Transmitting a communication from City Manager, Yi-An Huang, regarding the City’s FY 2025 Annual Comprehensive Financial Report.

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CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report Fiscal Year July 1, 2024 through June 30, 2025 Yi-An Huang City Manager Claire Spinner Assistant City Manager for Fiscal Affairs Michele Kincaid Assistant Finance Director Joseph McCann City Auditor Prepared by: Finance Department City of Cambridge, Massachusetts

Cover Photo: An overhead view of the Fresh Pond Golf Course, officially the Thomas P. O’Neill, Jr. Municipal Golf Course, a challenging 9-hole course located in West Cambridge. (Photo credit: Kyle Klein / City of Cambridge)

CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report June 30, 2025 Table of Contents Page(s) Introductory Section (unaudited) Letters of Transmittal i–viii Directory of Officials ix Organizational Chart x Certificate of Achievement xi Financial Section Independent Auditors’ Report 1–3 Management’s Discussion and Analysis – Required Supplementary Information (Unaudited) 4–14 Basic Financial Statements: Statement of Net Position 15 Statement of Activities 16 Balance Sheet – Governmental Funds 17 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 18 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities 20 Statement of Net Position – Proprietary Fund 21 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund 22 Statement of Cash Flows – Proprietary Fund 23 Statement of Fiduciary Net Position 24 Statement of Changes in Fiduciary Net Position 25 Discretely Presented Component Units Statement of Net Position 26

CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report June 30, 2025 Table of Contents Page(s) Discretely Presented Component Units Statement of Revenue, Expenses and Changes in Net Position 27 Notes to Basic Financial Statements 28–72 Required Supplementary Information (Unaudited): Schedule of Employer Contributions – OPEB 73 Schedule of Changes in the City’s Net OPEB Liability and Related Ratios 74 Notes to Schedule of Changes in the City's Net OPEB Liability and Related Ratios 75 Schedule of Investment Returns – City of Cambridge OPEB Trust 76 Schedule of Pension Contributions – City of Cambridge 77 Schedule of City’s Proportionate Share of the Net Pension Liability 78 Schedule of Revenues and Expenditures – Budgetary Basis – General Fund – Budget and Actual 79 Notes to Required Supplementary Information – Schedule of Revenues and Expenditures 80 Supplemental Statements and Schedules: Schedule of Expenditures – Budgetary Basis – General Fund 81–86 Other Governmental Funds 88 Combining Financial Statements: Combining Balance Sheet – Other Governmental Funds 89 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances – Other Governmental Funds 90 Fiduciary Funds 91 Combining Statement of Net Position – Fiduciary Funds 92 Combining Statement of Changes in Net Position – Fiduciary Funds 93

CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report June 30, 2025 Table of Contents Page(s) Other Schedules 94 Schedule of Gross Real Estate, Personal Property, and Motor Vehicle Excise Taxes 95–97 Schedule of Bonds and Notes Payable 98–99 Statistical Section (unaudited) General Government Expenditures by Function – GAAP Basis 101 General Government Revenues by Source – GAAP Basis 102 Net Position by Component 103 Changes in Net Position by Component 104–105 Fund Balances, Governmental Funds 106 Changes in Fund Balances, Governmental Funds 107 Assessed Value and Actual Value of Taxable Property 108 Property and Motor Vehicle Tax Rates 109 Largest Principal Taxpayers 110 Property Tax Levies and Collections 111 Ratios of Outstanding Debt by Type 112 Ratios of General Bonded Debt Outstanding 113 Direct and Overlapping Governmental Activities Debt 114 Legal Debt Margin Information 115 Demographic and Economic Statistics 116

CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report June 30, 2025 Table of Contents Page(s) Principal Employers 117 Full-Time Equivalent Positions by Function/Program 118 Operating Indicators by Function/Program 119–120 Capital Asset Statistics by Function/Program 121 Annual Comprehensive Financial Report 122

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Auditing Department Joseph McCann City Auditor 795 Massachusetts Avenue Cambridge, MA 02139 [phone removed] Phone [phone removed] Fax i City of Cambridge Office of the City Auditor January 30, 2026 Mr. Yi-An Huang City Manager City of Cambridge Cambridge, Massachusetts 02139 Dear Mr. Huang: The Annual Comprehensive Financial Report (ACFR) of the City of Cambridge, Massachusetts (the City), for the fiscal year ended June 30, 2025 is presented for your review. The report was prepared by the City’s Finance Department. The responsibility for the accuracy, completeness, and fairness of the data presented, including all disclosures, rests with the City. We believe that the data presented is accurate in all material respects; that it is presented in a manner designed to show fairly the financial position and results of operations of the City as measured by the financial activities of its various funds; and that all disclosures deemed necessary to enable the reader to gain the maximum understanding of the City’s financial activity have been included. The financial information in this report is presented in conformity with accounting principles generally accepted in the United States of America as applicable to governmental entities and conforms to accounting standards as promulgated by the Governmental Accounting Standards Board (GASB). Accounting System and Budgetary Control Basis of Accounting The accounting records of the City’s general government operations, as reported in the general fund, capital projects fund, affordable housing trust fund, city grants fund and other governmental funds are maintained on a modified accrual basis at the fund level. Accordingly, revenues are recorded when measurable and available and expenditures are recorded when the services or goods are received, and the liabilities are incurred and payable with expendable available resources. The accrual basis of accounting is followed when reporting on a government-wide basis as shown on pages 15 and 16. In developing and maintaining the City’s accounting system, consideration is given to the adequacy of internal accounting control. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss from unauthorized use or disposition; and (2) the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the evaluation of costs and benefits requires estimates and judgments by management.

795 Massachusetts Avenue Cambridge, MA 02139 [phone removed] Phone [phone removed] Fax ii All internal control evaluations occur within the above framework. It is our belief that the City’s internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. Budgetary Control As a part of its internal control structure, the City maintains budgetary controls. The objective of these controls is to ensure compliance with the legally mandated budget adopted by the City Council. Activities of the General Fund are included in the annual budget. Budgetary control defines the level at which expenditures cannot legally exceed the appropriated amount. For the General Fund, this control is at the department level. Budgetary controls reside within the City’s financial system and are monitored by the Office of Budget Management and the Auditing Department to ensure compliance. The City uses encumbrance accounting in its governmental funds as a method of recording commitments under purchase orders and contracts. Encumbrance accounting, under which purchase orders, contracts, and other commitments for expenditure of funds are recorded as expenditures to reserve that portion of the applicable appropriation, is employed in the governmental fund types as a significant aspect of budgetary control. Collateralized Deposits The City of Cambridge requires collateral for the majority of its certificates of deposit, money market accounts, checking, or savings accounts when dealing with major banking institutions in the Boston area. The Reporting Entity The basic financial statements present information on the City of Cambridge, Massachusetts (the primary government) and its component units as required by GASB. Component units are included in the City’s reporting entity because of the significance of their operational or financial relationships with the City. The inclusion of component units in the City’s basic financial statements does not affect their legal standing. The City has three component units, which are the Cambridge Retirement System, the Cambridge Health Alliance and the Cambridge Redevelopment Authority. The financial statements of the Cambridge Retirement System are presented for the year ended December 31, 2024, which is its fiscal period for reporting to the Public Employee Retirement Administration Commission of the Commonwealth of Massachusetts. Acknowledgments The City continues to show a strong financial position through responsible management of financial operations and through improved accounting and financial reporting practices. The sound financial decisions continued during the past fiscal year and will benefit the City in the years to come.

795 Massachusetts Avenue Cambridge, MA 02139 [phone removed] Phone [phone removed] Fax iii In closing, we would like to thank all employees of the City’s Finance Department for their dedicated work and support during the past fiscal year. Respectfully submitted, Claire Spinner Joseph McCann Assistant City Manager City Auditor for Fiscal Affairs

iv January 30, 2026 The Honorable Mayor, the City Council, and the residents and taxpayers of Cambridge: We are pleased to submit to you the Annual Comprehensive Financial Report (ACFR) of the City of Cambridge (City) for the year ending June 30, 2025. This report was prepared by the City’s Finance Department and is presented in accordance with U.S. generally accepted accounting principles (GAAP), as established by the Governmental Accounting Standards Board (GASB) and meets the requirements of the Commonwealth of Massachusetts finance laws and the City Charter. Responsibility for the accuracy, completeness, and reliability of the information contained in this report, rests with management. The City is also responsible for establishing and maintaining an internal control structure designed to provide reasonable, rather than absolute, assurance that the financial statements are free of any material misstatements. The concept of reasonable assurance recognizes that the cost of internal control should not exceed its anticipated benefits. The accounting firm KPMG LLP has issued unmodified opinions on the City’s financial statements for the year ended June 30, 2025. The independent auditors’ report is located at the front of the financial section of this report. The City also undergoes an annual audit of its federal grant funds as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). KPMG LLP issues a separate report on the City’s internal control system and compliance with applicable laws and regulations that meet the requirements of the Uniform Guidance. Management’s discussion and analysis (MD&A) follows the independent auditors’ report and provides a narrative introduction, overview, and analysis of the basic financial statements. This transmittal letter is intended to compliment the MD&A and should be read in conjunction with it. Profile of the Government The City of Cambridge is located in southeast Middlesex County across the Charles River from the City of Boston and occupies a land area of 6.43 square miles. Cambridge is bordered by the Towns of Watertown and Belmont on the west and by the Town of Arlington and the City of Somerville on the north. The 2020 U.S. Census reported 118,403 residents in Cambridge, which is an increase from the 105,162 reported in the 2010 Census. Originally inhabited by the Algonquin Native American tribe, which had largely vacated the area years earlier, the region which now includes Cambridge was settled by Europeans from the Massachusetts Bay Company in

v 1630. Cambridge was founded as Newtowne in 1630 and served as the capital of Massachusetts Bay Colony until 1634. The name was changed to Cambridge in 1638, and it became a city in 1846. Since 1942, the City has had a council-manager form of government with nine City Councilors elected at-large every two years. The City Council elects a Mayor and Vice Mayor from among its members. The City Manager is the Chief Administrative Officer and carries out the policies of the City Council. With the assistance of a Deputy City Manager and three Assistant City Managers, the City Manager coordinates the functions of 36 municipal departments and is responsible for the delivery of services to residents. The City Manager is appointed by the City Council and serves at the pleasure of the Council. The present City Manager is employed under a contract which expires September 5, 2029. The School Committee is comprised of six elected members plus the Mayor, all of whom are elected for two-year terms. The School Superintendent is responsible for the day-to-day activities of the School Department and serves at the pleasure of the School Committee. The Superintendent was appointed by the School Committee on October 2025, effective through June 30, 2029. The City provides a wide range of services including police and fire protection; education; refuse collection, snow and leaf removal, traffic control; building inspections; licenses and permits; vital statistics; construction and maintenance of streets and other infrastructure; water distribution; recreational and cultural activities; library services; community development; and other human service programs. The accounting records of the City’s general government operations, as reported in the general fund, capital projects fund, affordable housing trust fund, city grants fund and other governmental funds are maintained on a modified accrual basis at the fund level. Accordingly, revenues are recorded when measurable and available and expenditures are recorded when the services or goods are received, and liabilities are incurred and payable with expendable available resources. The accrual basis of accounting is followed when reporting on a government-wide basis. The basic financial statements present information on the City and its component units as required by GASB. Component units are included in the City’s reporting entity because of the significance of their operational or financial relationships with the City. The inclusion of component units in the City’s basic financial statements does not affect their legal standing. The City has three component units, the Cambridge Retirement System, the Cambridge Health Alliance, and the Cambridge Redevelopment Authority. The budget cycle for FY25 was initiated in December 2023. At that time, budget staff met with the City Manager and Finance Director to update the City’s 5-year financial projections in order to establish general budgetary guidelines and limitations for the coming year. By state law, the budget must be submitted to the City Council within 170 days after the Council organizes in early January. The City Manager submitted the FY25 Budget to the City Council on April 29, 2024 and it was adopted on June 3, 2024. The Annual Budget for FY25 became effective July 1, 2024. Demographic Summary • Cambridge is a city of 13 neighborhoods. Most neighborhoods have their own political and community organizations. Residents often participate vocally in City debates. • Cambridge is ethnically diverse. 55% of residents are White Non-Hispanic. Minority residents are highly diverse, with no single race, language group, country of origin, or ethnic identity dominant. (Source: 2019-2023 ACS) • 29% of residents are foreign born. Of those, over 47% were born in Asia and 21% were born in Europe. (Source: 2019-2023 ACS) • 34% of residents speak a language other than English at home. Of these, 19% speak Spanish and 34% speak an Asian language, about half of whom speak Chinese. The remainder uses a wide variety of languages. (Source: 2019-2023 ACS)

vi • While the majority of new units are currently marketed as rentals, the 2019-2023 ACS found 34% of occupied housing units to be owner-occupied, and 66% to be renter-occupied. • The Census recorded 49,475 households. Of these, 37% are single person households, one of the largest proportions in Massachusetts; 40% are family households; and 23% consist of roommates or unmarried partners. (Source: 2019-2023 ACS) • 19,680 families reside in Cambridge; 8,116 are families with minor children. (Source: 2019-2023 ACS) • 80% of residents, age 25 or older, have a four-year college degree and 50% also have a graduate degree. Only 4% of residents age 25 or older lack a high school diploma. (Source: 2019-2023 ACS) Local Economy Cambridge is widely known as the University City. Harvard, America’s oldest university was established here in 1636, six years after the City itself was founded in 1630. It is also home to Lesley University, and the Massachusetts Institute of Technology. Yet Cambridge is more than a university city. It features high-tech workers and professionals, political activists, street musicians and immigrants from around the world. • The City’s per capita personal income of $100,534 (Bureau of Economic Analysis, 2024) is identical to the Boston metro area average and higher than the Massachusetts, and U.S. averages. • According to the Massachusetts Department of Labor, 2024 employment averaged 151,278 jobs, with private sector employment comprising 95.2% of total jobs. • Cambridge’s February 2025 unadjusted unemployment rate of 3.6%, is an increase from the prior year. The rate remains lower than those of the Boston Primary Metropolitan Statistical Area, Massachusetts, and United States. (Source: MA Dept of Economic Research, 2025) • Cambridge continues to maintain a high job to resident ratio, with 1.3 jobs for each resident. • Professional and business services lead the way among employment sectors, followed by education and health services. • Led by Harvard University and MIT, the higher education sector continues to drive the job market, employing nearly 23,000 people. Preeminent research institutions like Harvard, MIT, the Broad Institute, and the Whitehead Institute act as a magnet for commercial investment in the city and drive innovation. • Many of the largest biotechnology and pharmaceutical sector have their headquarters or major regional or national offices here in Cambridge including Takeda/Millennium Pharmaceuticals, Sanofi Aventis, Novartis, Alnylam, Pfizer and Biogen. • The High-tech sector within the top 25 employers includes Google, HubSpot, Phillips North America Akamai Technologies and CarGurus. The City retained the rare distinction of being one of 22 municipalities in the United States with three AAA ratings from the nation’s three major credit rating agencies. The City has received AAA ratings from Moody’s Investors Service, Standard & Poor’s and Fitch Ratings every year since 1999. Financial Planning and Major Initiatives The City continues its practice of responsible management of financial operations and through improved accounting and financial reporting. The sound financial decisions continued during the past fiscal year and will benefit the City in years to come. For FY25, the City’s free cash was certified at $184.3 million. This is a decrease of $48.9 million from the previous year. Notable uses of Free Cash in FY25 included: Improvements to Neville Place, Federal Grant Stabilization Fund; Debt Stabilization Fund; and Department of Public Works-Operation and Street Repairs.

vii The City ended FY25 with a total general fund balance of $366.8 million, which includes an 0.30% increase of general fund revenues, and is a 5.3% decrease of fund balance as compared to FY24. Each year, a portion of the fund balance is allocated to committed and assigned accounts. A total of $166.0 million was held as committed, assigned or nonspendable in FY25, leaving an unassigned fund balance of $200.8 million. The property tax levy for FY25 increased by 9.21%. The ten-year average increase in the property tax levy is 6.31%. The FY25 Budget adopted by the City Council in June 2024 projected a property tax levy increase of $53.4 million, or 9.3%, to $628.3 million in order to fund operating and capital expenditures. The FY25 adopted operating budget increased by 8.1% as compared to FY24. In FY25, real estate property assessed valuations totaled $76.2 billion, a $.4 billion or .5% increase from FY24. The City’s property tax levy limit grew by $43.5 million to $817.5 million. The excess tax levy capacity, which is the difference between the levy limit and the tax levy was $189.1 million in FY25, a decrease of $9.4 million or 4.8% from FY24. The local portion of Community Preservation Act (CPA) funds are raised through a 3% surcharge on taxes. The total amount appropriated in FY25 was $21.3 million ($14.7 million local, $3.0 million State, and $3.6 million fund balance & reserves) and the City continued to allocate funds as follows: 80% to affordable housing, 10% to historic preservation, and 10% to open space. Through FY25, the City has appropriated $301.7 million in CPA funds with approximately $69.7 million in State matching funds. In conjunction with the operating budget, the City annually prepares both a capital budget for the upcoming fiscal year and a five-year improvement plan that is used as a guide for capital expenditures in future years. The Capital Improvement Program (CIP) for the five-year period from FY25-FY29, which was adopted by the City Council in June 2024, has an estimated cost of $726.1 million. The City issues a majority of its debt with a ten-year or shorter repayment schedule, which requires higher debt service payments in the short-term but results in a sizable interest savings. In addition, the CIP funds a portion of the program on a “pay-as-you-go” basis out of current revenues. The City’s outstanding bonded debt as of June 30, 2025 totaled $694.3 million. Relevant Financial Policies One of the primary reasons that the City is held in high regard by the financial community is its development and implementation of a long-term financial plan. This plan is reviewed on an annual basis in conjunction with the City’s bond sale and credit rating application process. The budget for the current fiscal year is used as the base year upon which future year projections are built. All expenditures, revenues, and property valuations are reviewed to ensure that the timeliest information is available to be used for future year projections. The budget for the current year is also compared to the projections for that year from previous five-year plans to determine the accuracy of the projections. If modifications to the projection process are needed to ensure more accuracy, the City’s financial staff will make changes accordingly. After careful review, this plan is submitted to the rating agencies prior to their review of the City’s financial condition. This plan serves as a basis upon which important decisions concerning the City’s financial future are made. Awards and Acknowledgements The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its ACFR for the fiscal year ended June 30, 2024. This was the 39th consecutive year that the City has achieved this prestigious award. In order to be awarded the Certificate of Achievement, the City had to publish an easily readable and efficiently organized ACFR that satisfied both GAAP and applicable program requirements. A Certificate of Achievement is valid for a period of one year. We believe our current ACFR continues to meet the GFOA Certificate of Achievement program’s requirements, and we are submitting it to the GFOA for consideration for this year’s award.

viii The City also received the GFOA’s Distinguished Budget Presentation Award for its annual budget document for the fiscal year beginning July 1, 2024. The budget document was judged proficient as a policy document, financial plan, an operations guide, and a communications driver. This report could not have been prepared without the skill, effort, and dedication of the staff of the Finance Department. We wish to express our appreciation to those who contributed to the preparation of this report. We would also like to thank the City Council for their concern and support in planning and constructing the financial operations of the City in a responsible and progressive manner. Additionally, I would like to acknowledge all City employees who provide the wide array of high-quality services to the citizens of Cambridge and contributed to the accomplishments highlighted above. Very truly yours, Yi-An Huang City Manager

ix Fiscal Year 2025 Directory of Officials City Council E. Denise Simmons, Mayor Marc C. McGovern, Vice Mayor Sumbul Siddiqui Burhan Azeem Jivan Sobrinho-Wheeler Patricia M. Nolan Paul F. Toner Catherine Zusy Ayesha M. Wilson School Committee E. Denise Simmons, Chair Caroline Hunter Jose Luis Rojas Villarreal Richard Harding, Jr. David Weinstein Elizabeth Hudson Rachel Weinstein Principal Executive Officers City Manager Deputy City Manager Yi-An Huang Owen O’Riordan Assistant City Manager for Fiscal Affairs Deputy Finance Director Claire Spinner Michele Kincaid Assistant City Manager for Community Development Iram Farooq Assistant City Manager for Human Services Ellen M. Semonoff City Auditor Assistant City Auditor Joseph McCann Diane Meireles City Solicitor Megan Bayer City Clerk Diane P. LeBlanc

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Independent Auditors’ Report The Honorable Mayor and City Council City of Cambridge, Massachusetts: Report on the Audit of the Financial Statements Opinions We have audited the 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 City of Cambridge, Massachusetts (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. In our opinion, based on our audit and the reports of the other auditors, the accompanying 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 City, as of June 30, 2025, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with U.S. generally accepted accounting principles. We did not audit the financial statements of the discretely presented component units listed in note 1(c) to the basic financial statements, which represent 100% of the aggregate discretely presented component units. Those statements were audited by other auditors whose reports have been furnished to us, and our opinions, insofar as they relate to the amounts included for those entities, 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 City, 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. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. generally accepted accounting principles, 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 City’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. KPMG LLP Two Financial Center 60 South Street Boston, MA 02111 KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

2 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 Government Auditing 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 the City’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 the City’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. Required Supplementary Information U.S. generally accepted accounting principles require that the management’s discussion and analysis and the schedules listed under the required supplementary information section in the accompanying 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 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 management’s 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 City’s basic financial statements. The supplementary information listed under the supplemental statements and schedules section in the accompanying table of contents are presented for purposes of

3 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 information is 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 comprehensive financial report. The other information comprises the introductory and statistical section 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. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 30, 2026 on our consideration of the City'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 City'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 the City's internal control over financial reporting and compliance. Boston, Massachusetts January 30, 2026

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 4 Management of the City of Cambridge (the City) provides this Management’s Discussion and Analysis as part of the City’s Annual Comprehensive Financial Report (ACFR) to assist readers of the basic financial statements in understanding the financial activities of the City for the fiscal year ended June 30, 2025. We encourage readers to consider this information in conjunction with the transmittal letter at the front of this report and the City’s basic financial statements, which follow this section. Overview of the Financial Statements The City’s financial statements present two types of statements each with a different view of the City’s finances. This approach focuses on both the City as a whole (government-wide) and the fund financial statements. The government-wide financial statements provide both long-term and short-term information about the City as a whole. The fund financial statements focus on the individual parts of the City government, reporting the City’s operations in more detail than the government-wide statements. Both presentations (government-wide and fund) allow the user to address relevant questions, broaden the basis of comparison and enhance the City’s accountability. The remaining statements provide financial information about activities for which the City acts solely as a trustee or agent for the benefit of those outside of the government. An additional part of the basic financial statements are the notes to the financial statements. This report also contains other required supplementary information in addition to the basic financial statements. Government-Wide Financial Statements The government-wide statements report information about the City as a whole, and use accounting methods similar to those used by private-sector companies. The statements provide both short-term and long-term information about the City’s financial position, which assists in assessing the City’s economic position at the end of the fiscal year. The statements are prepared using the flow of economic resources measurement focus and the full accrual basis of accounting. All revenues and expenses connected with the fiscal year are reported even if cash involved has not been received or disbursed. The government-wide financial statements include two statements: Statement of Net Position – Presents all the government’s assets, deferred outflows, liabilities and deferred inflows, with the difference being reported as “net position”. The amount of net position is widely considered a good measure of the City’s financial health as increases and decreases in the City’s net position serve as a useful indicator of whether the City’s financial position is improving or deteriorating. The reader should consider other nonfinancial factors, such as the condition of the City’s infrastructure and changes to the property tax base, to assess the overall health of the City. Statement of Activities – Presents information showing how the government’s net position changed during the most recent fiscal year. Revenues and expenses are reported for some items that will not result in cash flows until future fiscal periods, i.e., uncollected taxes or earned but unused sick and vacation time. This statement also presents a comparison between direct expenses and program revenues for each function of the City. In the government-wide statements, financial information is presented in three columns in order to summarize the City’s programs or activities. The types of activities presented are as follows: Governmental Activities – Taxes and intergovernmental revenues primarily support the functions of the government and are reported in this section. Most of the City’s basic services are reported here including

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 5 general government, public safety, public works, parks and recreation, library, schools, human services, public health programs, state and district assessments, debt service and other employee benefits. Business-Type Activities – These functions normally are intended to recover all or a significant portion of their costs through user fees and charges to external users of goods and services. The Water Fund operation is considered a business-type activity. Discretely Presented Component Units – Includes the Cambridge Health Alliance and the Cambridge Redevelopment Authority. The Cambridge Health Alliance (CHA) is a separate legal entity for which the City has financial accountability and provides operating subsidies. It operates similar to a private sector business and the business-type activity described above. Complete financial statements for the CHA can be obtained from its administrative offices located at 101 Station Landing, 5th Floor, Medford, Massachusetts 02155. The Cambridge Redevelopment Authority (CRA) is a separate legal entity for which the City has financial accountability and provides a significant amount of intergovernmental revenue that will be used solely for capital projects that are under CRA oversight. It operates similar to a private sector business and the business-type activity described above. Complete financial statements for the CRA for its fiscal year ended December 31, 2024 are available from its offices at 255 Main Street 8th Floor, Cambridge, MA 02142. Fund Financial Statements Traditional users of government financial statements will find the fund financial statement presentation to be most familiar. A fund is a grouping of related accounts that is used to keep control over resources that have been allocated to specific projects or activities. The City uses fund accounting to ensure and demonstrate compliance with several finance-related legal requirements. All of the funds of the City can be divided into three categories as follows: Governmental Funds – Most of the basic services provided by the City are financed through governmental funds. Governmental funds are used to account for the same functions reported as governmental activities in the government-wide financial statements. However, the governmental fund financial statements focus on near-term inflows and outflows of resources to be spent. The focus is also on the balances left at the end of the fiscal year available for spending. This information is useful in evaluating the City’s near-term financing requirements. This approach is the modified accrual basis of accounting, which uses the flow of current financial resources measurement focus. Such statements provide a detailed short-term view of the City’s finances that assist in determining whether there will be adequate financial resources available to meet current needs. Because the focus of governmental funds 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. This

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 6 comparison will assist the reader in understanding the long-term impact of the government’s near-term financing decisions. The governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide reconciliations to facilitate the comparison. The reconciliations are presented on the page immediately following each respective governmental fund financial statement. The City has several governmental funds; four are considered major funds for presentation purposes. Each major fund is presented in a separate column in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances. The remaining governmental funds are aggregated and shown as other governmental funds. Proprietary Fund – Provides services for which the City charges customers a fee and operates like a commercial business. The proprietary fund provides the same type of information as in the government-wide financial statements, only in more detail. Like the government-wide financial statements, proprietary fund financial statements use the full accrual basis of accounting. There is no reconciliation needed between the government-wide financial statements for the business-type activity and the proprietary fund financial statements. Fiduciary Funds – Such funds are used to account for resources held for the benefit of parties outside the City government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of these funds are not available to support the City’s own programs. The full accrual basis of accounting is used for fiduciary funds and is much like that used for proprietary funds. The City’s fiduciary funds are the Employee Retirement System which accounts for the transactions, assets, liabilities and net position of the City employees’ pension plan; the Other Postemployment Benefits (OPEB) Trust Fund, which is an irrevocable trust established for the accumulation of assets to reduce the liability associated with the City’s obligation for other postemployment benefits; and the Private Purpose Trust and Custodial Funds, which include money held and administered by the City of behalf of third parties. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found immediately following the Discretely Presented Component Unit Financial Statements. Required Supplementary Information The basic financial statements are followed by a section of required supplementary information. This section includes a budgetary comparison schedule for the City’s general fund – the only fund for which an annual budget is legally adopted. The budgetary comparison also includes a reconciliation of revenues and expenditures reported on the City’s budgetary basis of accounting and the revenues and expenditures reported on a GAAP basis. Also included is historical information for the City’s pension and other postemployment benefit obligations and related schedules of employers’ contributions.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 7 Current Year Financial Impacts • The City’s OPEB obligation significantly impacts the Government wide financial results. As of the measurement date, the City reported net OPEB liability, net of deferrals of $857 million, a decrease of $14.3 million compared to the prior measurement date. • In fiscal year 2025, the City’s contribution to the OPEB Trust Fund was $30.9 million for retirees’ health benefits which offset the benefit expenses of $28.9 million. In 2025 and 2024, the OPEB Trust Fund earned investment income, in the amount of $2.8 million and $3.8 million, respectively. This increase is attributed to increased portfolio performance and improved market conditions. • The City’s net pension liability also significantly impacts the Government-wide financial results. The City is required to report its proportionate share of the collective net pension liability, net of deferrals of $77.7 million, a decrease of $19.9 million compared to the prior measurement date. Government-Wide Financial Analysis Statement of Net Position The following table reflects the condensed net position based on the statement of net position found on page 15. The City’s combined net position (governmental and business-type activities) exceeded its liabilities on June 30, 2025, by $1.1 billion (presented as net position). Of this amount, ($340.0) million was reported as “unrestricted net position” and $114.6 million was reported as restricted. The remainder represents the investment in capital assets such as land, buildings, equipment, and infrastructure (roads, sewer pipes, dams, and other immovable assets), less any related debt used to acquire that asset that is still outstanding – the amount is $1,301.4 million and indicates the amount of the net book value of the City’s capital assets that exceeds capital debt. Since most of the City’s debt has a ten-year life, a considerable amount of the City’s capital asset lives extend beyond the life of the debt. The City uses these capital assets to service the community; therefore, they are not available for future spending. Other resources are needed to repay the debt because the capital assets cannot be used to finance these liabilities. Included within the governmental activities current and other assets are cash and investments of $961.5 million, down .34% from prior year; and net receivables of $46.6 million, down $2.5 million from prior year. Governmental activities total liabilities include $754.5 million in general obligation bonds and note payable; $26.1 million in compensated absence liabilities for vested sick and vacation leave; and $25.5 million in future year workers’ compensation, health benefits and possible judgments and claims. The major change in liabilities is attributed to a $79.3 million increase in bonds payable due to continued school building construction, city fire headquarters renovation, and infrastructure improvements projects.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 8 Business-type activity liabilities totaled $6.3 million, which includes $1.3 million in accounts payable and accrued payroll expenses,$4.0 million in general obligation bonds, $647.0 thousand in compensated absences and $341.0 thousand in future year workers’ compensation and health benefits. Condensed Schedule of Net Position June 30, 2025 and 2024 (in millions) Governmental activities Business type activities Total primary government June 30 June 30 June 30 2025 2024 2025 2024 2025 2024 Total assets and deferred outflows: Current and other assets $ 1,026.2 1,035.1 18.1 20.2 1,044.3 1,055.3 Capital assets 1,795.6 1,692.2 124.5 120.5 1,920.1 1,812.7 Total assets 2,821.8 2,727.3 142.6 140.7 2,964.4 2,868.0 Deferred outflows 96.9 170.4 — — 96.9 170.4 Total assets and deferred outflows $ 2,918.7 2,897.7 142.6 140.7 3,061.3 3,038.4 Total liabilities and deferred inflows: Long-term liabilities $ 1,583.5 1,578.6 4.1 0.5 1,587.6 1,579.1 Other liabilities 228.1 248.6 2.2 1.7 230.3 250.3 Total liabilities 1,811.6 1,827.2 6.3 2.2 1,817.9 1,829.4 Deferred inflows 167.5 208.9 — — 167.5 208.9 Total liabilities and deferred inflows $ 1,979.1 2,036.1 6.3 2.2 1,985.4 2,038.3 Net position: Net investment in capital assets $ 1,182.2 1,134.9 119.2 120.3 1,301.4 1,255.2 Restricted 114.6 103.5 — — 114.6 103.5 Unrestricted (357.2) (376.8) 17.1 18.2 (340.1) (358.6) Total net position $ 939.6 861.6 136.3 138.5 1,075.9 1,000.1 Statement of Changes in Net Position The City’s total net position increased by $75.9 million in fiscal year 2025 of which the governmental activities net position increased $78.0 million and the business-type activity decreased $2.1 million. The continued investment in the City’s capital assets of $107.4 million is the main contributor to governmental activities’ increase in assets. The increase in long-term liabilities of $8.5 million is mainly due to the increase in bonds and notes payable, partially offset by a decrease in net pension liability.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 9 This summary of net changes is based upon the statement found on page 16. Condensed Schedule of Changes in Net Position June 30, 2025 and 2024 (In millions) Governmental activities Business-type activity Total primary government June 30 June 30 June 30 2025 2024 2025 2024 2025 2024 Charges for services $ 144.7 162.9 20.0 19.4 164.7 182.3 Operating grants and contributions 66.8 69.9 — — 66.8 69.9 Capital grants and contributions 8.8 7.8 — — 8.8 7.8 General revenues: Taxes: Property taxes levied 629.4 582.2 — — 629.4 582.2 Excises 33.9 33.3 — — 33.9 33.3 Payment in lieu of taxes 8.9 8.7 — — 8.9 8.7 Grants and contributions not restricted 79.2 82.2 — — 79.2 82.2 Investment income 31.9 32.2 0.1 0.1 32.0 32.3 Miscellaneous 67.5 109.0 — — 67.5 109.0 Total revenues 1,071.1 1,088.2 20.1 19.5 1,091.2 1,107.7 Expenses: General government 76.0 90.0 — — 76.0 90.0 Public safety 201.4 196.3 — — 201.4 196.3 Community maintenance and development 243.3 211.9 — — 243.3 211.9 Human resource development 109.8 99.4 — — 109.8 99.4 Education 342.7 337.2 — — 342.7 337.2 Water department — 21.5 20.2 21.5 20.2 Interest 20.6 16.8 — — 20.6 16.8 Total expenses 993.8 951.6 21.5 20.2 1,015.3 971.8 Excess before transfers 77.3 136.6 (1.4) (0.7) 75.9 135.9 Transfers 0.7 0.7 (0.7) (0.7) — — Change in net position 78.0 137.3 (2.1) (1.4) 75.9 135.9 Net position – beginning 861.6 724.3 138.4 139.9 1,000.0 864.2 Net position – ending $ 939.6 861.6 136.3 138.5 1,075.9 1,000.1

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 10 Total Revenues Total governmental activities revenues for the City are comprised of general revenues of $851.5 million, charges for services $144.7 million, operating grants and contributions $66.8 million and capital grants and contributions of $8.8 million. General Real estate tax revenues are the City’s largest revenue source at $629.4 million representing 73.9% of general revenues. The assessed tax valuation base is $76.2 billion up from $75.9 billion assessed in the prior year showing a .47% increase, which is primarily due to new construction and FY25 amended growth. Grants and contributions not restricted to specific programs is $79.2 million representing 9.3% of general revenues and include state cherry sheet revenues, Massachusetts Teachers Retirement System (MTRS) contributions and other unrestricted contributions. There was a $3.0 million decrease over the prior year, which is primarily due to the decrease in MTRS contributions. Program Charges for services are $144.7 million, which is a decrease of $18.2 million from prior year and represents a decrease from a variety of department revenues. The community maintenance and development portion of $74.2 million decreased by $1.2 million over prior year and includes sewer service revenues, community cable revenues and other public works type fees. The human resources development portion of $7.0 million remained the same as prior year. The public safety portion of $62 million decreased by $17 million over the prior year primarily due to reduced building permit revenue. Operating grants and contributions of $66.8 million decreased by $3.0 million over the prior year and account for approximately 6.2% of the total City revenues. The funding source represents several federal and state grants restricted to specific grant conditions. Contributors to the decrease is the ARPA revenue recognition of $6.8 million offset by the increase in School grants by $3.8 million. 79.5% 13.5% 6.2% .8 Total Governmental Revenues General revenues Charges for services Operating grants and contributions Capital grants and contributions

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 11 Expenses For the fiscal year ended June 30, 2025, expenses for government activities totaled $993.9 million, which cover a range of services including but not limited to public safety, education, and community maintenance. The City’s expenses increased by $42.3 million or 4.4% over prior year. A portion of the increase is attributable to cost of living and employee benefit increases of approximately 3%. As stated above, the City’s affordable housing initiative and the preservation of open space are very important. This is the twenty third year of the Community Preservation Act (CPA). This program fosters investment in permanent affordable housing projects, preservation of historic locations, protection of open space and the restoration/creation of parks and recreation areas. Expenses related to these initiatives are recorded in the community maintenance and development category. During 2025, the City spent $58 million from the Affordable Housing Trust to subsidize housing projects. Business-Type Activity Net position of the Business-Type Activity at the end of the year consisted of unrestricted net position of $17.1 million and a net investment in capital assets of $119.2 million. Business-Type Activity decreased net position by $2.1 million. The net position change reflects a decrease of $2.1 million in unrestricted net position. Financial Analysis of the City’s Fund Statements This analysis is based on the Governmental and Proprietary fund Financial Statements. As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. Governmental Funds The focus of the City’s governmental funds is to provide information on near term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financial requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s financial position at the end of the fiscal year. As of the end of the current fiscal year, the City’s governmental funds reported a combined ending fund balance of $858.1 million. Of this amount, $288.2 million was restricted because the funds include grants or bonded projects that are controlled by external sources. Also, $349.2 million has been committed for specific purposes such as stabilization funds, health claims trust fund, parking fund, etc., for which the movement of these funds must be approved by the highest legislative level at the City, which is the City Council. Finally, $25.8 million has been assigned for encumbrance balances. The remainder of the fund balance of $194.9 million is considered “Unassigned”. The General Fund is the chief operating fund of the City. At the end of the current year, unassigned fund balance was $200.8 million, while the total fund balance was $366.8 million. The overall decrease in unassigned fund balance is the result of decreased revenues from the issuance of building permits and sewer charges.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 12 As a measure of liquidity, it may be useful to compare both unassigned and total fund balances to total fund expenditures. Unassigned fund balance represents 22.2% of total General Fund expenditures, while the total balance represents 40.5% of that same amount. The Capital fund accounts for all the financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by the proprietary fund. The fiscal year 2025 Capital fund fund balance is $232.6 million, an increase of $16.4 million from fiscal year 2024. This increase is a result of the significant increase in the bond issuance to fund increased capital spending on the new Tobin School scheduled for completion in the first quarter of FY26 and the ongoing renovations to fire headquarters. The affordable housing trust fund is the fund that captures all the affordable housing construction projects and the preservation of affordable housing units for the City. At the end of fiscal year 2025, the total fund balance was $202.1 million which is an increase of 3.6%. The trust increased expenditures by $20.3 million over prior year due to increase in project loan activity and still managed a 3.6% increase in total fund balance. This fund was established in the 1990’s to provide funding for housing projects to increase the supply of affordable housing units for the City. Beginning in fiscal 2021 and continuing in fiscal 2023, 2024 and 2025, the City Grants Fund is reported separately due to the increase in expenditures from the COVID-19 ARPA and FEMA grants. The grants funded shelters and meals for the most vulnerable population, community COVID testing sites, and public safety overtime to assist in vaccine and testing clinics throughout the City. The ARPA expenditures were $22.3 million in the current year with a year-to-date grant total of $75.9 million. The fiscal year 2025 City Grant Fund balance is $9.0 million, an increase of $6.9 million from 2024. The Other Governmental fund is used to account for programs such as, Community Development Block Grant, various school grants, the Parking Fund, Community Preservation Act, the Aggregation Adder Fund and Opioid Settlement Fund. These funds receive funding from sources such as federal and state grants and from fees. The fiscal year 2025 Other governmental fund balance is $47.5 million, an increase of $7.4 million from 2024. This was a result of increased revenues in all of the various programs making up the Other Governmental Fund. Proprietary Fund The City’s proprietary fund provides the same type of information found in the government-wide statements, but in more detail. The Water Fund operating revenues increased $527.2 thousand or 2.7% as a result of a 6.8% rate increase but the System did experience a decrease in usage. Also, the FY25 operating costs increased $1.2 million because of increases in depreciation expense, plant material costs, and employee salaries COL increase of 3%. This resulted in a decrease in the net position of $2.1 million. The net position change reflects a slight decrease in net investment in capital assets of .06% and the decrease in unrestricted net position of $2.1 million or 11.3%.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 13 General Fund Budgetary Highlights The City submits its budget to the City Council in April and six months later sets the tax rate at the Massachusetts Department of Revenue. During this process, the City reviews and revises its revenue and expenditure plan for final adoption before setting the tax rate. The following are some of the major changes: 1. Cherry sheet revenues and expenditures are estimated in the original budget based upon previous year’s cherry sheet revenues and adjusted, if needed, for the final budget. 2. Certain other revenues were adjusted based upon the previous year’s actual and slightly increased estimates this year. The following information pertains to the revenues and expenditures of the general fund. This data is included in the Schedule of Revenues and Expenditures-Budgetary Basis, which presents financial information on the budgetary basis of accounting. Revenues and Other Financing Sources Fiscal year 2025 actual revenues on a budgetary basis totaled $864.2 million. This represents an increase of $13.7 million or 1.6% from fiscal year 2024. Property taxes are the single largest revenue source, representing approximately 72.2% of general fund revenues, net of abatements. Sewer use receipts comprise the City’s next largest revenue source, representing 8.3%. Other Income was lower than budget because of a decrease in building permits ($15 million), and mitigation payments. Expenditures During fiscal year 2025, total expenditures increased by $85.7 million or 10.4% on a budgetary basis mainly due to a 3.0% cost of living increase and increased operating cost. Capital Asset and Debt Administration Capital Assets As of June 30, 2025, the City’s capital assets of its governmental activities and business-type activity amounted to $1.92 billion (net of depreciation). The City’s capital assets include land, buildings, improvements, machinery and equipment, open space, infrastructure and leased assets. Some of the major capital asset events during the current fiscal year included several ongoing sewer separation projects scattered throughout the City, which are funded through bonds and state grants, several ongoing school building construction projects, the largest one opening in September 2025 and the City’s ongoing firehouse headquarters renovation. Additional information on the City’s capital assets can be found in note 5.

CITY OF CAMBRIDGE, MASSACHUSETTS Management’s Discussion and Analysis Required Supplementary Information (Unaudited) June 30, 2025 14 Debt At year-end, the City had $758.1 million in outstanding bonds compared to $675.2 million last year. Governmental activities Business-type activity Totals 2025 2024 2025 2024 2025 2024 General obligation bonds payable $ 754.5 675.2 3.6 — 758.1 675.2 The City maintains bond ratings with Fitch Ratings of AAA, Moody’s Investors Service Inc. of AAA, and Standard & Poor’s Corporation of AAA. Additional information on the City’s debt can be found in note 8. Economic Factors and Next Year’s Budgets and Rates The City’s tax levy increased $50.5 million, or 8.0%, to $678.9 million in fiscal year 2026. The City’s excess tax capacity, an extremely important indication of the City’s financial health remained strong. The excess tax levy capacity decreased from $189.1 million in FY25 to $172.9 million in FY26, an 8.6% decrease. The FY26 operating budget increased by 3.7% over the FY25 adopted budget. The FY26 Adopted Capital budget totaled $151.1 million. The largest component of the FY26 Capital budget was the appropriation of $49.4 million for street infrastructure improvements and surface enhancements. Also, $26.5 million for sewer infrastructure improvements and the combined sewer overflow project. Revenues and expenditure adjustments were made to the Adopted FY26 Operating budget when the property tax rate was set in the fall of 2025 because of clearer information being available around state and property tax revenues. New Accounting Standards During the fiscal year ended June 30, 2025, the City adopted GASB Statement No. 101 “Compensated Absences”, and GASB Statement No. 102 “Certain Risk Disclosures.” Additional information regarding the effects of adopting these new accounting standards can be found in Note 2(q) of the financial statements. Contacting the City’s Financial Management This financial report is designed to provide our citizens, taxpayers, customers and creditors with a general overview of the City’s finances and to show the City’s accountability for the money it receives. Questions concerning the information provided in this report or requests for additional information should be addressed to: City of Cambridge, Attn: City Auditor, 795 Massachusetts Avenue, Cambridge, MA 02139.

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Net Position June 30, 2025 Aggregate Discretely Primary government presented Governmental Business-type component Assets and Deferred Outflows of Resources activities activity Total units Cash and investments $ 961,458,460 13,437,245 974,895,705 361,237,225 Cash and investments held by trustees — — 6,117,442 Receivables, net: Property taxes 8,264,604 — 8,264,604 — Motor vehicle excise 2,042,300 — 2,042,300 — Tax title and possessions 3,593,843 — 3,593,843 — Leases 217,956 — 217,956 1,714,044 Subscription assets — — 10,995,594 Intergovernmental 3,532,738 — 3,532,738 Other 28,903,798 5,689,047 34,592,845 40,402,102 Other assets 80,000 — 80,000 186,951,349 Internal balances (32,723) 32,723 — — Noncurrent leases and other receivable accounts 18,106,175 — 18,106,175 3,225,993 Notes receivable — — — 250,000 Investment in other property — — — 5,000,000 Development projects held for sale — — — 65,785 Capital assets: Nondepreciable 563,202,616 45,512,204 608,714,820 21,271,705 Depreciable, net 1,232,447,007 78,001,518 1,310,448,525 251,287,409 Total assets 2,821,816,774 142,672,737 2,964,489,511 888,518,648 Deferred outflows of resources: Related to debt refundings 3,205,629 — 3,205,629 — Related to pensions 62,745,437 — 62,745,437 13,548,341 Related to other post employment benefits 30,930,766 — 30,930,766 5,009,122 Total assets and deferred outflows of resources 2,918,698,606 142,672,737 3,061,371,343 907,076,111 Liabilities and Deferred Inflows of Resources Warrants and accounts payable 53,251,121 1,144,413 54,395,534 65,467,890 Accrued liabilities: Tax abatements 5,880,100 — 5,880,100 25,449,375 Accrued payroll 28,139,231 136,047 28,275,278 — Accrued interest 11,139,105 61,804 11,200,909 25,907,573 Other 6,102,607 — 6,102,607 5,853,495 Unearned revenue 14,889,722 — 14,889,722 — Long-term liabilities: Due within one year: Bonds and notes payable 79,033,988 415,000 79,448,988 166,205 Due to third parties — — — 1,025,713 Compensated absences 12,505,000 284,000 12,789,000 27,943,239 Payroll tax deferral — — — — Lease payable 1,330,029 — 1,330,029 8,004,857 Subscription liability — — — 4,455,142 Landfill 28,333 — 28,333 — Judgments and claims 14,725,400 150,000 14,875,400 — Pollution remediation 1,127,750 — 1,127,750 — Due in more than one year: Bonds and notes payable 675,482,731 3,598,943 679,081,674 6,050,560 Due to third parties — — — 36,984,712 Compensated absences 13,625,000 363,000 13,988,000 — Landfill 708,334 — 708,334 — Lease payable 2,783,318 — 2,783,318 73,809,280 Subscription liability - — — 4,464,372 Judgments and claims 10,826,700 190,900 11,017,600 — Net OPEB liability 749,843,851 — 749,843,851 108,765,405 Pollution remediation 1,878,044 — 1,878,044 — Net pension liability 128,330,964 — 128,330,964 29,271,148 Total liabilities 1,811,631,328 6,344,107 1,817,975,435 423,618,966 Deferred inflows of resources: Related to pensions 12,107,590 — 12,107,590 2,848,840 Related to other post employment benefits 138,062,601 — 138,062,601 27,399,103 Related to rent 17,298,909 — 17,298,909 4,893,090 Total liabilities and deferred inflows of resources 1,979,100,428 6,344,107 1,985,444,535 458,759,999 Net Position Net investment in capital assets 1,182,186,940 119,179,477 1,301,366,417 186,598,292 Restricted for: Capital projects 66,332,223 — 66,332,223 — Community preservation 24,237,958 — 24,237,958 — Specific purposes 23,984,717 — 23,984,717 8,900,000 Other purposes — — — 14,219,515 Unrestricted (357,143,660) 17,149,153 (339,994,507) 238,592,305 Total net position $ 939,598,178 136,328,630 1,075,926,808 448,310,112 See accompanying notes to basic financial statements. 15

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Activities Year ended June 30, 2025 Program revenues Net (expense) revenue and changes in net position Aggregate discretely Operating Capital Primary government presented Charges for grants and grants and Governmental Business-type component Functions/programs Expenses services contributions contributions activities activity Total units Primary government: Governmental activities: General government $ 76,054,786 225,935 — — (75,828,851) — (75,828,851) Public safety 201,425,000 61,981,245 557,223 — (138,886,532) — (138,886,532) Community maintenance and development 243,326,402 74,204,764 3,778,207 8,814,349 (156,529,082) — (156,529,082) Human resource development 109,762,910 6,895,078 40,098,204 — (62,769,628) — (62,769,628) Education 342,705,117 1,361,044 22,359,116 — (318,984,957) — (318,984,957) Interest on long-term debt 20,579,806 — — — (20,579,806) — (20,579,806) Total governmental activities 993,854,021 144,668,066 66,792,750 8,814,349 (773,578,856) — (773,578,856) Business-type activity: Water 21,474,802 19,959,109 — — — (1,515,693) (1,515,693) Total business-type activity 21,474,802 19,959,109 — — — (1,515,693) (1,515,693) Total primary government $ 1,015,328,823 164,627,175 66,792,750 8,814,349 (773,578,856) (1,515,693) (775,094,549) Aggregate discretely presented component units: Cambridge Health Alliance $ 1,086,264,719 459,240,867 669,525,786 — 42,501,934 Cambridge Redevelopment Authority 6,486,241 1,747,553 50,000 — (4,688,688) Total component units $ 1,092,750,960 460,988,420 669,575,786 — 37,813,246 General revenues: Taxes: Property taxes, levied for general purposes $ 629,443,105 — 629,443,105 — Excises 33,905,523 — 33,905,523 — Payments in lieu of taxes 8,900,376 — 8,900,376 — Grants and contributions not restricted 79,245,746 — 79,245,746 — Investment income 31,876,560 115,350 31,991,910 17,519,802 Sale of development rights — — — 67,540,494 Miscellaneous 67,453,698 — 67,453,698 — Transfers 729,340 (729,340) — — Total general revenues and transfers 851,554,348 (613,990) 850,940,358 85,060,296 Change in net position 77,975,492 (2,129,683) 75,845,809 122,873,542 Net position – beginning, as restated (a) 861,622,686 138,458,313 1,000,080,999 325,436,570 Net position – ending $ 939,598,178 136,328,630 1,075,926,808 448,310,112 See accompanying notes to basic financial statements. (a) Beginning of year net position of discretely presented component units was restated for GASB Statement No. 101 (CHA only). 16

CITY OF CAMBRIDGE, MASSACHUSETTS Balance Sheet – Governmental Funds June 30, 2025 Affordable Other Total Capital housing City governmental governmental Assets General fund fund trust fund grants fund funds funds Cash and investments $ 426,672,552 260,523,021 200,036,088 25,140,313 49,086,486 961,458,460 Receivables, net: Property taxes 8,264,604 — — — — 8,264,604 Motor vehicle excise 2,042,300 — — — — 2,042,300 Tax title and possessions 3,593,843 — — — — 3,593,843 Leases 18,324,130 — — — — 18,324,130 Intergovernmental — 1,867,778 — 921,625 743,335 3,532,738 Departmental and other 20,293,531 — 8,286,824 — 323,443 28,903,798 Total receivables 52,518,408 1,867,778 8,286,824 921,625 1,066,778 64,661,413 Other assets 80,000 — — — — 80,000 Due from other funds — 569,969 — — — 569,969 Total assets $ 479,270,960 262,960,768 208,322,912 26,061,938 50,153,264 1,026,769,842 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Warrants and accounts payable $ 13,058,906 30,331,029 6,199,082 2,034,311 1,627,793 53,251,121 Accrued liabilities: Tax abatements 3,920,100 — — — — 3,920,100 Judgments and claims 14,725,400 — — — — 14,725,400 Accrued payroll 27,866,982 24,256 — 47,224 200,769 28,139,231 Other 5,988,096 — — — 114,511 6,102,607 Unearned revenue — — — 14,889,722 — 14,889,722 Due to other funds 32,723 — — — 569,969 602,692 Total liabilities 65,592,207 30,355,285 6,199,082 16,971,257 2,513,042 121,630,873 Deferred inflows of resources: Unavailable revenue 29,610,962 — — — 157,031 29,767,993 Related to rent 17,298,909 — — — — 17,298,909 Fund balances (deficit): Restricted — 232,605,483 — 14,935,270 40,674,507 288,215,260 Committed 140,257,510 — 202,123,830 — 6,808,684 349,190,024 Assigned 25,756,500 — — — — 25,756,500 Unassigned 200,754,872 — — (5,844,589) — 194,910,283 Total fund balances (deficit) 366,768,882 232,605,483 202,123,830 9,090,681 47,483,191 858,072,067 Total liabilities, deferred inflows of resources, and fund balances (deficit) $ 479,270,960 262,960,768 208,322,912 26,061,938 50,153,264 1,026,769,842 See accompanying notes to basic financial statements. 17

CITY OF CAMBRIDGE, MASSACHUSETTS Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position June 30, 2025 Total fund balance – governmental funds $ 858,072,067 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds 1,790,329,593 Net lessee activities 1,206,684 Adjust deferred inflows of resources to record revenues on an accrual basis 29,767,993 Capitalized loss on debt refunding in the government-wide statements that is not capitalized in the governmental funds 3,205,629 Some liabilities are not due and payable in the current period and therefore are not reported in the funds. Those liabilities consist of: General obligation bonds, net 754,516,719 Accrued interest on bonds 11,139,105 Compensated absences 26,130,000 Landfill 736,667 Judgments and claims 10,826,700 Tax abatements 1,960,000 Pollution remediation 3,005,794 Net pension liability, net of deferred amounts 77,693,117 Net OPEB liability, net of deferred amounts 856,975,686 1,742,983,788 Net position of governmental activities $ 939,598,178 See accompanying notes to basic financial statements. 18

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds Year ended June 30, 2025 Affordable City Other Total General Capital housing Grants governmental governmental fund fund trust fund fund fund funds Revenues: Real and personal property taxes $ 631,730,174 — — — — 631,730,174 Excises: Hotel/motel/meals/other 25,062,222 — — — — 25,062,222 Motor vehicles 8,244,317 — — — — 8,244,317 Payments in lieu of taxes 8,900,376 — — — — 8,900,376 Intergovernmental 79,245,746 8,814,349 — 40,098,204 26,694,546 154,852,845 Investment income 20,282,275 141,808 9,838,782 792,762 820,933 31,876,560 Sewer use charges 69,820,523 — — — — 69,820,523 Departmental and other 74,615,255 994,900 18,542,143 1,662,233 44,603,956 140,418,487 Total revenues 917,900,888 9,951,057 28,380,925 42,553,199 72,119,435 1,070,905,504 Expenditures: Current: General government 60,279,087 — — 13,806,538 10,000 74,095,625 Public safety 191,461,418 — — 1,559,507 — 193,020,925 Community maintenance and development 91,810,240 — 62,944,981 4,613,125 4,403,334 163,771,680 Human resource development 87,814,305 — — 16,673,061 815,194 105,302,560 Education 295,137,393 — — — 21,292,278 316,429,671 Judgments and claims 4,475,914 — — — — 4,475,914 State and district assessments 73,203,082 — — — — 73,203,082 Capital outlays — 185,165,480 — — — 185,165,480 Debt service 101,471,328 — — — — 101,471,328 Total expenditures 905,652,767 185,165,480 62,944,981 36,652,231 26,520,806 1,216,936,265 Excess (deficiency) of revenues over expenditures 12,248,121 (175,214,423) (34,564,056) 5,900,968 45,598,629 (146,030,761) Other financing sources (uses): Premium on debt issuance 634,090 12,148,525 — — — 12,782,615 Issuance of debt — 149,650,000 — — — 149,650,000 Transfers in 22,547,385 29,875,000 41,685,750 1,000,000 1,174,495 96,282,630 Transfers out (56,116,774) (28,471) — — (39,408,045) (95,553,290) Total other financing (uses) sources (32,935,299) 191,645,054 41,685,750 1,000,000 (38,233,550) 163,161,955 Net change in fund balances (20,687,178) 16,430,631 7,121,694 6,900,968 7,365,079 17,131,194 Fund balance – beginning 387,456,060 216,174,852 195,002,136 2,189,713 40,118,112 840,940,873 Fund balance – ending $ 366,768,882 232,605,483 202,123,830 9,090,681 47,483,191 858,072,067 See accompanying notes to basic financial statements. 19

CITY OF CAMBRIDGE, MASSACHUSETTS Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities Year ended June 30, 2025 Net change in fund balances – total governmental funds $ 17,131,194 Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. In the statement of activities, the cost of those assets is depreciated over their estimated useful lives. Capital outlays, applicable to capital assets, ($171,381,886) exceeded depreciation expense ($66,694,347) 104,687,539 Revenues are recorded on an accrual basis 194,673 Proceeds of long-term debt ($149,650,000) increase long-term liabilities in the statement of net position, but are included in the operating statement of the governmental funds. Repayment of bond principal, ($75,334,330) is an expenditure in the governmental funds, but reduces long-term liabilities in the statement of net position. This is the amount by which proceeds exceed payments. (74,315,670) Premiums received are revenues in the governmental funds, but are increases to long-term liabilities, net of amortization, in the statement of net position (5,014,224) Deferred loss on refunding is amortized in the statement of activities and is not reported in the governmental funds (927,380) Pension and other postemployment benefits reported in the statement of activities does require the use of current financial resources, and therefore, is not reported as an expenditure in the governmental funds 34,274,991 Net leasing activities 616,209 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 the governmental funds. This amount represents the increase in non-current accrued interest ($1,283,819), compensated absences ($1,719,000) and in pollution remediation ($230,254), offset by decreases in non-current claims ($4,532,900) and landfill liabilities ($28,333). 1,328,160 Change in net position of governmental activities $ 77,975,492 See accompanying notes to basic financial statements. 20

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Net Position – Proprietary Fund June 30, 2025 Enterprise fund Water fund Assets: Current assets: Cash and cash equivalents $ 13,437,245 Receivables, net 5,689,047 Due from other funds 32,723 Total current assets 19,159,015 Noncurrent assets: Capital assets: Nondepreciable 45,512,204 Depreciable, net 78,001,518 Total noncurrent assets 123,513,722 Total assets 142,672,737 Liabilities: Current liabilities: Warrants and accounts payable 1,144,413 Accrued liabilities: Accrued payroll 136,047 Interest 61,804 Bonds payable, current 415,000 Compensated absences 284,000 Claims 150,000 Total current liabilities 2,191,264 Noncurrent liabilities: Accrued liabilities: Bonds payable, non current 3,598,943 Compensated absences 363,000 Claims 190,900 Total noncurrent liabilities 4,152,843 Total liabilities 6,344,107 Net position: Net investment in capital assets 119,179,477 Unrestricted 17,149,153 Total net position $ 136,328,630 See accompanying notes to basic financial statements. 21

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Fund Year ended June 30, 2025 Enterprise fund Water fund Operating revenues: Charges for services $ 19,959,109 Total operating revenues 19,959,109 Administration 5,693,937 Service and support programs 8,672,925 Interest 14,272 Depreciation 7,093,668 Total operating expenses 21,474,802 Operating loss (1,515,693) Nonoperating revenue: Investment earnings – other 115,350 Nonoperating revenue 115,350 Loss before transfers (1,400,343) Transfers to other funds (729,340) Change in net position (2,129,683) Total net position – beginning 138,458,313 Total net position – ending $ 136,328,630 See accompanying notes to basic financial statements. 22

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Cash Flows – Proprietary Fund Year ended June 30, 2025 Enterprise fund Water fund Cash flows from operating activities: Cash received from customers $ 19,456,282 Cash paid to vendors (9,083,646) Cash paid to employees (5,586,909) Net cash provided by operating activities 4,785,727 Cash flows from noncapital financing activities: Transfers (729,340) Net cash used in noncapital financing activities (729,340) Cash flows from capital and related financing activities: Acquisition and construction of capital assets (9,809,363) Proceeds from the issuance of long term debt 4,061,475 Net cash used in capital and related financing activities (5,747,888) Cash flows from investing activities: Investment income 115,350 Net cash provided by investing activities 115,350 Change in cash and cash equivalents (1,576,151) Cash and cash equivalents, beginning of year 15,013,396 Cash and cash equivalents, end of year $ 13,437,245 Reconciliation of operating loss to cash provided by operating activities: Operating loss $ (1,515,693) Depreciation 7,093,668 Changes in operating assets and liabilities: Accounts receivable (502,827) Other liabilities (289,421) Net cash provided by operating activities $ 4,785,727 Noncash capital and related financing activities: Noncash capital acquisitions $ (320,302) See accompanying notes to basic financial statements. 23

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Fiduciary Net Position June 30, 2025 Pension and Private Purpose OPEB Trust Trust Custodial Assets Funds Funds Fund Cash and cash equivalents $ 5,834,412 5,123,550 307,649 Dividend and interest receivable 1,183,824 — — Lease receivable 205,505 — — Other assets 432,860 — — Due from broker for securities sold 2,752 — — Investments, at fair value: Fixed income securities 140,343,748 — — Equities 21,906,127 — — Pooled investments: Fixed income 179,482,057 — — Real estate 339,425,305 — — Domestic equities 566,348,367 International equities 319,576,799 — — International fixed income 50,995,616 — — Alternative 350,609,392 — — Total investments 1,968,687,411 — — Cash collateral on security lending 1,180,923 — — Right to use assets 1,437,524 — — Total assets $ 1,978,965,211 5,123,550 307,649 Liabilities Accrued liabilities $ 1,381,615 — — Cash collateral on security lending 1,180,923 — — Lease liability 1,695,318 — Total liabilities $ 4,257,856 — — Deferred inflows of resources Related to rent $ 174,532 — — Total liabilities and deferred inflows of resources $ 4,432,388 — — Net Position Restricted for: Pensions $ 1,930,118,923 — — OPEB benefits 44,413,889 — — Individuals, organizations and other governments — 5,123,550 307,649 Total net position $ 1,974,532,812 5,123,550 307,649 See accompanying notes to basic financial statements. 24

CITY OF CAMBRIDGE, MASSACHUSETTS Statement of Changes in Fiduciary Net Position Year ended June 30, 2025 Pension and Private Purpose OPEB Trust Trust Custodial Funds Funds Fund Additions: Contributions: Employers $ 109,747,184 — — Nonemployer – city — — — Plan members 29,681,705 — — Other systems 4,804,184 — — Commonwealth of Massachusetts 221,451 — — Gifts and bequests — 239,308 495,330 Miscellaneous — 1,044 — Total contributions 144,454,524 240,352 495,330 Investment earnings: Interest and dividends 31,819,073 202,542 — Securities lending income 70,992 — — Net appreciation in the fair value of investments 142,262,471 — — Less: Management fees (9,499,572) — — Borrower rebates and fees under securities lending program (64,498) — — Net investment earnings 164,588,466 202,542 — Total additions 309,042,990 442,894 495,330 Deductions: Benefits 141,144,659 — — Refunds of contributions 2,560,333 — — Other systems 4,211,377 — — Administrative expenses 1,537,334 — — Beneficiary payments to individuals — 291,625 496,751 Miscellaneous — 79,600 — Total deductions 149,453,703 371,225 496,751 Change in net position 159,589,287 71,669 (1,421) Net position, beginning of year 1,814,943,525 5,051,881 309,070 Net position, end of year $ 1,974,532,812 5,123,550 307,649 See accompanying notes to basic financial statements. 25

CITY OF CAMBRIDGE, MASSACHUSETTS Discretely Presented Component Units Statement of Net Position June 30, 2025 Component Units CRA CHA December 31, Assets and Deferred Outflows of Resources June 30, 2025 2024 Total Current assets: Cash and investments $ 267,939,959 93,297,266 361,237,225 Cash and investments held by trustees 6,117,442 — 6,117,442 Receivables, net: Leases — 1,714,044 1,714,044 Subscription assets 10,995,594 — 10,995,594 Other 39,414,910 987,192 40,402,102 Other assets 186,789,327 162,022 186,951,349 Total current assets 511,257,232 96,160,524 607,417,756 Noncurrent assets: Accounts receivable — 1,295,456 1,295,456 Lease receivable — 1,930,537 1,930,537 Notes receivable — 250,000 250,000 Investment in other property — 5,000,000 5,000,000 Development projects held for sale — 65,785 65,785 Capital assets: Nondepreciable 18,822,452 2,449,253 21,271,705 Depreciable, net 233,142,105 18,145,304 251,287,409 Total noncurrent assets 251,964,557 29,136,335 281,100,892 Total assets 763,221,789 125,296,859 888,518,648 Deferred outflows of resources: Related to pensions 12,980,495 567,846 13,548,341 Related to other post employment benefits 4,971,505 37,617 5,009,122 Total assets and deferred outflows of resources $ 781,173,789 125,902,322 907,076,111 Liabilities and Deferred Inflows of Resources Current liabilities: Warrants and accounts payable $ 64,962,461 505,429 65,467,890 Accrued liabilities: Accrued payroll 25,313,690 — 25,313,690 Other 25,907,573 135,685 26,043,258 Unearned revenue 5,853,495 — 5,853,495 Total current liabilities 122,037,219 641,114 122,678,333 Long-term liabilities: Due within one year: Bonds and notes payable — 166,205 166,205 Due to third parties 1,025,713 — 1,025,713 Compensated absences 27,943,239 — 27,943,239 Lease payable 8,004,857 — 8,004,857 Subscription liability 4,455,142 — 4,455,142 Due in more than one year: Bonds and notes payable — 6,056,560 6,056,560 Due to third parties 36,984,712 — 36,984,712 Compensated absences — — — Lease payable 73,809,280 — 73,809,280 Subscription liability 4,464,372 — 4,464,372 Net OPEB liability 108,540,343 225,062 108,765,405 Net pension liability 28,574,620 696,528 29,271,148 Total noncurrent liabilities 293,802,278 7,144,355 300,946,633 Total liabilities 415,839,497 7,785,469 423,624,966 Deferred inflows of resources: Related to pensions 2,748,858 99,982 2,848,840 Related to other post employment benefits 27,249,933 149,170 27,399,103 Related to leased property 1,564,128 3,328,962 4,893,090 Total liabilities and deferred inflows of resources $ 447,402,416 11,363,583 458,765,999 Net Position Net investment in capital assets $ 172,226,500 14,371,792 186,598,292 Restricted for specific purposes — 8,900,000 8,900,000 Restricted for other purposes 9,219,515 5,000,000 14,219,515 Unrestricted 152,325,358 86,266,947 238,592,305 Total net position $ 333,771,373 114,538,739 448,310,112 See accompanying notes to basic financial statements. 26

CITY OF CAMBRIDGE, MASSACHUSETTS Discretely Presented Component Units Statement of Revenues, Expenses and Changes in Net Position Year ended June 30, 2025 Component Units CRA CHA December 31, Functions/programs June 30, 2025 2024 Total Expenses $ 1,086,264,719 6,486,241 1,092,750,960 Program revenues: Charges for services 459,240,867 1,747,553 460,988,420 Operating grants and contributions 669,525,786 50,000 669,575,786 Total program revenues 1,128,766,653 1,797,553 1,130,564,206 Net program revenues (expenses) 42,501,934 (4,688,688) 37,813,246 General revenues: Sale of development rights — 67,540,494 67,540,494 Investment income 12,909,859 4,609,943 17,519,802 Total general revenues 12,909,859 72,150,437 85,060,296 Change in net position 55,411,793 67,461,749 122,873,542 Net position – beginning, as restated (a) 278,359,580 47,076,990 325,436,570 Net position – ending $ 333,771,373 114,538,739 448,310,112 See accompanying notes to basic financial statements. (a) Beginning net position for CHA was restated for the adoption of GASB 101, see note 2. 27

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 28 (Continued) (1) The Financial Reporting Entity (a) Primary Government Settled in 1630 by a group from the Massachusetts Bay Company, the City of Cambridge (the City) was incorporated as a town in 1636 and became a city in 1846. Since 1940, the City has operated under a Council Manager form of government. The legislative body of the City is the City Council, consisting of nine members elected at-large every two years; the Mayor and Vice Mayor are elected by the Council from among its members for a two-year term. Executive authority resides with the City Manager, who is appointed by the Council and is responsible for the delivery of services to City residents. The Mayor also serves as Chair of the School Committee. The School Committee, whose members are elected, has full authority for operations of the school system and appoints a superintendent to administer the system’s day-to-day operations. The accompanying basic financial statements present the City of Cambridge and its component units. The component units discussed below are included in the City’s reporting entity because of the significance of their operational or financial relationships with the City. (b) Retirement System The Cambridge Retirement System (the System) is a defined benefit contributory retirement system created under State statute. It is administered by a Retirement Board comprised of five members: the City Auditor who serves as ex officio; two individuals elected by participants in the System; a fourth member appointed by the City Manager and a fifth member chosen by the other members of the Retirement Board. The System provides pension benefits to retired City, Cambridge Housing Authority, Cambridge Redevelopment Authority and Cambridge Health Alliance employees. Although legally separate, the System provides services entirely or almost entirely to the City and thus has been reported as if it were part of the primary government; a method of inclusion known as blending. The System is on a calendar fiscal year. As a result, the financial information of the System is as of and for the year ended December 31, 2024. The System is included in the City’s fiduciary fund financial statements. Complete financial statements for the System for its year ended December 31, 2024 are available from its offices on 125 Cambridge Park Drive, Suite 104, Cambridge, MA 02140. (c) Discretely Presented Component Units A Statement of Net Position and a Statement of Activities are presented for the City’s component units for the Cambridge Health Alliance and the Cambridge Redevelopment Authority. The total component unit information can then be found as a separate column on the City’s entity-wide Statement of Net Position and Statement of Activities to emphasize that they are legally separate from the City. The Cambridge Health Alliance (CHA) is included as a component unit because the City is responsible for the appointment of the hospital’s board of trustees and is financially accountable for and is able to impose its will on the organization. CHA is a body politic and corporate and public instrumentality of the Commonwealth of Massachusetts (the Commonwealth) established by Chapter 147 of the Acts of 1996. CHA is governed by a nineteen member board, all of whom are

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 29 (Continued) appointed by the City Manager. CHA is responsible for the implementation of public health programs in the City. Complete financial statements for the CHA for its fiscal year ended June 30, 2025 are available from its offices on 350 Main St, Suite 31, Malden, Massachusetts 02148. The Cambridge Redevelopment Authority (CRA) was established in 1955 pursuant to Chapter 121B of the Massachusetts General Laws, as amended, to administer and plan urban renewal projects within the City of Cambridge, Massachusetts (the City). The CRA was issued a Certificate of Organization by the Secretary of the Commonwealth of Massachusetts on November 20, 1956. The CRA is governed by a five-member board of directors, one of whom is appointed by the Governor of the Commonwealth of Massachusetts and remaining four members are appointed by the Cambridge City Manager and confirmed by the Cambridge City Council. The CRA has received a significant amount of intergovernmental revenue that will be used solely for capital projects that are under CRA oversight. In accordance with GASB Statement No. 61, the CRA is presented as a discrete component unit of the City. Complete financial statements for the CRA for its fiscal year ended December 31, 2024 are available from its offices at 255 Main Street 8th Floor, Cambridge, MA 02142. Unless otherwise indicated, the notes to the basic financial statements pertain only to the primary government because certain disclosures of the component units are not significant relative to the primary government. (d) Related Organizations The City Manager is also responsible for appointing four of five board members to the Cambridge Housing Authority, subject to confirmation by the Council. However, the City’s accountability for this organization does not extend beyond making these appointments. (2) Summary of Significant Accounting Policies The following is a summary of the more significant policies followed by the City: (a) Government-Wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all the nonfiduciary activities of the primary government and its discretely presented component units. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities that rely to a significant extent on fees and charges for support. Likewise, the primary government is reported separately from the legally separate component units for which the primary government is financially accountable. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 30 (Continued) segment and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. 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. Major individual governmental funds and the individual enterprise fund are reported as separate columns in the fund financial statements. (b) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (i) Government-Wide Financial Statements The government-wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of when the timing of related cash flows take place. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements have been satisfied. (ii) Governmental Fund Financial Statements 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 as soon as they are “susceptible to accrual” (i.e., both measurable and available). Revenues not considered to be available are recorded as deferred inflows of resources. The City applies the susceptible to accrual criteria to property and other taxes and intergovernmental revenues. In applying the susceptible to accrual concept to intergovernmental revenues, there are essentially two types of revenues. In one, moneys must be expended for a specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized as expenditures are incurred subject to availability requirements. In the other, moneys are virtually unrestricted and are usually revocable only for failure to comply with prescribed requirements. These resources are reflected as revenues when cash is received, or earlier if the susceptible to accrual criteria are met. State aid is accrued as revenue in the year that the funds are appropriated by the Commonwealth. Property taxes and other taxes are recorded as revenue in the year for which the taxes have been levied, provided they are collected within 60 days after year-end. Generally, intergovernmental revenues are recognized as revenue, provided they are earned during the year and collected within one year after year-end, except Chapter 90 receivables which are considered available when received. Investment income is recorded as earned. Other revenues including sewer user fees are recorded when received in cash because they are generally not measurable until actually received. Expenditures are recorded when the related fund liability is incurred. However, principal and interest on general obligation debt as well as expenditures related to liabilities including compensated absences, pensions, leases, other postemployment benefits, judgments and claims and tax abatements are recorded only as expenditures to the extent payment is mature and due.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 31 (Continued) Capital asset acquisitions are reported as expenditures in governmental funds. Proceeds of general long-term debt and financing from leases are reported as other financing sources. (iii) Proprietary Fund Financial Statements Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the enterprise fund are charges to customers for water service. Operating expenses for the enterprise fund include the cost of preparing and delivering the water, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Governmental Funds – The City reports the following major governmental funds: The general fund is the City’s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. The capital fund accounts for financial resources to be used for the acquisition or construction of major capital facilities. The affordable housing trust fund accounts for financial resources to be used for the acquisition or construction of affordable housing units. The city grants fund accounts for a wide range of federal and state grants and provide additional support to several City programs. A significant source of funding is federal ARPA Act funding related to COVID and support for the Arts Council, Historical Commission, and Library. The other governmental fund accounts for programs such as Community Development Block Grant, various school grants, the Parking Fund, Community Preservation Act, the Aggregation Adder Fund and the Opioid Settlement Fund. These funds receive funding from sources such as federal and state grants and fees. Proprietary Fund – The City reports the following major proprietary fund: The water fund accounts for activities related to the preparation and delivery of water to City residents. Fiduciary Funds – Additionally, the City reports the following fiduciary fund types: Pension (and Other Employee Benefit) Trust Funds: The pension trust fund accounts principally for the activities of the System, which accumulates resources for pension benefit payments to retired City employees. The OPEB trust fund is an irrevocable trust fund established for other postemployment benefits. The assets are appropriated from the General Fund and accumulate to reduce the unfunded actuarial liability of health care and other postemployment benefits. This fund is currently not used for payments of benefits.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 32 (Continued) Private Purpose Trust Fund: The private purpose trust fund is used to account for assets received and distributed by the City acting in a trustee capacity for individuals, private organizations and for other funds. Custodial Fund: The primary purpose of this fund is to provide oversite of school activity accounts. (c) Cash Equivalents For purposes of the statement of cash flows, investments with original maturities of three months or less when purchased are considered to be cash equivalents. (d) Basis of Investment Valuation Investments are presented in the accompanying basic financial statements at fair value. Where applicable, fair values are based on quotations from national securities exchanges, except for certain investments of the System, which are described in note 3. Further, income from investments is recognized in the same fund as the related investments. The City invests in the Massachusetts Municipal Depository Trust (MMDT) Cash Portfolio, which is an external investment pool and is not SEC-registered. The fund is state regulated and is valued at amortized cost. (e) Interfund Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds.” Any residual balances outstanding between the governmental activities and the business-type activity are reported in the government-wide financial statements as “internal balances.” (f) Uncollectible Tax and Other Receivables All receivables are shown net of an allowance for uncollectibles. Amounts considered to be uncollectible are based on the type and age of the related receivable. (g) Deferred Inflows and Outflows of Resources The City accounts for certain transactions that result in the consumption or acquisition of resources in one period that are applicable to future periods as deferred outflows and inflows of resources, respectively, to distinguish them from assets and liabilities. For fiscal year 2025, the City has reported deferred outflows pertaining to its debt refunding, pension and other post-employment benefits transactions in the government–wide statements and deferred inflows related to pensions, other post-employment benefits and rent transactions in the government-wide statements. Deferred inflows related to rent and unavailable revenue are also reported in the governmental fund statements.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 33 (Continued) (h) Capital Assets Capital assets (excluding intangible right-to-use lease assets) include property, plant, equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable governmental or business-type activity columns in the government-wide financial statements. Capital assets are defined by the City as assets with an initial, individual cost of more than $10,000 and an estimated useful life in excess of five years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets’ lives are not capitalized. Capital assets of the primary government, as well as the component units, are depreciated using the straight-line method over the following estimated useful lives: Assets Years Buildings and improvements 20–50 Infrastructure 15–60 Furniture and equipment 5–20 (i) Leases As Lessee: The City is a lessee for non-cancelable leases of equipment. The City recognizes a lease liability and an intangible right-to-use lease assets (lease asset) in the financial statements. The City recognizes lease liabilities with an initial, individual value of $5,000 or more. Lease liabilities are initially recognized at the lease commencement date based on the present value of future lease payments to be made by the City over the lease term. The estimated payments are discounted using the City’s estimated incremental borrowing rate. The lease term includes the non-cancelable period of the lease. The lease liability is subsequently reduced by the principal portion of lease payments made. Lease liabilities are reported on the statements of net position. Lease assets are recognized at the lease commencement date and represent the City’s right to use an underlying asset for the lease term. Lease assets are initially measured at the initial value of the lease liability, adjusted for lease payments made at or before the lease commencement date and initial direct costs. The lease asset is subsequently amortized on a straight-line basis over its useful life. Lease assets are reported with capital assets on the statements of net position. The City monitors changes in circumstances that would require a remeasurement of its lease and remeasures its lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 34 (Continued) As Lessor: The City is a lessor for a non-cancelable lease of a building and the City recognizes a lease receivable and a deferred inflow of resources in the accompanying financial statements. At the commencement of the lease, the City initially measures the lease receivable at the present value of lease payments expected to be received from lessees over the lease term. The estimated payments are discounted using the City’s estimated incremental borrowing rate. Lease receivables are subsequently reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Deferred lease inflows are recognized as revenue over the lease term on a straight-line basis. The City monitors changes in circumstances that would require a remeasurement of its lease and remeasures its lease receivable and deferred inflows if certain changes occur that are expected to significantly affect the amount of the lease receivable. (j) Compensated Absences Employees are granted sick and vacation leave in varying amounts. Upon retirement, termination, or death, certain employees are compensated for unused sick and vacation leave (subject to certain limitations) at their then current rates of pay. The cost of compensated absences for employees is recorded as earned in the government-wide and proprietary fund financial statements. A liability for these amounts is reported in the governmental funds only if it has matured (i.e., come due for payment). The liability for vacation leave is based on the amount earned but not used; for sick leave, it is based on the amount accumulated at the balance sheet date (vesting method). (k) Long-Term Obligations and Related Costs In the government-wide financial statements, and proprietary fund types in the fund financial statements, long-term debt, and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activity, or proprietary fund type statement of net position. Bond premiums and discounts are capitalized and amortized over the life of the bonds using the straight line method. Issue costs, other than prepaid insurance, if any, are expensed as incurred. In the fund financial statements, governmental fund types recognize bond premiums, discounts, and bond issuance costs in the operating statement, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as general government expenditures.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 35 (Continued) (l) Net Position and Fund Balance In the Government-wide and Proprietary Fund Financial Statements, net position is reported in the following categories: Net investment in capital assets: Capital assets, net of accumulated depreciation, and outstanding principal balances of debt attributable to the acquisition, construction, or improvement of those assets. Restricted: Net position the use of which is subject to constraints imposed by external parties, including creditors, grantors, and laws and regulations of other governments, or imposed by City Charter or enabling legislation. Nonexpendable amounts are required to remain intact under such constraints. Unrestricted: Remaining net position not considered invested in capital assets, net of related debt or restricted. For purposes of net position classification, when both restricted and unrestricted resources are available for use, it is the City’s policy to use restricted resources first, then unrestricted resources as they are needed. In the Governmental Fund Financial Statements, fund balance is reported in the following categories: Nonspendable: Amounts that cannot be spent because they are either not in spendable form or they are legally or contractually required to remain intact. Restricted: Amounts the use of which is subject to constraints imposed by external parties, including creditors, grantors, and laws and regulations of other governments, or imposed by City Charter or enabling legislation. Committed: Amounts that can only be used for specific purposes pursuant to constraints imposed by formal action of the government’s highest level of decision-making authority. For the City, this formal action takes the form of State statutes or Home-rule petitions which are adopted by the City Council with a 2/3rds vote. Assigned: Amounts that are constrained by the City’s intent for use for specific budgetary purposes, but are considered neither restricted or committed. Unassigned: Amounts in the general fund that are not otherwise constrained for a specific purpose more narrow than the general operations of the City. The flow of expenditures for unrestricted resources is to use the committed when possible first, then assigned and then the unassigned when needed. The Unassigned Fund balance policy adopted by the City Council is as follows: • General Fund (GAAP) balance as of June 30 of each year is equal to or greater than 15% of the ensuing fiscal year’s operating revenue. The responsibility for tracking this policy is with the City Treasurer who estimates the surplus or deficit for the current year and prepares a projection for the year-end unassigned general fund balance. Any

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 36 (Continued) anticipated balance in excess of the targeted maximum unassigned balance maybe budgeted to reduce the ensuing year’s property tax levy, transferred to stabilization fund, or fund one-time capital projects. This policy is reviewed annually during the City’s Annual Budget and Public Investment Program process. (m) Securities Lending Transactions The System engages in securities lending transactions. Collateral received on securities lending transactions is reported as an asset with a corresponding liability to the borrower. The underlying securities lent to the borrower under these transactions are reported as investments. Borrower rebates and administrative fees are reported as expenses; interest and dividends on the underlying securities and related collateral are reported as revenues. (n) Landfill Postclosure Care Costs State and federal regulations required the City to place a final cover on its Danehy Park landfill site when it stopped accepting waste and to perform certain maintenance and monitoring functions at the site for 30 years after closure, which continued through 2022. At June 30, 2025, 100% of the landfill site had been used and has not accepted solid waste for several years. The City has completed the covering of this site in accordance with applicable laws and regulations. During fiscal year 2022, the City agreed to continue certain maintenance and monitoring for an additional 30 years. (o) Unearned Revenue Resources received in advance are reported as unearned revenue until the period of exchange. Intergovernmental revenues representing grants and assistance from other governmental units, are generally recognized as revenue in the period when eligibility requirements, as defined by GASB Statement No. 33, have been met. Any resources received before eligibility requirements are met are reported as deferred inflows of resources. The City received $14,889,721 of American Rescue Plan Act (ARPA) funds, which were not fully spent as of June 30, 2025. As such, these funds are recorded as unearned revenue in the City grants fund. (p) Use of Estimates The preparation of the accompanying financial statements in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 37 (Continued) (q) Adoption of New Accounting Pronouncements The City adopted the following new accounting pronouncements issued by the GASB during the current fiscal year ended June 30, 2025: • Statement No. 101, Compensated Absences. This Statement amends the existing requirements to disclose the gross increases and decreases in a liability for compensated absences to allow governments to disclose only the net change in the liability. In addition, governments are no longer required to disclose which governmental funds typically have been used to liquidate the liability for compensated absences. The requirements of this Statement are effective for fiscal years beginning December 15, 2023, and all reporting periods thereafter. The City adopted the provisions of GASB Statement No. 101 as of July 1, 2024. The changes related to the adoption of this statement had no impact on opening net equity. The City’s discreetly presented component unit (CHA) also adopted GASB Statement No. 101 which resulted in a corresponding adjustment of approximately $1.7 million to the previously reported financial statements. The adoptions of GASB Statement No. 101 had no impact on the financial statements of the City’s other discreetly presented component unit (CRA). • Statement No. 102, Certain Risk Disclosures. This Statements’ objective is to provide users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations of constraints. The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Implementations of the GASB Statement No. 102 had no material effect on amounts reported in the City’s financial statements. The City is currently reviewing its accounting practices to determine the potential impacts on the financial statements for the following GASB Statements: • Statement No. 103, Financial Reporting Model Improvements. This Statements’ objective is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. This Statement also addresses certain issues related to Management’s Discussion and Analysis, Unusual or Infrequent Items, presentation of the Proprietary Fund Statement of Revenues, Expenses and Changes in Fund Net Position, Major component Unit Information and Budgetary Comparison Information. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. • Statement No. 104, Disclosures of Certain Capital Assets. This Statements’ objective is to provide users of government financial statements with detailed information about capital assets in notes to the financial statements. This Statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payments Arrangements, should be disclosed separately by major class of underlying asset in the assets note disclosures. Subscription assets recognized in accordance with Statement No. 96, Subscription-Based Information Technology Arrangements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 38 (Continued) types to be disclosed separately by major class. The requirements of this Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. (3) Deposits and Investments (a) Deposits State and local statutes place certain limitations on the nature of deposits and investments available to the City. The City’s policy requires full collateralization on all demand deposit accounts including checking accounts, certificates of deposit and money market accounts. (i) Custodial Credit Risk Custodial credit risk is the risk that in the event of bank failure, the City’s deposits may not be returned. As of June 30, 2025, the bank balances of uninsured and uncollateralized deposits are as follows: Primary government $ 2,943,182 Discretely presented component units: CHA 6,200,184 CRA (as of December 31, 2024) 3,337,301 $ 12,480,667 (b) Investments The City’s investment program is operated by the City Treasurer in conformance with all applicable federal and state requirements, including MGL c. 44, Sections 54 and 55. The objective is to obtain a high level of income while also following the principles of security, liquidity, and yield. Investments of General Fund available cash balances consist of fully collateralized certificates of deposit with local banking institutions for duration of 6-9 months and units in the Massachusetts Municipal Depository Trust (MMDT). The Treasurer of the Commonwealth of Massachusetts oversees the financial management of the MMDT, an external investment pool for cities, towns, and other state and local agencies with the Commonwealth. MMDT meets the criteria established by GASB 79 to report its investments at amortized cost; therefore, the City reports its investment in MMDT at amortized cost, which approximates the net asset value of $1.00 per share. MMDT has a maturity of less than 1 year and is not rated. The City’s investment portfolio for private purpose funds is designed to attain a market-average rate of return throughout budgetary and economic cycles, taking into account investment risk constraints and the City’s liquidity requirements. The portfolio is managed with the objective of exceeding the average of three-month U.S. Treasury Bill rates for the equivalent period. The investments for trust funds include collateralized certificate of deposits, U.S. Government Agencies, and units in the MMDT for durations between 12-48 months.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 39 (Continued) The City’s pension system and OPEB irrevocable trust fund have additional investment powers, most notably the ability to invest in common stocks, corporate bonds, and other specified investments. (i) System Investment Policy The provisions of Massachusetts General Laws (M.G.L.) c. 32, sec 3(2) govern the System’s investment practice. Diversification is attained through varied investment management styles that comply with Massachusetts state law. This is accomplished through the retention of investment managers that adhere to M.G.L. c. 32, sec 23(3), the “Prudent Person” rule. The System has retained an investment consultant to work with the Retirement Board in a fiduciary capacity to assure that strategic investment diversification is attained, to employ investment managers with expertise in their respective asset classes, and to closely monitor the implementation and performance of the respective investment strategies. The System participates in the segmentation program of the Pension Reserves Investment Trust (PRIT) Fund which allows Massachusetts retirement systems to invest only in individual asset classes of the PRIT Fund. The PRIT Fund is an external investment pool, as defined by the Government Accounting Standards Board, and it is not registered with the Securities and Exchange Commission but is subject to oversight by the Pension Reserves Investment Management Board (the PRIM Board). The System’s alternative investments include investments in the PRIT hedge and private equity segments of the PRIT Fund. The PRIT Fund issue separately available audited financial statements. (ii) OPEB Investment Policy The provisions of Massachusetts General Laws (M.G.L) c. 44 sec 54 allows investment in securities listed on the Commonwealth’s approved securities listing. The OPEB investment portfolio is managed by the City’s Investment committee. The portfolio’s current target allocation is 50% equities (securities from the approved state listing) and 50% of fixed income securities.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 40 (Continued) (iii) Interest Rate Risk The following is a listing of the primary government’s fixed income investments and related maturity schedule (in years) as of June 30, 2025: Less More Investment type Fair value than 1 1–5 6–10 than 10 City: Money market/MMDT $ 437,059,340 437,059,340 — — — Certificates of deposit 69,046,195 69,046,195 — — — U.S. agencies 163,740,994 163,740,994 — — — Subtotal city 669,846,529 669,846,529 — — — System (as of December 31, 2024): U.S. treasury notes and bonds 55,228,012 — 13,321,607 22,552,086 19,354,319 Municipal securities 1,540,675 — 800,176 103,103 637,396 U.S. agencies 38,919,056 1,181 48,928 1,913,500 36,955,447 Domestic corporate 39,003,950 568,547 14,836,517 13,393,969 10,204,917 Asset-backed: CMOs 3,995,015 — — — 3,995,015 Other 1,657,040 — 1,657,040 — — Pooled fixed-income investments 163,617,099 — 91,762,846 — 71,854,253 Subtotal system 303,960,847 569,728 122,427,114 37,962,658 143,001,347 OPEB Trust: Money market 142,747 142,747 — — — U.S. agencies 15,864,058 15,864,058 — — — Subtotal OPEB Trust 16,006,805 16,006,805 — — — Total $ 989,814,181 686,423,062 122,427,114 37,962,658 143,001,347 Discretely presented component units CHA: Money market $ 50,217,273 50,217,273 — — — MMDT 170,167,226 170,167,226 — — — Municipal bonds 5,999,856 5,999,856 — — — U.S. agencies 37,215,722 37,215,722 — — — U.S. treasury notes 3,007,140 3,007,140 — — — Subtotal CHA 266,607,217 266,607,217 — — — CRA (as of December 31, 2024): Foreign issuance 1,501,246 1,501,246 — — — U.S. agencies 57,740,475 33,718,395 24,022,080 — — Subtotal CRA 59,241,721 35,219,641 24,022,080 — — Total discretely presented component units $ 325,848,938 301,826,858 24,022,080 — — The City, OPEB Trust, and the System’s guidelines do not specifically address limits on maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. The manager of each fixed income portfolio is responsible for determining the maturity and commensurate returns of their portfolio.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 41 (Continued) The collateralized mortgage obligations (CMOs) held by the System are highly sensitive to changes in interest rates. (iv) Credit Risk The City, OPEB Trust, and the System allow investment managers to apply discretion under the “Prudent Person” rule. Investments are made, as a prudent person would be expected to act with discretion and intelligence, to seek reasonable income, preserve capital and, in general, avoid speculative investments. The primary government’s fixed income investments as of June 30, 2025 were rated by Standard and Poor’s, Moody’s, and/or an equivalent national rating organization and are presented below: Carrying Investment type value AAA AA A BBB Not rated City: Money market/MMDT $ 437,059,340 — — — — 437,059,340 Certificates of deposit 69,046,195 — — — — 69,046,195 U.S. agencies 163,740,994 — — — — 163,740,994 Subtotal city 669,846,529 — — — — 669,846,529 System (as of December 31, 2024): U.S. treasury notes and bonds 55,228,012 45,787,494 — — — 9,440,518 Municipal securities 1,540,675 445,760 878,073 — — 216,842 U.S. agencies 38,919,056 1,181 — — — 38,917,875 Domestic corporate 39,003,950 3,514,693 1,696,931 15,467,053 16,795,708 1,529,565 Asset-backed: CMOs 3,995,015 2,910,527 — — — 1,084,488 Other 1,657,040 1,543,246 — 113,794 — — Pooled fixed-income investments 163,617,099 — — — — 163,617,099 Subtotal system 303,960,847 54,202,901 2,575,004 15,580,847 16,795,708 214,806,387 OPEB Trust: Money market 142,747 — — — — 142,747 U.S. agencies 15,864,058 — — — — 15,864,058 Subtotal OPEB Trust 16,006,805 — — — — 16,006,805 Total $ 989,814,181 54,202,901 2,575,004 15,580,847 16,795,708 900,659,721 Discretely presented component units CHA: Money market $ 50,217,273 — — — — 50,217,273 MMDT 170,167,226 — — — — 170,167,226 Municipal bonds 5,999,856 5,999,856 — — — — U.S. agencies 37,215,722 37,215,722 — — — — U.S. treasury notes 3,007,140 3,007,140 — — — — Subtotal CHA 266,607,217 46,222,718 — — — 220,384,499 CRA (as of December 31, 2024): Foreign Issuance 1,501,246 — — 1,501,246 — — U.S. agencies 57,740,475 57,740,475 — — — — Subtotal CRA 59,241,721 57,740,475 — 1,501,246 — — Total discretely presented component units $ 325,848,938 103,963,193 — 1,501,246 — 220,384,499

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 42 (Continued) (v) Concentration Risk The City has individual investments, at fair value, that exceed 5% of the City's net position as of June 30, 2025. The OPEB trust has two positions, Eli Lilly Corporation and GE Aerospace, that make up 5.8% and 6.8% of the Trust's net position, respectively, as of June 30, 2025. The System has no individual investments, at fair value, that exceed 5% of the System’s net position held in trust for pension benefits as of December 31, 2024, other than pooled investments. The System adheres to the provisions of M.G.L. c. 32, sec 23(2) when managing concentration risk. (vi) Foreign Currency Risk Foreign currency risk is the risk that changes in exchange rates will adversely affect the fair value of an investment or a deposit. The System’s asset allocation model which serves as a proxy for a foreign currency policy, limits the amount of foreign currency exposure to 20% of the System’s total investments. Similar to the investments in domestic equities, the System employs or encourages its investment advisor to employ diversification, asset allocation, and quality strategies. Currency hedging is permitted for defensive purposes. Currency hedging shall be affected through the use of forward currency contracts. At December 31, 2024, there were no open forward currency contracts. Risk of loss arises from changes in currency exchange rates. The System’s exposure to foreign currency risk is presented below. Currency: International equity pooled funds (various currencies) $ 319,576,799 International fixed income pooled funds (various currencies) 50,995,616 $ 370,572,415 Although these pooled investments are not denominated in a foreign currency, the underlying securities are denominated in various foreign currencies. (vii) Fair Value Hierarchy The City categorizes its fair value measurements within the fair value hierarchy established by GAAP. Fair value measurements are categorized based on the valuation inputs used to measure fair value: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2 inputs are other than quoted prices in Level 1 that are observable for the asset or liability, or similar assets or liabilities either directly or indirectly through corroboration with observable market data; Level 3 inputs are unobservable inputs for the asset or liability (i.e. supported by little or no market activity). Level 3 inputs include management’s assumptions. The City utilizes observable inputs where available when establishing fair value.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 43 (Continued) The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at June 30, 2025. Money market funds: Valued at the daily closing price as reported by the fund. Money market funds held by the City are open-end money market funds that are registered with the Securities and Exchange Commission. The money market funds are recorded at amortized cost. Equity securities: Consist primarily of corporate stocks traded on U.S. and non-U.S. active security exchanges. Stocks traded on active exchanges and valued at quoted market prices and documented trade history for identical assets are categorized within Level 1 or the fair value hierarchy. If market quotations are not readily available, the stocks may be valued using pricing models maximizing the use of observable inputs for similar securities and are classified as Level 2. U.S. agencies: Securities issued by the U.S. government, its agencies, authorities and instrumentalities are valued using quoted prices, documented trade history in the security, and pricing models maximizing the use of observable inputs determined by investment managers. Corporate fixed incomes: Valued either by using pricing models maximizing the use of observable inputs for similar securities or valued by the investment manager. The following table presents the City’s investments (including the City’s OPEB trust) carried at fair value on a recurring basis in the statement of net position at June 30, 2025: Fair Level 1 Level 2 Investments value inputs inputs Equity securities $ 28,406,164 28,406,164 — U.S. agencies 179,605,052 179,605,052 — Total investments $ 208,011,216 208,011,216 — The following table presents the CHA’s investments carried at fair value on a recurring basis in the statement of net position at June 30, 2025: Fair Level 1 Level 2 Investments value inputs inputs U.S. agencies $ 37,215,722 37,215,722 — U.S. treasury notes 3,007,140 3,007,140 — Municipal bonds 5,999,856 5,999,856 — Total investments $ 46,222,718 46,222,718 —

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 44 (Continued) The following table presents the CRA’s investments carried at fair value on a recurring basis in the statement of net position at December 31, 2024: Fair Level 1 Level 2 Investments value inputs inputs Equity securities $ 25,697,636 25,697,636 — U.S. agencies 57,740,475 57,244,810 495,665 Foreign issuance 1,501,246 — 1,501,246 Total investments $ 84,939,357 82,942,446 1,996,911 The System has the following fair value measurements as of December 31, 2024: Fair value Level 1 Level 2 Investments by fair value level: Fixed income $ 140,343,748 55,228,012 85,115,736 Equities 21,906,127 21,906,127 — 162,249,875 77,134,139 85,115,736 Investments measured at NAV: Commingled equity funds: International 319,576,799 — — Domestic 566,348,367 — — Commingled fixed income funds: International 50,995,616 — — Domestic 163,617,099 — — Real estate 311,019,121 — — Alternative: PRIT private equity 274,084,387 — — Other alternative 76,525,005 — — 1,762,166,394 — — Total investments $ 1,924,416,269 77,134,139 85,115,736

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 45 (Continued) The following represents the significant investment strategies and terms on which the System may redeem investments for those investments measured at the NAV (or its equivalent) as a practical expedient: Investments measured at NAV Redemption Redemption 2024 frequency notice period Commingled equity funds $ 885,925,166 Daily 1–30 days Commingled fixed income funds 163,617,099 Daily 1–30 days Real estate 311,019,121 Quarterly 1–30 days Alternative 350,609,392 Quarterly 1–30 days 1 Commingled equity funds: This type includes 7 funds that invest primarily in U.S. large and small cap equity funds and international equity funds. 2 Commingled fixed income funds: This type includes 2 fixed income funds that invest in U.S. corporate bonds, U.S. government bonds, U.S. asset-backed securities and foreign bonds. 3 Real estate funds: This type includes 11 funds that invest primarily in real estate funds and global infrastructure. 4 Alternative funds: This type includes 17 funds that invest primarily in private equity and venture capital funds. The System is required to provide 24 hour redemption notice for the PRIT hedge fund. The PRIT private equity fund is not redeemable until notified by the PRIM Board. (4) Property Taxes Real and personal property taxes are based on values assessed as of each January 1. By law, all taxable property must be assessed at 100% of fair cash value. Also, by law, property taxes must be levied at least 30 days prior to their due date. Once levied, these taxes are recorded as receivables, net of estimated uncollectible balances. The City bills and collects its property taxes on a semiannual basis following the January 1 assessment. The due dates for those tax billings are November 1 and May 1. Property taxes that remain unpaid after the respective due dates are subject to penalties and interest charges. Based on the City’s experience, most property taxes are collected during the year in which they are assessed. Liening of properties on which taxes remain unpaid occurs annually. The City ultimately has the right to foreclose on all properties where the taxes remain unpaid. A statewide property tax limitation known as “Proposition 2 ½” limits the amount of increase in the property tax levy in any fiscal year. Generally, Proposition 2 ½ limits the total levy to an amount not greater than 2 ½% of the total assessed value of all taxable property within the City. Secondly, the tax levy cannot increase by more than 2 ½% of the prior year’s levy plus the taxes on property newly added to the tax rolls. Certain provisions of Proposition 2 ½ can be overridden by a Citywide referendum.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 46 (Continued) (5) Capital Assets Capital asset activity for the year ended June 30, 2025, was as follows: Primary Government Beginning Ending balance Increases Decreases balance Governmental activities: Capital assets not being depreciated: Land $ 208,635,430 — — 208,635,430 Construction in progress 247,976,000 171,140,736 (69,869,580) 349,247,156 Total capital assets not being depreciated 456,611,430 171,140,736 (69,869,580) 557,882,586 Capital assets being depreciated: Buildings and improvements 925,574,020 2,044,310 — 927,618,330 Improvements – nonbuilding 159,842,243 5,515,468 — 165,357,711 Furniture and equipment 135,420,932 5,103,330 (2,827,149) 137,697,113 Infrastructure 829,345,983 57,447,632 — 886,793,615 Total capital assets being depreciated 2,050,183,178 70,110,740 (2,827,149) 2,117,466,769 Less accumulated depreciation for: Buildings and improvements (316,430,407) (30,053,867) — (346,484,274) Improvements – nonbuilding (77,843,065) (5,800,121) — (83,643,186) Furniture and equipment (96,899,154) (7,768,551) 2,827,149 (101,840,556) Infrastructure (329,979,938) (23,071,808) — (353,051,746) Total accumulated depreciation (821,152,564) (66,694,347) 2,827,149 (885,019,762) Total capital assets being depreciated, net 1,229,030,614 3,416,393 — 1,232,447,007 Right to use assets being amortized: Land 873,110 — — 873,110 Buildings 14,296,494 — — 14,296,494 Equipment 11,379 — — 11,379 Total right to use assets being amortized 15,180,983 — — 15,180,983 Less accumulated amortization for: Land (558,501) (102,618) — (661,119) Buildings (8,104,135) (1,084,320) — (9,188,455) Equipment (11,379) — — (11,379) Total accumulated amortization (8,674,015) (1,186,938) — (9,860,953) Total right to use assets, being amortized, net 6,506,968 (1,186,938) — 5,320,030 Total capital assets, net $ 1,692,149,012 173,370,191 (69,869,580) 1,795,649,623

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 47 (Continued) Depreciation and amortization expense was charged to functions/programs of the primary government as follows: Governmental activities: General government $ 4,333,720 Public safety 7,233,708 Human resource development 3,548,413 Education 12,077,232 Community maintenance and development 40,688,212 Total depreciation and amortization expense – governmental activities $ 67,881,285 Beginning Ending balance Increases Decreases balance Business-type activity: Capital assets not being depreciated: Land $ 40,044,950 1,999,828 — 42,044,778 Construction in progress 578,534 7,682,643 (4,793,751) 3,467,426 Total capital assets not being depreciated 40,623,484 9,682,471 (4,793,751) 45,512,204 Capital assets being depreciated: Buildings and improvements 100,777,459 571,943 (179,533) 101,169,869 Furniture and equipment 19,337,240 3,680,394 (361,737) 22,655,897 Infrastructure 47,765,244 988,608 (7,704,915) 41,048,937 Total capital assets being depreciated 167,879,943 5,240,945 (8,246,185) 164,874,703 Less accumulated depreciation for: Buildings and improvements (51,910,150) (3,812,188) 179,533 (55,542,805) Furniture and equipment (12,037,843) (2,418,304) 361,737 (14,094,410) Infrastructure (24,077,709) (863,176) 7,704,915 (17,235,970) Total accumulated depreciation (88,025,702) (7,093,668) 8,246,185 (86,873,185) Total capital assets being depreciated, net 79,854,241 (1,852,723) — 78,001,518 Business-type activity capital assets, net $ 120,477,725 7,829,748 (4,793,751) 123,513,722

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 48 (Continued) (6) Receivables and Deferred Inflows of Resources (a) Receivables Receivables as of year-end for the government’s individual major funds and nonmajor funds, including the applicable allowances for uncollectible accounts, are as follows: Enterprise Government funds fund Affordable Other Total Capital housing City governmental governmental Water General fund trust fund grants funds funds fund Receivables: Property taxes $ 10,385,402 — — — — 10,385,402 — Motor vehicle taxes 5,793,378 — — — — 5,793,378 — Other taxes 3,993,159 — — — — 3,993,159 — Intergovernmental — 1,867,778 — 921,625 743,335 3,532,738 — Leases 18,324,130 — — — — 18,324,130 — Other 20,637,408 — 8,286,824 — 323,443 29,247,675 5,746,513 Gross receivables 59,133,477 1,867,778 8,286,824 921,625 1,066,778 71,276,482 5,746,513 Less allowance for uncollectibles 6,615,069 — — — — 6,615,069 57,466 Net total receivables $ 52,518,408 1,867,778 8,286,824 921,625 1,066,778 64,661,413 5,689,047 (b) Deferred Inflows of Resources Governmental funds report deferred inflows of resources in connection with receivables for revenues that are not considered to be available to liquidate liabilities of the current period. At the end of the current fiscal year, the various components of deferred inflows of resources reported in the governmental funds were as follows: Unavailable Delinquent taxes receivable $ 12,298,785 Deferred inflow related to rent 17,298,909 Departmental and other 17,469,208 Total unavailable for governmental funds $ 47,066,902 (c) Tax Abatement Programs The City may enter into tax abatement agreements that meet the reporting requirements of GASB Statement No. 77, Tax Abatement Disclosures.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 49 (Continued) The City currently does not have any active Chapter 121A agreements and does not intend to enter into any in the foreseeable future. Therefore, there was no Chapter 121A related activities or abatements noted for the year ended June 30, 2025. (7) Receivable and Payable Balances between Funds and Component Units Individual fund receivable and payable balances at June 30, 2025, are as follows: Interfund balances Receivable Payable General fund – payable to water fund $ — 32,723 Capital fund – receivable from other governmental funds – for capital items 569,969 — Enterprise fund – receivable from general fund 32,723 — Other governmental funds – community development block grant payable to capital fund – for capital items — 569,969 Balance at June 30, 2025 $ 602,692 602,692 As of June 30, 2025, there are no receivable and payable balances between the primary government and the discretely presented component units.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 50 (Continued) (8) Long-Term Obligations Following is a summary of the governmental activities long-term obligations of the City as of June 30, 2025: Outstanding, Interest beginning Outstanding, Due within Date of issue rates of year Additions Reductions end of year one year General obligation bonds: General purpose, serial maturities through February 15, 2044 2/15/12 to 3/5/25 1.0%–5.0% $ 450,635,000 111,205,000 45,190,000 516,650,000 49,525,000 Urban redevelopment, serial maturities through February 15, 2035 3/3/15 to 3/5/25 2.0%–5.0% 51,905,000 20,560,000 7,990,000 64,475,000 9,270,000 Sewer, serial maturities through February 15, 2035 1/7/15 to 3/5/25 0.0%–5.0% 113,851,815 17,885,000 22,154,330 109,582,485 20,238,988 Total governmental obligation bonds $ 616,391,815 149,650,000 75,334,330 690,707,485 79,033,988 Add (deduct): Unamortized bond premium 58,795,010 12,782,615 7,768,391 63,809,234 Current portion of long-term debt (79,033,988) 675,482,731 Other long-term obligations: Judgments and claims $ 25,458,600 77,482,152 77,388,652 25,552,100 14,725,400 Landfill postclosure care costs 765,000 — 28,333 736,667 28,333 Lease payable 5,916,487 — 1,803,140 4,113,347 1,330,029 Compensated absences 24,411,000 30,504,700 28,785,700 26,130,000 12,505,000 Net OPEB liability 756,027,918 56,784,785 62,968,852 749,843,851 — Net pension liability 188,107,388 41,631,642 101,408,066 128,330,964 — Pollution remediation 2,775,540 2,458,706 2,228,452 3,005,794 1,127,750 Total other governmental long-term obligations $ 1,003,461,933 208,861,985 274,611,195 937,712,723 29,716,512

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 51 (Continued) Following is a summary of the business-type activity long-term obligations of the City as of June 30, 2025: Outstanding, Interest beginning Outstanding, Due within Date of issue rates of year Additions Reductions end of year one year General obligation bonds: General purpose, serial maturities through February 15, 2035 3/5/25 5.0% $ — 3,640,000 — 3,640,000 415,000 Total business-type general obligation bonds $ — 3,640,000 — 3,640,000 415,000 Add (deduct): Unamortized bond premium — 421,475 47,532 373,943 Current portion of long-term debt (415,000) 3,598,943 Other long-term obligations: Judgments and claims $ 207,500 2,270,917 2,137,517 340,900 150,000 Compensated absences 701,000 560,900 614,900 647,000 310,000 Total other long-term obligations $ 908,500 2,831,817 2,752,417 987,900 460,000

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 52 (Continued The payment of liabilities for judgments and claims, compensated absences, pollution remediation, other postemployment benefits, pension and landfill postclosure costs are primarily the responsibility of the City’s general fund. General obligation bonds are backed by the full faith and credit of the City. The annual debt service requirements of the City’s general obligation governmental bonds and notes payable outstanding as of June 30, 2025, are as follows: Principal Interest Total Year ending June 30: 2026 $ 79,033,988 29,565,168 108,599,156 2027 72,580,200 26,558,575 99,138,775 2028 67,599,600 23,127,500 90,727,100 2029 63,029,200 19,926,675 82,955,875 2030 58,509,497 16,945,244 75,454,741 2031–2035 217,075,000 48,645,761 265,720,761 2036–2040 87,125,000 16,310,376 103,435,376 2041–2045 45,755,000 3,898,051 49,653,051 $ 690,707,485 184,977,350 875,684,835 In March 2025, the City issued $153,290,000 of general obligation bonds to fund various capital purchases and improvements throughout the city. Interest on the general obligation bonds is due semiannually on each February 15 and August 15, with principal payments due each February 15 until maturity in fiscal 2044. The City is subject to a dual general debt limit: the normal debt limit and the double debt limit. Such limits are equal to 5% and 10%, respectively, of the valuation of taxable property in the City as last equalized by the Commonwealth Department of Revenue. Debt may be authorized up to the normal debt limit without state approval. Authorizations under the double debt limit, however, require the approval of the State Municipal Finance Oversight Board. Additionally, there are many categories of general obligation debt which are exempt from the debt limit but are subject to other limitations. As of June 30, 2025, the City may issue approximately $3.2 billion additional general obligation debt under the normal debt limit.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 53 (Continued The annual debt service requirements of the City’s water enterprise fund as of June 20, 2025, are as follows: Principal Interest Total Year ending June 30: 2026 $ 415,000 164,811 579,811 2027 415,000 161,250 576,250 2028 415,000 140,500 555,500 2029 410,000 119,750 529,750 2030 410,000 99,250 509,250 2031–2035 1,575,000 235,250 1,810,250 $ 3,640,000 920,811 4,560,811 (9) Leases (a) Lease Overview The City has entered various leases for land, buildings, and equipment. The City has recognized a lease liability and an intangible right-to-use-lease asset for lessee arrangements (see note 5) and a lease receivable and a deferred inflow of resources for lessor arrangements. A summary of principal changes in the related lease liabilities for the year ended June 30, 2025 is as follows: Beginning Ending Amounts due balance Additions Deductions balance within one year Leased liability $ 5,916,487 — (1,803,140) 4,113,347 1,330,029 Future annual lease payments are as follows: Principal Interest Total Year ending June 30: 2026 $ 1,330,029 67,395 1,397,424 2027 516,029 51,584 567,613 2028 454,278 41,982 496,260 2029 423,187 33,253 456,440 2030 440,769 24,501 465,270 Thereafter 949,055 21,539 970,594 $ 4,113,347 240,254 4,353,601

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 54 (Continued) (b) Lessor Arrangements In 2013, the City entered into a lease related to a City owned building at 5 Western Ave in the City of Cambridge. The lease is for approximately 20,200 square feet of office space and the agreement is for a 50 year term with the initial rent payment calculated at a per square foot rate of $25.80 and increasing each January 1st by 1.0%. For the year ended June 30, 2025, the City earned approximately $457,240 in lease revenue and approximately $375,823 in lease interest revenue related to its lessor leasing activities. (10) Retirement Plans (a) City of Cambridge Retirement System The City of Cambridge Retirement System (the System) is a cost-sharing, multiple employer defined benefit pension plan administered by a Retirement Board comprised of five members: the City Auditor who serves as ex officio; two individuals elected by participants in the System; a fourth member appointed by the City Manager and a fifth member chosen by the other members of the Retirement Board. As of December 31, 2024, the System provides pension benefits to the retired employees of four employers: the City of Cambridge, Cambridge Housing Authority, Cambridge Redevelopment Authority and Cambridge Health Alliance. The System is a member of the Massachusetts Contributory System, which is governed by Chapter 32 of the Massachusetts General Laws (MGL). The System’s separately issued financial report can be obtained by contacting the System. Employees covered by the Contributory Retirement Law are classified into one of four groups depending on job classification. Group 1 comprises most positions in state and local government. It is the general category of public employees. Group 2 is a limited category for specified hazardous occupations. Group 3 is for State Police only. Group 4 comprises mainly police and firefighters. For employees hired prior to April 2, 2012, the annual amount of the retirement allowance is based on the member’s final three-year average salary multiplied by the number of years and full months of creditable service at the time of retirement and multiplied by a percentage based on the age of the member at retirement. A member’s final three-year average salary is defined as the greater of the highest consecutive three-year average annual rate of regular compensation or the average annual rate of regular compensation received during the last three years of creditable service prior to retirement. For employees hired on April 2, 2012 or later, the annual amount of the retirement allowance is based on the member’s final five year average salary multiplied by the number of years and full months of creditable service at the retirement and multiplied by a percentage based on the age and years of creditable service of the member at retirement. A member’s final five-year average salary is defined as the greater of the highest consecutive five-year average annual rate of regular compensation or the average annual rate of regular compensation received during the last five years of creditable service prior to retirement.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 55 (Continued) For employees who became members after January 1, 2011, regular compensation is limited to 64% of the federal limit found in 26 U.S.C. 401(a) (17). In addition, regular compensation for members who retire after April 2, 2012 will be limited to prohibit “spiking” a member’s salary to increase the retirement benefit. For all employees, the maximum annual amount of the retirement allowance is 80% of the member’s final average salary. Any member who is a veteran also receives an additional yearly retirement allowance of $15 per year of creditable service, not exceeding $300. The veteran allowance is paid in addition to the 80% maximum. (i) Contributions Plan members are required to contribute to the System. Depending on their employment date, active members must contribute a range of 5% to 9% of their regular gross compensation. Members hired after December 31, 1978 must contribute an additional 2% of regular compensation in excess of $30,000. Participating employers are required to pay into the System their share of the remaining system-wide actuarially determined contribution, which is apportioned among the employers based on active covered payroll. The contributions of plan members and the participating employers are governed by Chapter 32 of the MGL. The City’s and CHA’s actual contributions equaled or exceeded their required contributions to the System for the years ended June 30, 2025 and were $47,317,084 and $10,535,78, respectively. The Commonwealth is obligated to reimburse the System for a portion of the benefits payments for cost of living increases granted before July 1998 and records any related liability in their financial statements. (ii) Net Pension Liabilities, Pension Expense and Deferred Outflows and Inflows of Resources Related to Pensions At June 30, 2025, the City reported a liability of $128.3 million for its proportionate share of the System’s net pension liability measured as of December 31, 2024. The City’s proportion of the System’s net pension liability was based on actual contributions to the System relative to the actual contributions of all participating employers. The amount recognized by the City as its proportionate share of the net pension liability includes the proportionate share related to the Cambridge Health Alliance special funding situation. The total portion of the net pension liability associated with the City at June 30, 2025, was as follows: City’s proportionate share of net pension liability $ 128,330,964 City’s proportionate share of net pension liability associated with Cambridge Health Alliance — $ 128,330,964

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 56 (Continued) To determine employers’ proportionate share of the net pension liability, allocations of net pension liability were performed. At December 31, 2024, the City was allocated 75.54% (73.85% in the prior year) of the net pension liability related to the City and 0% (.75% in the prior year) related to the Cambridge Health Alliance special funding situation described below based on the proportion of the 2024 required employer contributions. For the year ended June 30, 2025, the City recognized pension expense (benefit) of $39.6 million. At June 30, 2025, the City reported deferred outflows and deferred inflows of resources related to pensions from the following sources: Deferred Deferred outflows of inflows of resources resources Net differences between projected and actual investment earnings on pension plan investments $ 31,952,976 — Net differences between expected and actual experience 13,475,777 7,458,646 Changes in employer and non-employer proportion 4,448,970 4,648,944 Changes in assumptions 12,867,714 — $ 62,745,437 12,107,590 Amounts reported as deferred outflows of resources at June 30, 2025, related to pensions will be recognized in pension expense (benefit) as follows: 2026 $ 19,006,638 2027 42,268,797 2028 (8,905,094) 2029 (1,946,989) 2030 214,495 Total $ 50,637,847 For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the System and additions to/deductions from the System’s fiduciary net position have been determined on the same basis as they are reported for the System. (iii) Actuarial Assumptions The total pension liability at December 31, 2024, was measured by an actuarial valuation as of January 1, 2024. The following actuarial assumptions were applied to the measurement of the total pension liability at December 31, 2024:

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 57 (Continued) Inflation 3.0 % Salary increases 4.0 % Investment rate of return 7.10 % Cost of living adjustments 3.0% of first $18,000 (effective 7/1/23) Pre‑retirement mortality Group 1 and 2: Pub-2010 General Employee Amount-Weighted Mortality Table projected generationally using Scale MP-2021 Group 4: Pub-2010 Safety Employee Amount-Weighted Mortality Table projected generationally using Scale MP-2021 Healthy Retiree mortality Group 1 and 2: Pub-2010 General Healthy Retiree and Contingent Survivor Amount-Weighted Mortality Tables projected generationally using Scale MP-2021 Group 4: Pub-2010 Safety Healthy Retiree and Contingent Survivor Amount-Weighted Mortality Tables projected generationally using Scale MP-2021 Disabled Retiree mortality Group 1 and 2: Pub-2010 General Healthy Retiree Amount-Weighted Mortality Table set forward one year projected generationally using Scale MP-2021 Group 4: Pub-2010 Disabled Retiree Amount-Weighted Mortality Table projected generationally using Scale MP-2021 The long-term expected rate of return on pension 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 pension 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.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 58 (Continued) Best estimates of arithmetic real rates of return for each major asset class included in the target asset allocation as of December 31, 2024 is summarized below: Long-term Target asset expected real Asset class allocation rate of return Cash — % 1.05 % Domestic equity 26.00 5.82 International developed markets equity 10.00 5.91 International emerging markets equity 10.00 7.06 Core fixed income 12.00 1.81 High yield fixed income 5.00 3.34 Emerging market debt 3.00 3.43 Bank Loan 3.00 2.96 Real estate 9.00 3.34 Timber & Farmland 4.00 3.82 Infrastructure 5.00 5.82 Private equity 13.00 9.20 100.00 (iv) Discount Rate The discount rate used to calculate the total pension liability was 7.10%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that employer contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based upon the assumptions, the System’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. (v) Sensitivity of the City’s Proportionate Share of the System’s Net Pension Liability (Asset) The following presents the City’s proportionate share of the System’s net pension liability (asset) calculated using the discount rate of 7.10% as well as what the City’s proportionate share of the System’s net pension liability would be if it were calculated using a discount rate that is 1% – point lower (6.10%) or 1%-point higher (8.10%) than the current rate: Current 1% Decrease discount 1% Increase (6.10%) rate (7.10%) (8.10%) June 30, 2025 $ 310,283,540 128,330,964 (24,381,669)

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 59 (Continued) (b) Special Funding Situations (i) Cambridge Health Alliance In accordance with the Administrative Service Agreement dated May 6, 1997, between the City of Cambridge (City) and the Cambridge Public Health Commission, which subsequently became the Cambridge Health Alliance (CHA), the City is contractually required to fund a portion of CHA’s employer contribution to the System. Accordingly, a special funding situation as defined by GASB Statement No. 68 exists and the City is treated as a nonemployer contributing entity relative to the portion of the contribution it makes on behalf of CHA. As such, the City rather than CHA, records in its financial statements the net pension liability and deferred outflows and inflows of resources related to this special funding situation. During 2024, the City did not fund any portion of the CHA’s contribution to the System as the special funding situation ended in 2024. (ii) Massachusetts Teachers’ Retirement System Teachers, certain administrators, and other professionals of the School Department participate in a contributory defined benefit plan administered by the Massachusetts Teachers’ Retirement System (MTRS). The MTRS arrangement qualifies as a special funding situation as the City has no obligation to contribute to this plan. Rather the Commonwealth funds plan benefits to the extent that funding is not provided through employee contributions. The Commonwealth’s proportionate share of the collective net pension liability of MTRS associated with the City’s employees as of the June 30, 2024 measurement date is $332.9 million based on an employer allocation percentage of 1.31%. The Commonwealth contributed $27.5 million on behalf of the City during the measurement period and the City reported the amount as an intergovernmental revenue and education expenditure in the General Fund. (11) Postemployment Benefits Other Than Pensions – GASB Statement 74 & 75 The City sponsors and participates in a single employer defined benefit OPEB plan, the City of Cambridge Postemployment Benefits Plan (the Plan), that primarily provides healthcare, in accordance with state statute and City ordinance, to participating retirees and their beneficiaries. City ordinance grants the authority to the City to establish a healthcare benefit trust fund for purposes of providing retiree healthcare benefits to employees of the City. The Plan is administered by the City and does not issue a stand-alone financial report. (a) Benefits Provided Medical and prescription drug benefits are provided to all eligible retirees not enrolled in Medicare through a variety of plans offered by Blue Cross Blue Shield of Massachusetts, Harvard Pilgrim HealthCare, and Tufts Health Plan. Medical and prescription drug benefits are provided to retirees enrolled in Medicare through supplemental and Medicare Advantage plans offered by Blue Cross Blue Shield of Massachusetts and Harvard Pilgrim Health Care. The City eliminated its medical plan with Tufts Health Plan as of April 30, 2025. Groups 1, 2 and 4 retirees, including teachers, with at least 10 years of creditable service are eligible at age 55 or they may retire after a total of 20 years of creditable service regardless of age. Retirees on accidental disability retirement are eligible at any age, while ordinary disability requires 10 years of creditable service. The surviving spouse is eligible to receive pre and postretirement death benefits, as well as medical and prescription drug coverage.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 60 (Continued) (b) The Plan (GASB Statement No. 74) (i) Employees Covered by the Benefit Terms As of June 30, 2025, the following employees meet the eligibility requirements as put forth in Chapter 32B of M.G.L.: City Active Plan members 3,517 Inactive members receiving benefits 2,828 Total membership 6,345 Total number of participating employers 1 (ii) Contributions Employer and employee contribution rates are governed by the respective collective bargaining agreements. The Plan is currently funded on a pay-as-you-go basis plus additional City advance funding contributions as amounts are available. The City made additional contributions of $2 million in fiscal 2024. The City and plan members share the cost of benefits. Plan members contribute 12% to 25% of the monthly premium cost, depending on the plan in which they are enrolled. The City contributes the balance of the premium cost. In January 2009, the Commonwealth adopted Chapter 479, which amends Chapter 32B and allows local municipalities to establish an OPEB liability trust fund and a funding schedule for the trust fund and, on December 21, 2009, the City Council approved the establishment of an irrevocable OPEB trust fund. (iii) Actuarial Methods and Assumptions The total OPEB liability on June 30, 2025 was measured based on the June 30, 2025 actuarial valuation using the following assumptions: Salary Increase. 5.3%.for Teachers and 4.0% per annum for all others. Actuarial Cost Method and Amortization Period. The entry age normal cost method based on level percentage of projected salary. Mortality. PUB-2010 table with generational scale MP-2021. Healthcare cost trend rates. Trend rates begin with 8.50% (non-Medicare) and 5.25% (Medicare) and decrease 0.25% annually to an ultimate rate of 4.0%. Discount Rate. The discount rate used to measure the total OPEB liability for the City is 5.12% per annum. The rate is based on a blend of the 20-year Bond Buyer GO index at June 30, 2025, of 4.00% and the expected long-term OPEB trust investment rate of return of 4.5%. The Plan’s net position was not projected to be available to make all projected future benefit payments for current Plan members. Therefore, the long-term expected OPEB trust investment rate of return of 4.5%

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 61 (Continued) was not applied to all periods of projected benefit payments to determine the total OPEB liability. The discount rate used for June 30, 2025, was assumed to be 5.12% and is also based on a blend of the 20-year Bond Buyer GO index and the City’s expected return on assets. 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 weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-term Target expected real Asset class allocation rate of return Equity 50 % 7.0 % Fixed income 50 2.0 Total 100 % (iv) Net OPEB Liability – The Plan (GASB Statement No. 74) The components of the net OPEB liability for the Plan as of June 30, 2025 and the actuarial valuation assumptions as outlined above. The plan Total OPEB Liability $ 772,584,504 Fiduciary net position (44,413,889) City’s net OPEB liability $ 728,170,615 Fiduciary net position as a percentage of the total OPEB liability 5.75%

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 62 (Continued) (v) Change in the Net OPEB Liability – Plan (GASB Statement No. 74) Increase (decrease) Plan Total OPEB fiduciary Net OPEB liability net position liability Balances at July 1, 2024 $ 789,516,419 39,672,568 749,843,851 Changes for the year: Service cost 25,855,207 — 25,855,207 Interest 32,036,250 — 32,036,250 Difference between expected and actual experience 61,791,453 — 61,791,453 Changes in assumptions (107,684,059) — (107,684,059) Contribution – employer — 30,930,766 (30,930,766) Net investment income — 2,808,674 (2,808,674) Benefit payments (28,930,766) (28,930,766) — Administrative expenses — (67,353) 67,353 Net changes (16,931,915) 4,741,321 (21,673,236) Balances at June 30, 2025 $ 772,584,504 44,413,889 728,170,615

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 63 (Continued) Sensitivity of the net OPEB liability to changes in the discount rate. The following presents the net OPEB liability of the City, calculated using the discount rates disclosed as well as what the City’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 rate as of June 30, 2025 (in thousands): 1% Current 1% Current Decrease of discount Increase of rate current rate rate current rate Net OPEB liability 5.12 % $ 634,379,000 728,171,000 843,705,000 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates. The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using healthcare cost trend rates that are 1-percentage point lower or cost trend rates that are 1-percentage point higher than the current healthcare cost trend rates (in thousands): 1% 1% Decrease of Current Increase of current rate discount rate current rate Net OPEB liability $ 622,496,000 728,171,000 861,000,000 (vi) Annual Money Weighted Return For the year ended June 30, 2025, the annual money-weighted rate of return on investments, net of investment expense was 6.9%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts invested. (vii) Condensed Statement of OPEB Net Position Cash and cash equivalents $ 142,747 Investments, at fair value: Fixed income securities 15,864,958 Equities 28,406,184 Total investments 44,271,142 Held in trust for OPEB benefits $ 44,413,889

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 64 (Continued) (viii) Condensed Statement of Changes in OPEB Net Position Additions: Contributions: Employers $ 30,930,766 Total contributions 30,930,766 Investment earnings: Interest and dividends 1,280,575 Net appreciation in the fair value of investments 1,528,099 Net investment earnings 2,808,674 Total additions 33,739,440 Deductions: Benefits 28,930,766 Administrative expenses 67,353 Total deductions 28,998,119 Change in net position 4,741,321 Net position, beginning of year 39,672,568 Net position, end of year $ 44,413,889 (c) Employer (City) OPEB (GASB Statement No. 75) The City’s net OPEB liability at June 30, 2024, was measured based on June 30, 2023, actuarial valuation rolled forward to the June 30, 2024 measurement date. Employees Covered by the Benefit Terms As of June 30, 2024, actuarial valuation date, the following employees meet the eligibility requirements as put forth in Chapter 32B of M.G.L.: City Active Plan members 3,299 Inactive members receiving benefits 2,765 Total membership 6,064 Total number of participating employers 1

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 65 (Continued) (i) Actuarial Methods and Assumptions The total OPEB liability at June 30, 2024, was measured based on the June 30, 2023 actuarial valuation and rolled forward to June 30, 2024 using the following assumptions: Salary Increase: 3.5%. Actuarial Cost Method and Amortization Period. The entry age normal cost method based on level percentage of projected salary. Mortality. PUB-2010 table with generational scale MP-2021. Healthcare cost trend rates. Trend rates begin with 6.75% (non-Medicare) and 5.75% (Medicare) and decrease 0.25% annually to an ultimate rate of 4.0%. Discount Rate. The discount rate used to measure the total OPEB liability for the City is 4.00% per annum. The rates are based on a blend of the 20-year Bond Buyer GO index at June 30, 2024, of 3.93% and the expected long-term OPEB trust investment rate of return of 4.5%. The Plan’s net position was not projected to be available to make all projected future benefit payments for current Plan members. Therefore, the long-term expected OPEB trust investment rate of return of 4.5% was not applied to all periods of projected benefit payments to determine the total OPEB liability. The discount rate used for June 30, 2023, was assumed to be 3.74% and is also based on a blend of the 20 year Bond Buyer GO index and the City’s expected investment rate of return on assets. 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 weighing the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Long-term Target expected real Asset class allocation rate of return Equity 50 % 7.0 % Fixed income 50 2.0 Total 100 %

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 66 (Continued) (ii) Change in the Net OPEB Liability – Plan (GASB Statement No. 75) Increase (decrease) Plan Total OPEB fiduciary Net OPEB liability net position liability Balances at July 1, 2023 $ 789,996,849 33,968,931 756,027,918 Changes for the year: Service cost 26,664,444 — 26,664,444 Interest 30,060,346 — 30,060,346 Difference between expected and actual experience — — — Changes in assumptions (31,387,764) — (31,387,764) Contribution – employer — 27,817,456 (27,817,456) Net investment income — 3,763,632 (3,763,632) Benefit payments (25,817,456) (25,817,456) — Administrative expenses — (59,995) 59,995 Net changes (480,430) 5,703,637 (6,184,067) Balances at June 30, 2024 $ 789,516,419 39,672,568 749,843,851 Sensitivity of the net OPEB liability to changes in the discount rate. The following presents the net OPEB liability of the City, calculated using the discount rates disclosed as well as what the City’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 rate as of June 30, 2024 (in thousands): 1% Current 1% Current Decrease of discount Increase of rate current rate rate current rate Net OPEB liability 4.00 % $ 885,203 749,844 642,085 Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates. The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 67 (Continued) were calculated using healthcare cost trend rates that are 1-percentage point lower or cost trend rates that are 1-percentage point higher than the current healthcare cost trend rates (in thousands): 1% 1% Decrease of Current Increase of current rate discount rate current rate Net OPEB liability $ 629,881 749,844 903,905 (d) OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended June 30, 2025 the City recognized OPEB expense of $16.6 million. At June 30, 2025, based on the June 30, 2024 measurement date, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources (in thousands): Deferred Deferred outflows inflows Difference between expected and actual experience $ — 23,359 Changes in assumptions — 110,431 Net difference between projected and actual earnings on OPEB plan investments — 4,273 Contributions subsequent to the measurement date 30,931 — $ 30,931 138,063 Contributions subsequent to the measurement date will be recognized as a reduction in the net OPEB liability in the year ended June 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows (in thousands): Fiscal year Amounts 2026 $ (63,052) 2027 (52,816) 2028 (15,686) 2029 (6,509) — Total $ (138,063)

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 68 (Continued) (12) Securities Lending The Public Employment Retirement Administration Commission of Massachusetts (PERAC) has issued supplemental regulations that permit the System to engage in securities lending transactions. The System has entered into a Securities Lending Agreement (the Agreement) with a third party to act as the System’s sub-custodian/agent for the purposes of managing a securities lending program. The System lends fixed income, domestic equity, and international equity securities to approved broker/dealers. Collateral for securities loaned equals 102 percent of fair market value for domestic securities and 105 percent for international securities not denominated in U.S. dollars. Types of collateral received from borrowers for securities loaned are cash and non-cash. The sub-custodian is authorized to invest the cash collateral in approved investments, as defined in the Agreement. Non-cash collateral received is not recorded in the accompanying financial statements as the System cannot pledge or sell the non-cash collateral except in the event of a borrower default. As of December 31, 2024, the market value of securities on loan was $4.8 million. The associated collateral was $4.9 million, of which $1.2 million was cash collateral and $3.7 million was non-cash. The Agreement limits the maturity value of any approved investment, as defined, to maximum of 397 days, except U.S. government securities, which shall have a final maturity not exceeding 762 days. At year-end, the System has no credit risk exposure to borrowers because the amounts the System owes the borrowers exceed the amounts the borrowers owe the System. The Agreement indemnifies the System if the borrows fail to return the securities (and the collateral is inadequate to replace the securities lent) or fail to pay the System for income distributions by the securities’ issuers while the securities are on loan. As of December 31, 2024, there were no violations of legal or contractual provisions. The System has not experienced any losses resulting from the default of a borrower or lending agent during the year ended December 31, 2024.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 69 (Continued) (13) Transfers This schedule provides a summary of the City’s transfers to various funds based on budgeted appropriations. The City budgets in the General fund and transfers the amounts related to fund capital projects, affordable housing and the use of parking revenues used to fund eligible general government expenses. Transfers and their purposes during the year ended June 30, 2025 were as follows: Proprietary Governmental funds fund Affordable housing City Enterprise General Capital trust fund Grants Other fund water General – to fund capital expenditures $ (25,598,000) 25,598,000 — — — — General – mitigation revenues to fund eligible capital expenditures (3,727,000) 3,727,000 — — — — Parking – to fund administrative costs and other eligible City expenditures 21,818,045 550,000 — — (22,368,045) — General - to fund eligible parking expenditures (1,146,024) — — — 1,146,024 — General – federal grant stablization to fund eligible human services programs (1,000,000) — — 1,000,000 — — Capital – to fund eligible CDBG program costs — (28,471) — — 28,471 — Water – to fund administrative costs 729,340 — — — — (729,340) General fund to/from Affordable Housing Fund (24,645,750) — 24,645,750 — — — Affordable Housing Fund to/from CPA Fund — — 17,040,000 — (17,040,000) — Total $ (33,569,389) 29,846,529 41,685,750 1,000,000 (38,233,550) (729,340)

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 70 (Continued) (14) Fund Balance Classification Details The components of fund balance for the City’s governmental funds as of June 30, 2025, are as follows. Affordable City Other General Capital housing grants governmental fund fund trust fund funds fund Fund balances (deficit): Nonspendable: Deposits $ — — — — — Restricted: Property and development — 79,002,859 — — 16,780,042 Streets and sidewalks — 32,267,521 — — — Parks and recreation — 25,866,000 — 3,545 9,000,429 Sewer projects — 54,464,443 — — — Library — 312,229 — 10,085 — Schools — 33,766,791 — — — General government — 6,244,515 — 10,995,294 — Human services — 681,125 — 3,926,346 — Aggregation Adder Fund — — — — 3,982,109 School Grants Fund Federal/State — — — — 7,851,753 Opioid Settlement Receipts Fund — — — — 3,060,174 Committed: Parking fund — — — — 6,808,684 Health claims 41,017,283 — — — — Budget stabilization 99,240,228 — — — — Affordable housing — — 202,123,830 — — Assigned: Subsequent year’s expenditures 25,756,500 — — — — Unassigned (deficit) 200,754,871 — — (5,844,589) — Total fund balances (deficit) $ 366,768,882 232,605,483 202,123,830 9,090,681 47,483,191 The City Grants fund deficit is expected to be funded with future federal grants that are not yet awarded. (a) Stabilization Funds In accordance with section 5B of Chapter 40 of the Massachusetts General Laws, the City of Cambridge has established Stabilization Funds for six different purposes. This allows the municipality to reserve funds for specific events or purpose. Such stabilization funds are established with a council 2/3rd approval vote. The City Stabilization fund was the first set up in the mid 1990’s as a statutory reserve account that may be used for purposes for which city debt would ordinarily be used. The funds are available to subsidize debt payments during economic downturns and periods for which debt service payments rise due to large construction projects such as a school building.

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 71 (Continued) During October of 2016, the City Council voted to establish the Mitigation Stabilization and the Community Benefits Stabilization funds. The Mitigation Stabilization fund is used to accumulate revenues received from developers through the City’s permitting or Zoning amendment process stipulated for specific infrastructure projects. The Community Benefits Stabilization fund accumulates revenues received with the enactment of an amendment to the City’s Zoning Ordinance or other agreements earmarked for Community Benefits. During June of 2023, the City Council voted to establish the Universal Pre-Kindergarten Stabilization fund. This fund was established for the purpose of programs and services related to establishing, maintaining, and expanding a Universal Pre-Kindergarten program and other early childhood programs in the City of Cambridge. During October of 2023, the City Council voted to establish the Opioid Stabilization fund. This was established in accordance with the requirements of the opioid settlement agreement through the Commonwealth of Massachusetts. In June 2025, the City Council voted to establish the Federal Grant Stabilization fund. This was established to help address the funding gaps resulting from the actual or anticipated loss of federal funding for programs and services that benefit the most vulnerable Cambridge residents. All Stabilization funds require a 2/3rd council approval to transfer revenues in or out of the funds. The Stabilization balances as of June 30, 2025 are as follows: City Stabilization fund $ 56,002,115 Mitigation Stabilization fund 34,167,819 Community Benefits Stabilization fund 1,866,562 Universal Pre-Kindergarten Stabilization fund 1,500,000 Grant Fund Stabilization 4,000,000 Opioid Stabilization fund 1,703,732 Total Stabilization funds $ 99,240,228 In accordance with GASB 54 requirements, balances in the Stabilization funds are classified as committed. (b) Commitments and Contingencies The City has $14.1 million in encumbrances for purchase orders and contracts in the General Fund, $125.4 million in the Capital Fund, $14.9 million in the City Grant Funds, and $4.0 million in the Other Governmental Funds. (15) Risk Management The City is exposed to various risks of loss related to general liability, property and casualty, workers’ compensation, unemployment and employee health insurance claims. The City is self-insured for other general liability; however, Chapter 258 of the MGL limits the liability to a maximum of $100,000 per claim in all matters except actions relating to federal/civil rights, eminent domain and breach of contract. The City is also self-insured for property and casualty, workers’ compensation and unemployment claims. The City has medical plans with Tufts Health Plan, Harvard Pilgrim and Blue Cross/Blue Shield under which it makes actual claims payments. The City eliminated its medical plan with Tufts Health Plan as of

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Basic Financial Statements June 30, 2025 72 April 30, 2025. The medical plan providers act as claim processors and a transfer of risk does not occur. Approximately 90% of the City’s employees participate in the self-insured plan with the remainder electing preferred provider plans that are premium based. The number of settlements did not exceed insurance coverage for premium based health insurance elections for fiscal years ended June 30, 2025, 2024, and 2023 Active employees contribute at least 12% of the cost of healthcare with the remainder paid by the City. These costs are accounted for in the general fund. The contribution rate for retirees is 1% for those who are currently enrolled in indemnity plans and 15% for those who enroll in HMO type plans. The City does not carry stop-loss insurance. The City has established a liability based on historical trends of previous years and attorney’s estimates of pending matters and lawsuits in which the City is involved. Changes in the self-insurance liability for the years ended June 30, 2025 and 2024 are as follows: 2025 2024 Judgments and accrued claims, beginning of year $ 25,666,100 20,389,100 Incurred claims 79,753,069 82,499,663 Less payments of claims attributable to events of both current and prior fiscal years (79,526,169) (77,222,663) Judgments and accrued claims, end of year $ 25,893,000 25,666,100 The liabilities above have not been discounted to their present value. Incurred claims represent the total of a provision for events of the current fiscal year and any change in the provision for events of the prior fiscal years. There are numerous pending matters and lawsuits in which the City is involved. The City attorneys’ estimate that the potential claims against the City not recorded in the accompanying basic financial statements resulting from such litigation would not materially affect the basic financial statements.

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Schedule of Employer OPEB Contributions (Dollars in thousands) (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 Actuarially determined contribution (ADC) $ 63,684 64,186 75,763 48,450 47,760 49,857 45,818 36,817 36,817 Contributions in relation to the actuarially determined contribution 30,931 27,818 26,418 24,151 23,460 25,120 24,193 22,732 22,271 Contribution deficiency (excess) $ 32,753 36,368 49,345 24,299 24,300 24,737 21,625 14,085 14,546 Covered payroll $ 299,506 275,067 260,757 249,105 240,681 245,281 236,987 238,710 196,095 Contributions as a percentage of covered payroll 10.33 % 10.11 % 10.13 % 9.70 % 9.75 % 10.24 % 10.21 % 9.52 % 11.36 % Actuarial Determined Contribution The City's funding strategy is to contribute an incremental $2 million to its OPEB trust fund above and beyond the pay as you go amount. Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. See accompanying independent auditors’ report. 73

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Schedule of Changes in the City's Net OPEB Liability and Related Ratios (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 Total OPEB liability: Service Cost $ 25,855,207 26,664,444 39,646,284 38,261,228 25,244,849 24,667,627 21,565,086 20,749,626 19,965,001 Interest Cost 32,036,250 30,060,346 29,558,617 22,182,324 22,588,802 27,330,585 25,308,994 25,372,266 24,607,849 Differences between expected and actual experience 61,791,453 — (31,823,632) — (23,138,935) — 8,829,767 — — Changes in assumptions or other inputs (107,684,059) (31,387,764) (12,065,582) (190,668,098) (12,578,096) 190,345,545 64,557,764 (27,084,632) (53,438,652) Benefit payments (28,930,766) (25,817,456) (24,417,847) (22,151,349) (21,460,536) (23,119,795) (22,192,854) (20,732,507) (20,271,000) Net change in OPEB liability (16,931,915) (480,430) 897,840 (152,375,895) (9,343,916) 219,223,962 98,068,757 (1,695,247) (29,136,802) Total OPEB liability - beginning 789,516,419 789,996,849 789,099,009 941,474,904 950,818,820 731,594,858 633,526,101 635,221,348 664,358,150 Total OPEB liability - ending 772,584,504 789,516,419 789,996,849 789,099,009 941,474,904 950,818,820 731,594,858 633,526,101 635,221,348 Plan fiduciary net position: Contributions - employer 30,930,766 27,817,456 26,417,847 24,151,349 23,460,536 25,119,795 24,192,854 22,732,507 22,271,000 Net investment income 2,808,674 3,763,632 3,000,421 768,885 3,636,817 299,544 1,634,141 (3,643) 589,155 Benefit payments (28,930,766) (25,817,456) (24,417,847) (22,151,349) (21,460,536) (23,119,795) (22,192,854) (20,732,507) (20,271,000) Admin. Expense (67,353) (59,995) (51,949) (47,599) (36,465) (23,173) (57,869) (63,412) (23,551) Net change in plan fiduciary net position 4,741,321 5,703,637 4,948,472 2,721,286 5,600,352 2,276,371 3,576,272 1,932,945 2,565,604 Plan fiduciary net position - beginning 39,672,568 33,968,931 29,020,459 26,299,173 20,698,821 18,422,450 14,846,178 12,913,233 10,347,629 Plan fiduciary net position - ending 44,413,889 39,672,568 33,968,931 29,020,459 26,299,173 20,698,821 18,422,450 14,846,178 12,913,233 City's net OPEB liability - ending $ 728,170,615 749,843,851 756,027,918 760,078,550 915,175,731 930,119,999 713,172,408 618,679,923 622,308,115 Plan fiduciary net position as a percentage of the OPEB liability 5.75 % 5.02 % 4.30 % 3.68 % 2.79 % 2.18 % 2.52 % 2.34 % 2.03 % Covered payroll $ 299,506,034 275,067,089 260,756,779 249,104,808 240,680,974 245,281,000 236,986,885 238,709,766 196,094,885 City's net OPEB liability as a percentage of covered payroll 243.1 % 272.6 % 289.9 % 305.1 % 380.2 % 379.2 % 300.9 % 259.2 % 317.4 % Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. See accompanying independent auditors’ report. 74

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Notes to Schedule of Changes in the City's Net OPEB Liability and Related Ratios (Unaudited) Changes of assumptions Amount of change TPL Description 2025: $ (107,684,059) Discount rate increased from 4.0% to 5.12% 2024: $ (31,387,764) Discount rate increased from 3.74% to 4.00% 2023: $ (12,065,582) Discount rate increased from 3.62% to 3.74% The Healthcare cost trend assumption for non-Medicare was decreased from beginning with 7.0% to begin with 6.75% and the Medicare healthcare cost trend was decreased from beginning with 6.0% to begin with 5.75%. The mortality assumption was updated from PUB-2010 table scaled using Scale MP-2020, applied on a gender-specific basis to PUB-2010 mortality table with generational scale MP-2021 2022: $ (190,668,098) Discount rate increased from 2.29% to 3.62% The Healthcare cost trend assumption for non-Medicare was decreased from beginning with 7.25% to begin with 7.0% and the Medicare healthcare cost trend was decreased from beginning with 6.25% to begin with 6.0%. 2021: $ (12,578,096) Discount rate increased from 2.34% to 2.29% The Healthcare cost trend assumption for non-Medicare was increased from beginning with 5.5% to begin with 7.25% and the Medicare healthcare cost trend was increased from beginning with 4.5% to begin with 6.25%. The mortality assumption was updated from PUB-2010 table scaled using Scale MP-2018, applied on a gender-specific basis to PUB-2010 mortality table with generational scale MP-2020 The Excise Tax (ACA Cadillac Tax) on high cost employer-sponsored health plans was replaced by a Bill in December 2019. This bill fully repealed the excise tax, and therefore is no longer considered a liability in the valuation. 2020: $ 190,345,545 Discount rate decreased from 3.67% to 2.34% The Healthcare cost trend assumption for non-Medicare was reduced from beginning with 6.0% to begin with 5.5% and the Medicare healthcare cost trend was reduced from beginning with 5.0% to begin with 4.5%. 2019: $ 64,557,764 Discount rate decreased from 3.93% to 3.67% The mortality assumption was updated from RP-2014 generational table using Scale MP-2017, applied on a gender-specific basis to PUB-2010 table scaled using Scale MP-2018, applied on a gender-specific basis. The inflation assumption was increased from 2.5% to 3.0% The Healthcare cost trend assumption for non-Medicare was reduced from beginning with 6.5% to begin with 6.0% and the Medicare healthcare cost trend was reduced from beginning with 5.5% to begin with 5.0%. The investment target allocation for Equity was reduced from 55% to 50%, the investment target allocation for Fixed Income was increased from 40% to 50%, and the investment target allocation for Cash was reduced from 5% to zero. 2018: $ (27,084,632) Discount rate increased from 3.65% to 3.93% The Healthcare cost trend assumption for non-Medicare was reduced from beginning with 7.0% to begin with 6.5% and the Medicare healthcare cost trend was reduced from beginning with 6.0% to begin with 5.5%. Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. See accompanying independent auditors’ report. 75

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Schedule of Investment Returns – Cambridge OPEB Trust Fund (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 Annual money-weighted rate of return, net of investment expense 6.90 % 10.90 % 10.20 % 2.70 % 17.00 % 1.50 % 10.50 % (0.50)% 5.47 % Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. See accompanying independent auditors’ report. 76

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Schedule of Pension Contributions – City of Cambridge (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Actuarially determined contribution $ 47,317,084 50,480,819 45,363,955 40,752,795 36,675,807 34,725,997 32,247,663 30,772,819 30,523,432 28,665,468 Contributions in relation to the actuarially determined contribution 47,317,084 50,780,819 45,663,955 41,052,795 36,975,807 35,025,997 32,547,663 31,072,819 30,823,432 28,965,468 Contribution deficiency (excess) $ — (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) (300,000) Covered payroll $ 191,992,845 178,314,695 166,884,661 156,697,570 151,520,779 145,977,063 138,664,148 133,664,659 127,847,305 122,094,246 Contributions as a percentage of covered payroll 24.65 % 28.48 % 27.36 % 26.20 % 24.40 % 23.99 % 23.47 % 23.25 % 24.11 % 23.72 % Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. See accompanying independent auditors’ report. 77

CITY OF CAMBRIDGE, MASSACHUSETTS Required Supplementary Information Schedule of City’s Proportionate Share of the Net Pension Liability (Unaudited) 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 City’s proportion of the net pension liability 75.540000 % 74.600724 % 75.150725 % 75.680723 % 76.350725 % 76.520724 % 75.216558 % 75.922581 % 76.792582 % 76.337126 % City’s proportionate share of the net pension liability $ 128,330,964 188,107,388 222,397,503 2,829,921 125,468,822 183,560,092 240,258,089 137,962,572 181,785,216 212,198,096 City’s covered payroll 191,992,845 200,534,069 188,081,720 179,714,385 174,895,808 164,910,395 158,786,533 152,037,721 143,648,191 144,783,082 City’s proportionate share of the net pension liability as a percentage of covered payroll 149.61 % 106.61 % 84.57 % 6,350.51 % 139.39 % 89.84 % 66.09 % 110.20 % 79.02 % 68.23 % City of Cambridge Retirement System fiduciary net position as a percentage of the total pension liability 91.91 % 87.60 % 84.60 % 99.80 % 90.65 % 85.81 % 79.89 % 88.02 % 83.08 % 80.00 % Schedule is intended to show information for 10 years. Additional years will be displayed as they become available. Schedule excludes covered payroll for CHA special funding situation See accompanying independent auditors’ report. 78

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Revenues and Expenditures – Budgetary Basis Required Supplementary Information General Fund – Budget and Actual Year ended June 30, 2025 (Unaudited) 2025 2025 Variance Original Final 2025 favorable 2024 Budget Budget Actual (unfavorable) Actual Revenues: Property taxes $ 626,330,105 626,330,105 628,388,753 2,058,648 575,418,489 Provisions for tax abatements and adj. (4,500,000) (4,500,000) (4,692,865) (192,865) (4,421,864) Payments in lieu of tax receipts 8,000,000 8,000,000 8,900,376 900,376 8,683,470 Hotel/motel/meals/other excise tax 22,400,000 22,400,000 25,062,222 2,662,222 24,753,003 Intergovernmental 51,088,615 51,088,615 51,766,835 678,220 49,795,690 Sewer use 74,166,700 74,166,700 72,096,254 (2,070,446) 70,622,019 Motor vehicle excise 8,034,839 8,034,839 8,244,317 209,478 8,223,367 Investment income 5,100,000 5,100,000 17,256,323 12,156,323 16,167,602 Other 85,088,826 85,088,826 57,134,139 (27,954,687) 101,227,845 Total revenues 875,709,085 875,709,085 864,156,354 (11,552,731) 850,469,621 Expenditures: Current: General government 70,293,534 71,471,374 65,234,527 6,236,847 49,247,379 Public safety 195,363,045 195,647,500 192,395,267 3,252,233 180,918,279 Community maintenance and development 120,799,471 122,410,131 119,052,250 3,357,881 109,204,600 Human resource development 95,586,140 95,609,205 89,408,157 6,201,048 74,828,877 Education 268,250,000 268,250,000 267,983,657 266,343 241,075,839 Judgments and claims 350,000 890,000 837,914 52,086 8,603,303 State and district assessments 73,373,675 74,447,385 73,203,082 1,244,303 70,737,241 Debt service: Principal 75,334,330 75,334,330 75,334,330 — 67,253,998 Interest 26,555,950 26,555,950 26,274,881 281,069 22,131,201 Total expenditures 925,906,145 930,615,875 909,724,065 20,891,810 824,000,717 Excess (deficiency) of revenues over expenditures (50,197,060) (54,906,790) (45,567,711) 9,339,079 26,468,904 Other financing sources (uses): Operating transfers in (out): Special revenue funds 22,854,100 22,854,100 20,672,021 (2,182,079) 21,115,695 Capital projects funds (11,433,000) (11,433,000) (25,598,000) (14,165,000) (18,903,087) Trust funds 36,046,620 36,046,620 (19,841,562) (55,888,182) 3,295,268 Enterprise fund 729,340 729,340 729,340 — 727,770 Total other financing sources (uses) 48,197,060 48,197,060 (24,038,201) (72,235,261) 6,235,646 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses (2,000,000) (6,709,730) $ (69,605,912) (62,896,182) 32,704,550 Other budget items: Free cash appropriations — 4,709,730 Overlay surplus 2,000,000 2,000,000 Total other budget items 2,000,000 6,709,730 Net budget and actual $ — — See accompanying independent auditors’ report and notes to required supplementary information. (with comparative actual amounts for 2024) 79

CITY OF CAMBRIDGE, MASSACHUSETTS Notes to Required Supplementary Information – Schedule of Revenues and Expenditures Year ended June 30, 2025 (Unaudited) 80 The City’s general fund budget is prepared on a basis other than accounting principles generally accepted in the United States of America (GAAP). The “actual” results column in the statement of revenues and expenditures – budgetary basis – general fund is presented on a “budgetary basis” to provide a meaningful comparison of actual results with the budget. The major differences between the budget and GAAP basis, where applicable, are that: Revenues are recorded when cash is received except for real estate and personal property taxes are recorded as revenue when levied (budget), as opposed to when susceptible to accrual (GAAP). Encumbrances and continuing appropriations are recorded as the equivalent of expenditures (budget) but have no effect on GAAP expenditures. Certain activities and transactions are presented in separate funds (GAAP), rather than as components of the general fund (budget). Amounts raised for the prior years’ deficits and available funds from prior years’ surpluses are recorded as revenue items (budget) but have no effect on GAAP revenues. In addition, there are certain differences in classifications between revenues, expenditures, and transfers. The following reconciliation summarizes the differences between budgetary and GAAP basis accounting principles for the year ended June 30, 2025: Other financing sources Revenues Expenditures (uses), net As reported on a budgetary basis $ 864,156,354 909,724,065 (24,038,201) Adjustments: Revenues to modified accrual basis 26,265,623 — — Expenditures, encumbrances and accruals, net — (31,550,209) — On-behalf contribution for teachers pension 27,478,911 27,478,911 Reclassification: Premium on debt issuance — — 634,090 Transfers not reported on a Budgetary/GAAP basis — — (9,531,188) As reported on a GAAP basis $ 917,900,888 905,652,767 (32,935,299)

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) General government: Mayor: Salaries and wages $ 1,053,305 868,773 184,532 Other ordinary maintenance 213,600 162,852 50,748 Travel and training 40,000 27,450 12,550 Total Mayor 1,306,905 1,059,075 247,830 City Manager: Salaries and wages 5,326,995 4,885,115 441,880 Other ordinary maintenance 1,434,150 1,343,894 90,256 Travel and training 83,930 54,209 29,721 Total City Manager 6,845,075 6,283,218 561,857 City Council: Salaries and wages 2,680,300 2,561,296 119,004 Other ordinary maintenance 61,500 23,988 37,512 Travel and training 75,200 34,402 40,798 Total City Council 2,817,000 2,619,686 197,314 City Clerk: Salaries and wages 1,924,410 1,924,405 5 Other ordinary maintenance 267,210 267,187 23 Travel and training 4,420 500 3,920 Total City Clerk 2,196,040 2,192,092 3,948 Law: Salaries and wages 3,103,975 2,826,371 277,604 Other ordinary maintenance 1,134,800 860,259 274,541 Travel and training 17,545 10,983 6,562 Total law 4,256,320 3,697,613 558,707 Finance: Salaries and wages 17,358,500 16,655,527 702,973 Other ordinary maintenance 10,409,115 9,747,772 661,343 Travel and training 149,275 119,285 29,990 Extraordinary expenditures 1,062,800 1,060,000 2,800 Total finance 28,979,690 27,582,584 1,397,106 Employment benefits: Salaries and wages 10,922,484 9,160,064 1,762,420 Other ordinary maintenance 958,635 903,005 55,630 Travel and training 380,000 380,000 0 Total employment benefits 12,261,119 10,443,069 1,818,050 Equity and inclusion: Salaries and wages 1,390,950 1,117,090 273,860 Other ordinary maintenance 853,150 473,427 379,723 Travel and training 26,280 10,271 16,009 Total equity and inclusion 2,270,380 1,600,788 669,592 (Continued) 81

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) Human resources: Salaries and wages $ 3,964,320 3,606,451 357,869 Other ordinary maintenance 1,267,550 1,090,331 177,219 Travel and training 281,500 141,797 139,703 Total human resources 5,513,370 4,838,579 674,791 Election commission: Salaries and wages 1,869,745 1,869,741 4 Other ordinary maintenance 589,140 572,487 16,653 Travel and training 8,470 1,321 7,149 Total election commission 2,467,355 2,443,549 23,806 Public celebrations: Salaries and wages 972,730 972,727 3 Other ordinary maintenance 837,900 834,233 3,667 Travel and training 1,325 250 1,075 Total public celebrations 1,811,955 1,807,210 4,745 Reserve: Other ordinary maintenance 40,000 — 40,000 Total reserve 40,000 — 40,000 Animal commission: Salaries and wages 683,160 647,538 35,622 Other ordinary maintenance 17,855 17,786 69 Travel and training 5,150 1,740 3,410 Total animal commission 706,165 667,064 39,101 Total general government 71,471,374 65,234,527 6,236,847 Public safety: Community safety: Salaries and wages 1,975,725 1,862,665 113,060 Other ordinary maintenance 1,062,100 1,017,144 44,956 Travel and training 38,000 6,023 31,977 Extraordinary expenditures 15,000 10,822 4,178 Total community safety admin 3,090,825 2,896,654 194,171 Fire: Salaries and wages 71,708,985 71,061,896 647,089 Other ordinary maintenance 2,224,520 2,176,792 47,728 Travel and training 626,500 622,016 4,484 Extraordinary expenditures 195,000 190,292 4,708 Total fire 74,755,005 74,050,996 704,009 (Continued) 82

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) Police: Salaries and wages $ 76,541,955 76,378,293 163,662 Other ordinary maintenance 3,238,875 2,984,781 254,094 Travel and training 382,500 370,518 11,982 Extraordinary expenditures 782,500 714,949 67,551 Total police 80,945,830 80,448,541 497,289 Traffic and parking: Salaries and wages 12,919,250 12,271,558 647,692 Other ordinary maintenance 4,886,790 4,429,758 457,032 Travel and training 201,000 155,504 45,496 Extraordinary expenditures 70,000 69,996 4 Total traffic and parking 18,077,040 16,926,816 1,150,224 Police review and advisory board: Other ordinary maintenance 1,900 — 1,900 Travel and training 8,000 6,200 1,800 Total police review and advisory board 9,900 6,200 3,700 Inspectional services: Salaries and wages 4,964,485 4,956,578 7,907 Other ordinary maintenance 561,960 362,377 199,583 Travel and training 18,170 6,999 11,171 Total inspectional services 5,544,615 5,325,954 218,661 License: Salaries and wages 1,957,700 1,723,120 234,580 Other ordinary maintenance 44,520 15,620 28,900 Travel and training 7,520 1,100 6,420 Total license 2,009,740 1,739,840 269,900 Emergency communications: Salaries and wages 10,153,255 10,153,255 — Other ordinary maintenance 964,840 779,443 185,397 Travel and training 70,850 45,226 25,624 Extraordinary expenditures 25,600 22,342 3,258 Total emergency communications 11,214,545 11,000,266 214,279 Total public safety 195,647,500 192,395,267 3,252,233 Community maintenance and development: Public works: Salaries and wages 41,503,785 41,503,781 4 Other ordinary maintenance 31,850,150 30,992,684 857,466 Travel and training 583,360 575,377 7,983 Extraordinary expenditures 1,545,000 1,481,850 63,150 Total public works 75,482,295 74,553,692 928,603 (Continued) 83

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) Community development: Salaries and wages $ 9,091,712 8,601,975 489,737 Other ordinary maintenance 1,769,563 1,735,346 34,217 Travel and training 47,946 26,053 21,893 Total community development 10,909,221 10,363,374 545,847 Historical commission: Salaries and wages 1,034,510 1,023,132 11,378 Other ordinary maintenance 59,300 32,542 26,758 Travel and training 2,500 335 2,165 Total historical commission 1,096,310 1,056,009 40,301 Peace commission: Salaries and wages 264,830 264,827 3 Other ordinary maintenance 9,125 6,654 2,471 Travel and training 3,050 1,030 2,020 Total peace commission 277,005 272,511 4,494 Cable television: Salaries and wages 782,040 632,433 149,607 Other ordinary maintenance 1,095,475 981,121 114,354 Travel and training 3,450 0 3,450 Total cable television 1,880,965 1,613,554 267,411 Facilities department: Salaries and wages 1,832,660 1,107,960 724,700 Other ordinary maintenance 10,000 7,000 3,000 Travel and training 30,000 9,344 20,656 Total facilities department 1,872,660 1,124,304 748,356 Office of sustainability: Salaries and wages 1,672,665 1,659,237 13,428 Other ordinary maintenance 1,461,010 1,153,924 307,086 Travel and training 10,000 8,546 1,454 Total office of sustainability 3,143,675 2,821,707 321,968 Housing department: Salaries and wages 2,617,175 2,467,120 150,055 Other ordinary maintenance 25,129,700 24,779,979 349,721 Travel and training 1,125 — 1,125 Total housing department 27,748,000 27,247,099 500,901 Total community maintenance and development 122,410,131 119,052,250 3,357,881 (Continued) 84

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) Human resource development: Library: Salaries and wages $ 14,853,465 14,818,484 34,981 Other ordinary maintenance 4,400,800 4,393,708 7,092 Travel and training 137,150 120,790 16,360 Total library 19,391,415 19,332,982 58,433 Human services: Salaries and wages 47,139,808 44,442,385 2,697,423 Other ordinary maintenance 26,148,507 22,875,803 3,272,704 Travel and training 133,690 99,106 34,584 Extraordinary expenditures 40,000 40,000 — Total human services 73,462,005 67,457,294 6,004,711 Women’s commission: Salaries and wages 476,000 475,997 3 Other ordinary maintenance 17,545 17,504 41 Travel and training 525 266 259 Total women’s commission 494,070 493,767 303 Human rights commission: Salaries and wages 790,755 790,751 4 Other ordinary maintenance 83,020 81,812 1,208 Travel and training 7,400 5,448 1,952 Total human rights commission 881,175 878,011 3,164 Veterans benefits: Salaries and wages 773,405 773,404 1 Other ordinary maintenance 114,735 114,430 305 Travel and training 492,400 358,269 134,131 Total veterans benefits 1,380,540 1,246,103 134,437 Total human resource development 95,609,205 89,408,157 6,201,048 (Continued) 85

CITY OF CAMBRIDGE, MASSACHUSETTS General Fund Schedule of Expenditures – Budgetary Basis Year ended June 30, 2025 Variance positive Budget Actual (negative) Education: Salaries and wages $ 224,750,000 224,746,729 3,271 Other ordinary maintenance 41,355,325 41,289,776 65,549 Travel and training 1,969,675 1,914,204 55,471 Extraordinary expenditures 175,000 32,948 142,052 Total education 268,250,000 267,983,657 266,343 Judgments and claims 890,000 837,914 52,086 Debt retirement: Principal payments 75,334,330 75,334,330 — Interest payments 26,555,950 26,274,881 281,069 Total debt retirement 101,890,280 101,609,211 281,069 State and district assessments: MBTA assessment 11,835,255 11,815,248 20,007 MWRA assessment 31,600,985 31,407,738 193,247 Other State assessments 22,339,975 21,308,930 1,031,045 Cambridge Health Alliance 8,671,170 8,671,166 4 Total state and district assessments 74,447,385 73,203,082 1,244,303 Total general fund expenditures $ 930,615,875 909,724,065 20,891,810 See accompanying independent auditors’ report. 86

CITY OF CAMBRIDGE, MASSACHUSETTS Supplemental Statements and Schedules June 30, 2025 87 The following section provides detailed information on the general fund, other governmental funds, and fiduciary funds included in the basic financial statements. Information on real, personal, and excise tax collections, and a schedule of the bonds and notes payable of the City is also provided in this section.

CITY OF CAMBRIDGE, MASSACHUSETTS Other Governmental Funds June 30, 2025 88 Other Governmental Funds Community Development Block Grant Revenues from the community development block grant program are recorded in this fund. A transfer of revenues is made at the end of the fiscal year to the capital projects funds to cover block grant related expenditures in these funds during the fiscal year. All operating expenditures are recorded within this fund. School Grants This fund accounts for both the receipt and expenditure of funds received from numerous federal and state agencies to support a wide range of elementary and secondary school programs. Parking Fund Receipts from the parking fund, which consist primarily of meter collections, parking fines, and miscellaneous revenues, are recorded in this fund and support a wide range of City programs in accordance with Chapter 844 of the Massachusetts General Laws. In a similar manner to the block grant funds, an amount equal to that which is appropriated to the general and capital projects funds, is transferred to those funds at the end of the fiscal year. Community Preservation Act Receipts from added 3% tax and the matching funds from the State for the preservation of open space, historic locations and affordable housing are recorded in this fund. In a similar manner to the parking fund, an amount equal to the amount appropriated to the capital projects and other grants funds, is transferred to those funds at the end of the fiscal year. Aggregation Adder Fund Consumers participating in the City’s municipal energy aggregation plan are charged an operational adder of $.002 per kWh consumed. The operational adder funds are used to support the operational costs of the program and to support renewable energy projects that create benefits for program participants. The Revolving Fund was established under and governed by M.G.L. Chapter 44, 53E ½. Opioid Settlement Fund This fund accounts for both the receipt and expenditure of funds received from opioid settlements.

CITY OF CAMBRIDGE, MASSACHUSETTS Combining Balance Sheet Other Governmental Funds June 30, 2025 Special revenue Community Community Aggregation Opioid development School Parking preservation Adder Settlement Assets block grant grants fund act fund fund Total Cash and short-term investments $ 628,523 8,728,498 6,643,287 25,994,495 3,982,109 3,109,574 49,086,486 Accounts receivable — — 166,412 157,031 — — 323,443 Intergovernmental receivable 1,365 741,970 — — — — 743,335 Total assets $ 629,888 9,470,468 6,809,699 26,151,526 3,982,109 3,109,574 50,153,264 Liabilities, Deferred Inflows of Resources and Fund Balances Liabilities: Warrants payable $ 53,235 1,426,520 — 98,638 — 49,400 1,627,793 Accrued liabilities 6,684 192,195 1,015 115,386 — — 315,280 Due to other funds 569,969 — — — — — 569,969 Total liabilities 629,888 1,618,715 1,015 214,024 — 49,400 2,513,042 Deferred inflows of resources: Unavailable revenue — — — 157,031 — — 157,031 Fund balances: Restricted — 7,851,753 — 25,780,471 3,982,109 3,060,174 40,674,507 Committed — — 6,808,684 — — — 6,808,684 Total fund balances — 7,851,753 6,808,684 25,780,471 3,982,109 3,060,174 47,483,191 Total liabilities, deferred inflows of resources, and fund balances $ 629,888 9,470,468 6,809,699 26,151,526 3,982,109 3,109,574 50,153,264 See accompanying independent auditors’ report. 89

CITY OF CAMBRIDGE, MASSACHUSETTS Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Other Governmental Funds Year ended June 30, 2025 Special revenue Community Community Aggregation Opioid development School Parking preservation Adder Settlement block grant grants fund act fund fund Total Revenues: Intergovernmental $ 819,916 22,359,117 557,223 2,958,290 — — 26,694,546 Investment income 254,344 558,622 7,967 — 820,933 Other: Permits — — — — — — — Fines — — — — — — — Charges for services — — — — — — — Miscellaneous — 1,188,903 24,081,514 17,576,153 662,808 1,094,578 44,603,956 Total revenues 819,916 23,548,020 24,893,081 21,093,065 670,775 1,094,578 72,119,435 Expenditures: General government — — — 10,000 — — 10,000 Community maintenance and development 470,116 — — 3,933,218 — — 4,403,334 Human services 378,371 — — — — 436,923 815,294 Education — 21,292,278 — — — — 21,292,278 Total expenditures 848,487 21,292,278 — 3,943,218 — 436,923 26,520,906 Excess (deficiency) of revenues over expenditures (28,571) 2,255,742 24,893,081 17,149,847 670,775 657,655 45,598,529 Other financing sources (uses): Transfers from other funds 28,571 — 1,146,024 — — — 1,174,595 Transfers to other funds — — (22,368,045) (17,040,000) — — (39,408,045) Excess (deficiency) of revenues over expenditures and transfers — 2,255,742 3,671,060 109,847 670,775 657,655 7,365,079 Fund balances at beginning of year — 5,596,011 3,137,624 25,670,624 3,311,334 2,402,519 40,118,112 Fund balances at end of year $ — 7,851,753 6,808,684 25,780,471 3,982,109 3,060,174 47,483,191 See accompanying independent auditors’ report. 90

CITY OF CAMBRIDGE, MASSACHUSETTS Supplemental Statements and Schedules June 30, 2025 Fiduciary Funds Pension (and Other Employee Benefit) Trust Funds: Pension Trust Fund This pension trust fund accounts for the activities of the City of Cambridge Retirement Systems, which accumulates resources for pension benefits payments to retired City employees and employees of certain other entities. OPEB Trust Fund This trust fund is an irrevocable trust fund established to accumulate resources for other postemployment benefit payments to retired City employees. The assets are appropriated from the General Fund and this fund is currently not used for payments of benefits. Private Purpose Trust Funds Cemetery Trust Fund This trust fund accounts for the activities related to the perpetual care of the City's cemetery. Mayor's Disaster Relief Fund The purpose of the Fund is to provide financial assistance to Cambridge residents who become victims of catastrophic fires and other natural disasters. The source of funding is private donations. Other The primary purpose of this fund is to provide scholarships to students of Cambridge schools. 91

CITY OF CAMBRIDGE, MASSACHUSETTS Combining Statement of Net Position - Fiduciary Funds June 30, 2025 Pension and OPEB Trust Funds Private purpose trust funds Employee retirement plan OPEB Trust Mayor's December 31, fund Cemetery trust disaster relief Other Assets 2024 June 30, 2025 Total June 30, 2025 June 30, 2025 June 30, 2025 Total Cash and cash equivalents $ 5,691,665 142,747 5,834,412 2,712,723 228,498 2,182,329 5,123,550 Dividend and interest receivable 1,183,824 — 1,183,824 — — — — Lease receivable 205,505 — 205,505 — — — — Other assets 432,860 — 432,860 — — — — Due from broker for securities sold 2,752 — 2,752 — — — — Investments, at fair value: Fixed income securities 140,343,748 — 140,343,748 — — — — Equities 21,906,127 — 21,906,127 — — — — Pooled investments: Fixed income 163,617,099 15,864,958 179,482,057 — — — — Real estate 311,019,121 28,406,184 339,425,305 — — — — Domestic equities 566,348,367 — 566,348,367 — — — — International equities 319,576,799 — 319,576,799 — — — — International fixed income 50,995,616 — 50,995,616 — — — — Alternative 350,609,392 — 350,609,392 — — — — Total investments 1,924,416,269 44,271,142 1,968,687,411 — — — — Cash collateral on security lending 1,180,923 — 1,180,923 — — — — Right to use assets 1,437,524 — 1,437,524 — — — — Total assets $ 1,934,551,322 44,413,889 1,978,965,211 2,712,723 228,498 2,182,329 5,123,550 Liabilities Accrued liabilities $ 1,381,615 — 1,381,615 — — — — Cash collateral on security lending 1,180,923 — 1,180,923 — — — — Lease liability 1,695,318 — 1,695,318 — — — — Total liabilities $ 4,257,856 — 4,257,856 — — — — Deferred inflows of resources Related to rent $ 174,532 — 174,532 — — — — Total liabilities and deferred inflows of resources $ 4,432,388 — 4,432,388 — — — — Net Position Restricted for: Pensions $ 1,930,118,923 — 1,930,118,923 — — — — OPEB Benefits — 44,413,889 44,413,889 — — — — Individuals, organizations and other governments — — — 2,712,723 228,498 2,182,329 5,123,550 Total net position $ 1,930,118,923 44,413,889 1,974,532,812 2,712,723 228,498 2,182,329 5,123,550 See independent auditors’ report 92

CITY OF CAMBRIDGE, MASSACHUSETTS Combining Statement of Changes in Net Position - Fiduciary Funds Year ended June 30, 2025 Pension and OPEB Trust Funds Private purpose trust funds Employee retirement plan OPEB Mayor's December 31, Trust fund Cemetery trust disaster relief Other 2024 June 30, 2025 Total June 30, 2025 June 30, 2025 June 30, 2025 Total Additions: Contributions: Employers $ 78,816,418 30,930,766 109,747,184 — — — — Nonemployer – City — — — — — — — Plan members 29,681,705 — 29,681,705 — — — — Other systems 4,804,184 — 4,804,184 — — — — Commonwealth of Massachusetts 221,451 — 221,451 — — — — Gifts and bequests — — — 28,300 211,008 239,308 Miscellaneous — — — — 1,044 — 1,044 Total contributions 113,523,758 30,930,766 144,454,524 28,300 1,044 211,008 240,352 Investment earnings: Interest and dividends 30,538,498 1,280,575 31,819,073 166,670 2,177 33,695 202,542 Securities lending income 70,992 — 70,992 — — — — Net appreciation (depreciation) in the fair value of investments 140,734,372 1,528,099 142,262,471 — — — — Less: — Management fees (9,499,572) — (9,499,572) — — — — Borrower rebates and fees under securities lending program (64,498) — (64,498) — — — — Net investment earnings 161,779,792 2,808,674 164,588,466 166,670 2,177 33,695 202,542 Total additions 275,303,550 33,739,440 309,042,990 194,970 3,221 244,703 442,894 Deductions: Benefits 112,213,893 28,930,766 141,144,659 — — — — Refunds of contributions 2,560,333 — 2,560,333 — — — — Other systems 4,211,377 — 4,211,377 — — — — Administrative expenses 1,469,981 67,353 1,537,334 — — — — Beneficiary payments to individuals — — — — — 291,625 291,625 Miscellaneous — — — 40,000 39,600 — 79,600 Total deductions 120,455,584 28,998,119 149,453,703 40,000 39,600 291,625 371,225 Change in net position 154,847,966 4,741,321 159,589,287 154,970 (36,379) (46,922) 71,669 Net position, beginning of year 1,775,270,957 39,672,568 1,814,943,525 2,557,753 264,877 2,229,251 5,051,881 Net position, end of year $ 1,930,118,923 44,413,889 1,974,532,812 2,712,723 228,498 2,182,329 5,123,550 See independent auditors’ report 93

CITY OF CAMBRIDGE, MASSACHUSETTS Supplemental Statements and Schedules June 30, 2025 Other Schedules The following schedules present detailed information on the City’s real estate, personal property and motor vehicle excise taxes, and bonds and notes payable, as of June 30, 2025. See accompanying independent auditors’ report. 94

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Gross Real Estate, Personal Property, and Motor Vehicle Excise Taxes June 30, 2025 Uncollected Adjustments Uncollected June 30, Transfers to increase June 30, 2024 Commitments Abatements tax title Refunds Collections (decrease) 2025 Real estate taxes: 2017 $ 5,032 — — — — — — 5,032 2020 11,682 — — — — — — 11,682 2021 12,219 — — — — — — 12,219 2022 271 — (68,467) — 392,269 (324,073) — — 2023 341,748 — (67,611) — 304,971 (348,861) (230,247) — 2024 4,285,219 — (213,405) — 298,377 (3,554,024) (18,664) 797,503 2025 — 602,339,895 (1,309,022) — 789,057 (597,871,922) 208,462 4,156,470 Sub total real estate $ 4,656,171 602,339,895 (1,658,505) — 1,784,674 (602,098,880) (40,449) 4,982,906 Years with no beginning uncollected balances or activity are not presented. (Continued) 95

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Gross Real Estate, Personal Property, and Motor Vehicle Excise Taxes June 30, 2025 Uncollected Adjustments Uncollected June 30, Transfers to increase June 30, 2024 Commitments Abatements tax title Refunds Collections (decrease) 2025 Personal property taxes: 2003 $ 2,947 — — — — — — 2,947 2004 3,484 — — — — — — 3,484 2005 6,158 — — — — — — 6,158 2006 3,009 — — — — — — 3,009 2007 7,700 — — — — — — 7,700 2008 7,844 — — — — — — 7,844 2009 9,138 — — — — — — 9,138 2010 10,554 — — — — — — 10,554 2011 15,526 — — — — — — 15,526 2012 20,122 — — — — — — 20,122 2013 17,035 — — — — — — 17,035 2014 22,522 — — — — — — 22,522 2015 30,913 — — — — — — 30,913 2016 152,471 — — — — (474) — 151,997 2017 223,245 — — — — (334) — 222,911 2018 241,215 — — — — (162) — 241,053 2019 270,197 — — — — (552) — 269,645 2020 412,949 — — — — (1,935) (1,683) 409,331 2021 457,773 — — — — (10,689) (4,270) 442,814 2022 771,722 — — — — (262,299) 3 509,426 2023 1,072,968 — — — — (676,630) 295,117 691,455 2024 2,350,769 — — — 8,519 (1,408,865) 351,393 1,301,816 2025 — 29,228,340 (1,026) — 60,318 (28,182,323) (338,556) 766,753 Sub total personal property 6,110,261 29,228,340 (1,026) — 68,837 (30,544,263) 302,004 5,164,153 Other 227,784 — — — — — 10,559 238,343 Total Property Taxes $ 10,994,216 631,568,235 (1,659,531) — 1,853,511 (632,643,143) 272,114 10,385,402 Years with no beginning uncollected balances or activity are not presented. (Continued) 96

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Gross Real Estate, Personal Property, and Motor Vehicle Excise Taxes June 30, 2025 Uncollected Adjustments Uncollected June 30, Transfers to increase June 30, 2024 Commitments Abatements tax title Refunds Collections (decrease) 2025 Motor vehicle excise taxes: 1986 $ 2,643 — — — — — — 2,643 1987 57,217 — — — — — — 57,217 1988 71,208 — — — — — — 71,208 1989 75,893 — — — — — — 75,893 1990 67,620 — — — — — — 67,620 1991 50,782 — — — — — — 50,782 1992 51,253 — — — — — — 51,253 1993 48,542 — — — — — — 48,542 1994 51,390 — — — — — — 51,390 1995 55,723 — — — — — — 55,723 1996 55,105 — — — — — — 55,105 1997 46,812 — — — — — — 46,812 1998 61,354 — — — — — — 61,354 1999 107,848 — — — — — — 107,848 2000 167,584 — — — — — — 167,584 2001 209,799 — — — — — — 209,799 2002 190,287 — — — — (21) — 190,266 2003 169,121 — — — — — — 169,121 2004 139,917 — — — — — — 139,917 2005 112,726 — — — — — — 112,726 2006 99,725 — — — — — (1) 99,724 2007 131,863 — — — — (186) — 131,677 2008 112,078 — (55) — — (864) — 111,159 2009 93,812 — — — — (669) — 93,143 2010 107,950 — — — — (458) — 107,492 2011 108,993 — — — — (370) — 108,623 2012 100,007 — — — — (124) (10) 99,873 2013 94,515 — — — — (226) — 94,289 2014 100,174 — — — — (73) (22) 100,079 2015 100,757 — — — — (397) (77) 100,283 2016 105,152 — (64) — 64 (1,737) (7) 103,408 2017 102,622 — (436) — 811 (940) (45) 102,012 2018 107,941 — (156) — 605 (1,620) (8) 106,762 2019 135,484 — — — 931 (4,661) (12) 131,742 2020 136,275 — (1,317) — 5,080 (12,604) (16) 127,418 2021 137,896 — (344) — 1,202 (25,061) (26) 113,667 2022 226,338 — (4,744) — 10,740 (63,038) (38) 169,258 2023 403,872 — (10,537) — 48,061 (162,219) 32 279,209 2024 835,578 891,067 (98,167) — 105,252 (1,263,417) (475) 469,838 2025 — 8,186,354 (141,219) — 47,907 (6,741,447) (676) 1,350,919 Total motor vehicle $ 5,033,856 9,077,421 (257,039) — 220,653 (8,280,132) (1,381) 5,793,378 Years with no beginning uncollected balances or activity are not presented. See accompanying independent auditors’ report. 97

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Bonds and Notes Payable Year ended June 30, 2025 Final Balance Balance Interest Issue maturity June 30, June 30, rates dates date 2024 Additions Retired 2025 Inside debt limit: Old Police Station Renovations 2.00%–3.00% 2/15/2012 2/15/2032 4,200,000 — 525,000 3,675,000 King School Renovations 2.00%–3.00% 2/19/2013 2/15/2033 14,850,000 — 1,650,000 13,200,000 Old Police Station Renovations 2.00%–3.00% 2/19/2013 2/15/2033 1,815,000 — 205,000 1,610,000 King School Renovations 3.00%–5.00% 2/18/2014 2/15/2034 9,250,000 — 925,000 8,325,000 MCWT Loan (CWP-13-03) 2.00% 1/7/2015 1/15/2025 1,443,785 — 1,443,785 — King School Renovations 2.00%–5.00% 3/3/2015 2/15/2035 22,550,000 — 2,050,000 20,500,000 344 Broadway Building Renovations (Comprehensive) 2.00%–5.00% 3/3/2015 2/15/2025 150,000 — 150,000 — School Building Renovations 2.00%–5.00% 3/3/2015 2/15/2025 75,000 — 75,000 — Kendall Square Surface Improvements 2.00%–5.00% 3/3/2015 2/15/2025 400,000 — 400,000 — Cambridge Common Improvements 2.00%–5.00% 3/3/2015 2/15/2025 115,000 — 115,000 — Danehy Park Improvements 2.00%–5.00% 3/3/2015 2/15/2025 115,000 — 115,000 — Street/Sidewalk Reconstruction 2.00%–5.00% 3/3/2015 2/15/2025 100,000 — 100,000 — Golf Course Improvements 2.00%–5.00% 3/3/2015 2/15/2025 55,000 — 55,000 — Sewer Reconstruction 2.00%–5.00% 3/3/2015 2/15/2025 2,315,000 — 2,315,000 — Refunding Bonds (2005, 2006, 2007 and 2008) 2.00%–4.00% 3/4/2015 1/1/2028 15,695,000 — 5,775,000 9,920,000 School Building Renovations (Kennedy Longfellow Roof) 2.00%–4.00% 3/1/2016 2/15/2026 500,000 — 250,000 250,000 King Open and Cambridge St. Upper School and Community Complex 2.00%–4.00% 3/1/2016 2/15/2036 6,600,000 — 550,000 6,050,000 Building Renovations (344 Broadway and Comprehensive) 2.00%–4.00% 3/1/2016 2/15/2026 700,000 — 350,000 350,000 Street/Sidewalk Reconstruction 2.00%–4.00% 3/1/2016 2/15/2026 800,000 — 400,000 400,000 Harvard Square Reconstruction 2.00%–4.00% 3/1/2016 2/15/2026 100,000 — 50,000 50,000 Sewer Reconstruction 2.00%–4.00% 3/1/2016 2/15/2026 2,540,000 — 1,270,000 1,270,000 MCWT Loan (CWP-13-03-A) 2.00 % 2/11/2016 1/15/2026 3,045,833 — 1,506,545 1,539,288 Building Renovation/Energy Improvements 3.00%–5.00% 3/1/2017 2/15/2027 695,000 — 235,000 460,000 Kennedy School Roof Replacement 3.00%–5.00% 3/1/2017 2/15/2027 615,000 — 205,000 410,000 King Open and Cambridge St. Upper School and Community Complex 3.00%–5.00% 3/1/2017 2/15/2037 12,910,000 — 995,000 11,915,000 School Building Roof Repairs 3.00%–5.00% 3/1/2017 2/15/2027 690,000 — 230,000 460,000 School Boiler Maintenance 3.00%–5.00% 3/1/2017 2/15/2027 135,000 — 45,000 90,000 Comprehensive Facilities Improvements Plan 3.00%–5.00% 3/1/2017 2/15/2027 1,395,000 — 465,000 930,000 Cambridge Common Improvements 3.00%–5.00% 3/1/2017 2/15/2027 135,000 — 45,000 90,000 Harvard Square Surface Reconstruction 3.00%–5.00% 3/1/2017 2/15/2027 975,000 — 325,000 650,000 Street/Sidewalk Reconstruction 3.00%–5.00% 3/1/2017 2/15/2027 555,000 — 185,000 370,000 Sewer Reconstruction 3.00%–5.00% 3/1/2017 2/15/2027 6,285,000 — 2,100,000 4,185,000 Library Construction (Refunding) 4.00 % 6/12/2017 2/15/2029 2,395,000 — 485,000 1,910,000 CRLS Renovations (Refunding) 4.00 % 6/12/2017 2/15/2029 6,845,000 — 1,385,000 5,460,000 King Open and Cambridge St Upper School and Community Complex 3.0%–5.0% 3/1/2018 2/15/2038 41,370,000 — 2,955,000 38,415,000 Municipal Facilities Improvement Plan 4.3%-5.0% 3/1/2018 2/15/2028 1,760,000 — 440,000 1,320,000 Fletcher Maynard Academy Roof 4.3%-5.0% 3/1/2018 2/15/2028 520,000 — 130,000 390,000 School Boiler Maintenance 4.3%-5.0% 3/1/2018 2/15/2028 170,000 — 45,000 125,000 Street / Sidewalk Reconstruction 4.3%-5.0% 3/1/2018 2/15/2028 1,400,000 — 350,000 1,050,000 Sewer Reconstruction 4.3%-5.0% 3/1/2018 2/15/2028 5,810,000 — 1,460,000 4,350,000 King Open and Cambridge St Upper School and Community Complex 3.00%-5.00% 3/6/2019 2/15/2039 34,380,000 — 2,295,000 32,085,000 Municipal Facilities Improvement Plan 5.0 % 3/6/2019 2/15/2029 2,150,000 — 430,000 1,720,000 School Boiler Maintenance 5.0 % 3/6/2019 2/15/2029 275,000 — 55,000 220,000 School Boiler Maintenance 5.0 % 3/6/2019 2/15/2029 250,000 — 50,000 200,000 Harvard Square Kiosk 5.0 % 3/6/2019 2/15/2029 425,000 — 85,000 340,000 Street/Sidewalk Reconstruction 5.0 % 3/6/2019 2/15/2029 1,295,000 — 260,000 1,035,000 Riverside Reconstruction 5.0 % 3/6/2019 2/15/2029 1,295,000 — 260,000 1,035,000 Sewer Reconstruction 5.0 % 3/6/2019 2/15/2029 7,030,000 — 1,410,000 5,620,000 MWRA Bond — % 3/7/2019 2/15/2030 1,722,197 — 419,000 1,303,197 (Continued) 98

CITY OF CAMBRIDGE, MASSACHUSETTS Schedule of Bonds and Notes Payable Year ended June 30, 2025 Final Balance Balance Interest Issue maturity June 30, June 30, rates dates date 2024 Additions Retired 2025 King Open and Cambridge St. Upper School and Community Complex 2.00%-5.00% 3/5/2020 2/15/2040 7,040,000 — 440,000 6,600,000 City Hall Improvements (Construction) 5.0 % 3/5/2020 2/15/2030 480,000 — 80,000 400,000 Tobin School (Design) 5.0 % 3/5/2020 2/15/2025 1,785,000 — 1,785,000 — School Building Upgrades 5.0 % 3/5/2020 2/15/2025 140,000 — 140,000 — Municipal Facilities Improvement Plan 5.0 % 3/5/2020 2/15/2025 535,000 — 535,000 — Harvard Square Kiosk 5.0 % 3/5/2020 2/15/2030 985,000 — 165,000 820,000 Street/Sidewalk Reconstruction 5.0 % 3/5/2020 2/15/2030 1,970,000 — 330,000 1,640,000 Riverside Reconstruction 5.0 % 3/5/2020 2/15/2030 985,000 — 165,000 820,000 Sewer Reconstruction 5.0 % 3/5/2020 2/15/2030 10,255,000 — 1,715,000 8,540,000 City Hall Improvements (Construction) 5.0 % 3/3/2021 2/15/2031 5,175,000 — 740,000 4,435,000 Tobin School (Design) 2.00%-5.00% 3/3/2021 2/15/2041 9,860,000 — 580,000 9,280,000 School Buildings Upgrades 5.0 % 3/3/2021 2/15/2031 1,010,000 — 155,000 855,000 Municipal Facilities Improvement Plan 5.0 % 3/3/2021 2/15/2031 8,620,000 — 1,235,000 7,385,000 River St. Firehouse Construction Improvements 5.0 % 3/3/2021 2/15/2031 2,870,000 — 410,000 2,460,000 Lexington Ave Firehouse Construction Improvements 5.0 % 3/3/2021 2/15/2031 2,300,000 — 330,000 1,970,000 Refunding (CRLS & Old Police Station 2010-2011) 5.0 % 3/3/2021 2/15/2031 12,095,000 — 1,885,000 10,210,000 Harvard Square Kiosk Infrastructure Improvements 5.0 % 3/3/2021 2/15/2031 570,000 — 85,000 485,000 Harvard Square Kiosk Surface Enhancement 5.0 % 3/3/2021 2/15/2031 860,000 — 125,000 735,000 Street/Sidewalk Reconstruction 5.0 % 3/3/2021 2/15/2031 2,870,000 — 410,000 2,460,000 Riverside Reconstruction 5.0 % 3/3/2021 2/15/2031 4,025,000 — 575,000 3,450,000 Sewer Reconstruction 5.0 % 3/3/2021 2/15/2031 12,850,000 — 1,845,000 11,005,000 Tobin School (Construction) 2.25-5.0% 3/2/2022 2/15/2042 47,370,000 — 2,635,000 44,735,000 Municipal Facilities Improvement Plan (FY22) 5.0 % 3/2/2022 2/15/2032 3,290,000 — 475,000 2,815,000 School Buildings Upgrades (FY22) 5.0 % 3/2/2022 2/15/2032 1,195,000 — 170,000 1,025,000 Municipal Facilities Improvement Plan - Lafayette St. Fire 5.0 % 3/2/2022 2/15/2027 540,000 — 180,000 360,000 Fire Headquarters Construction 5.0 % 3/2/2022 2/15/2032 2,705,000 — 340,000 2,365,000 Riverside Reconstruction 5.0 % 3/2/2022 2/15/2032 2,030,000 — 255,000 1,775,000 Street/Sidewalk Reconstruction 5.0 % 3/2/2022 2/15/2032 3,375,000 — 425,000 2,950,000 Sewer Reconstruction 5.0 % 3/2/2022 2/15/2032 9,800,000 — 1,230,000 8,570,000 Fire Headquarters Construction 5.0 % 3/1/2023 2/15/2033 1,610,000 — 180,000 1,430,000 Tobin School (Construction) 4.0%-5.0% 3/1/2023 2/15/2043 40,935,000 — 2,155,000 38,780,000 Compete Streets/Sidwalk Reconstruction 5.0 % 3/1/2023 2/15/2033 1,615,000 — 180,000 1,435,000 East Grand Junction design 5.0 % 3/1/2023 2/15/2033 405,000 — 45,000 360,000 Riverside Reconstruction 5.0 % 3/1/2023 2/15/2033 2,415,000 — 270,000 2,145,000 Sewer Reconstruction 5.0 % 3/1/2023 2/15/2033 30,710,000 — 3,425,000 27,285,000 Fire Headquarters Construction 5.0 % 3/6/2024 2/15/2034 14,095,000 — 1,410,000 12,685,000 Fire Headquarters Construction 5.0 % 3/6/2024 2/15/2034 880,000 — 90,000 790,000 Tobin School (Construction) 4.0%-5.0% 3/6/2024 2/15/2044 80,830,000 — 4,045,000 76,785,000 Municipal Facilities Improvement Plan (FY23) 5.0 % 3/6/2024 2/15/2034 12,860,000 — 1,290,000 11,570,000 Municipal Facilities Improvement Plan (FY24) 5.0 % 3/6/2024 2/15/2034 8,330,000 — 835,000 7,495,000 School Facilities Improvement 5.0 % 3/6/2024 2/15/2034 1,145,000 — 120,000 1,025,000 Harvard Square Kiosk 5.0 % 3/6/2024 2/15/2034 2,205,000 — 225,000 1,980,000 Peabody/Raymond Playground 5.0 % 3/6/2024 2/15/2034 2,200,000 — 220,000 1,980,000 Linear Park 5.0 % 3/6/2024 2/15/2034 2,645,000 — 265,000 2,380,000 Bike Lanes - Mass Avenue 5.0 % 3/6/2024 2/15/2034 1,765,000 — 180,000 1,585,000 Complete Streets/Sidewalk Reconstruction FY23 5.0 % 3/6/2024 2/15/2034 7,050,000 — 705,000 6,345,000 Complete Streets/Sidewalk Reconstruction FY24 5.0 % 3/6/2024 2/15/2034 3,525,000 — 355,000 3,170,000 Central Square Street Reconstruction 5.0 % 3/6/2024 2/15/2034 2,645,000 — 265,000 2,380,000 Sewer Reconstruction 5.0 % 3/6/2024 2/15/2034 20,045,000 — 2,015,000 18,030,000 School Upgrades (2023) 5.0 % 3/5/2025 2/15/2035 — 1,610,000 — 1,610,000 School Upgrades (2024) 5.0 % 3/5/2025 2/15/2035 — 445,000 — 445,000 School Upgrades (2025) 5.0 % 3/5/2025 2/15/2035 — 2,290,000 — 2,290,000 Tobin School (Construction) 3.0-5.0 3/5/2025 2/15/2045 — 42,375,000 — 42,375,000 Tobin School (Construction) 3.0-5.0 3/5/2025 2/15/2045 — 26,970,000 — 26,970,000 Fire Headquarters Construction 5.0 % 3/5/2025 2/15/2035 — 26,825,000 — 26,825,000 Municipal Facilities Improvement Plan (FY24) 5.0 % 3/5/2025 2/15/2035 — 6,795,000 — 6,795,000 Beudo - MFIP 5.0 % 3/5/2025 2/15/2035 — 895,000 — 895,000 Deffered - MFIP 5.0 % 3/5/2025 2/15/2035 — 1,700,000 — 1,700,000 Muni Fleet - MFIP 5.0 % 3/5/2025 2/15/2035 — 895,000 — 895,000 CB - MFIP 5.0 % 3/5/2025 2/15/2035 — 315,000 — 315,000 Arts MFIP 5.0 % 3/5/2025 2/15/2035 — 90,000 — 90,000 Peabody/Raymond Playground 5.0 % 3/5/2025 2/15/2035 — 500,000 — 500,000 Rafferty Park 5.0 % 3/5/2025 2/15/2035 — 1,285,000 — 1,285,000 Linear Park 5.0 % 3/5/2025 2/15/2035 — 1,790,000 — 1,790,000 Bike Lanes - Mass Avenue 5.0 % 3/5/2025 2/15/2035 — 6,260,000 — 6,260,000 Complete Streets/Sidewalk Reconstruction FY25 5.0 % 3/5/2025 2/15/2035 — 4,470,000 — 4,470,000 Complete Streets/Sidewalk Reconstruction FY24 5.0 % 3/5/2025 2/15/2035 — 6,255,000 — 6,255,000 Sewer Reconstruction 5.0 % 3/5/2025 2/15/2035 — 17,885,000 — 17,885,000 Total inside debt limit 616,391,815 149,650,000 75,334,330 690,707,485 Outside debt limit: Water: Water Works Construction 5.0 % 3/5/2025 2/15/2035 — 2,995,000 — 2,995,000 Treatment Plant Equipment 5.0 % 3/5/2025 2/15/2035 — 180,000 — 180,000 Ozone Generator 5.0 % 3/5/2025 2/15/2030 — 465,000 — 465,000 Total outside debt limit — 3,640,000 — 3,640,000 Total debt outstanding $ 616,391,815 153,290,000 75,334,330 694,347,485 See accompanying independent auditors’ report. 99

DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx DRAFT 1/30/2026 7:05 PM 705680F-1A_CityOfCambridgeMassachusetts_ACFR.docx STATISTICAL SECTION

CITY OF CAMBRIDGE, MASSACHUSETTS June 30, 2025 Statistical Section This part of the City of Cambridge’s annual comprehensive financial report presents information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City’s overall financial health. Contents Page Financial trends: 101 These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time. (See accompanying Management’s Discussion and Analysis, Statement of Net Position and Statement of Activities): General Government Expenditures by Function (GAAP Basis) – Last Ten Fiscal Years General Government Revenues by Source (GAAP Basis) – Last Ten Fiscal Years Net Position by Component – Last Ten Fiscal Years Changes in Net Position by Component– Last Ten Fiscal Years Fund Balances of Governmental Funds – Last Ten Fiscal Years Changes in Fund Balances of Government Funds – Last Ten Fiscal Years Revenue capacity: 108 These schedules contain information to help the reader assess the City’s most significant revenue source, the property tax: Assessed Value and Actual Value of Taxable Property – Last Ten Fiscal Years Property and Motor Vehicle Tax Rates – Last Ten Fiscal Years Largest Principal Taxpayers – Current Year and Ten Years Ago Property Tax Levies and Collections – Last Ten Fiscal Years Debt capacity: 112 These schedules contain information to assist the reader in assessing the City’s current debt outstanding and their ability to issue additional debt in the future: (See accompanying note 8 of the basic financial statements): Ratios of Outstanding Debt by Type – Last Ten Fiscal Years Ratios of General Bonded Debt Outstanding – Last Ten Fiscal Years Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information – Last Ten Fiscal Years Demographic and economic information: 116 These schedules contain information to help the reader understand the economic environment with which the City’s financial activities take place and assist with comparisons over time and among other City’s: Demographic and Economic Statistics – Last Ten Calendar Years Principal Employers – Current Year and Ten Years Ago Operating information: 118 These schedules contain information to provide contextual information about the City’s operations and resources to help readers gain an understanding of the City’s economic condition: Full-Time Position Employees by Function/Program – Last Ten Fiscal Years Operating Indicators by Function/Program – Last Ten Fiscal Years Capital Asset Statistics by Function/Program – Last Ten Fiscal Years Sources: Unless otherwise noted, the information contained in these schedules is derived from the annual comprehensive financial reports for the relevant year. 100

CITY OF CAMBRIDGE, MASSACHUSETTS General Government Expenditures by Function (GAAP Basis) (1) Last Ten Fiscal Years (Dollars in thousands) Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General government $ 38,656 38,852 43,290 41,039 41,729 49,577 49,050 53,527 58,885 60,279 Percentage of total 7.3 % 6.9 % 7.3 % 6.6 % 6.3 % 6.8 % 6.7 % 6.9 % 7.1 % 6.7 % Percentage change 16.0 0.5 11.4 (5.2) 1.7 18.8 (1.1) 9.1 10.0 2.4 Public safety 116,756 128,759 132,296 139,422 143,442 147,363 158,856 170,269 178,812 191,462 Percentage of total 22.0 % 22.9 % 22.2 % 22.3 % 21.7 % 20.3 % 21.6 % 21.9 % 21.5 % 21.1 % Percentage change (1.0) 10.3 2.7 5.4 2.9 2.7 7.8 7.2 5.0 7.1 Community maintenance and development 46,667 48,449 51,393 54,666 56,419 63,664 67,516 70,864 81,009 91,810 Percentage of total 8.8 % 8.6 % 8.6 % 8.7 % 8.6 % 8.8 % 9.2 % 9.1 % 9.7 % 10.1 % Percentage change 1.4 3.8 6.1 6.4 3.2 12.8 6.1 5.0 14.3 13.3 Human resource 36,155 38,125 41,678 45,380 48,359 46,812 55,117 63,570 72,639 87,814 Percentage of total 6.8 % 6.8 % 7.0 % 7.3 % 7.3 % 6.4 % 7.5 % 8.2 % 8.7 % 9.7 % Percentage change 5.4 5.4 9.3 8.9 6.6 (3.2) 17.7 15.3 14.3 20.9 Education 183,324 197,087 209,886 218,767 234,864 258,815 242,833 252,436 272,012 295,137 Percentage of total 34.5 % 35.0 % 35.2 % 35.0 % 35.6 % 35.6 % 33.1 % 32.4 % 32.7 % 32.6 % Percentage change 8.9 7.5 6.5 4.2 7.4 10.2 (6.2) 4.0 7.8 8.5 Judgments and claims 2,715 371 197 2,311 201 19,684 14,318 13,697 8,549 4,476 Percentage of total 0.5 % 0.1 % — % 0.4 % — % 2.7 % 2.0 % 1.8 % 1.0 % 0.5 % Percentage change 2,125.4 (86.3) (46.9) 1,073.1 (91.3) 9,693.0 (2) (27.3) (3) (4.3) (3) (37.6) (4) (47.6) State assessments 52,024 53,427 56,316 57,931 60,243 61,846 64,456 66,681 70,737 73,203 Percentage of total 9.8 % 9.5 % 9.4 % 9.3 % 9.1 % 8.5 % 8.8 % 8.6 % 8.5 % 8.1 % Percentage change 3.7 2.7 5.4 2.9 4.0 2.7 4.2 3.5 6.1 3.5 Debt service 54,814 57,823 61,826 66,014 74,276 78,833 82,107 86,986 89,251 101,472 Percentage of total 10.3 % 10.3 % 10.4 % 10.6 % 11.3 % 10.8 % 11.2 % 11.2 % 10.7 % 11.2 % Percentage change 6.7 5.5 6.9 6.8 12.5 6.1 4.2 5.9 2.6 13.7 Total expenditures $ 531,111 562,893 596,882 625,530 659,533 726,594 734,253 778,030 831,894 905,653 Percentage of total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Percentage change 5.9 6.0 6.0 4.8 5.4 10.2 1.1 6.0 6.9 8.9 (1) Includes General Fund expenditures only. Operating Transfers Out have been excluded from all years. (2) During fiscal year 2021, the City acquired open space land through eminent domain. (3) During fiscal years 2022 and 2023, the City acquired a building through eminent domain. (4) During fiscal year 2024, the City acquired a parcel of land through eminent domain. See accompanying independent auditors’ report. 101

CITY OF CAMBRIDGE, MASSACHUSETTS General Government Revenues by Source (GAAP Basis) (1) Last Ten Fiscal Years (Dollars in thousands) Source 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Property taxes $ 356,247 375,682 391,038 412,522 439,072 477,369 497,042 530,537 579,388 631,730 Percentage of total 63.5 % 63.4 % 61.8 % 62.7 % 62.9 % 64.6 % 67.1 % 64.7 % 63.3 % 68.8 % Percentage change 3.9 5.5 4.1 5.5 6.4 8.7 4.1 6.7 9.2 9.0 Motor vehicle excises 7,452 8,035 7,727 8,351 6,996 8,437 8,053 8,305 8,223 8,244 Percentage of total 1.3 % 1.4 % 1.2 % 1.3 % 1.0 % 1.1 % 1.1 % 1.0 % 0.9 % 0.9 % Percentage change 3.5 7.8 (3.8) 8.1 (16.2) 20.6 (4.6) 3.1 (1.0) 0.3 Hotel/motel/meals/other 19,213 19,959 20,938 21,511 19,717 3,581 12,348 21,807 24,753 25,062 Percentage of total 3.4 % 3.4 % 3.3 % 3.3 % 2.8 % 0.5 % 1.7 % 2.7 % 2.7 % 2.7 % Percentage change 7.6 3.9 4.9 2.7 (8.3) (81.8) 244.8 76.6 13.5 1.2 Fines 364 342 304 282 374 115 107 99 102 123 Percentage of total 0.1 % 0.1 % — % — % 0.1 % — % — % — % — % — % Percentage change (25.4) (6.0) (11.1) (7.2) 32.6 (69.3) (7.0) (7.5) 3.0 20.6 Intergovernmental 52,554 65,150 67,599 70,843 82,997 88,639 71,847 76,348 82,213 79,246 Percentage of total 9.4 % 11.0 % 10.7 % 10.8 % 11.9 % 12.0 % 9.7 % 9.3 % 9.0 % 8.6 % Percentage change 15.5 24.0 3.8 4.8 17.2 6.8 (18.9) 6.3 7.7 (3.6) Licenses and permits 32,181 29,051 40,662 41,272 40,396 58,174 47,331 61,592 53,773 37,682 Percentage of total 5.7 % 4.9 % 6.4 % 6.3 % 5.8 % 7.9 % 6.4 % 7.5 % 5.9 % 4.1 % Percentage change 16.8 (9.7) 40.0 1.5 (2.1) 44.0 (18.6) 30.1 (12.7) (29.9) Payment in lieu of taxes 9,191 8,101 7,389 7,793 8,028 8,219 8,535 8,455 8,684 8,900 Percentage of total 1.6 % 1.4 % 1.2 % 1.2 % 1.1 % 1.1 % 1.2 % 1.0 % 0.9 % 1.0 % Percentage change 13.7 (11.9) (8.8) 5.5 3.0 2.4 3.8 (0.9) 2.7 2.5 Investment income 3,274 4,877 6,025 7,925 9,404 1,387 (2,197) 10,712 19,428 20,282 Percentage of total 0.6 % 0.8 % 1.0 % 1.2 % 1.3 % 0.2 % (0.3)% 1.3 % 2.1 % 2.2 % Percentage change 115.0 49.0 23.5 31.5 18.7 (85.3) (258.4) 587.6 (81.4) 4.4 Charges for services 48,819 48,334 51,427 54,875 55,906 54,122 57,210 65,433 75,879 69,821 Percentage of total 8.7 % 8.2 % 8.1 % 8.3 % 8.0 % 7.3 % 7.7 % 8.0 % 8.3 % 7.6 % Percentage change 1.9 (1.0) 6.4 6.7 1.9 (3.2) 5.7 14.4 16.0 (8.0) Departmental/other 31,403 33,067 39,531 32,973 35,268 38,791 40,883 36,863 62,671 36,811 Percentage of total 5.7 % 5.6 % 6.2 % 5.0 % 5.1 % 5.3 % 5.5 % 4.5 % 6.8 % 4.0 % Percentage change 23.8 5.3 19.5 (16.6) 7.0 10.0 5.4 (9.8) 70.0 (41.3) Total revenues $ 560,698 592,598 632,640 658,347 698,158 738,834 741,159 820,151 915,114 917,901 Percentage of total 100.1 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Percentage change 6.9 5.7 6.8 4.1 6.0 5.8 0.3 10.7 11.6 0.3 (1) Includes General Fund revenues only. Operating Transfers In have been excluded from all years. See accompanying independent auditors’ report. 102

CITY OF CAMBRIDGE, MASSACHUSETTS Net Position by Component Last Ten Years (Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Governmental activities: Net investment in capital assets $ 673,717,401 729,145,088 778,225,743 835,512,790 897,045,989 974,121,911 1,056,682,141 1,122,537,598 1,134,957,824 1,182,186,940 Restricted 73,349,849 68,958,578 85,639,778 115,165,139 128,190,015 99,545,820 91,430,350 81,252,767 103,475,114 114,554,898 Unrestricted 1,931,327 (14,425,882) (391,023,437) (406,887,103) (435,226,779) (472,917,546) (485,001,077) (479,467,174) (376,810,252) (357,143,660) Total governmental activities net position $ 748,998,577 783,677,784 472,842,084 543,790,826 590,009,225 600,750,185 663,111,414 724,323,191 861,622,686 939,598,178 Business-type activities: Net investment in capital assets $ 120,185,083 125,305,918 131,655,638 133,726,139 132,390,620 130,617,563 128,494,627 124,561,795 120,251,904 119,179,477 Unrestricted 17,982,299 13,682,522 10,988,999 11,893,193 15,132,817 16,119,526 16,632,919 15,288,039 18,206,409 17,149,153 Total business-type activities net position $ 138,167,382 138,988,440 142,644,637 145,619,332 147,523,437 146,737,089 145,127,546 139,849,834 138,458,313 136,328,630 Primary government: Net investment in capital assets $ 793,902,484 854,451,006 909,881,381 969,238,929 1,029,436,609 1,104,739,474 1,185,176,768 1,247,099,393 1,255,209,728 1,301,366,417 Restricted 73,349,849 68,958,578 85,639,778 115,165,139 128,190,015 99,545,820 91,430,350 81,252,767 103,475,114 114,554,898 Unrestricted 19,913,626 (743,360) (380,034,438) (394,993,910) (420,093,962) (456,798,020) (468,368,158) (464,179,135) (358,603,843) (339,994,507) Total primary government net position $ 887,165,959 922,666,224 615,486,721 689,410,158 737,532,662 747,487,274 808,238,960 864,173,025 1,000,080,999 1,075,926,808 See accompanying independent auditors’ report. 103

CITY OF CAMBRIDGE, MASSACHUSETTS Changes in Net Position by Component Last Ten Fiscal Years (Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Expenses: Governmental activities: General government $ 56,389,559 58,919,949 69,141,946 51,368,261 63,737,058 84,470,614 60,826,687 68,068,341 89,977,542 76,054,786 Public safety 134,762,503 155,775,352 145,638,049 165,325,582 171,741,473 171,262,519 171,198,138 204,182,997 196,270,034 201,425,000 Community maintenance and development 112,901,226 96,825,775 111,620,459 124,737,385 131,786,256 140,099,327 152,720,825 163,304,654 211,933,917 243,326,402 Human resource development 53,357,816 56,006,242 56,913,782 66,384,654 69,285,452 69,863,526 85,625,284 96,128,264 99,360,403 109,762,910 Education 228,453,104 246,388,426 245,765,315 263,665,736 287,638,382 331,705,869 329,434,190 325,883,981 337,197,597 342,705,117 Interest on long-term debt 10,938,908 10,430,981 13,443,479 15,588,780 15,769,932 11,258,477 12,269,454 15,848,271 16,833,923 20,579,806 Total governmental activities 596,803,116 624,346,725 642,523,030 687,070,398 739,958,553 808,660,332 812,074,578 873,416,508 951,573,416 993,854,021 Business-type activities: Water 14,228,525 15,855,491 14,198,148 15,767,827 14,627,842 16,742,698 18,136,546 25,166,532 20,214,116 21,474,802 Total business-type activities expenses 14,228,525 15,855,491 14,198,148 15,767,827 14,627,842 16,742,698 18,136,546 25,166,532 20,214,116 21,474,802 Total primary government expenses $ 611,031,641 640,202,216 656,721,178 702,838,225 754,586,395 825,403,030 830,211,124 898,583,040 971,787,532 1,015,328,823 Program revenues: Governmental activities: Charges for services: Public safety $ 58,678,631 56,139,937 69,974,862 71,036,237 63,768,630 78,251,139 72,973,692 88,043,100 79,041,091 61,981,245 Community maintenance and development 52,489,213 42,067,768 52,798,914 58,110,137 55,956,156 55,639,225 62,135,368 66,154,780 75,447,404 74,204,764 Human resource and development 4,978,730 5,562,842 5,932,108 5,907,990 4,513,183 2,268,049 4,931,754 6,214,511 7,046,805 6,895,078 Other activities 2,266,034 2,336,489 2,233,207 1,901,559 1,601,729 1,395,209 1,740,214 1,412,719 1,343,024 1,586,979 Operating grants and contributions 24,526,412 22,482,361 21,969,498 26,284,533 30,903,480 34,400,275 56,207,553 53,611,233 69,863,494 66,792,750 Capital grants and contributions 15,508,261 4,857,466 19,479,360 15,829,377 3,124,221 3,499,683 5,879,918 2,221,276 7,784,007 8,814,349 Total governmental activities program revenues 158,447,281 133,446,863 172,387,949 179,069,833 159,867,399 175,453,580 203,868,499 217,657,619 240,525,825 220,275,165 Business-type activities: Charges for services: Water 19,288,216 17,210,466 18,465,997 19,323,749 17,164,177 16,547,109 17,101,070 18,101,401 19,431,903 19,959,109 Total business-type program revenues 19,288,216 17,210,466 18,465,997 19,323,749 17,164,177 16,547,109 17,101,070 18,101,401 19,431,903 19,959,109 Total primary government program revenues $ 177,735,497 150,657,329 190,853,946 198,393,582 177,031,576 192,000,689 220,969,569 235,759,020 259,957,728 240,234,274 Net (expense) revenue: Governmental activities $ (438,355,835) (490,899,862) (470,135,081) (508,000,566) (580,091,154) (633,206,752) (608,206,079) (655,758,889) (711,047,591) (773,578,856) Business-type activities 5,059,691 1,354,975 4,267,849 3,555,922 2,536,335 (195,589) (1,035,476) (7,065,131) (782,213) (1,515,693) Total primary government net expense $ (433,296,144) (489,544,887) (465,867,232) (504,444,644) (577,554,819) (633,402,341) (609,241,555) (662,824,020) (711,829,804) (775,094,549) (Continued) 104

CITY OF CAMBRIDGE, MASSACHUSETTS Changes in Net Position by Component Last Ten Fiscal Years (Accrual Basis of Accounting) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General revenues and other changes in net position: Governmental activities: Property taxes $ 356,993,674 374,927,115 390,851,108 412,526,951 441,912,832 475,764,483 497,284,716 532,622,271 582,224,003 629,443,105 Excise taxes 26,806,239 27,876,390 28,971,646 29,620,301 27,336,175 11,614,255 20,066,820 30,297,354 33,308,322 33,905,523 Unrestricted grants and contributions 52,554,349 65,150,348 67,599,080 70,843,377 82,996,910 88,724,457 71,846,505 76,348,078 82,213,018 79,245,746 Payments in lieu of taxes 9,191,431 8,100,931 7,388,601 7,793,155 8,028,511 8,219,285 8,535,070 8,454,819 8,683,470 8,900,376 Investment income 3,256,036 7,678,166 7,488,958 8,041,502 11,892,353 1,601,222 (2,289,499) 17,399,828 32,241,938 31,876,560 Miscellaneous 31,296,358 41,128,314 51,310,617 49,403,546 53,420,907 63,167,981 74,398,951 53,476,817 108,948,565 67,453,698 Transfers 714,085 717,805 719,125 720,475 721,865 723,285 724,745 (1,628,501) 727,770 729,340 Total governmental activities 480,812,172 525,579,069 554,329,135 578,949,307 626,309,553 649,814,968 670,567,308 716,970,666 848,347,086 851,554,348 Business-type activities: Investment income 256,700 183,888 107,473 139,248 89,635 132,526 150,678 158,918 118,462 115,350 Transfers (714,085) (717,805) (719,125) (720,475) (721,865) (723,285) (724,745) 1,628,501 (727,770) (729,340) Total business-type activities (457,385) (533,917) (611,652) (581,227) (632,230) (590,759) (574,067) 1,787,419 (609,308) (613,990) Total primary government $ 480,354,787 525,045,152 553,717,483 578,368,080 625,677,323 649,224,209 669,993,241 718,758,085 847,737,778 850,940,358 Change in net position: Governmental activities $ 42,456,337 34,679,207 84,194,054 70,948,742 46,218,399 16,608,216 62,361,229 61,211,777 137,299,495 77,975,492 Business-type activities 4,602,306 821,058 3,656,197 2,974,695 1,904,105 (786,348) (1,609,543) (5,277,712) (1,391,521) (2,129,683) Total primary government $ 47,058,643 35,500,265 87,850,251 73,923,437 48,122,504 15,821,868 60,751,686 55,934,065 135,907,974 75,845,809 See accompanying independent auditors’ report. 105

CITY OF CAMBRIDGE, MASSACHUSETTS Fund Balances, Governmental Funds Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General fund: Nonspendable $ 1,536,290 2,466,688 2,505,371 3,325,529 7,133,833 2,745,846 4,058,567 6,088,722 2,891,066 — Assigned 12,180,000 14,200,000 11,000,000 16,500,000 24,500,000 25,000,000 21,500,000 20,800,000 32,935,000 25,756,500 Committed 71,455,514 86,509,702 99,295,248 102,798,057 106,771,288 94,005,924 85,064,764 86,636,011 103,520,039 140,257,510 Unassigned 215,772,588 229,632,250 255,838,733 265,107,570 225,659,635 222,627,360 210,647,024 212,131,237 248,109,955 200,754,872 Total general fund $ 300,944,392 332,808,640 368,639,352 387,731,156 364,064,756 344,379,130 321,270,355 325,655,970 387,456,060 366,768,882 All other governmental funds: Nonspendable (1) $ 2,234,567 2,244,204 2,276,704 2,323,744 2,368,203 — — — — — Restricted 102,467,578 117,848,103 142,910,928 166,882,864 196,004,621 232,378,182 261,487,524 263,105,639 269,882,700 288,215,260 Committed 43,524,368 51,545,527 56,345,935 51,476,442 71,647,804 104,059,974 117,550,792 155,379,351 198,139,760 208,932,514 Unassigned (deficit) — — — — — (21,312,871) (17,350,073) (29,662,145) (14,537,647) (5,844,589) Total all other governmental funds $ 148,226,513 171,637,834 201,533,567 220,683,050 270,020,628 315,125,285 361,688,243 388,822,845 453,484,813 491,303,185 (1) The City adopted GASB Statement No. 84 in fiscal year 2021. Amount was reclassified into fiduciary funds. See accompanying independent auditors’ report. 106

CITY OF CAMBRIDGE, MASSACHUSETTS Changes in Fund Balances, Governmental Funds Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenues: Real and personal property taxes $ 356,247,426 375,682,378 391,037,632 412,521,742 439,072,292 477,368,683 497,041,998 530,536,843 579,388,067 631,730,174 Excises: Hotel/motel/meals/other 19,212,693 19,958,924 20,937,973 21,510,878 19,717,395 3,580,611 12,348,390 21,806,512 24,753,003 25,062,222 Motor vehicles 7,452,353 8,035,187 7,727,124 8,350,538 6,995,547 8,436,599 8,052,896 8,305,021 8,223,367 8,244,317 Payments in lieu of taxes 9,191,431 8,100,931 7,388,601 7,793,155 8,028,511 8,219,285 8,535,070 8,454,819 8,683,470 8,900,376 Intergovernmental 92,589,021 92,490,175 109,047,938 112,957,287 117,024,611 126,624,415 133,933,976 132,180,587 159,860,519 154,852,846 Investment income 3,557,639 7,678,166 7,488,958 8,041,502 11,892,353 1,601,222 (2,289,499) 17,399,828 32,241,938 31,876,560 Sewer use charges 48,818,911 48,333,542 51,427,534 54,874,965 55,905,811 54,122,053 57,209,823 65,433,035 75,879,104 69,820,523 Departmental and other 98,811,972 107,094,771 131,502,497 128,690,248 123,660,843 145,550,964 155,513,322 150,469,917 199,103,179 140,418,487 Total revenues 635,881,446 667,374,074 726,558,257 754,740,315 782,297,363 825,503,832 870,345,976 934,586,562 1,088,132,647 1,070,905,505 Expenditures: General government 39,263,469 40,855,932 43,683,064 41,449,503 50,281,754 71,317,756 57,310,892 59,580,829 81,373,651 74,177,876 Public safety 117,208,429 129,514,130 133,068,609 140,283,863 145,514,494 148,370,600 160,385,626 172,498,891 180,983,023 193,020,925 Community maintenance and development 72,599,793 56,863,214 69,020,813 77,089,105 80,627,760 64,227,813 107,860,572 82,993,418 130,408,064 177,555,274 Human resource development 43,971,684 45,924,052 49,756,470 54,190,381 57,164,748 57,940,605 72,760,840 81,784,902 89,717,396 105,302,560 Education (1) 196,938,970 209,648,999 222,577,254 231,529,272 249,464,084 273,059,469 259,098,095 275,398,160 293,356,424 316,429,671 Judgments and claims 2,714,745 371,023 196,843 2,311,069 201,386 19,683,893 14,317,752 13,697,187 8,548,927 4,475,914 State and district assessments 52,023,584 53,426,731 56,316,174 57,931,297 60,242,559 61,845,579 64,455,971 66,680,814 70,737,241 73,203,082 Capital outlays (2) 90,735,725 77,094,496 112,083,782 130,991,266 93,610,507 104,782,104 122,025,465 155,948,958 198,925,429 171,381,886 Debt service: Interest (1) 12,900,991 13,215,082 14,511,131 16,705,848 18,513,046 18,681,892 19,434,525 20,606,612 21,930,667 26,054,747 Principal (1) 42,151,998 44,607,836 47,713,335 49,201,478 55,660,616 60,119,718 62,605,344 66,258,737 67,254,006 75,334,330 Total expenditures 670,509,388 671,521,495 748,927,475 801,683,082 811,280,954 880,029,429 940,255,082 995,448,508 1,143,234,828 1,216,936,265 Excess of revenues over (under) expenditures (34,627,942) (4,147,421) (22,369,218) (46,942,767) (28,983,591) (54,525,597) (69,909,106) (60,861,946) (55,102,181) (146,030,760) Other financing sources (uses): Premium on bond issue 3,518,738 3,046,706 81,188 100,954 8,237,904 18,234,723 10,888,544 10,060,664 20,616,469 12,782,615 Bond proceeds 48,990,000 77,350,000 87,295,350 84,362,625 45,695,000 88,310,000 81,750,000 83,950,000 160,220,000 149,650,000 Transfer in 60,642,718 53,059,097 56,239,646 76,999,512 135,922,418 110,697,565 104,509,661 118,864,363 84,949,972 96,282,630 Transfer out (59,928,633) (52,341,292) (55,520,521) (76,279,037) (135,200,553) (109,974,280) (103,784,916) (120,492,864) (84,222,202) (95,553,290) Payments to Fiscal Escrow Agent — (21,691,521) — — — (21,456,124) — — — Total other financing sources (uses) 53,222,823 59,422,990 88,095,663 85,184,054 54,654,769 85,811,884 93,363,289 92,382,163 181,564,239 163,161,955 Net change in fund balances $ 18,594,881 55,275,569 65,726,445 38,241,287 25,671,178 31,286,287 23,454,183 31,520,217 126,462,058 17,131,195 Debt service as a percentage of noncapital expenditures 9.50 % 9.73 % 9.77 % 9.83 % 10.34 % 10.16 % 10.03 % 10.35 % 9.44 % 10.23 % (1) 2014 thru 2018 adjusted to reflect reclassification of debt service payments that are included in education expense in basic financial statements. (2) Capital outlays that do not qualify as capital assets have been reclassified into the appropriate expense line. See accompanying independent auditors’ report. 107

CITY OF CAMBRIDGE, MASSACHUSETTS Assessed Value and Actual Value of Taxable Property Last Ten Fiscal Years (In millions of dollars) Fiscal Personal, Weighted year Total taxable commercial average ended Residential Commercial Industrial Personal assessed Residential and industrial direct June 30 property property property property value (1) rate rate rate 2016 $ 21,584 7,187 4,687 1,222 34,680 6.99 17.71 11.04 2017 24,498 7,998 5,747 1,387 39,630 6.49 16.12 10.17 2018 26,426 8,907 6,812 1,474 43,619 6.29 14.81 9.65 2019 29,419 10,051 7,912 1,595 48,977 5.94 13.71 9.04 2020 32,335 12,171 8,763 1,679 54,948 5.75 12.68 8.60 2021 34,136 13,798 10,422 1,878 60,234 5.85 11.85 8.45 2022 35,118 14,771 12,104 1,960 63,953 5.92 11.23 8.31 2023 37,466 15,849 15,616 2,209 71,140 5.86 10.38 8.00 2024 39,460 16,033 17,951 2,439 75,883 5.92 10.46 8.10 2025 40,134 14,876 18,693 2,537 76,240 6.35 11.52 8.80 (1) As of January 1st of the previous calendar year. Note: Property in the City is reassessed each year. Property is assessed at actual value; therefore, the assessed values are equal to the fair value. Tax rates are per $1,000 of assessed value. Source: City of Cambridge Finance Department See accompanying independent auditors’ report. 108

CITY OF CAMBRIDGE, MASSACHUSETTS Property and Motor Vehicle Tax Rates (1) Last Ten Fiscal Years Commercial Residential and industrial Personal Motor Fiscal year real property real property property vehicle 2016 $ 6.99 17.71 17.71 25.00 2017 6.49 16.12 16.12 25.00 2018 6.29 14.81 14.81 25.00 2019 5.94 13.71 13.71 25.00 2020 5.75 12.68 12.68 25.00 2021 5.85 11.85 11.85 25.00 2022 5.92 11.23 11.23 25.00 2023 5.86 10.38 10.38 25.00 2024 5.92 10.46 10.46 25.00 2025 6.35 11.52 11.52 25.00 (1) Real and personal property tax rate applicable to each $1,000 of assessed value. Motor vehicle excise tax is assessed on a calendar year basis, applicable to each $1,000 of assessed value. See accompanying independent auditors’ report. 109

CITY OF CAMBRIDGE, MASSACHUSETTS Largest Principal Taxpayers Current Year and Ten Years Ago 2025 2015 Taxable Percentage Taxable Percentage assessed Amount of total assessed Amount of total Taxpayer value of tax tax levy Taxpayer value of tax tax levy Massachusetts Institute of Technology (1) $ 9,173,970,500 102,129,612 14.1% Massachusetts Institute of Technology (1) $ 2,290,153,400 41,958,708 12.29% Alexandria Real Estate 4,246,918,400 48,910,049 6.9% BioMed Realty Trust 1,169,048,100 22,417,980 6.57 BioMed Realty Trust 2,732,675,800 29,396,292 3.9% Boston Properties 845,806,600 16,289,318 4.77 Boston Properties 2,549,138,075 28,356,693 3.8% Equity Partners 571,512,400 10,553,343 3.09 DivcoWest 1,893,371,000 17,485,924 2.7% Presidents & Fellows of Harvard College (1) 423,374,500 5,426,154 1.59 Healthpeak 1,325,197,500 15,266,725 2.3% Novartis Pharmaceuticals 249,889,700 4,820,372 1.41 MBA-Rogers Street, LLC 866,726,900 9,893,685 1.5% New England Development 235,845,500 4,549,460 1.33 Presidents & Fellows of Harvard College (1) 820,355,800 6,984,422 1.1% Alexandria Real Estate 234,646,500 4,458,974 1.31 PREEF American Reit II Corp. 569,352,700 6,558,943 1.1% PREEF American Reit II Corp. 231,186,300 4,459,584 1.31 Novartis Pharmaceuticals 503,610,000 5,801,587 0.9% RB Kendall Fee LLC 212,935,800 4,092,397 1.20 Total $ 24,681,316,675 270,783,932 38.30 % $ 6,464,398,800 119,026,290 34.87 % (1) Excludes in-lieu payment on exempt property Source: City of Cambridge Finance Department See accompanying independent auditors’ report. 110

CITY OF CAMBRIDGE, MASSACHUSETTS Property Tax Levies and Collections (1) Last Ten Fiscal Years (In millions of dollars) Taxes Collected within the levied (2) fiscal year of the levy Collections Total collections to date Fiscal year for the Percentage in subsequent Percentage ended June 30 fiscal year Amount of levy years Amount of levy 2016 $ 355.80 350.20 98.43 2.96 353.16 99.26 2017 375.30 368.40 98.16 2.30 370.70 98.77 2018 392.70 387.58 98.70 1.85 389.43 99.17 2019 413.60 408.50 98.77 1.84 410.34 99.21 2020 442.30 434.90 98.33 5.66 440.56 99.61 2021 476.70 469.60 98.51 3.62 473.22 99.27 2022 498.40 492.32 98.78 3.14 495.46 99.41 2023 534.60 527.94 98.75 4.64 532.58 99.62 2024 578.50 573.45 99.13 4.66 578.11 99.93 2025 631.57 625.20 98.99 N/A 625.20 98.99 (1) Real and personal property taxes. (2) Gross tax levied before overlay reserve. See accompanying independent auditors’ report. 111

CITY OF CAMBRIDGE, MASSACHUSETTS Ratios of Outstanding Debt by Type Last Ten Fiscal Years Business-type Ratio of Governmental activities activities debt to General General Total Percentage of taxable Fiscal obligation Notes Lease obligation primary per capita Per assessed year bonds payable liability bonds government (c) income (a) capita (a) valuation (b) 2016 $ 402,454,910 2,944,394 — 7,720,000 413,119,304 8.60 3,928 1.19 2017 440,665,990 2,842,916 — 5,300,000 448,808,906 9.08 4,268 1.32 2018 477,490,177 2,842,916 — 2,880,000 483,213,093 10.09 4,595 1.11 2019 509,916,155 2,842,916 — 460,000 513,219,071 10.72 4,880 1.05 2020 504,418,755 2,842,916 — — 507,261,671 10.59 4,824 0.92 2021 524,119,158 2,842,916 — — 526,962,074 11.10 5,011 0.87 2022 548,071,069 — 5,604,020 — 553,675,089 7.66 4,676 0.87 2023 569,205,307 — 5,839,555 — 575,044,862 7.96 4,857 0.81 2024 675,186,825 — 5,916,487 — 681,103,312 9.42 5,752 0.90 2025 754,516,719 — 4,113,347 4,013,943 762,644,009 10.55 6,441 1.00 Note 1: Details regarding the City’s outstanding debt can be found in the notes to the financial statements. a. See page 116 for per capita income and population data. These ratios are calculated using per capita income and population from prior calendar year. b. See page 113 for the taxable assessed valuation figures. c. Beginning in FY2017, General Obligation Bonds include unamortized bond premium. See accompanying independent auditors’ report. 112

CITY OF CAMBRIDGE, MASSACHUSETTS Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Ratio of General Total debt to obligation taxable taxable bonds assessed Per assessed Fiscal year outstanding value capita (a) valuation (b) 2016 $ 410,174,910 34,680,000,000 3,900 1.18 2017 445,965,990 39,630,000,000 4,241 1.13 2018 480,370,177 43,619,000,000 4,568 1.10 2019 510,376,155 48,977,000,000 4,853 1.04 2020 504,418,755 54,948,000,000 4,797 0.92 2021 524,119,158 60,234,892,929 4,984 0.87 2022 548,071,069 63,952,953,737 4,629 0.86 2023 569,205,307 71,139,912,521 4,807 0.80 2024 675,186,825 75,883,594,799 5,702 0.89 2025 758,530,662 76,240,599,650 6,406 0.99 Note: Details regarding the City’s outstanding debt can be found in the notes to the financial statements. a. See page 116 for median family income and population data. These ratios are calculated using median family income and population from prior calendar year. b. See page 108 for the taxable assessed valuation figures. See accompanying independent auditors’ report. 113

CITY OF CAMBRIDGE, MASSACHUSETTS Direct and Overlapping Governmental Activities Debt June 30, 2025 Total City of Cambridge Direct Percentage direct and debt and Outstanding applicable overlapping lease overlapping to City debt and Name of unit liability (1) debt (2) of Cambridge lease liability City of Cambridge $ 758,630,066 — 100.00 % 758,630,066 Massachusetts Water Resources Authority — 2,467,889,044 5.37% 132,401,644 Total direct and overlapping debt $ 758,630,066 2,467,889,044 891,031,710 (1) Includes unamortized bond premium and lease liability. Excludes debt from the Enterprise Fund. (2) Overlapping debt amount and calculation obtained from Massachusetts Water Resources Authority (MWRA). Per the MWRA – the overlapping debt percentages are based on the MWRA’s debt service portion of its current fiscal year sewer assessment. See accompanying independent auditors’ report. 114

CITY OF CAMBRIDGE, MASSACHUSETTS Legal Debt Margin Information Last Ten Fiscal Years Legal Debt Margin Calculation for Fiscal Year 2025: Fiscal year 2025 equalized valuation (1) $ 85,379,281,500 Debt limit (5% of assessed value) (2) 4,268,964,075 Debt applicable to limit: General obligation bonds 694,347,485 Total authorized/unissued 362,235,500 Total debt outstanding plus authorized/unissued 1,056,582,985 Less general obligation bonds exempted by authority of the State legislature — Amount within debt limit 1,056,582,985 Legal debt margin $ 3,212,381,090 Fiscal year (dollars in thousands) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Debt limit $ 1,486,690 1,978,541 1,978,541 2,472,468 2,472,468 3,175,287 3,175,287 3,516,853 3,516,853 4,268,964 Total net debt applicable to limit 634,382 616,477 645,116 662,305 873,974 841,364 977,109 1,070,225 1,034,551 1,056,582 Legal debt margin $ 852,308 1,362,064 1,333,425 1,810,163 1,598,494 2,333,923 2,198,178 2,446,628 2,482,302 3,212,382 Total net debt applicable to the limit as a percentage of debt limit 42.67 % 31.16 % 32.61 % 26.79 % 35.35 % 26.50 % 30.77 % 30.43 % 29.42 % 24.75 % (1) In order to determine appropriate relative values for the purpose of certain distributions to and assessments upon cities and towns, the Commissioner of Revenue biennially makes their own determination of fair cash value of the taxable property in each municipality. This is known as “equalized valuation.” The last redetermination of “equalized valuation” for the City was made as of January 1, 2024. (2) Under Massachusetts Statutes, the Normal Debt Limit of the City is 5% of the valuation of taxable property as of the last equalized valuation. See accompanying independent auditors’ report. 115

CITY OF CAMBRIDGE, MASSACHUSETTS Demographic and Economic Statistics Last Ten Calendar Years Per Median family capita Median School Unemployment Year Population (1) income (1) income (1) age (1) enrollment (2) rate (3) 2016 $ 105,162 88,574 45,521 30.2 6,607 2.80 2017 105,162 88,574 45,521 30.2 6,794 4.30 2018 105,162 88,574 45,521 30.2 7,072 3.60 2019 105,162 88,574 45,521 30.2 7,052 1.60 2020 105,162 88,574 45,521 30.2 7,091 1.50 2021 105,162 88,574 45,521 30.2 6,678 1.80 2022 118,403 107,490 61,036 30.6 6,612 2.20 2023 118,403 107,490 61,036 30.6 6,627 2.30 2024 118,403 107,490 61,036 30.6 6,915 3.30 2025 118,403 107,490 61,036 30.6 7,027 3.50 Source 2016–2021: U.S. Department of Commerce, Bureau of Census, Decennial Census, 2010 Source 2022-2025: US Department of Commerce, Bureau of Census, Decennial Census, 2020 (2) Source: Massachusetts Department of Education (3) Source: State Executive Office of Labor and Workforce Development See accompanying independent auditors’ report. (1) 116

CITY OF CAMBRIDGE, MASSACHUSETTS Principal Employers (1) Current Year and Ten Years Ago 2025 2015 Percentage Percentage of total city of total city Employer Employees Rank employment Employer Employees Rank employment Harvard University 13,630 1 8.97 % Harvard University 10,980 1 9.85 % MIT 9,301 2 6.12 % MIT 8,455 2 7.58 % Cambridge Innovation Center 5,011 3 3.30 % City of Cambridge (2) 2,927 3 2.63 % City of Cambridge (2) 3,851 4 2.53 % Novartis Institute 2,704 4 2.43 % Takeda Pharmaceutical 3,378 5 2.22 % Biogen Idec 2,660 5 2.39 % Broad Institute 3,316 6 2.18 % Mt. Auburn Hospital 1,922 6 1.72 % Sanofi 2,294 7 1.51 % Cambridge Health Alliance 1,704 7 1.53 % Novartis Institute 2,184 8 1.44 % Sanofi/Genzyme 1,640 8 1.47 % Google 2,100 9 1.38 % Cambridge Innovation Center 1,574 9 1.41 % Cambridge Health Alliance 1,962 10 1.29 % Akamai Technologies 1,367 10 1.23 % 47,027 30.94 % 35,933 32.24 % Total average employed 151,959 111,498 (1) Totals based on full time equivalents (FTE’s), when available. (2) Includes the Cambridge School Department Source:Cambridge Community Development Department and cited employers Source:Massachusetts Division of Employment and Training. See accompanying independent auditors’ report. 117

CITY OF CAMBRIDGE, MASSACHUSETTS Full-Time Equivalent Positions by Function/Program Last Ten Fiscal Years Function/program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General government: Executive management 19 18 22 22 22 30 30 35 47 47 Clerk 10 10 9 10 10 10 10 11 11 12 Law 11 13 13 13 13 15 15 16 16 16 Finance (1) 91 97 97 100 100 102 102 103 110 122 Other 15 16 16 14 14 15 15 17 17 18 Subtotal 146 154 157 159 159 172 172 182 201 215 Public safety: Fire 285 283 283 285 285 285 285 285 300 300 Police 319 316 322 327 329 329 329 331 334 334 Traffic 82 83 85 85 85 87 87 89 93 93 Inspectional 28 28 28 29 29 29 29 30 31 31 Emergency communication 42 50 51 53 53 55 55 57 58 62 Other 28 29 29 30 30 30 30 36 26 31 Subtotal 784 789 798 809 811 815 815 828 842 851 Community maintenance: Public works 222 228 232 239 242 247 247 248 272 274 Community development 49 54 57 61 61 66 66 68 76 51 Other 11 11 12 12 11 11 11 11 18 47 Subtotal 282 293 301 312 314 324 324 327 366 372 Human resource development: Library 68 69 70 72 75 82 82 84 91 95 Human services 144 160 163 172 173 177 177 188 209 214 Other 6 6 6 6 6 6 6 8 9 12 Subtotal 218 235 239 250 254 265 265 280 309 321 Education 1,504 1,548 1,586 1,653 1,716 1,749 1,750 1,710 1,810 1,834 Water 55 55 55 57 58 59 59 59 60 61 Grand total 2,989 3,074 3,136 3,240 3,312 3,384 3,385 3,386 3,588 3,654 (1) Includes Human Resources Source: FTE Report, Budget Department See accompanying independent auditors’ report. 118

CITY OF CAMBRIDGE, MASSACHUSETTS Operating Indicators by Function/Program Last Ten Fiscal Years Function/program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Emergency communications: 911 call pickups (land lines) 17,567 17,325 14,086 14,294 12,968 22,846 10,448 8,776 9,862 9,998 911 call pickups (cell phones) 17,434 14,700 18,358 19,860 30,252 27,685 43,751 40,149 26,052 49,056 Percent of 911 calls answered within 20 seconds 99 % 99 % 99 % 99 % 99 % 99 % 99 % 99 % 99 % 99 % Percent of dispatchers and supervisors fully cross-certified 33 % 35 % 45 % 36 % 40 % 43 % 45 % 41 % 38 % 40 % Fire: Number of state-mandated inspections of facilities 1,088 1,110 1,150 1,150 1,170 1,170 1,170 1,190 1,225 1,225 First response to fire emergency within 4-8 minutes 95 % 93 % 93 % 90 % 90 % 90 % 90 % 95 % 95 % 90 % Respond to EMS requests within 4-6 minutes, 90% of the time 95 % 93 % 93 % 90 % 90 % 90 % 90 % 90 % 90 % 92 % Inspectional: Number of BZA applications 141 173 158 130 135 154 175 179 161 93 Number of compliance inspections (buildings) 6,383 6,316 6,433 5,872 4,371 6,290 7,227 8,170 9,317 8,723 Number of compliance inspections and re-inspections 1,999 2,712 2,640 2,409 1,949 3,238 2,190 2,466 1,834 2,218 Number of inspections (housing complaints) 4,087 4,610 3,191 4,085 3,498 5,272 4,109 4,588 3,994 4,024 Number of licensed dumpster inspections completed 633 1,097 1,108 1,007 937 906 928 819 851 860 Police: Number of part 1 crimes reported 2,850 2,362 2,340 2,412 1,129 2,558 2,611 3,209 3,251 3,779 Average number of days between identified Part 1 crime patterns and the elimination of the pattern by an arrest or increase in police presence 24 21 76 41 16 22 32 19 24 27 Number of accidents citywide 1,560 1,589 1,444 1,473 2,331 961 1,305 1,468 1,698 1,619 Number of bicycle accidents citywide 168 174 139 155 116 60 108 155 197 185 Traffic: Short-term, on street spaces managed by parking meters and pay citations 3,167 3,114 2,874 2,910 2,737 2,711 2,621 2,648 2,643 2,582 Percent of tickets paid within 21 days from issuance without a notice 62.6 % 60.1 % 55.0 % 55.0 % 57.0 % 70.7 % 69.0 % 59.1 % 60.3 % 60 % Percent of tickets issued this fiscal year that have been paid this year 86.1 % 78.5 % 74.0 % 67.0 % 70.0 % 76.9 % 80.0 % 89.7 % 89.2 % 90 % Community Development: Number of projects undergoing urban design review 41 43 38 38 30 41 47 39 14 14 Number of small businesses assisted through the Small Business Enhancement Program and Retail Interior Accessibility Program (a) 29 43 35 23 17 21 16 7 22 31 Transportation demand management programs that encourage walking, bicycling, and public transit (a) 10 12 10 16 20 19 17 27 14 15 Number of local/regional transportation infrastructure projects that advance the City’s environmental, public health, and community livability goals (a) 10 11 15 23 27 32 42 39 39 30 New rental units under development and existing units preserved as affordable housing with City financing (h) 104 125 140 — 338 — 190 74 421 132 New affordable homeownership units under development with City financing and older homes rehabilitated for new buyers 11 14 11 11 12 18 16 10 13 26 New affordable inclusionary housing units approved 98 56 127 44 134 206 8 3 102 3 New households purchasing affordable homes through CDD 10 12 18 20 16 8 15 23 16 27 Public Works: Number of CPS buildings with food scrap collection for composting (e) 13 14 18 18 18 14 — 13 13 13 Complete planting requests within 1 year (percent of requests) 80 % 70 % 68 % 69 % 90 % 100 % 100 % 100 % 97 % 100 % Water: Meters replaced 327 427 438 304 222 375 383 450 382 211 Number of fire hydrants replaced 66 15 15 85 56 66 28 54 60 8 Human Services: ADA trainings, technical assistance sessions, and disability awareness trainings provided to City staff and other public entities 200 200 196 215 215 202 290 360 350 450 Number of clients served in youth and family services programs (d) 2,600 2,695 2,610 2,616 2,670 n/a 1,443 1,621 1,801 1,861 Number of clients served through domestic violence and abuse prevention programs 68 70 68 55 64 52 50 90 83 65 Number of clients served through homelessness prevention/service programs (g) 3,597 3,500 3,500 3,750 3,900 3,025 1,850 2,630 3,086 3,321 Number of students served at Community Learning Center 890 900 840 840 830 776 715 800 760 775 Number of clients receiving case management and information and referral services through elderly services (d) 3,800 3,900 3,700 3,900 3,800 n/a 2,745 4,100 4,600 4,700 Number of families placed in housing Multi-Service Center 35 37 25 26 20 60 60 55 45 40 Number of residents served through the Cambridge Employment Program (CEP) 240 250 245 275 240 163 250 266 355 420 Number of youth recreation and swimming classes/participants (b) 141 136 1,145 1,180 850 — 418 1,600 2,200 3,377 Number of books distributed to children, families, and staff 9,450 9,550 9,000 9,400 9,300 6,002 7,888 9,250 8,900 9,700 Number of parents participating in Baby University and Alumni Association activities (d) (f) 161 159 130 135 130 n/a 20 26 25 26 Number of families participating in Center for Families programming 715 725 750 725 700 518 675 700 750 800 Number of children served in summer camps 1,050 1,070 1,153 1,083 1,052 700 800 855 898 943 Number of teens enrolled in school year programming 500 500 500 500 400 200 300 300 300 182 Number of teens involved in summer programming (c) 378 375 1,475 1,475 1,500 700 900 900 1,000 1,067 119 (Continued)

CITY OF CAMBRIDGE, MASSACHUSETTS Operating Indicators by Function/Program Last Ten Fiscal Years Function/program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Library: Check-outs 1,249,878 1,218,788 1,200,835 1,683,119 1,393,407 656,993 1,709,304 1,750,051 1,805,299 1,987,469 Select, purchase, and catalog new acquisitions for library collection 50,427 48,520 52,326 56,769 29,756 53,858 51,784 54,315 53,642 50,862 Number of items in collection 374,290 391,263 330,863 416,458 449,097 502,181 510,637 521,075 537,053 367,097 Provide a welcoming environment for all visitors at Main Library 592,377 556,198 565,422 553,623 379,975 28,872 358,042 423,083 450,205 459,779 Number of visitors to the branches 368,046 348,002 340,668 418,716 308,324 8,555 307,077 436,293 513,686 549,597 Education: Total enrollment 6,607 6,794 7,072 7,052 7,091 6,678 6,612 6,627 6,915 7,027 Note: (a) Beginning in FY19 this indicator was revised for more accurate measure (b) Beginning in FY18 this measurement was changed from the number of classes to the number of participants (c) Beginning in FY18 this measurement includes the Mayor’s Program (d) Due to the pandemic, in FY21 these indicators were calculated differently and would not be an accurate benchmark in relation to prior years, therefore were not included in this chart. (e) In FY22, due to operational issues related to COVID-19, the School Department did not offer any food scrap collection for composting. This practice resumed in FY23. (f) Beginning in FY22 this measurement includes only parents participating. It does not include Alumni Association activities. (g) Beginning in FY22 the calculation method of this measurement was changed. (h) Beginning in FY24 the older homes rehabilitated for new buyers is no longer included in the count Source: Budget Department See accompanying independent auditors’ report. 120

CITY OF CAMBRIDGE, MASSACHUSETTS Capital Asset Statistics by Function/Program Last Ten Fiscal Years Function/program 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fire: Fire stations 8 8 8 8 8 8 8 8 8 8 Emergency vehicles 31 31 33 33 32 30 32 40 40 40 Maintenance facility 1 1 1 1 1 1 1 1 1 1 Police: Stations 1 1 1 1 1 1 1 1 1 1 Patrol units 80 80 80 80 80 80 80 80 80 80 Traffic: Garages 2 2 2 2 2 2 2 2 2 2 Public works: Collection trucks 15 15 15 19 19 19 19 13 19 19 Streets (miles) 125 125 125 125 125 125 125 133 132 132 Electric: Streetlights 7,279 7,257 7,268 7,268 7,300 7,306 7,315 7,014 7,280 7,280 Traffic signals 188 180 181 187 191 192 200 185 216 225 Sewer: Sanitary sewers (miles) 148 148 149 148 148 148 148 148 148 148 Storm sewers (miles) 97 97 97 97 97 98 97 96 97 97 Library: Main library 1 1 1 1 1 1 1 1 1 1 Number of branches 6 6 6 6 6 6 6 6 6 6 Parks and recreation: Acreage 497 497 497 497 497 497 503 503 503 505 Playgrounds 59 59 59 59 59 61 63 61 61 63 Baseball/softball diamonds 23 23 23 23 23 21 21 20 20 21 Soccer/football fields 10 10 10 10 10 10 10 10 10 11 Youth centers 5 5 5 5 5 5 5 5 5 5 Senior centers 2 2 2 2 2 2 2 2 2 2 Water: Water treatment plant 1 1 1 1 1 1 1 1 1 1 Water mains (miles) 185 195 195 195 195 195 195 185 185 186 Fire hydrants 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,854 1,935 1,880 Storage capacity (gallons) (000) 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 32,000 Reservoirs (gallons) (000) 4,300,000 4,300,000 4,300,000 4,300,000 4,300,000 4,300,000 4,300,000 4,300,000 4,954,000 4,954,000 Education: Elementary schools 12 12 12 12 12 12 12 12 12 12 High school 1 1 1 1 1 1 1 1 1 1 Source: Budget Department See accompanying independent auditors’ report. 121

CITY OF CAMBRIDGE, MASSACHUSETTS Annual Comprehensive Financial Report Year ended June 30, 2025 Electronic Publishing KPMG LLP Paper 70 pound Finch Covers and Dividers 80 pound coated Printing – Laser Printing/Text KPMG LLP Printing – Covers and Dividers KPMG LLP Composing KPMG LLP Cover and Divider Design KPMG LLP 122