FISCAL YEAR 2025-26 BUDGET ADOPTION
June 10, 2025
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
TOPICS
BUDGET RECAP
VISION
GOALS
FISCAL YEAR (FY) 2025-26 BUDGET PROCESS
Feb. 11, 2025: FY 2024-25 Midyear Budget Review/Financial Update March 6, 2025: City Council Strategic Planning Workshop May 27, 2025: Proposed Budget Intro to City Council
June 3, 2025: Planning Commission Meeting
June 5, 2025: Audit Committee Review
June 9, 2025: Measure I Advisory Committee Meeting
June 10, 2025: City Council Public Hearing & Adoption
VISION
GOALS
BUDGET OVERVIEW
(IN MILLIONS)
FY
144.75
TOTAL PERSONNEL
(+/- 0 FTE)
FY 2025-26
Proposed Budget
OPERATING BUDGET (CITY) $66.1
OPERATING BUDGET (FIRE) $14.7
TOTAL OPERATING BUDGET $80.8
CAPITAL IMPROVEMENTS (CITY) $13.5
CAPITAL IMPROVEMENTS (FIRE) $0.03
TOTAL BUDGET $94.3
VISION
GOALS
GENERAL FUND SUMMARY
(IN MILLIONS)
Use of General Fund
reserves is needed to
balance budget this
fiscal year
FY 2025-26
Proposed Budget
RESOURCES $32.9
REQUIREMENTS $34.3
RESOURCES (UNDER) REQUIREMENTS ($1.4)
USE OF UNASSIGNED FUND BALANCE $1.4
VLF not budgeted in FY 2025-26 = $1.7 million
IMPACT OF STATE TAKEAWAYS
STATE TAKEAWAY OF LOCAL BELMONT
PROPERTY TAXES
• The State continues the practice of not budgeting
property tax in lieu of VLF (VLF) and have not budgeted reimbursement of the VLF shortfall in the State’s proposed budget
• Belmont stands to lose $1.7 million in FY 2025-26
• over 40% of Belmont’s Local 1% Sales Tax revenue
• If the State stops shortfall reimbursements, 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
GENERAL FUND PROJECTION WITH STATE
TAKEAWAYS
WITHOUT VLF FUNDING
(IN MILLIONS)
$(20)
$(15)
$(10)
$(5)
$-
$5
$10
$15
$20
$25
$30
$35
2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 33% Target
Worst Case Scenario - Projection assumes the
State does NOT fulfill its
VLF funding obligations
2032-33 2033-34 2034-35
VISION
GOALS
CAPITAL IMPROVEMENT PLAN OVERVIEW
IN MILLIONS
Technology (1%)
Parks & Open Space (5%)
Facilities (5%)
Streets (43%)
$13.5M Sewer/Storm (46%)
FY 2025-26 CIP
Proposed Budget
VISION
GOALS
BELMONT FIRE PROTECTION DISTRICT PROJECTION
IN MILLIONS
$0
$10
$20
$30
$40
2025-26 2026-27 2027-28 2028-29 2029-30
Capital Reserve
(New Fire Station)
RESOLUTIONS
VISION
GOALS
RESOLUTIONS
FY 2025-26 PROPOSED BUDGET
City of Belmont
• $66.1M Operating Budget
• $13.5M 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
• $14.7M Operating Budget
• $0.03M Capital Improvement Program
VISION
GOALS
RESOLUTIONS
APPROPRIATIONS (GANN) LIMIT
• 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 2025-26 were:
• Growth in population within the City of Belmont
• Growth in assessed valuation due to non-residential new construction within the City
VISION
GOALS
RESOLUTIONS
LIBRARY COMMUNITY FACILITIES DISTRICT
Authorized Annually
To collect the special tax on the property tax rolls
VISION
GOALS
RESOLUTIONS
MASTER REVENUE SCHEDULE COMMON ADJUSTMENTS
FY 2025-26 AMOUNT
CONSUMER PRICE INDEX 1.3%
HOURLY RATE Varies
BUILDING PERMIT/DEVELOPMENT REVIEW 6.0%
LEVEL OF EFFORT Varies
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
RECOMMENDATIONS
Planning
Commission
Confirmed CIP
projects in
compliance with
General Plan and
Belmont Village
Specific Plan
Audit
Committee
recommended
budget adoption
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
CONCLUDING ACTIONS
Council questions
Public hearing
Resolution adoption
CONCLUDING ACTIONS
19 Council questions
Public hearing
Resolution adoption