating Activities (5,346,266) (5,202,412) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Intergovernmental Revenues - 905,447 Transfers In 39,763 39,763 Transfers Out (87,956) (93,989) Net Cash Provided(Used)by Noncapital Financing Activities (48,193) 851,221 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Payments on Debt Related to the Acquisition of Capital Assets (177,905) (219,905) Interest Repayments Related to Capital Purposes 3,269 (2,716) Payments Related to the Acquisition of Capital Assets (389,970) (423,916) Net Cash Provided(Used)by Capital and Related Financing Activities (564,606) (646,537) CASH FLOWS FROM INVESTING ACTIVITY Interest and Investments Earnings(Losses) 4,468,236 4,638,850 NET INCREASE(DECREASE)W CASH AND CASH EQUIVALENTS (1,490,829) (358,878) Cash and Cash Equivalents-Beginning of Year 3,258,237 5,160,635 CASH AND CASH EQUIVALENTS-END OF YEAR $ 1.767,408 $ 4.801.757 RECONCILIATION OF OPERATING INCOME(LOSS)TO NET CASH PROVIDED(USED)BY OPERATING ACTIVITIES Operating Income(Loss) $ (4,108,504) $ (5,345,433) Depreciation and Amortization 437,056 836,465 Changes in Assets and Liabilities: (Increase)Decrease in: Accounts Receivable (1,532,872) (1,626,447) Prepaid Items and Other Assets - (5,404) Increase(Decrease)in: Accounts Payable (142,157) 937,005 Accrued Salaries and Benefits 211 764 Compensated Absences - 638 Net Cash Provided(Used)by Operating Activities $ (5.346.266) $ (5.202.4121 (165) INTERNAL SERVICE FUNDS COUNTY OF MARIN INTERNAL SERVICE FUNDS INTERNAL SERVICE FUNDS Internal Service Funds are used to account for the financing of goods and services provided by one department to other departments on a cost reimbursement basis. These funds are used to provide rate stability and funding certainty to the accounting mechanisms for larger or intermittent purchases or transactions. Workers' Compensation This fund was established to account for administrative costs and claim payments under the self-insurance program. Revenues are primarily from premiums paid by participating funds and income on investments. This fund provides medical benefits to employees for work-related injuries and illnesses. Vehicle Replacement This fund was established to provide vehicle and equipment acquisition, replacement, maintenance, repair and full services to all County departments and agencies. The vehicles will be separated into three subgroups of Passenger vehicles, emergency vehicles and Heavy-duty equipment. The intent of the fund is to spend all collected amounts within a reasonable period without building up unsubstantiated fund balances. Technoloqy Replacement This fund was created for the purpose of collecting replacement funds for large-scale, enterprise-wide equipment. The technology is separated into three subgroups of employee desktops, laptops and mobile devices, countywide hardware, and countywide software. The spread of the cost to replace technology equipment over a period of years shall reduce the impact of large one-time funding requirements in a given year. (166) COUNTY OF MARIN COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS JUNE 30, 2022 Workers' Vehicle Technology Compensation Replacement Replacement Total ASSETS Current Assets: Cash and Investments in County Pool $ 50,328,520 $ 9,199,464 $ 5,019,162 $ 64,547,146 Total CurrentAssets 50,328,520 9,199,464 5,019,162 64,547,146 Noncurrent Assets: Capital Assets: Depreciable and Amortizable, Net - 2,246,378 6,387 2,252,765 Right to Use Assets, Net - - 8,460 8,460 Total NoncurrentAssets - 2,246,378 14,847 2,261,225 Total Assets $ 50,328,520 $ 11,445,842 $ 5,034,009 $ 66,808,371 LIABILITIES Current Liabilities: Accounts Payable $ 139 $ 15,519 $ 85,500 $ 101,158 Accrued Salaries and Benefits 3,082 - - 3,082 Lease Liability-Current - - 7,905 7,905 Estimated Claims 5,476,000 - - 5,476,000 Total Current Liabilities 5,479,221 15,519 93,405 5,588,145 Long-Term Liabilities: Lease Liability-Noncurrent - - 723 723 Estimated Claims 27,901,000 - - 27,901,000 Total Noncurrent Liabilities 27,901,000 - 723 27,901,723 Total Liabilities 33,380,221 15,519 94,128 33,489,868 NET POSITION Net Investment in Capital Assets - 2,246,378 6,219 2,252,597 Unrestricted 16,948,299 9,183,945 4,933,662 31,065,906 Total Net Position $ 16,948,299 $ 11,430,323 $ 4,939,881 $ 33,318,503 Total Liabilities and Net Position $ 50,328,520 $ 11,445,842 $ 5,034,009 $ 66,808,371 (167) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS YEAR ENDED JUNE 30, 2022 Workers' Vehicle Technology Compensation Replacement Replacement Total OPERATING REVENUES Charges for Services $ 8,300,903 $ 2,788,115 $ 1,178,524 $ 12,267,542 Total Operating Revenues 8,300,903 2,788,115 1,178,524 12,267,542 OPERATING EXPENSES Salaries and Employee Benefits 2,897,760 - - 2,897,760 Services and Supplies 12,305 - 1,153,121 1,165,426 Claims Expense 3,603,116 - - 3,603,116 Depreciation and Amortization - 641,276 18,693 659,969 Total Operating Expenses 6,513,181 641,276 1,171,814 8,326,271 OPERATING INCOME (LOSS) 1,787,722 2,146,839 6,710 3,941,271 NONOPERATING REVENUES (EXPENSES) Investment Income-Unrestricted (479,954) (83,844) (44,957) (608,755) Intrest Expense - - (376) (376) Sale of Capital Assets - 93,012 - 93,012 Total Nonoperating Revenues, Net (479,954) 9,168 (45,333) (516,119) INCOME BEFORE TRANSFERS 1,307,768 2,156,007 (38,623) 3,425,152 Transfers In - 2,500,000 2,000,000 4,500,000 Transfers Out (9,721) - (794,997) (804,718) CHANGE IN NET POSITION 1,298,047 4,656,007 1,166,380 7,120,434 Net Position- Beginning of Year 15,650,252 6,774,316 3,773,501 26,198,069 NET POSITION -END OF YEAR $ 16,948,299 $ 11,430,323 $ 4,939,881 $ 33,318,503 (168) COUNTY OF MARIN COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS YEAR ENDED JUNE 30, 2022 Workers' Vehicle Technology Compensation Replacement Replacement Total CASH FLOWS FROM OPERATING ACTIVITIES Cash Receipts from Internal Fund Services Provided $ 8,300,903 $ 2,792,615 $ 1,178,524 $ 12,272,042 Cash Paid to Suppliers for Goods and Services (3,409,559) (1,934) (1,067,621) (4,479,114) Cash Paid to Employees for Salaries and Benefits (2,897,044) - - (2,897,044) Net Cash Provided by Operating Activities 1,994,300 2,790,681 110,903 4,895,884 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Transfers Out (9,721) - (794,997) (804,718) Net Cash Used by Noncapital Financing Activities (9,721) - (794,997) (804,718) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Transfers in Related to the Acquisition of Capital Assets - 2,500,000 2,000,000 4,500,000 Proceeds from the Sale of Capital Assets - 93,012 - 93,012 Payments on Leases - - (16,579) (16,579) Payments Related to the Acquisition of Capital Assets - (416,767) - (416,767) Net Cash Provided(Used)by Capital and Related Financing Activities - 2,176,245 1,983,421 4,159,666 CASH FLOWS FROM INVESTING ACTIVITY Interest and Investments Earnings(Losses) (479,954) (83,844) (44,957) (608,755) NET INCREASE IN CASH AND CASH EQUIVALENTS 1,504,625 4,883,082 1,254,370 7,642,077 Cash and Cash Equivalents-Beginning of Year 48,823,895 4,316,382 3,764,792 56,905,069 CASH AND CASH EQUIVALENTS-END OF YEAR $ 50.328.520 $ 9.199.464 $ 5.019.162 $ 64.547.146 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES Operating Income $ 1,787,722 $ 2,146,839 $ 6,710 $ 3,941,271 Depreciation and Amortization - 641,276 18,693 659,969 Changes in Assets and Liabilities: (Increase)Decrease in: Accounts Receivable - 4,500 - 4,500 Increase(Decrease)in: Accounts Payable (291,138) (1,934) 85,500 (207,572) Accrued Salaries and Benefits 716 - - 716 Other Liabilities 497,000 - - 497,000 Net Cash Provided by Operating Activities $ 1,994,300 $ 2.790,681 $ 110.903 $ 4,895,884 (169) THIS PAGE INTENTIONALLY LEFT BLANK NONMAJOR DISCRETELY PRESENTED COMPONENT UNITS COUNTY OF MARIN COMBINING STATEMENT OF NET POSITION NONMAJOR DISCRETELY PRESENTED COMPONENT UNITS JUNE 30, 2022 MCHDFC MHDC Total ASSETS Current Assets: Cash and Investments $ 1,550,636 $ 1,137,735 $ 2,688,371 Restricted Cash 7,720 27,509 35,229 Accounts and Other Receivables- Net 749 4,104 4,853 Prepaid Items and Other Assets 3,562 16,652 20,214 Capital Assets: Nondepreciable 135,252 579,500 714,752 Depreciable, Net 118,891 438,604 557,495 Total Assets 1,816,810 2,204,104 4,020,914 LIABILITIES Current Liabilities: Accounts Payable 4,078 10,905 14,983 Interest Payable - 3,955 3,955 Unearned Revenues 3,358 3,554 6,912 Security Deposits 7,720 27,509 35,229 Other Current Liabilities 2,000 2,000 4,000 Notes Payable, Current Portion - 25,448 25,448 Total Current Liabilities 17,156 73,371 90,527 Long-Term Liabilities: Notes Payable - 1,168,634 1,168,634 Liability for Other Postemployment Benefits 2,239 3,977 6,216 Total Long-Term Liabilities 2,239 1,172,611 1,174,850 Total Liabilities 19,395 1,245,982 1,265,377 NET POSITION (DEFICIT) Net Investment in Capital Assets 254,143 (175,978) 78,165 Unrestricted 1,543,272 1,134,100 2,677,372 Total Net Position (Deficit) $ 1,797,415 $ 958,122 $ 2,755,537 (�70) COUNTY OF MARIN COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION NONMAJOR DISCRETELY PRESENTED COMPONENT UNITS YEAR ENDED JUNE 30, 2022 MCHDFC MHDC Total OPERATING REVENUES Rent Revenue $ 423,620 $ 631,913 $ 1,055,533 Other Revenue 2,755 33,566 36,321 Total Operating Revenues 426,375 665,479 1,091,854 OPERATING EXPENSES Administrative 105,779 132,994 238,773 Utilities 24,271 55,945 - Ordinary Repairs and Maintenance 112,865 159,752 - Insurance 6,695 20,963 27,658 General 4,862 22,113 - Depreciation 8,780 62,773 71,553 Total Operating Expenses 263,252 454,540 717,792 OPERATING INCOME (LOSS) 163,123 210,939 374,062 NONOPERATING REVENUES (EXPENSES) Investment Income- Unrestricted 1,158 248 1,406 Interest Expense - (44,312) (44,312) CasualtyLosses, Non-Capitalized - (12,691) (12,691) Total Nonoperating Revenues, Net 1,158 (56,755) (55,597) CHANGE IN NET POSITION 164,281 154,184 318,465 Net Position - Beginning of Year 1,633,134 803,938 2,437,072 NET POSITION - END OF YEAR $ 1,797,415 $ 958,122 $ 2,755,537 (171) THIS PAGE INTENTIONALLY LEFT BLANK FIDUCIARY FUNDS COUNTY OF MARIN FIDUCIARY FUNDS INVESTMENT TRUST FUNDS These funds are used by the County to account for the assets of legally separate entities who deposit cash with the County Department of Finance. These include school and community college districts, other special districts governed by local boards, regional boards and authorities, courts and pass-through funds for tax collections for cities. These funds represent the assets, primarily cash and investments, and the related liability of the County to disburse these monies on demand. S�ecial Districts The special districts are legally separate primary governmental units. The financial reporting for these governmental entities, which are independent of the County of Marin, is limited to the total amount of cash and investments and the related fiduciary responsibilities of the County for disbursement of these assets. Activities of the local board-governed districts are administered by boards which are separately elected and are independent of the County Board of Supervisors, and therefore have been excluded from the County's basic financial statements. School Districts The school districts are legally separate primary governmental units. The financial reporting for these governmental entities, which are independent of the County of Marin, is limited to the total amount of cash and investments and the related fiduciary responsibilities of the County for disbursement of these assets. Activities of the school districts are administered by boards which are separately elected and are independent of the County Board of Supervisors, and therefore have been excluded from the County's basic financial statements. Other Investment Trust Funds The Other Investment trust funds includes the Courts distributions fund and District Attorney Sundry Trust fund. The distributions made from these funds is at the discretion of the Court, and therefore have been excluded from County's basic financial statements. PRIVATE-PURPOSE TRUST FUNDS These funds are utilized to account for various assets held in trust for others. Successor Aqency—Marin County Redevelopment Aaency This fund was established to account for the activities of the Successor Agency to the Marin County Redevelopment Agency(RDA). The reporting entity of the Successor Agency to the Marin County Redevelopment Agency (Successor Agency) includes the accounts of the Gateway Improvement Authority (the GIA), the Community Facilities District No. 1 Marin City U.S.A. Public Improvements (the District), and the Gateway Refinancing Authority (the GRA). The Successor Agency has accounted for the financial activity of the GIA, District, and the GRA in its financial statements, as these entities are so intertwined with the Successor Agency that they are, in substance, part of the Successor Agency operations. Accordingly, the balances and transactions of these entities are reported within the Successor Agency. The primary purpose of the former RDA was to eliminate blighted areas by encouraging the development of residential, commercial, industrial, recreational, and public facilities. The former RDA was dissolved effective February 1, 2012, at which time the County of Marin took over as the Successor Agency. Estate and Administrator Trust Funds These funds account for all assets under the control of the Public Administrator. The County holds the assets in a fiduciary capacity. CUSTODIAL FUND Custodial fund account for assets held for other governmental agencies and entities by the County in a fiduciary capacity. (�72) COUNTY OF MARIN COMBINING STATEMENT OF FIDUCIARY NET POSITION INVESTMENT TRUST FUNDS JUNE 30, 2022 Other Investment Special Districts School Districts Trust Funds Total ASSETS Cash and Investments in County Pool $ 193,054,618 $ 757,611,614 $ 3,242,129 $ 953,908,361 Other Cash 106,425 460,997 - 567,422 Total Assets 193,161,043 758,072,611 3,242,129 954,475,783 LIABILITIES Accounts Payable - - 2,714,415 2,714,415 NET POSITION Net Position Held in Trust for Investment Pool Participants and Others $ 193,161,043 $ 758,072,611 $ 527,714 $ 951,761,368 (173) COUNTY OF MARIN COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION INVESTMENT TRUST FUNDS YEAR ENDED JUNE 30, 2022 Other Investment Special Districts School Districts Trust Funds Total ADDITIONS Contributions to Investment Pool $ 514,199,079 $1,416,270,328 $ - $ 1,930,469,407 Interest (1,718,883) (6,769,890) (28,701) (8,517,474) TotalAdditions 512,480,196 1,409,500,438 (28,701) 1,921,951,933 DEDUCTIONS Distributions from Investment Pool 494,742,166 1,398,467,609 - 1,893,209,775 Total Deductions 494,742,166 1,398,467,609 - 1,893,209,775 CHANGE IN NET POSITION 17,738,030 11,032,829 (28,701) 28,742,158 Net Position-Beginning of Year 175,423,013 747,039,782 556,415 923,019,210 NET POSITION-END OF YEAR $ 193,161,043 $ 758,072,611 $ 527,714 $ 951,761,368 (174) COUNTY OF MARIN COMBINING STATEMENT OF NET POSITION PRIVATE-PURPOSE TRUST FUNDS JUNE 30, 2022 Successor Agency- Marin County Estate and Redevelopment Administrator Agency Trust Funds Total ASSETS Current Assets: Cash and Investments in County Pool $ 2,010,354 $ 23,871,985 $ 25,882,339 Cash with Fiscal Agent 459,656 - 459,656 Interest Receivable 35,848 - 35,848 Notes Receivable 110,000 - 110,000 Capital Assets: Nondepreciable 30,014 - 30,014 Total Assets 2,645,872 23,871,985 26,517,857 LIABILITIES Current Liabilities: Accounts Payable 10,095 2,756 12,851 Accrued Interest Payable 79,365 - 79,365 Bond Payable, Current Portion 781,151 - 781,151 Total Current Liabilities 870,611 2,756 873,367 Long-Term Liabilities: Bond Payable 2,893,584 - 2,893,584 Total Long-Term Liabilities 2,893,584 - 2,893,584 Total Liabilities 3,764,195 2,756 3,766,951 NET POSITION (DEFICIT) Investment in Capital Assets 30,014 - 30,014 Restricted for Individuals, Organizations and Other Governments - 23,869,229 23,869,229 Unrestricted (Deficit) (1,148,337) - (1,148,337) Total Net Position (Deficit) $ (1,118,323) $ 23,869,229 $ 22,750,906 (175) COUNTY OF MARIN COMBINING STATEMENT OF CHANGES IN NET POSITION PRIVATE PURPOSE TRUST FUNDS YEAR ENDED JUNE 30, 2022 Successor Agency- Marin County Estate and Redevelopment Administrator Agency Trust Funds Total ADDITIONS Property Tax Revenue $ 1,526,861 $ - $ 1,526,861 Contributions to Investment Pool 835,805 4,424,722 5,260,527 Interest (14,855) (188,762) (203,617) Total Additions 2,347,811 4,235,960 6,583,771 DEDUCTIONS Tax Disbursements 497,409 - 497,409 Distributions from Investment Pool - - - Administrative and Other 480,737 - 480,737 Total Deductions 978,146 - 978,146 CHANGE IN NET POSITION 1,369,665 4,235,960 5,605,625 Net Position (Deficit) - Beginning of the Year (2,487,988) 19,633,269 17,145,281 NET POSITION (DEFICIT) - END OF YEAR $ (1,118,323) $ 23,869,229 $ 22,750.906 (176) COUNTY OF MARIN COMBINING STATEMENT OF NET POSITION CUSTODIAL FUNDS JUNE 30, 2022 MCRDA Other Marin City Custodial Mello-Roos Fund Total ASSETS Current Assets: Cash and Investments in County Pool $ 109,831 $ 35,208,814 $ 35,318,645 Cash with Fiscal Agent 1,034,195 - 1,034,195 Taxes Receivable 615,265 1,013,424 1,628,689 Other Receivables 10,095 - 10,095 Total Assets 1,769,386 36,222,238 37,991,624 LIABILITIES Current Liabilities: Accounts Payable - 30,087,421 30,087,421 Total Liabilities - 30,087,421 30,087,421 NET POSITION (DEFICIT) Restricted for: Individuals, Organizations, and Other Governments 1,769,386 6,134,817 7,904,203 Total Net Position (Deficit) $ 1,769,386 $ 6,134,817 $ 7,904,203 (177) COUNTY OF MARIN COMBINING STATEMENT OF CHANGES IN NET POSITION CUSTODIAL FUNDS YEAR ENDED JUNE 30, 2022 MCRDA Other Marin City Custodial Mello-Roos Fund Total ADDITIONS Property Tax Revenue $ 55,047 $ 240,943,537 $ 240,998,584 Fee Revenue - 1,803,721 1,803,721 Interest (1,047) (151,216) (152,263) Total Additions 54,000 242,596,042 242,650,042 DEDUCTIONS Tax Disbursements 174,594 248,455,718 248,630,312 Total Deductions 174,594 248,455,718 248,630,312 CHANGE IN NET POSITION (120,594) (5,859,676) (5,980,270) Net Position (Deficit) - Beginning of the Year 1,889,980 11,994,493 13,884,473 NET POSITION (DEFICIT) - END OF YEAR $ 1,769,386 $ 6,134,817 $ 7,904,203 (178) STATISTICAL SECTION THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF MARIN STATISTICAL SECTION This part of the County's Annual Comprehensive Financial Report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the County's overall financial health. CONTENTS Financial Trends Pages This segment contains trend information to help the reader understand how the County's financial performance and well-being have changed over time. 180-184 Revenue Capacitv This segment includes information to help the reader assess the County's most significant local revenue source, property tax. 185-188 Debt Capacitv This segment presents information to help the reader assess the affordability of the County's current levels of outstanding debt and the County's ability to issue additional debt in the future. 189-191 Economic and Demoqraphic Information This segment depicts demographic and economic indicators to help the reader understand the environment within which the County's financial activities take place. 192-194 Operatinq Information These schedules contain service and infrastructure data to help the reader understand how the information in the County's financial reports relates to the services the County provides and the activities it performs. 195-198 (179) COUNTY OF MARIN GOVERNMENT-WIDE NET POSITION BY COMPONENT LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2015-19 2019-20 2020-21 2021-22 Governmental Activities: Net Investment in Caqital Assets' $ 1,273,344,540 $ 1,302,696,113 $ 1,317,857,743 $ 1,30Q175,426 $ 1,307,079,747 $ 1,314,933,122 $ 1,325,70Q219 $ 1,396,434,245 $ 1,403,308,711 $ 1,414,539,769 Restricted 164,729,907 18Q676,987 197,50$591 174,870,093 169,513,523 182,598,754 210,514,201 227,955,740 247,873,164 265,566,050 Unrestricted 19,059,115 6,281,718 (229,883,825) (153,404,084) (101,487,586) (244,489,974) (182,87$397) (182,783,402) (97,940,290) 154,657,568 Total Governmental Activities Net Position $ 1,457,133,562 $ 1,489,654,815 $ 1,285,482,509 $ 1,321,641.435 $ 1.375.105,384 $ 1.253.341.902 $ 1,353,336,023 $ 1,441,606,583 $ 1.553.241.555 $ 1,835.363,387 Business-Type Activities: Net Investment in Capital Assets� $ 32,934,675 $ 32,713,894 $ 33,647,390 $ 43,142,844 $ 45,737,269 $ 57,932,138 $ 56,707,656 $ 69,189,716 $ 71,005,291 $ 75,949,644 Restricted 7,343,795 6,793,821 6,774,022 7,159,321 7,108,961 7,188,591 7,258,656 8,051,817 7,863,017 8,555,193 Unrestricted 11,751,468 13,722,499 16,833,618 18,112,302 21,461,226 26,004,618 33,209,973 3$515,486 45,118,155 45,18$600 Total Business-Type Activities Net Position $ 52.029.938 $ 53,230,214 $ 57,255,030 $ 68,414.467 $ 74.307.456 $ 91.125,347 $ 97,176,285 $ 115.757.019 $ 123.986.463 $ 129,993,437 Primary Government: Net Investment in Capital Assets' $ 1,306,279,215 $ 1,335,41Q007 $ 1,351,505,133 $ 1,343,318,270 $ 1,352,517,016 $ 1,372,565,260 $ 1,382,407,875 $ 1,465,623,961 $ 1,474,314,002 $ 1,490,789,413 Restricted 172,073,702 187,47Q80S 204,282,613 182,029,414 176,622,484 190,087,345 217,772,857 236,007,557 255,736,151 274,721,243 Unrestricted 30,810,583 2Q004,217 (213,05Q207) (135,291,782) (80,026,660) (218,485,356) (149,66$424) (144,267,916) (52,822,135) 199,546,168 Total Primary Govemment Net Position2�3 $ 1,509,163,500 $ 1,542,885,032 $ 1,342,737,539 $ 1,390,055.902 $ 1.449.412,540 $ 1.344.467.249 $ 1,450,512,308 $ 1,557,363,602 $ 1.677.228.048 $ 1,965.356,824 Percent of Increase(Decrease)in Primary GovernmentNetPosition 9.65% 2.23% (12.97)% 3.52% 427% (724)% 7.89% 7.37% 7.70% 17.18% Notes: �Capital assets include land,land improvement,easements,construction in progress,intangible assets,structures and improvements,equipment,infrastructure,and other property. 2 Accounting standards require that net position be reported in three components in the government-wide financial statements:net investment in capital assets;restricted;and unreshicted.Net position is considered restricted only when an eMernal party,such as the state or federal government,places a restriction on how the resources may be used,or through enabling legislation enacted by the County. 3 The decrease in net position starting with the fiscal year ended June 30,2015 was primarily due to the recording of the County's net pension liability in accordance with GASB Statement No.68. Source:Annual Comprehensive Financial Reports-County of Marin,California (180) COUNTY OF MARIN CHANGES IN NET POSITION LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 EXPENSES Governmental Activities: General Government $ 121,258,708 $ 84,027,170 $ 82,921,707 $ 86,880,607 $ 89,409,204 $ 101,732,621 $ 94,602,662 $ 84,618,324 $ 105,152,524 $ 88,159,503 Public Protection 156,064,850 156,154,574 154,983,553 163,364,793 176,550,146 183,915,400 156,708,098 200,504,522 230,339,222 164,038,576 Public Ways and Facilities 32,538,571 44,560,510 32,075,029 17,609,082 15,563,001 20,541,650 24,779,837 23,458,744 24,715,796 20,352,217 Health and Sanitation 90,853,837 89,232,186 85,648,934 95,898,060 97,961,789 108,436,819 107,703,509 115,839,523 137,325,197 121,219,013 Public Assistance 63,600,190 65,703,203 67,182,553 65,199,556 79,787,633 80,298,399 79,S7S,201 90,008,693 107,374,273 95,073,260 Education 15,521,694 15,811,986 13,120,661 14,635,952 15,375,928 14,753,341 14,990,746 15,754,261 16,459,015 14,453,254 Recreation and CutturalServices 17,139,646 25,554,382 1$229,115 26,649,314 27,530,700 34,075,611 32,235,850 28,824,246 26,578,809 24,118,987 Debt Service: Interestand Fiscal Charges 1Q936,573 10,512,665 10,001,152 10,432,237 11,720,752 11,75$169 11,386,967 10,473,113 9,951,939 9,458,586 Total GovernmentalActivities Expense 507,914,069 494,556,979 464,162,734 480,669,901 513,899,153 555,572,010 552,285,870 569,541,426 657,899,775 539,933,696 Business-Type Activities: Housing Authority 39,919,898 39,250,670 39,317,842 35,621,407 41,725,977 47,822,925 53,594,204 59,496,744 65,167,923 69,757,117 Other Business-Type Activities 30,287,766 32,75$672 34,873,634 35,586,849 37,552,519 40,116,327 44,271,517 44,19$216 41,081,063 45,778,609 TotalBusiness-Type Activities Expenses 70,207,664 72,039,342 74,191,476 74,208,256 79,27$496 87,939,255 98,165,721 103,694,960 106,24$986 115,565,726 Total Primary Govemment Expenses $ 578,121,733 $ 566,596,321 $ 538.354,210 $ 554,878.157 $ 593,177,649 $ 643,511,265 $ 650.451,591 $ 673,236,386 $ 764,148,761 $ 655,499,422 PROGRAM REVENUES Governmental Activities: Charges for Services: General Government $ 24,598,118 $ 15,154,492 $ 31,833,841 $ 25,433,009 $ 15,234,296 $ 27,824,933 $ 26,524,450 $ 22,41$439 $ 29,050,923 $ 30,59Q230 Public Protection 37,629,406 50,836,345 37,902,032 44,274,532 45,569,728 47,145,369 49,878,810 45,428,870 61,225,824 5$706,433 Other Activities 19,186,522 20,479,315 17,702,864 15,841,627 21,136,907 16,152,507 16,356,151 13,251,242 15,153,054 15,361,482 Operating Grants and Contributions 176,334,689 185,429,959 199,007,331 184,74Q139 197,130,229 208,289,591 225,480,550 226,604,038 289,560,231 340,92Q373 Capital Grants and Contributions 5,789,750 1,881,829 2,897,874 4,153,767 7,356,278 12,940,472 14,481,082 18,104,974 31,713,628 19,859,250 Total Governmental Activities Program Revenues 263,53S,4S5 273,751,940 259,343,942 277,443,074 256,427,438 312,353,172 332,721,043 325,837,563 426,703,660 465,437,768 Business-Type Activities: Charges for Services: Housing Aulhority 1,557,962 2,231,254 1,530,162 1,719,140 1,737,650 1,555,719 1,532,136 1,771,143 1,509,231 2,557,018 Other Business-Type Activities 11,194,640 10,806,818 11,034,225 11,379,022 11,211,984 14,102,116 9,954,811 8,619,914 4,824,507 6,238,872 Operating Grants and Contributions 50,579,746 53,957,004 54,484,750 56,816,161 60,426,442 70,279,965 77,430,465 83,093,421 58,493,868 94,659,035 Capital Grants and Contributions 4,358,421 2,010,153 2,594,521 12,392,023 4,525,493 11,419,452 3,795,622 16,052,607 6,207,650 6,268,193 Total Business-Type Activities Program Revenues 67,690,769 69,005,229 69,943,688 82,306,346 77,901,599 97,357,255 92,716,034 109,537,085 101,335,286 109,783,118 Total Primary Government Program Revenues $ 331,229,254 $ 342,757,169 $ 359,287,630 $ 359,749,420 $ 364,329,037 $ 409,710,427 $ 425,437,077 $ 435,374,645 $ 528,035,946 $ 575,220,586 NET REVENUE(EXPENSE)� Governmental Activities $ (244,375,584) $ (220,775,039) $ (174,818,792) $ (203,226,827) $ (227,471,715) $ (243,218,838) $ (219,564,827) $ (243,703,863) $ (231,196,115) $ (74,495,928) Business-TypeAclivilies (2,516,895) (3,034,113) (4,247,758) 5,09$090 (1,376,897) 9,41$000 (5,449,657) 5842125 (4,913,700) (5,752,608) TotalPrimary Government Net Expense $ (246,892,479) $ (223,809,152) $ (179,066,580) $ (195,128,737) $ (228,848,612) $ (233,800,838) $ (225,014,514) $ (237,861,738) $ (236,109,815) $ (80,278,536) (181) COUNTY OF MARIN CHANGES IN NET POSITION (CONTINUED) LAST TEN FISCAL YEARS (ACCRUAL BASIS OF ACCOUNTING) 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 GENERAL REVENUES AND OTHER CHANGES IN NET POSITION Governmental Activities: Taxes: Property Taxes $ 179,525,969 $ 195,608,631 $ 201,773,959 $ 212,879,125 $ 244,942,858 $ 260,130,514 $ 268,787,953 $ 282,870,374 $ 293,913,767 $ 320,561,633 Sales and Use Taxes 3,881,496 18,483,800 16,575,719 18,664,903 1$260,803 17,89$335 19,552,449 18,522,319 2Q663,575 19,524,925 Other 6,380,276 6,731,789 7,569,436 7,492,496 7,825,635 3,437,969 9,366,062 9,865,004 11,543,614 16,170,780 Unrestricted Interest and Investment Earnings 2,988,564 3,759,580 3,715,232 3,838,317 4,523,768 7,908,225 16,524,184 13,863,905 3,090,801 (5,042,787) Tobacco Settlement 3,41Q665 2,223,124 2,200,297 2,175,600 2,237,567 2,671,456 2,501,524 2,452,536 2,502,198 2,820,701 Sale of Capital Assets - - - - - - - - - 93,012 Miscellaneous 5,496,912 1,347,052 4,854,591 1,464,157 4,605,829 4,608,135 2,949,604 4,653,376 4,608,943 2,435,240 Transfers (50,000) (30,337) (1,509,557) (1,922,343) (1,760,796) (1,105,082) (422,858) (253,091) (959,689) 54 226 Total GovernmentalActivities 201,633,852 231,153,639 235,182,677 244,592,255 2SQ935,664 295,549,552 319,555,948 331,974,423 335,663,209 356,617,730 Business-Type Activities: Taxes 3,229,758 3,447,535 3,611,357 3,848,373 4,111,657 4,321,194 4,561,268 4,803,083 5,025,293 5,352,566 Investment Earnings 616,378 300,903 359,221 440,017 201,731 744,090 5,739,822 6,004,034 5,574,730 4,999,181 Sale of Capital Assets - - - - - - - - - 32,281 Miscellaneous 2,531,026 577,892 2,677,010 1,250,251 1,195,702 1,229,525 1,446,335 1,649,399 1,583,433 1,621,836 Transfers 50,000 30,337 1,509,557 1,922,343 1,760,796 1,105,082 422,858 253,091 959,659 (54,226) Special Item (192,056) Total Business-Type Activities 6,427,162 4 356 967 $157,145 7 460 984 7,269,886 7,399,891 12,170,283 12 739 607 13,143,145 11 789 582 TotalPrimary Government $ 208,061,044 $ 235,510.606 $ 243,339,822 $ 252.053.239 $ 288,205,550 $ 302,949,443 $ 331,729,231 $ 344,714.030 $ 348,806,354 $ 368,407.312 CHANGE IN NET POSITION Governmental Activities $ (42,720,952) $ 10,37$600 $ 6Q363,885 $ 41,365,428 $ 53,463,949 $ 52,33Q714 $ 99,994,121 $ 88,27Q560 $ 104,467,094 $ 282,121,802 Business-Type Activities 3,910,267 1,322,854 3,909,357 15,559,074 5,892,989 16,817,891 6,720,596 18,580,733 8,229,445 6,006,974 TotalPrimary Government $ (38,810.6851 $ 11,701.454 $ 64.273,242 $ 56.924.502 $ 59.356,938 $ 69,148.605 $ 106.714,717 $ 106.851.293 $ 112.696,539 $ 288,128.776 Notes: 'Net(expense)/revenue is the difference between the expenses and program revenues of a function or program.It indicates the degree to which a function or program supports itself with its own fees and grants versus its reliance upon funding from taxes and other general revenues.Numbers in parentheses are net expenses,indicating that expenses were greater than program revenues and therefore general revenues were needed to finance that function or program.Numbers without parentheses are net revenues,indicating program revenues were grea[er than expenses. Source:Annual Comprehensive Financial Reports-County of Marin,California (182) COUNTY OF MARIN FUND BALANCES, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (IN THOUSANDS) 20'12-13 2013-14 20'14-'IS 2015-16 20'16-17 2017-18 2018-'19 2019-20 2020-21 2021-22 General Fund: Nonspendable $ 4,719,830 $ 4,137,997 $ 3,647,441 $ 3,443,062 $ 4,051,967 $ 3,969,909 $ 3,352,499 $ 3,316,281 $ 5,190,117 $ 9,404,055 Restricted 'IQ740,177 17,65Q224 27,298,270 18,029,448 4Q820,909 43,535,862 51,721,063 51,732,359 51,127,646 45,691,679 Committed 68,600,588 77,384,472 67,592,806 75,183,409 56,360,224 57,878,603 61,317,296 76,286,758 84,852,423 84,262,564 Assigned 37,094,588 36,77Q748 51,133,913 60,20$192 6$329,554 88,474,268 112,871,252 122,531,794 16$234,723 261,121,639 Unassigned 4,176,408 3,896,463 3,215,908 99,631 1,819,492 3,443,125 12,269,462 10,886,701 1,916,551 14,508,962 Total GeneralFund $ 125,331,591 $ 139,839,904 $ 152,888,338 $ 156,963,742 $ 171,382,146 $ 197,301,767 $ 241,531,572 $ 264,753,893 $ 311,321,460 $ 414,988,899 Other Major Special Revenue Funds: Nonspendable $ 13,276 $ - $ - $ - $ - $ - $ 473,684 Restricted '18,747,903 750,316 1,414,351 15,034,529 17,506,535 72,900,657 82,721,744 Committed - - - - - 5,537,264 5,537,264 Assigned '11,202,104 90,045 1,468,961 2,579,665 5,759,095 23,671,390 41,718,538 Total Miscellaneous SpecialRevenue Fund $ 1$747,903 $ 540,361 $ 2,853,312 $ 17,914,194 $ 23,265,933 $ 102,'109,311 $ 130,451,530 All Other Governmental Funds:' Nonspendable $ 112,376 $ 106,351 $ 108,962 $ 103,310 $ 123,989 $ 20$192 $ 166,225 $ 99,628 $ 140,095 $ 138,018 Restricted 110,612,255 143,013,079 17Q210,321 156,84Q645 127,942,298 137,948,541 143,758,609 158,716,546 115,953,465 128,921,427 Committed 500,000 525,092 2,14Q092 140,092 20,749,601 12,926,522 16,580,125 5,562,356 4,545,092 3,025,092 Assigned 14,130,484 20,726,807 41,446,620 76,760,976 53,497,SS5 100,777,656 101,713,445 107,557,059 106,096,753 114,244,060 Unassi ned 9 TotalAll Other GovernmentalFunds $ 125,355,115 $ 164,371,329 $ 213,905,995 $ 233,845A23 $ 202,313,473 $ 251,852,644 $ 262,509,457 $ 274,935,589 $ 227,031,972 $ 246,167,373 Notes: ' Governmental funds include general fund,special revenue funds,debt service funds,and capital project funds. Source:Annual Comprehensive Financial Reports-County of Marin,California (183) COUNTY OF MARIN CHANGES IN FUND BALANCE, GOVERNMENTAL FUNDS LAST TEN FISCAL YEARS (MODIFIED ACCRUAL BASIS OF ACCOUNTING) (IN THOUSANDS) 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 REVENUES Taxes $ 189,788 $ 223,824 $ 225,919 $ 239,037 $ 271,029 $ 281,467 $ 297,706 $ 311,258 $ 326,121 $ 356,257 Licenses,Fees,and Permits 13,655 15,620 15,139 15,003 14,651 15,085 15,797 15,039 19,060 19,566 Intergovemmental Revenues 182,124 187,312 201,372 18$894 204,487 221,230 239,962 244,709 320,319 359J39 ChargesforServices 56,322 60,471 6Q6S8 63,324 57,296 65,126 67,019 58,734 76,259 74,551 Fines and Forfeits 1'1,505 10,437 12,145 10,222 9,188 10,566 9,812 7,305 10,OS"I 10,541 From Use of Money and Property 2,989 3,315 3,233 3,464 4,445 7,515 15,779 13,354 3,310 (4,434) Miscellaneous 8,908 3,539 7,055 3,640 6,843 7,280 5,751 6,549 7,411 5,256 Total Revenues 465,291 504,518 525,551 523,584 567,939 60$269 651,826 656,948 762,591 821,476 EXPENDITURES Current: General Government 113,846 71,713 69,589 64,062 71,994 7$168 80,507 81,412 94,952 83,890 Public Protection �53,065 162,549 164,831 173,724 181,559 1S9,S84 191,261 202,582 231,806 217,518 Public Ways and Facilities 22,797 34,294 31,922 19,893 14,964 20,069 23,867 22,849 23,963 22,389 Health and Sanitation 9Q784 88,476 88,845 99,774 99,002 109,689 108,890 116,931 138,071 138,286 Public Assistance 63,496 67,607 69,330 77,352 80,470 81,811 81,524 9Q457 107,863 111,199 Education 15,542 14,600 14,762 15,024 15,426 15,001 15,297 15,953 16,599 17,634 Recreation and Cultural Services 16,866 21,899 22,192 27,654 27,540 33,954 32,022 28,313 26,197 27,666 Capital Outlay 18,257 42,901 26,887 23,877 28,615 26,895 27,938 36,770 28,721 24,193 Debt Service: Principal 7,548 5,215 6,361 7,304 7,469 8,823 10,152 10,640 12,013 15,624 Interest 11,103 10,419 10,298 10,481 10,810 10,464 10,035 9,522 8,975 8,514 Bondlssuance Costs TotalExpenditures 513,304 519,973 505,017 519,145 537,849 574,758 581,493 615,729 689,160 666,912 EXCESS OFREVENUE OVER (UNDER)EXPENDITURES (48,013) (15,455) 2Q534 4,439 3Q090 33,511 7Q333 41,219 73,431 154,564 OTHER FINANCING SOURCES(USES) Inception of Capital Lease - - - - - - - - - - Sale of Capital Assets 6 - - - 131 - - - - - Debt Refunding to Escrow Agent - - - (60,483) - - - (535) - - Proceedsfrom Borrowing 124 6,413 1,769 82,721 - - - 1,339 7S 223 Payment Refunded to Escrow Agent - (6,003) - - - - - - - - Transfersln 110,017 100,196 105,469 178,847 144,338 149,993 14$461 157,884 186,034 131,352 Transfers Out (113,713) (96,574) (106,973) (18Q763) (146,092) (151,097) (148,879) (158,909) (189,204) (134,994) Total Other Financing Sources (Uses),Net (3,566) 4,032 265 20,322 (1,623) (1,104) (418) (221) (3,092) (3,419) NET CHANGE IN FUND BALANCES BEFORE EXTRAORDINARY ITEMISPECIAL ITEMS (51,579) (11,423) 20,799 24,761 28,467 32,407 69,915 4Q998 70,339 151,145 EXTRAORDINARY ITEMISPECIAL ITEM RDA Dissolution 21 NET CHANGE IN FUND BALANCES $ (51,558) $ (11,423) $ 20,799 $ 24,761 $ 28,467 $ 32,407 $ 69,915 $ 4Q998 $ 70,339 $ 151,145 Debt Service as a Percentage of Noncapital Expenditures 3.77% 328% 3.48% 3.59% 3.59% 3.52% 3.65% 3.48% 3.18% 3.76% Source:Annual Comprehensive Financial Reports-Counry of Marin,California (184) COUNTY OF MARIN ASSESSED VALUATION OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (IN THOUSANDS) Tota I Taxable Assessed Total Direct Fiscal Year Secured' Unsecured2 Exempt3 Value Tax Rate 2012-13 $56,725,179 $ 1,470,366 $ 1,958,091 $56,237,454 1.00 % 2013-14 58,938,343 1,480,668 2,013,902 58,405,109 1.00 2014-15 62,341,701 1,530,991 2,037,580 61,835,112 1.00 2015-16 66,718,112 1,556,521 2,067,204 66,207,429 1.00 2016-17 70,952,207 1,566,336 2,079,024 70,439,519 1.00 2017-18 74,686,005 1,610,799 2,157,806 74,138,998 1.00 2018-19 78,744,004 1,790,104 2,336,693 78,197,415 1.00 2019-20 82,751,301 2,029,049 2,619,669 82,160,681 1.00 2020-21 86,556,017 2,301,065 2,883,830 85,973,252 1.00 2021-22 90,041,721 2,317,828 2,990,976 89,368,573 1.00 Notes: ' Secured property is generally real property, defined as land, mines, minerals, timber and improvements such as buildings, structures, crops, trees and vines. 2 Unsecured property is generally personal property including machinery, equipment, office tools, and supplies. 3 Exempt properties include numerous full and partial exclusions/exemptions provided by the State Constitution and the legislature that relieve certain taxpayers from the burden of paying property taxes. Source: Department of Finance Property Tax Division -County of Marin, California (185) COUNTY OF MARIN DIRECT AND OVERLAPPING PROPERTY TAX RATES' LAST TEN FISCAL YEARS (RATE PER $100 OF ASSESSED VALUE) Overlapping Rates2 County Local Total Direct Special Direct and Fiscal Year Rate Districts Schools Cities Overlapping2 2012-13 1.0000 % 0.7721 % 0.7884 % 0.2522 % 2.8127 % 2013-14 1.0000 0.7850 0.7775 0.2601 2.8226 2014-15 1.0000 0.8156 0.8000 0.2519 2.8675 2015-16 1.0000 0.8200 0.8114 0.2510 2.8824 2016-17 1.0000 0.9221 0.8506 0.2394 3.0121 2017-18 1.0000 0.9041 0.8381 0.2353 2.9775 2018-19 1.0000 1.1128 0.9108 0.2357 3.2593 2019-20 1.0000 1.0045 0.8414 0.2252 3.0711 2020-21 1.0000 0.9722 0.8291 0.2165 3.0178 2021-22 1.0000 1.0163 0.7552 0.2225 2.9940 Notes: ' On June 6, 1978, California voters approved a constitutional amendment to Article XIIIA of the California Constitution, commonly known as Proposition 13, which limits the taxing power of California public agencies. Legislation enacted by the California Legislature to implement Article XIIIA(Statutes of 1978, Chapter 292, as amended) provides that notwithstanding any other law, local agencies may not levy property tax except to pay debt service on indebtedness approved by voters prior to July 1, 1978 and that each County will levy the maximum tax permitted by Article XIIIA of$1 per$100 of full cash value. Full cash value is equivalent to assessed value, pursuant to Senate Bill 1656, Statutes of 1978. The rates shown above are percentages of assessed valuation. 2 These rates represent the maximum rate charged to taxpayers if all rates applied to them. In reality, the rates applicable to tax rate areas will vary at amounts lower than these totals. Source: Department of Finance Property Tax Division-County of Marin, California (186) COUNTY OF MARIN PRINCIPAL REVENUE TAXPAYERS CURRENT FISCAL YEAR AND TEN YEARS AGO June 30, 2022 Percentage Total of Total Taxpayer Type of Business Taxes''2 County Taxes Pacific Gas and Electric Company Utilities $ 11,754,080 0.93 % Biomarin Pharmaceutical, Inc. Pharmaceutical 4,567,395 0.36 California Corporate Center Acquisit Commercial Rental Property 3,280,444 0.26 MGP XI Northgate LLC Commercial Rental Property 2,877,587 0.23 JCC Cal Properties, LLC Commercial Rental Property 2,806,610 0.22 Skywalker Properties LTD Film and Entertainment 2,703,945 0.21 RP Maximus Cove Owner, LLC Commercial Rental Property 2,126,239 0.17 Corte Madera Village LLC Commercial Rental Property 2,130,313 0.17 KW Hamilton Landing LLC Commercial Rental Property 1,945,589 0.15 PUR San Rafael, LLC Residential Rental Property 1,473,283 0.12 Total $ 35,665,485 2.82 Total Taxes of All Taxpayers $1,262,606,363 June 30, 2013 Percentage of Total Taxpayer Type of Business Total Taxes' County Taxes Pacific Gas and Electric Company Utilities $ 4,409,096 0.57 % JCC Cal Properties, LLC Commercial Rental Property 2,613,971 0.34 Skywalker Properties LTD Film and Entertainment 2,233,295 0.29 Novato FF Property LLC Commercial Rental Property 1,749,734 0.22 Corte Madera Village LLC Commercial Rental Property 1,732,705 0.22 Northgate Mall Assoc Commercial Rental Property 1,617,088 0.21 Hamilton Marin LLC Commercial Rental Property 1,552,973 0.20 RPR Larkspur Owner LLC Residential Rental Property 1,335,455 0.17 770 Tamalpais Dr INC Commercial Rental Property 1,254,248 0.16 Sutter Health Health Care 1,189,946 0.15 Total $ 19,688,511 2.53 Total Taxes of All Taxpayers $ 777,668,203 Notes: ' Taxable assessed secured amounts 2 Taxable secured amounts on APNs assessed over$100,000. Source: Department of Finance Property Tax Division - County of Marin, California (187) COUNTY OF MARIN PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS Fiscal Collected within the Total Cumulative Year Taxes Levied Fiscal Year of the Levy Collections Total Collections to Date Uncollected Taxes Ending for the Percentage in Subsequent Percentage Percentage June 30, Fiscal Year Amount of Levy Years Amount of Levy Amount of Levy 2013 782,812,148 773,795,588 98.85 % 8,418,551 782,214,139 99.92 % 598,009 0.08 % 2014 817,201,889 808,364,147 98.92 7,997,075 816,361,222 99.90 840,667 0.10 2015 858,418,809 850,569,761 99.09 6,877,434 857,447,195 99.89 971,614 0.11 2016 929,551,558 922,760,747 99.27 5,870,140 928,630,887 99.90 920,671 0.10 2017 985,641,306 977,622,873 99.19 5,494,906 983,117,779 99.74 2,523,527 0.26 2018 1,056,156,242 1,049,173,344 99.34 5,353,148 1,054,526,492 99.85 1,629,750 0.15 2019 1,127,245,709 1,108,810,290 98.36 15,350,654 1,124,160,944 99.73 3,084,765 0.27 2020 1,178,925,677 1,166,915,917 98.98 8,144,573 1,175,060,490 99.67 3,865,187 0.33 2021 1,236,943,421 1,222,185,584 98.81 12,665,591 1,234,851,175 99.83 2,092,246 0.17 2022 1,280,329,417 1,270,424,955 99.23 - 1,270,424,955 99.23 9,904,462 0.77 Source: Department of Finance Property Tax Division - County of Marin, California (�ss) COUNTY OF MARIN RATIOS OF TOTAL DEBT OUTSTANDING BY TYPE LAST TEN FISCAL YEARS (DOLLARS IN THOUSANDS, EXCEPT PER CAPITA) Governmental Activities Business-Type Activities Primary Government Limited Total General Pension Asset Obligation Certificates Financed Term Financed Primary Total Percentage Bonded Debt Fiscal Revenue Obligation Backed Improvement of Term Loan Purchase Loan Purchase Government General of Personal Per Per Year Bonds Bonds Bonds Bonds Participation Payable Obligation Subtotal Payable Obligation Subtotal Debt Bonded Debt Income' Capita' Capita� 2012-13 5,860 108,400 45,163 - 71,097 2,766 1,103 237,389 4,212 2,172 6,384 243,773 233,520 0.97 944 904 2013-14 6,163 106,085 48,550 - 68,731 2,780 700 233,009 4,535 2,147 6,682 239,691 229,529 0.93 919 880 2014-15 5,743 103,195 48,902 430 66,308 3,912 354 228,844 4,622 2,051 6,673 235,517 224,578 0.83 902 860 2015-16 5,295 99,675 49,309 416 91,411 3,662 - 249,768 5,084 1,939 7,023 256,791 246,106 0.85 985 944 2016-17 4,835 95,475 49,762 400 89,476 3,206 - 243,154 5,664 1,573 7,237 250,391 239,948 0.77 960 919 2017-18 4,359 9Q530 49,761 384 87,478 3,152 - 235,664 7,262 1,426 8,688 244,352 246,404 0.71 949 903 2018-19 3,867 84,770 49,554 367 85,403 2,718 - 138,555 6,515 1,273 7,785 146,346 138,558 0.40 565 535 2019-20 3,356 78,120 49,736 350 84,045 2,294 - 217,901 5,791 1,116 6,907 224,808 131,562 0.37 538 511 2020-21 2,826 70,500 49,700 310 81,892 1,861 - 207,089 4,079 953 5,032 212,121 123,336 0.30 493 474 2021-22 2,338 61,540 49,654 293 79,562 1,419 - 195,106 3,779 787 4,566 199,672 114,125 unavailable unavailable unavailable Notes: � See the Demographic and Economic Statistics Schedule for personal income and population data used to calculate these ratios.Details regarding the County's outstanding debt can be found in the notes to the financial statements. 2 In accordance with the Redevelopment Agency Dissolution Act,the Marin County Redevelopment Agency(RDA)was dissolved on February 1,2012.Upon dissoWtion,all assets and liabilities of the former RDA were removed from the County's financial statements and transferred to the successor agency,which is not a component unit of the County. Source:Annual Comprehensive Financial Reports-County of Marin,California (189) COUNTY OF MARIN LEGAL DEBT MARGIN INFORMATION JUNE 30, 2022 (IN THOUSANDS) Fiscal Year 2022 1.25 % 3.75 % Debt Limit $ 1,074,666 $ 3,223,997 Total Net Debt Applicable to Limit 181,017 181,017 Legal Debt Margin $ 893,649 $ 3,042,980 Total Net Debt Applicable to the Limit as a Percentage of Debt Limit 16.84°/o 5.61% Legal Debt Margin Calculation Assessed Value $ 88,857,082 $ 88,857,082 Less: Exempt Real Property (2,883,830) (2,883,830) Total Assessed Value $ 85,973,252 $ 85,973,252 CERTIFICATES OF PARTICIPATION Debt Limit (1.25% and 3.75% of Total Assessed Value)' $ 1,074,666 $ 3,223,997 Debt Applicable to Limit: Certificates of Participation 79,562 79,562 Less: Amount Set Aside for Repayment of Outstanding Debt (2,361) (2,361) Total Net Debt Applicable to Limit 77,201 77,201 OTHER BONDED DEBT Debt Applicable to Limit: Revenue Bonds 2,338 2,338 Pension Obligation Bonds 61,840 61,840 Tobacco Settlement Asset-Backed Bonds 49,654 49,654 Limited Obligation Improvement Bond 2014 293 293 Less: Amount Set Aside for Repayment of Outstanding Debt (10,309) (10,309) Total Net Debt Applicable to Limit 103,816 103,816 Legal Debt Margin $ 1,255,683 $ 3,405,014 Notes: ' Using the California Attorney General's Opinion regarding Revenue and Tax Code section 135 and applying that opinion to the California Government Code section 29909, the County of Marin outstanding bonded debt should not exceed 1.25% of total assessed property value. However, for flood control purposes, Marin County's outstanding bonded debt may exceed 1.25% but shall not exceed 3.75% of the total assessed property value. By law, the bonded debt subject to these limitations may be offset by amounts set aside for repaying bonded debt. Details regarding the County's outstanding debt can be found in the notes to the financial statements. Source: Department of Finance-County of Marin, California (190) COUNTY OF MARIN DIRECT AND OVERLAPPING DEBT JUNE 30, 2022 FY 2021-22 Assessed Valuation(including unitary utility valuation) $ 90,459,818,368 Percentage County's Share of Applicable(1) Overlapping Debt OVERLAPPING TAX AND ASSESSMENT DEBT School Districts: Marin Community College Dislrict 100.000% $ 584,795,000 Novato Unified School District 100.000% 228,055,000 Shoreline Joint Unified School District 55.475% '14,481,749 Petaluma Joint Union High School District 0.845% 3'13,706 San Rafael High School District 100.000% 165,382,827 Tamalpais Union High School District 100.000% 84,535,000 Larkspur-Corte Madera School District 100.000% 51,8'17,954 Mill ValleySchool District 100.000% 61,524,025 Reed Union School District 100.000% '17,470,000 Ross Valley School District 100.000% 40,7'14,475 San Rafael School District 100.000% 124,227,855 OtherSchoolDistricts 0.125-100% 107,1'16,162 Cities: Town of Fairfax 100.000% 4,357,100 City of Novato 100.000% 3,257,897 City of San Anselmo 100.000% 2,230,000 City of Sausalito 100.000% '10,023,894 Special Districts: Strawberry Recreation and Park District Zone No.4 100.000% - Marin County Healthcare District 100.000% 365,425,000 Marin Emergency Radio Authority Parcel Tax Obligations 100.000% 28,020,000 Other Special Districts 100.000% - Community Facilities Districts 100.000% 38,034,355 Marin County Limited Obligation Bonds '100.000% 2,630,853 1915 Act Bonds 100.000% 29,392,632 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 1,963,805,490 DIRECT AND OVERLAPPING GENERAL FUND OBLIGATION DEBT Direct General Fund Obligation Debt: Marin County General Fund Obligations 100.000% $ 78,228,909 (2) Marin County Pension Obligation Bonds 100.000% 61,840,000 Marin County Tobacco Settlement Asset Backed Bonds '100.000% 49,653,790 (3) Marin County Loan Obligations 100.000% 1,419,147 Marin County Service Area#14 Homestead Obligations 100.000% 1,332,932 School Districts: Marin Community College District General Fund Obligations 100.000% 11,913,179 San Rafael School District General Fund Obligations 100.000% 2,825,000 Sausalito School District Certificates of Participation 100.000% - Petaluma Joint Union High School District Certificates of Participation 0.857% - Cities and Towns: Town of Corte Madera General Fund Obligations 100.000% 32,575,000 City of Novato Certificates of Participation and Pension Obligations 100.000% 12,686,066 City of San Rafael General Fund and Pension Obligations 100.000% 47,870,000 Other Cities and Towns General Fund and Pension Obligations 100.000% 69,57S,48S Special Districts: Fire Protection District Certificates of Participation 100.000% 1,346,983 Other Special District General Fund Obligations 100.000% 2,225,000 Total Gross Direct and Overlapping General Fund Obliga[ion Debt $ 373,497,494 Less:City of San Rafael obligations supported by enterprise revenues 4,025,000 Total Net Direct and Overlapping General Fund Debt $ 369,472,494 OVERLAPPING TAX INCREMENT DEBT(Successor Agencies) 100.000% $ 35,487,822 TOTAL DIRECT DEBT $ '195,105,631 TOTAL GROSS OVERLAPPING DEBT $ 2,177,685,175 TOTAL NET OVERLAPPING DEBT $ 2,173,660,175 COMBINED TOTAL DEBT $ 2,372,790,806 (4) COMBINED TOTAL DEBT 2,368,765,806 Notes: (1) The percentage of overlapping debt applicable to the counry is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping districYs assessed value that is within the boundaries of the counry divided by the districPs total taxable assessed value. (2) Includes Unamortized Premium($2,064,945). (3) Bonds payable from tobacco settlement proceeds. (4) Excludes tax and revenue anticipation notes,enterprise revenue,mortgage revenue and overlapping entities'non-bonded capital lease obligations. Qualified Zone Academy Bonds are included based on principal due at maturi[y. Ratio to 2020-21 Assessed Valuation: Total Overlapping Tax and Assessment Debt.................... 2.'17% Total Direct Debt($195,105,63'I)............................ 0.22% Gross Combined Total Debt................................. 2.62% Net Combined Total Debt.................................. 2.62% Ratios to Redeveloqment Incremental Valuation($4.671.579.882): Total Overlapping Taz Increment Debt...................... 0.76% Marin County General Fund Obligations $ 78.228.909 Marin County population 260,206 Marin County General Fund Obligations per capita $ 301 Source:California Municipal Stalistics,Inc. (191) COUNTY OF MARIN DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS Fiscal Year Per Capita School Unemployment Ending June 30, Population' Personal Income' Personal Income' Enrollmentz Rate3 2013 258,365 $ 25,093,401,000 $ 97,124 32,793 5.40 % 2014 260,750 25,716,754,000 98,626 33,207 4.20 2015 261,221 28,492,821,000 109,076 33,638 3.50 2016 260,651 30,222,883,000 115,952 33,633 3.50 2017 260,955 32,502,500,000 124,552 33,741 2.20 2018 259,666 34,866,708,000 134,275 33,441 2.30 2019 258,826 36,684,680,000 141,735 33,516 2.00 2020 257,332 37,461,199,000 145,575 31,939 5.40 2021 260,206 42,704,366,000 164,118 30,811 4.70 2022 unavailable unavailable unavailable unavailable 2.20 Sources: ' US Department of Commerce, Bureau of Economic Analysis -www.bea.gov 2 California Department of Education, Educational Demographics Office-www.ed-data.org/county/Marin 3 Employment Development Department, Labor Market Information -www.labormarketinfo.edd.ca.gov (192) COUNTY OF MARIN PRINCIPAL EMPLOYERS MOST RECENT YEAR AND NINE YEARS AGO 2022 2013 Percentage Percentage of Total County of Total County Employer Employees Employment Employer Employees Employment County of Marin 2,436 1.92 % County of Marin 2,037 1.51 % Kaiser Permanente 2,339 1.84 Kaiser Permanente Medical Center 1,756 1.30 BioMarin Pharmaceutical 1,868 1.47 San Quentin State Prison 1,690 1.25 San Quentin Prison 1,547 1.22 Marin General Hospital 1,300 0.96 Glassdoor Inc 1,452 1.15 Autodesk, Inc. 1,000 0.74 San Rafael City Schools 1,145 0.90 BioMarin Pharmaceutical 850 0.63 Marin General Hospital 1,081 0.85 Novato Unified School District 805 0.60 Novato Unified School District 800 0.63 Fireman's Fund Insurance Co. 750 0.55 Marin Community Clinics 576 0.45 Lucasfilm Ltd. 400 0.30 Marin County Office of Education 449 0.35 Macy's 380 0.28 Total 13,693 10.80 10,968 8.11 Total County Employment 126,800 Total County Employment 135,200 Sources: Community Profile, County of Marin Employment Development Department, Labor Market Information -www.Labormarketinfo.edd.ca.gov (193) COUNTY OF MARIN FULL-TIME EQUIVALENT COUNTY GOVERNMENT EMPLOYEES BY FUNCTION LAST TEN FISCAL YEARS Function/Program 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 General Government 354.58 360.20 372.08 374.08 372.25 369.75 361.00 366.00 361.75 372.95 Public Protection 666.91 663.03 670.53 673.78 678.07 680.07 685.00 695.45 683.60 687.90 Public Ways and Facilities 307.93 312.53 318.03 324.53 333.53 338.53 337.53 347.53 343.53 352.53 Health and Sanitation 340.22 360.58 379.67 379.67 414.97 426.07 434.50 441.71 457.25 483.68 Public Assistance 226.81 240.39 253.11 253.11 276.65 284.05 289.67 294.47 304.83 322.45 Education 100.11 98.95 104.74 104.75 106.25 104.41 104.31 109.73 112.44 112.94 Recreation and Cultural Services 87.80 93.92 95.75 95.75 101.05 102.05 104.50 103.50 102.50 103.30 Total Full-Time Equivalent Employees 2,084.36 2,129.60 2,193.91 2,205.67 2,282.77 2,304.93 2,316.51 2,358.39 2,365.90 2,435.75 Source: Department of Finance-County of Marin,California (194) COUNTY OF MARIN OPERATING INDICATORS BY FUNCTION LAST TEN FISCAL YEARS Fiscal Year 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Public Protection Sheriff Jail Bookings 7,619 7,511 7,144 6,994 6,640 7,340 7,572 5,805 4,704 5,796 Jail Average Daily Population 289 287 266 293 324 321 301 241 181 217 Average Daily Dispatch Calls 83 82 84 113 181 170 176 150 194 212 Number of Major Crimes Task Force Cases Assigned 98 126 126 200 186 269 225 174 n/a n/a Number of Physical Arrests 7,619 7,511 7,039 1,807 1,769 1,043 1,085 897 1,128 1,120 Number of Parking Violations 3,506 5,125 3,610 5,570 5,286 795 4,664 7,189 3,478 1,853 Number of Fire or Emergency Medical Calls Received 24,796 24,903 26,234 28,442 31,949 31,600 29,984 28,133 27,219 35,203 District Attornev Number of Felony Referrals 2,600 2,579 2,141 1,981 1,835 1,867 2,077 1,865 1,785 1,871 Number of Misdemeanor Referrals 5,412 5,404 5,726 5,855 5,411 5,661 5,549 5,056 4,636 4,774 Number of Felony Cases Filed 843 909 783 702 648 544 604 543 586 574 NumberofMisdemeanorCasesFiled 3,113 3,120 3,220 3,187 2,882 3,031 3,304 2,746 2,123 2,378 DUI's Cases Referred 1,320 1,347 1,383 1,235 1,072 1,220 1,366 1,021 867 989 DUI's Cases Filed 1,228 1,275 1,258 1,147 996 1,118 1,257 994 809 920 Domestic Violence Cases Referred 813 838 788 795 761 699 683 721 674 740 Domestic Violence Cases Filed 272 297 277 339 272 332 286 293 263 286 Probation Probation Investigations and Reports 486 542 505 685 567 880 554 1,039 1,201 871 Juvenile Hall Average Daily Population 12 9 14 15 12 12 14 12 6 6 NumberofAdult Probation Cases Supervised 2,024 2,289 1,955 1,908 1,729 1,679 1,669 722 1,525 1,357 Environmental Health Food Facility Operating Permits Issued 1,545 1,545 1,519 1,544 1,367 1,542 1,413 1,481 1,516 1,505 Housing and Institution Operating Permits Issued 679 679 682 691 684 694 686 698 704 705 Recreational Health Operating Permits Issued 548 578 551 547 379 380 375 375 375 372 Liquid Waste Operating Permits Issued 318 318 351 371 383 405 413 443 464 474 Health and Sanitation Youth and Familv Services Number of Children Assessed who Need Treatment 187 272 261 80 83 93 n/a 110 98 90 Total Days in Residential Treatment 3,961 3,359 n/a n/a 1,463 n/a n/a n/a n/a n/a (195) COUNTY OF MARIN OPERATING INDICATORS BY FUNCTION (CONTINUED) LAST TEN FISCAL YEARS Fiscal Year 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Mental Health Total Number of Medi-Cal beneficiaries 23,261 25,855 41,436 2,442 43,369 2,324 44,701 4Q133 47,415 51,704 Number of Children and Adolescents Admitted to Psychiatric Emergency Services 153 135 136 127 172 173 177 141 131 114 Number of Adults Admitted to Psychiatric Emergency Services 865 982 1,120 825 885 901 906 816 841 602 Public Ways and Facilities Roads Street Resurfacing(Square Miles) 48 68.0 25 12 4.0 10 8 11 10 52 Potholes Repaired 1,800 1,800 1,800 1,800 2,200 1,869 2,764 1,800 1,800 1,300 Public Assistance Social Services Number of New Applications Received for Food Stamps 6,814 6,446 6,086 5,892 5,626 5,489 6,290 7,762 6,246 7,834 Percent of New Food Stamp Applications Approved 1 58% 61°/ 64°/ 68% 64°/ 57°/ 65% 64% 55°/ Number of New Applications Received for Medi-Cal 9,371 17,141 12,119 9,420 9,567 8,904 8,988 10,252 8,711 7,554 Percent of New Medi-Cal Applications Approved 1 62% 59% 63% 95% 61%o 62% 61% 54%o 56% Number of Children Served by Child Welfare Services 142 157 247 197 2,217 1,656 1,351 372 343 183 Number of Adoptive Parents Served in Adoption Assistant Program Families 227 223 183 166 164 133 182 156 196 135 Education Library Number of Virtual Visits 414,820 412,733 393,695 359,014 827,896 483,312 507,877 385,698 482,584 626,503 Number of Community Outreach Activities 897 256 325 458 n/a n/a n/a n/a n/a n/a Number of Community Partnerships 93 149 159 193 n/a n/a n/a n/a n/a n/a Numberof Items Circulated 2,197,422 2,335,607 1,986,529 1,863,463 1,717,322 1,721,068 1,110,733 86Q478 407,430 1,166,919 Numberof Visits to all Branch Libraries 1,046,825 961,943 1,045,756 1,092,871 1,100,000 1,134,503 1,058,739 921,126 5Q368 468,716 Recreation and Cultural Services Parks Number of Park Passes Issued 348 348 325 637 725 481 495 452 590 634 Transit District Buses Total Number of Passengers 3,410,383 3,546,112 3,424,628 3,332,265 3,216,894 3,293,385 3,263,451 2,643,771 1,485,512 2,427,606 Service Hours 194,563 204,500 213,218 216,640 234,489 243,825 251,182 259,666 215,000 218,000 Total Number of Routes 25 30 30 31 28 28 28 29 25 26 Source:Various Marin County departments (196) COUNTY OF MARIN CAPITAL ASSET STATISTICS BY FUNCTION LAST TEN FISCAL YEARS Fiscal Year 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Function Public Protection: Sheriff: Stations(Headquarters and Substations) 4 4 4 5 5 4 4 4 4 4 Patrol Units 31 31 31 31 33 31 33 31 31 31 Marine Crafts 2 2 2 2 2 2 2 2 2 2 Fire Stations: Stations 6 6 6 6 6 6 6 6 6 6 Lookouts 2 2 2 2 2 2 2 2 2 2 Type 1 Fire Engines 7 7 7 7 6 7 8 7 7 7 Type 3 Fire Engines 11 11 11 11 11 11 11 12 12 12 Type 4 Fire Engines 1 1 2 2 - - - - - - Type 6 Fire Engines - - - - 2 2 2 2 2 2 Ambulances 5 5 5 4 4 4 4 4 4 4 Graders 1 1 1 1 1 1 1 1 1 1 Dozers 1 1 1 1 1 1 1 1 1 1 Water Tenders 3 3 3 3 3 3 3 3 3 3 US&R Support Vehicles 1 1 1 2 2 2 2 2 2 2 Heavy Rescue Vehicles 2 2 2 4 4 4 4 4 4 4 Transport 1 1 1 1 1 1 1 1 1 1 Lowboy - - - - 1 1 1 1 1 1 Crew Carrier 1 1 1 1 1 1 2 3 3 4 Utilities/Support Vehicles 23 23 23 23 24 24 31 24 24 24 Water Rescue Trailer - - - - 1 1 1 1 1 1 Water Rescue Jet Ski - - - - 6 6 6 6 6 6 ATV/UTV 3 3 3 3 3 3 1 3 3 2/3 Corrections: Capacity of All Correctional Facilities 376 376 376 376 376 376 376 376 376 376 (197) COUNTY OF MARIN CAPITAL ASSET STATISTICS BY FUNCTION (CONTINUED) LAST TEN FISCAL YEARS Fiscal Year 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 Public Ways and Facilities: Roads: Streets(Miles) 420 420 420 419 419 422 422 422 422 422 Bridges 56 56 56 56 56 56 56 56 56 56 Street Light 2,025 2,025 2,025 1,724 1,724 2,062 2,064 1,949 2,030 2,030 Traffic Signals 13 13 13 15 15 15 15 13 14 15 Education: Library: Number of Library Branches 11 11 11 10 10 10 10 10 10 10 Recreation and Cultural Services: Parks and Open Space: Number of Open Space Acres Maintained 15,109 15,113 15,159 15,171 15,262 15,262 15,422 15,559 15,559 15,559 Number of Parks Acres Maintained 934 942 942 458 2,100 2,100 2,106 2,133 2,133 2,133 Transit District: Buses: Total Number of Buses 58 64 66 90 113 105 109 122 114 112 Source:Various Marin County departments (198) � G loba l CLA(CliftonLarsonAllen LLP)is a network member of CLA GlobaL See CLAgIobaLcom/disclaimer. � Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC,an INDEPENDENT SEC-registered investment advisor. 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