Report: Employee pension debt aside, San Ramon is financially sound
SAN RAMON — Even though rising employee pension costs are expected to remain a spectre over this city as they are in many others, a new report says there are plenty of other reasons San Ramon should remain financially strong over the next several years.
This information comes from the city’s “Comprehensive Annual Financial Report” for the July 2016-to-June 2017 period. The report, compiled by the Pleasant Hill-based accounting firm Maze and Associates, was discussed by the City Council on Jan. 9.
The city’s Comprehensive Annual Financial Report for July 2016 to June 2017 says San Ramon has had good economic numbers, and suggests the city is positioned for them to get better. The city has a relatively high median household income level of $151,327, more than twice the state’s average of about $68,000; revenues from property taxes, property transfer taxes, transient occupancy taxes, franchise fees, and licenses and permits are all headed up; and median home values went up 4.1 percent during the 2016-17 fiscal year.
Even with $8.9 million more in pension liabilities during the than during the previous fiscal year, the city’s overall long-term liabilities, at $25.7 million during that 12-month period, went down by $2.1 million from the previous fiscal year, the report says, a reflection of the city paying off the debt faster than accumulating new debt. Also, the available general fund ending balance of $9.9 million turned out to be $2 million higher than estimated in the final city budget.
Total city revenues from July 2016 through June 2017 were $114.3 million, up from about $102 million the previous 12-month period (12 percent gain), according to the Maze and Associates report. Also, it reports the city’s overall expenses of about $96.5 million in 2016-17, up 5.3 percent from the previous year’s $91.67 million. That means the revenue increase …read more
Source:: The Mercury News – Business