FISCAL YEAR 2024-25
BUDGET ADOPTION
June 11, 2024
2 BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
BUDGET RECAP
3 4
FISCAL YEAR (FY) 2024-25
BUDGET PROCESS
Feb. 27, 2024: FY 2023-24 Midyear Budget Review/Financial Update March 27, 2024: City Council Strategic Planning Workshop May 14, 2024: Measure I Advisory Committee Meeting
May 28, 2024: Proposed Budget Intro to City Council
June 4, 2024: Audit Committee Review; Planning Commission Review
June 11, 2024: City Council Public Hearing & Adoption
6/11/2024 FY 2024-25 Budget Adoption
5 • Align with the City’s adopted Strategic Focus Areas • Sustain long-term operational needs to meet
community-identified priorities
• Remain focused on infrastructure funding
and capital improvement
• Continue fiscal prudence while managing service
needs, with a balanced budget
CITY MANAGER’S
MESSAGE
6/11/2024 FY 2024-25 Budget Adoption
6 • Local control over local revenue
sources
is essential to long-term fiscal sustainability and allow Belmont to thrive and be self-reliance into the future • Secure funding for sewer, storm, streets, facilities, and parks to address deferred maintenance
and future capital needs along with a plan to
support
critical public services
• Maximize existing revenues and identify new
cost recovery strategies
STRATEGIC FOCUS AREAS
CITYWIDE PRIORITIES
6/11/2024 FY 2024-25 Budget Adoption
7 FY 2024-25
BUDGET
(Proposed)
OPERATING BUDGET (CITY) $63.5
OPERATING BUDGET (FIRE) $13.6
TOTAL OPERATING BUDGET $77.1
CAPITAL IMPROVEMENTS
(CITY) $25.3
CAPITAL IMPROVEMENTS
(FIRE) $0.07
TOTAL BUDGET $102.5
BUDGET OVERVIEW
(IN MILLIONS)
FY
144.75
TOTAL PERSONNEL
(+0. 50 FTE)
6/11/2024 FY 2024-25 Budget Adoption
8 GENERAL FUND SUMMARY
(IN MILLIONS)
Managing costs to
achieve a
balanced budget
FY 2024-25
BUDGET
(Proposed)
RESOURCES $31.5
REQUIREMENTS $31.3
RESOURCES
OVER/(UNDER)
REQUIREMENTS
$0.2
6/11/2024 FY 2024-25 Budget Adoption
Property Tax
40%
Sales Tax
(Local 1%)
13%
TOT
13%
BLT
4%
Service
Charges
14%
Franchises
5%
Miscellaneous
12%
Salaries &
Wages
36%
Benefits
24%
Operating
25%
Transfer Out
15%
9 GENERAL FUND SUMMARY
RESOURCES AND REQUIREMENTS
Resources Requirements
6/11/2024 FY 2024-25 Budget Adoption
WHERE DOES THE 1%
PROPERTY TAX GO?
School Districts
42%
San Mateo County
13%
Belmont Fire
Protection District
16%
Educational
Revenue
Augmentation
Fund
13%
All
Others
9%
General
Fund
7%
6/11/2024 FY 2024-25 Budget Adoption 10
11 • The State continues to underfund property tax in
lieu of vehicle license fee (VLF) and threaten
takeaway of VLF shortfall payment
• Belmont stands to lose $1.1 million in FY 2024-25
• Entirety of business license tax revenue
• If the State takes away VLF shortfall payment, the
General Fund impact is a loss of $30 million over
10 years; reserve balance would fall below 33% reserve
target in FY 2030-31
• A fully funded VLF is 15% of total General Fund
operations
THREAT OF STATE TAKEAWAY
PROPERTY TAXES
6/11/2024 FY 2024-25 Budget Adoption
12 THREAT OF STATE TAKEAWAY
PROPERTY TAXES
IN MILLIONS
$0
$1
$2
$3
$4
$5
2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 2033-34 Without Full Funding With Full Funding
Local control over
local revenue sources
is essential to longterm fiscal
sustainability
6/11/2024 FY 2024-25 Budget Adoption
6/11/2024 FY 2024-25 Budget Adoption 13
CAPITAL IMPROVEMENT
PLAN OVERVIEW
$25.4M
FY 2024-25 CIP
(PROPOSED)
Technology (1%)
Parks & Open Space (2%)
Facilities (3%)
Streets (30%)
Sewer/Storm (64%)
IN MILLIONS
14 BELMONT FIRE PROTECTION
DISTRICT PROJECTION
$-
$5
$10
$15
$20
$25
$30
$35
$40
2022-23 2023-24 2024-25 2025-26 2026-27 2027-28
Capital Reserve
(New Fire Station)
IN MILLIONS
6/11/2024 FY 2024-25 Budget Adoption
RESOLUTIONS
15 16
RESOLUTIONS
• City of Belmont
• $63.5M Operating Budget
• $25.3M Capital Improvement Program
• 144.75 FTEs--permanent staffing
• Establishes positions and classifications
• City Manager may revise permanent staffing plan provided personnel count does not exceed authorized positions
• Belmont Fire Protection District
• $13.6M Operating Budget
• $0.07M Capital Improvement Program
FY 2024-25 BUDGET
6/11/2024 FY 2024-25 Budget Adoption
17 • Limit grows from actual appropriations in the base 1978-79 fiscal year
• Calculated annually based on adjustment factors
• Growth in CA per capita income or growth in assessed valuation due to non- residential new construction within the City • Growth in population within the City or County
• For both the City and BFPD, the two factors yielding the most favorable appropriations limit for FY 2024-25 were:
• Growth in population within the County of San Mateo
• Growth in assessed valuation due to non-residential new construction within the City
APPROPRIATIONS (GANN) LIMIT
RESOLUTIONS
6/11/2024 FY 2024-25 Budget Adoption
18 RESOLUTIONS
• Authorized annually
• To collect the special tax on the property tax rolls
LIBRARY COMMUNITY FACILITIES
DISTRICT
6/11/2024 FY 2024-25 Budget Adoption
19 RESOLUTIONS
FY 2024-25
AMOUNT
CONSUMER PRICE INDEX 3.8%
HOURLY RATE Varies
BUILDING PERMIT/DEVELOPMENT
REVIEW 7.3%
LEVEL OF EFFORT Varies
MASTER REVENUE SCHEDULE
COMMON ADJUSTMENTS
6/11/2024 FY 2024-25 Budget Adoption
20 RECOMMENDATIONS
Planning
Commission
Confirmed CIP
projects in
compliance with
General Plan and
Belmont Village
Specific Plan
Audit
Committee
recommended
budget adoption
CONCLUDING ACTIONS
21 Council questions
Public hearing
Resolution adoption