Belmont City Council
February 24, 2026

RESOLUTION NO. 2026 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT MAKING

CERTAIN FINDINGS UNDER PUBLIC HEALTH AND SAFETY CODE SECTION 33433 FOR DISPOSITION OF PUBLIC PROPERTY LOCATED AT 1000 O’NEILL AVENUE (APNS: 045-261-010, 045-261-020 AND 045-261-030), APPROVING THE

REPLACEMENT HOUSING PLAN FOR THE LOSS OF TWO AFFORDABLE UNITS

AT THE PROPERTY, AUTHORIZING THE CITY MANAGER TO NEGOTIATE AND EXECUTE A BROKER AGREEMENT WITH AMID INVESTMENTS, INC. FOR THE

MARKETING AND SALE OF THE PROPERTY, AND AUTHORIZING THE CITY

MANAGER TO APPROVE THE SALE OF THE PROPERTY AT FAIR MARKET VALUE
WHEREAS, on January 24, 2012, the Belmont City Council approved Resolution No. 2012-0013 authorizing the City to become the Housing Successor Agency of the now dissolved Belmont Redevelopment Agency (the "Agency"), thereby assuming all rights, powers, assets, liabilities, duties, and obligations previously associated with the housing activities of the Agency in accordance with Health and Safety Code Section 34176; and, WHEREAS, on August 30, 2012, the California Department of Finance (DOF) approved the transfer of all housing assets listed on the Belmont Housing Asset Transfer Form from the Agency to the City of Belmont acting in its capacity as the Belmont Housing Successor Agency; and,
WHEREAS, the properties subject to this resolution are included on the Housing Asset Transfer Form approved by DOF and are now owned by the City. The property consists of a residential duplex located at 1000 O’Neill Avenue and associated parcels (the “Property”) which was previously leased to moderate income households by the City; and, WHEREAS, the building located on the Property is listed as a local landmark in the City’s Historic Inventory within the General Plan; and, WHEREAS, on February 25, 2025 The City of Belmont City Council adopted Resolution No. 2025-18 finding that the Property is exempt surplus land pursuant to Government Code Section 54221 (F)(1)(B). Resolution No. 2025-18 was subsequently approved by the California Department of Housing and Community Development (HCD) on April 17, 2025; and,
WHEREAS, on October 28, 2025 the Belmont City Council provided direction to staff to proceed with actions necessary for the market sale of the Property at fair market value with a deed restriction requiring that the historic character of the building exterior is maintained; and WHEREAS, the proceeds of the sale will reimburse the City’s Successor Agency Housing Fund 275, which funded a substantial portion of the original purchase and renovation of the property, and will be used to support future expansion of affordable housing opportunities; and
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WHEREAS, the City now desires to pursue the sale of the property at market value pursuant to Health and Safety Code Section 33433, which requires that before any property which was acquired in whole or in part, directly or indirectly, with redevelopment tax increment moneys is sold or leased for development pursuant to the redevelopment plan, the sale must be approved by the legislative body after a public hearing; and, WHEREAS, the City published a notice of report availability and notice of the time and place of this public hearing in a general circulation newspaper as specified in Section 6066 of the Government Code, with notices published on February 8, 2026 and again on February 15, 2026; and
WHEREAS, pursuant to section 33413 et seq. of the California Health and Safety Code, the City has prepared a project specific Replacement Housing Plan, included as Exhibit B, to more fully address the replacement of affordable housing units lost by the market-rate sale of Property; and,
WHEREAS, it has been determined in the Replacement Housing Plan, that two affordable housing units (six total bedrooms) will be replaced by units in the 800 Belmont Avenue City-funded affordable housing project currently under construction and anticipated to be completed in 2026; and
WHEREAS, the City issued a Request for Proposals on January 7, 2026 to hire a Real Estate Broker to manage the transaction and has selected AMID Investments, Inc.

DBA: Landmark Real Estate Services to manage the marketing and sale of the properties based on their experience with other City-owned properties.

NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. The City Council finds that the sale of the real property located at 1000 O’Neill Avenue will assist in the elimination of blight and finds that the sale of the property is in the City’s best interests. The City Council further finds that the financial compensation the City will receive per the property listing agreement is not less than the fair reuse value, and that the sale of property has complied with the requirements of Section 33433 of the California Health and Safety Code per the Section 33433 Summary Report, attached hereto as Exhibit A.

SECTION 2. The Replacement Housing Plan, dated February 5, 2026, attached hereto as Exhibit B and incorporated herein by this reference, is hereby adopted, and the City Manager is hereby authorized to execute any and all related documents pursuant to the adopted Replacement Housing Plan.

SECTION 3. The City Manager is authorized to negotiate and execute an agreement procuring real estate brokerage services with AMID Investments, Inc. to market and sell 1000 O’Neill Avenue at the going market value.

SECTION 4. The City Manager is authorized to negotiate and execute all documents and agreements necessary to sell the Property to a market rate buyer.

SECTION 5. The disposition of Property and the proposed action to adopt a 654

Replacement Housing Plan is exempt from CEQA pursuant to CEQA Guidelines Section 15061(b)(3) because it can be seen with certainty that there is no possibility that the disposition of the property may have a significant effect on the environment because the existing improvements on the property will remain in their present condition and the current use will continue unchanged.

SECTION 6. Pursuant to Government Code Section 65402(a), the disposition of the Property is consistent with the City of Belmont General Plan in that it is in alignment with Land Use Element Policy 2.17-3 which establishes priorities for City funding to provide support for affordable housing, as well as Housing Element Program H1.2 which calls for the use of City affordable housing funds to be used to leverage other funding sources to support the construction of affordable housing. The disposition of the Property will fulfill these objectives by providing significant funding for future deed restricted affordable housing developments that will serve a range of household types and income levels. In addition, it is consistent with Land Use Element Policy 2-23-4 which encourages adaptive reuse of historic structures as an option for preserving sites threatened by degradation in that it provides a pathway for private resources to be used to cover deferred maintenance on the property while preserving the historic character of the exterior.

SECTION 7. The proceeds of the sale of the Property will be reimbursed to the Housing Successor Fund 275 and used to support the expansion of affordable housing opportunities within the City.
* * *
ADOPTED February 24, 2026 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
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Summary Report
1000 O’Neill Housing Site
Prepared pursuant to Health and Safety Code Section 33433 City of Belmont
February 2026
Attachment 2 Exhibit A
656
Summary Report on 1000 O’Neill Avenue in Belmont i
Table of Contents
I. Introduction 1
II. Property Description 3
III. Summary of the Proposed Agreement 4
IV. Cost of Agreement to the City 5
V. Estimated Value at Highest and Best Use 10
VI. Estimated Fair Reuse Value 10
VII. Blight Elimination and Conformance with the Redevelopment Plan 11 657
Summary Report on 1000 O’Neill Avenue in Belmont 1
I. Introduction
The former Redevelopment Agency of the City of Belmont (“RDA”) was dissolved in 2012 in accordance with California Law, and the Belmont City Council approved a resolution that provides for the City of Belmont (“City”) to serve as the Successor Agency to the former Redevelopment Agency, including its Housing Successor obligations. The final dissolution of the former redevelopment plan was approved by the San Mateo County Oversight Board on February 14, 2022, with the California Department of Finance's approval following on April 22, 2022. The Housing Site that is the subject of this report is located within the boundaries of the former Los Costanos Redevelopment Project Area.

As the Housing Successor, the City is responsible for winding down the housing activities of the former RDA and overseeing its housing assets. One of these housing assets is a residential property located at 1000 O’Neill Avenue in Belmont, which was listed on the Inventory of Assets prepared by the City.
1 The Housing Site consists of land and an historic building (referred to as the Emmett House), which was relocated from its original site and remodeled into a twounit residential building with a stand-alone garage. The former RDA redeveloped this property to preserve the City’s history and provide two units of low and moderate income housing. Until June 2025, the building was occupied by residents and is currently vacant.

As most of the funding for the Housing Site came from tax increment funds, the City as the Successor Agency must secure approval of any proposed sale or lease agreement after a public hearing in conformance with California Health and Safety Code Section 33433 (“Section 33433”). In addition, a copy of the proposed sale or lease agreement and a report that describes specific financing elements of the proposed transaction must be available for public inspection prior to the public hearing.

This Summary Report, which is also known as the “Reuse Appraisal,” has been prepared in accordance with Section 33433 and contains the following required information regarding the proposed transactions for the Housing Site:
• The cost of the agreement to the Successor Agency and the former RDA, including land acquisition costs, clearance costs, relocation costs, the costs of any improvements, plus the expected interest on any loans or bonds to finance the agreements. • The estimated value of the interest to be conveyed or leased, determined at the highest and best use permitted under the plan.
• The estimated value of the interest to be conveyed or leased, determined at the use and with the conditions, covenants, and development costs required by the sale or lease. • An explanation regarding why the sale or lease of the property will assist in the elimination of blight.
• The purchase price or sum of the lease payments that the lessor will be required to make during the term of the lease.
1 This property was listed on the “City of Belmont Inventory of Assets Received Pursuant to Health and Safety Code section 34176 (a)(2) Housing Successor Owned Real Property (Section 34176(e)(1)),” which was prepared on July 31, 2012, and for which the California Department of Finance did not object to in a letter dated August 30, 2012. 658
Summary Report on 1000 O’Neill Avenue in Belmont 2
• If the sale price or total rental amount is less than the fair market value of the interest to be conveyed or leased, determined at the highest and best use consistent with the redevelopment plan, then the Successor Agency shall provide the reasons for the difference.

This report is organized into the following chapters that summarize the findings for each property pursuant to Section 33433:

I. Introduction– provides an overview of relevant legal requirements related to the proposed sale or lease of the property.

II. Project Description– describes the property’s current use and operation as affordable housing.

III. Summary of the Proposed Agreement– outlines the major provisions of the Proposed Agreement, including the City’s and the Future Property Owner’s responsibilities.

IV. Cost of Agreement to the City– describes the historical expenditures of the City and former RDA, potential revenues from the ground lease of the properties and the value of the tax increment generated by the property.

V. Highest and Best Use Value– presents the value of the property at its highest and best use, as determined by an independent appraisal.

VI. Reuse Value– estimates the value of the Property to be conveyed, determined at the use and with the conditions, covenants, and development costs required for the sale and operation of the Property (referred to as the "reuse value" of the Property).

VII. Blight Alleviation– explains why the sale and operation of the Property pursuant to the Proposed Agreement will assist in the elimination of blight.
659
Summary Report on 1000 O’Neill Avenue in Belmont 3
II. Property Description
This Housing Site is located on the north side of 1000 O’Neill Avenue (“1000 O’Neill”) in downtown Belmont and currently consists of three assessor parcels: Assessor Parcel Number (APN) 045-261-010, 045-261-020 and 045-261-030.
2 The property is within walking distance to
downtown businesses and several businesses along El Camino Real including the Namaste Plaza Supermarket and Safeway Supermarket. The Housing Site is also within a walking distance of the Belmont Caltrain Station, which is also served by bus transit lines.

According to the Inventory of Assets, the total square footage of the three parcels is 12,632 square feet, although the San Mateo County Property Maps Portal indicates that the property area is about 12,800 square feet, and the 2025 residential appraisal indicates that the site area is about 12,977 square feet.
3 An historic two-story house is located on the property, which was moved from a prior Downtown location and has been renovated into a duplex residence with a stand-alone garage that was built separately. The garage accommodates two vehicles and includes a driveway that can accommodate two additional vehicles. The 2025 residential appraisal indicates that the residential building area is 3,623 square feet based on measurements performed onsite for each floor as shown on the attached “Building Sketch.”

1. Current and Prior Use
The former RDA purchased the land at 1000 O’Neill in 1994. The former RDA subsequently purchased the property at 843-847 Ralston Avenue (APN 045-182-260) in 1998, which was the original location of the historic building that was moved to its current location at 1000 O’Neill.

Once relocated to 1000 O’Neill, the historic building (known as the “Emmett House”) was then redeveloped into its current use as two affordable housing units.

When the property at 843-847 Ralston Avenue was purchased, the historic Emmet House had commercial space on the ground floor and two residential units on the second floor. A portion of the land at 843-847 Ralston Avenue was sold to build the Village Center project, which represented 13% of the property purchased for the Village Center. After the Emmet House was relocated to 1000 O’Neill, the remaining land was subsequently redeveloped into a small public plaza adjacent to the Village Center.

Once moved, the Emmett House was renovated and converted into a duplex and then rented to qualifying moderate income households beginning in March 2011 under the terms of a lease agreement with each household (as amended over time). Until 2025, the property was rented to the same households who began renting the property in 2011.

The property is now vacant because the former residents were no longer income eligible for low and moderate income housing. City staff is monitoring the property on an ongoing basis to 2 The property street address is also referred to as “Oneill Avenue” or “Oneill Street”. 3 The City retained the appraiser, Carolyn Ulrich, to prepare a residential appraisal for the property, which was performed as of May 9, 2025.
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Summary Report on 1000 O’Neill Avenue in Belmont 4
ensure that it remains secure. One household moved out as of February 2025 and the remaining household moved out as of June 2025.

The property was managed and operated by Whitley Property Management, Inc. (“Whitley”) under a contract with the City of Belmont through July 2025. Whitley invoiced and received payments from residents and oversaw building maintenance and repairs, which were billed to the City of Belmont if rents did not annually cover expenses.

III. Summary of the Proposed Agreement
The City as the Successor Agency proposes to sell the Housing Site or “Property” on the open market to a future “Owner” with the obligation to maintain the Property in good condition and consistent with its historic character.

A Regulatory Agreement and Declaration of Restrictive Covenants would be recorded on the property upon execution of the Purchase and Sale Agreement that requires the following of the Owner and any subsequent Owners:
• Maintain the Property in good condition and repair, at Owner's sole cost and expense, including without limitation maintaining the historic character of the exterior façade of the home, removing any graffiti from the Property within five (5) days after notice of such graffiti.
• Maintain all landscaping and plantings adjacent to the Property frontage in good condition and upkeep.
• Comply with the requirements and procedures set forth in Article VII of Chapter 7 of the City Municipal Code, including, but not limited to, obtaining the City's prior written approval to "alter", "relocate", or "demolish" the exterior of the landmark, as defined in Section 7-180 of the City Municipal Code.
• Maintain the Property in compliance with all applicable federal, state and local laws, including without limitation the laws of the City, and promptly, upon notification that the Property is not in compliance with all applicable laws, do all things necessary to bring the Property into and keep the Property in compliance with all applicable laws. • Comply with all state and local laws, in effect from time to time, prohibiting discrimination or segregation by reason of race, color, creed, religion, sex, sexual orientation, marital status, ancestry, age, disability, or national origin.
• Inform any transferee of title to the Property and any tenants at the Property of these requirements.
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Summary Report on 1000 O’Neill Avenue in Belmont 5
IV. Cost of Agreement to the City
This section describes the estimated historical expenditures by the former RDA and the City, as well as the historical and projected future revenues for the property. The cost of the Agreement to the City is defined as the net cost to the City, which is the difference between estimated expenditures and revenues.

Given the nature of the proposed Agreement, future costs and revenues cannot be accurately predicted. Therefore, the projections presented in this report are considered the best estimates currently available based upon data as of November 2025 in Fiscal Year (FY) 2025/26. In fact, actual costs and revenues to the City may vary from these estimates.

1. Estimated City Cost
The City and former RDA costs consist of initial project expenditures that were incurred starting in 1994 by the former RDA to purchase the property and the subsequent expenditures that have occurred over the past three decades through FY 2025/26 by both the former RDA and the City.

As the City does not have complete records of the former RDA’s and the City’s expenditures for all years, cost estimates have been made where appropriate as described below.

Table 1 shows the initial project expenditures and funding sources that were used as of FY 1998/99. In summary, the initial project expenditures consist of the following:
• Original purchase cost– As described earlier, the 1000 O’Neill property was acquired by the former RDA and was listed on the Inventory of Housing Assets. This Inventory indicates that the property was acquired on 8/2/1994 at a cost of $210,000, which was funded with low moderate income housing funds. The asset value was listed as $210,000 as of February 2012. • Additional Purchase Cost for Land and Building– According to a summary report prepared by City staff in 2007 regarding the Emmett House, the former RDA paid a total of $750,000 to purchase the land and building originally located at 843-847 Ralston Avenue. 4 The purchase price included the purchase of two land parcels and up to $5,000 was set-aside to reimburse the owner for improvements made to the two residential units located on the upper floor. As shown in Table 1, the former RDA was reported to have paid $8,907 in transaction costs, which may have included this reimbursement for improvements. • Sources– A portion of the 843-847 Ralston Avenue property (5,276 square feet) was sold for the Village Center project, which represented 13% of the land purchased for the Village Center. The RDA was credited with 13% of the purchase price or $98,145 (valued at $18.60/SF) toward the property purchase cost. The RDA reportedly funded the purchase cost based on an equal split between the low and moderate income housing fund and non-housing funds. As described earlier, the remaining 3,515 square feet of land was redeveloped into a public plaza, and the value of the remaining land is estimated to be $65,472 at $18.60 per square foot. The building value of the Emmett House is estimated to equal the original property acquisition cost less the land value for these two components. 4 Emmett House, Detailed Background and Analysis of Alternatives, February 13, 2007. 662
Summary Report on 1000 O’Neill Avenue in Belmont 6
Table 1
Initial Project Expenditures and Funding Sources as of FY 1998/99 1000 O’Neill Avenue Property in City of Belmont
* A portion of the original property at 843-847 Ralston (5,276 square feet) was sold for Village Center at a land value of $18.60 per square foot or $98,145. The remaining land (3,515 square feet) became a public plaza, also valued at $18.60 per square foot or $65,472. The building value is equal to the original property acquisition cost less the land value for these two components.

Source: City of Belmont
Initial Project Costs and Funding
Amounts
(Rounded to
nearest $1000)
Land Acquisition for 1000 O'Neill
Project Expenditures (Uses)
Original Purchase Cost (per Asset List) $210,000
Project Funding (Sources)
Former RDA Low Moderate Income Funding $210,000
Property Acquisition for 843-847 Ralston Avenue*
Project Expenditures (Uses)
Original Purchase Cost (per Asset List) $750,000
Closing Costs $8,907
Total Costs (Uses) $758,907
Project Funding (Sources)
Former RDA Low Moderate Income Funding (50%) $379,453
Former RDA Funding (50%) $379,454
Land Value of Property Sold for Village Center $98,145
Land Value of Remaining Public Plaza Property $65,472
Total Funding (Sources) $758,907
Land and Building Costs for 1000 O'Neill
Land Value for 1000 O'Neill $210,000
Building Value for 843-847 Ralston Avenue* $595,290
Initial Costs for 1000 O'Neill (Net of offsets) $805,290 663
Summary Report on 1000 O’Neill Avenue in Belmont 7
Table 2 shows the project expenditures between FY 1999/2000 through calendar year 2025, which consist of the following:
• Property Planning and Renovation– The planning, preconstruction and relocation of the Emmett House to this location and its subsequent renovation was overseen and paid for by the former RDA at a reported total cost of $2,827,264 according to the 2007 report, which included the prior expenditures as of FY 1998/99 of $758,907.5 As indicated in Table 2, the net cost of $2,068,357 for property planning and renovation included about $1.7 million in property renovation costs.
• Property Management and Repair– The former RDA and City have been responsible for paying the repair and capital improvement expenses for the property that were not covered by rental income, which included payments to Whitley for property management and oversight of repairs. In addition, the City paid for exterior painting in 2022. Appendix Table 1 summarizes the annual expenditures of the former RDA and City from 2012 onward, which consist of expenses compiled from financial statements prepared by Whitley Property Management for recent years. As annual expense records were not available prior to 2023, expenses for prior years have been estimated as described in Appendix Table 1. • Property Taxes– The former RDA and City has been responsible for paying property taxes that are not exempt from payment due to its public ownership, which include special taxes and assessments. Historical property tax costs from FY 2008/09 onward were compiled by City staff, and costs for prior years are estimated as further described in Appendix Table 2.

Table 2
Project Expenditures from FY 1999/2000 Through Calendar Year 2025 1000 O’Neill Avenue Property in City of Belmont
Note: See Appendix Tables 1 and 2 for supporting data on expenses.

Source: City of Belmont, Whitley Property Management
5 Ibid.

Project Expenditures of City and Former RDA
Amounts
(Rounded to
nearest $100)
Property Planning and Renovation Costs Through 2011
Additional Property and Preplanning Costs $137,112
Preconstruction costs $203,200
Moving costs $65,471
Property Renovation Costs $1,662,574
Subtotal (Through 2011) $2,068,357
Property Management and Repair Costs From 2012 to 2025
Property Maintenance and Repair Costs (Whitley) $236,845 Exterior Painting Costs (2022) $34,500
Subtotal (2012 to 2025) $271,345
Property Taxes Through FY 2024/25
Property Tax Expenditures $44,931
Total Expenditures $2,384,633
664
Summary Report on 1000 O’Neill Avenue in Belmont 8

2. Estimated Revenue to the City
The City and former RDA have derived revenues from various sources, and the City is no longer receiving revenues because the property is vacant. Table 3 shows historical and projected revenues through June 2025, which consist of the following:
• Historical Rent Payments– The two households who occupied the property paid monthly rent according to the terms of their respective leases as amended over the years. Historical rent payments were tallied based on these lease agreements and confirmed for recent years based on invoices and financial statements prepared by Whitley Property Management. • Projected Lease Revenues Until Purchase– As the property is now vacant, no future lease payments are assumed until sale.

Table 3
Estimated City Revenues
1000 O’Neill Avenue in the City of Belmont
Source: City of Belmont and Whitley Property Management Amounts
(Rounded to
nearest $100)
Historical Rent Payments (June 1999-June 2025) $712,554 Projected Rent Revenues Until Purchase $0
Total Revenue $712,554
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Summary Report on 1000 O’Neill Avenue in Belmont 9

3. Estimated Net Costs to the City
The net cost to the Agency is the difference between projected revenues and costs. The net cost to the City and former RDA is estimated to be approximately $2.5 million, as shown below in Table 4.

Table 4
Estimated Net Cost to City and Former RDA Through 2025
1000 O’Neill Avenue in the City of Belmont
Source: City of Belmont and Whitley Property Management Estimated Net Cost to City and Former RDA
Amounts
(Rounded to
nearest $100)
City and Former RDA Costs
Initial Costs as of FY 1998/99 $805,290
Expenditures from FY 1999/2000 through 2025 $2,384,633
Total Costs $3,189,923
Less: City and Former RDA Revenues $712,554
Net Cost to City and Former RDA $2,477,369
666
Summary Report on 1000 O’Neill Avenue in Belmont 10
V. Estimated Value at Highest and Best Use
As described earlier, the Housing Site was acquired by the former RDA in 1995 and listed on the Inventory of Housing Assets, which indicates that the asset value was $210,000 as of 2012.

The City retained the appraiser, Carolyn Ulrich, to prepare a residential appraisal of the market value for the property, which was performed as of May 9, 2025. The appraiser’s opinion of value is $2,225,000, which is based on an evaluation of existing property characteristics and conditions without use or affordability restrictions, its location within the City of Belmont and a review of comparable residential properties in Belmont. The appraisal further states that utilizing the existing structure as a duplex residence is financially feasible and the maximally productive use based on current market conditions.

By way of comparison, the median home price for San Mateo County was reported as $338,709 in July 1995 and $2,189,000 in September 2025 according to the California Association of Realtors (CAR).6 For purposes of this reuse appraisal, the value at the property at its highest and best use is equal to the appraiser’s opinion of value, and a duplex residence without any use or affordability restrictions is considered the highest and best use of the property.

VI. Estimated Fair Reuse Value
The reuse value is the value of the Housing Site given the allowable development program and the reuse restrictions associated with the properties given the conditions, covenants, and development obligations that will be required in the Purchase and Sale Agreement and associated agreements, as summarized earlier in Chapter III.

These restrictions include maintaining the property in good condition. According to the Building Assessment Report prepared by CSG Consultants in July 2024, the property needs to be repaired.

Appendix Table 3 summarizes the estimated cost to repair the property at about $209,000, which includes the following types of repairs:
• Critical Repairs (0-1 Year)– Exterior painting (including hand cut painting), repair of the front, rear and side yard porches, numerous electrical and plumbing repairs, exterior wet wall repair, and termite abatement.
• Urgent Repairs (1-2 Years)– Repair of double hung, weathered windows and multiple doors. • Recommended Repairs (2-5 Years)- Interior painting, repair of the roof and perimeter fencing, and installation of a garbage disposal.

Under Health and Safety Code Section 33433, the City is required to explain the difference if the sale price is less than the fair market value of the interest to be conveyed, determined at the highest and best use consistent with the general plan and zoning. As described in Chapter III, the City as the Successor Agency proposes to sell the Housing Site at market value to a future 6 CAR does not report historical data for the City of Belmont for the past three decades but does report countywide data. 667
Summary Report on 1000 O’Neill Avenue in Belmont 11
property owner subject to the Purchase and Sale Agreement and associated agreements. The consideration to be received by the City is not less than the fair reuse value at the use and with the covenants and conditions and costs authorized by the sale of the property.

VII. Blight Elimination and Conformance with the
Redevelopment Plan
The property at 1000 O’Neill Avenue is currently vacant, and the net proceeds from its future sale would be used to fund projects that provide affordable housing to low and moderate income households. In accordance with Section 33433, the conveyance of property that results in the provision of housing for Low- or Moderate-Income persons satisfies the blight elimination criteria imposed by Section 33433. Thus, the Project fulfills the blight elimination requirement.

The Los Costanos Community Development Plan (the Plan) was adopted by ordinance on November 24, 1981, and Amended and Restated by ordinance on September 10, 1991. Based upon a review of the Plan, the disposition of the Housing Site is consistent with the Plan. The Plan states that the Agency is authorized to dispose real property so long as it reserves powers and controls to prevent transfer, retention, or use of property for speculative purposes which will be covered by the proposed deed restrictions. Furthermore, the Plan promotes the development and retention of low- and moderate-income affordable housing through public/private partnerships. Finally, the Plan promotes the rehabilitation of existing properties, and the property disposition would also promote its ongoing improvement and rehabilitation by the future owner. 668
Appendix Tables– Summary Report on 1000 O’Neill Avenue in Belmont Appendix Tables
669
Appendix Tables– Summary Report on 1000 O’Neill Avenue in Belmont Appendix Table 1
Historical Expenses on Property Through 2025
1000 O’Neill Avenue Property in City of Belmont
Note: Historical expenses from calendar years 2023-2025 are based on actual expenses as reported by the City of Belmont and include property management and repair costs reported by Whitley Property Management. Historical expenses prior to 2023 are estimated based on actual 2023 expenses discounted annually for inflation using the historical average annual CPI-U index: Consumer Price Index for All Urban Consumers (base years 1982-1984 = 100) for the San Francisco-Oakland-San Jose area, published by the United States Department of Labor, Bureau of Labor Statistics.

Source: City of Belmont, Whitley Property Management
Calendar Year Total Expenses
2025 $12,339
2024 $35,860
2023 $18,851
2022 Estimate $18,184
2021 Estimate $17,220
2020 Estimate $16,685
2019 Estimate $16,402
2018 Estimate $15,876
2017 Estimate $15,286
2016 Estimate $14,809
2015 Estimate $14,376
2014 Estimate $14,010
2013 Estimate $13,623
2012 Estimate $13,324
Total (Rounded to $1) $236,845
670
Appendix Tables– Summary Report on 1000 O’Neill Avenue in Belmont Appendix Table 2
Property Tax Expenses Through FY 2024/25
1000 O’Neill Avenue Property in City of Belmont
Note: Historical expenses from FY 2007/08 onward are based on actual payments.

Historical expenses for prior years are estimated using FY 2007/08 payments, discounted by 2% annually to account for inflation based on Proposition 13 limitation.

Source: City of Belmont, San Mateo County
Fiscal Year (FY) Ending Total
2025 3,701
2024 4,128
2023 4,295
2022 3,347
2021 3,778
2020 3,085
2019 1,906
2018 2,030
2017 3,091
2016 1,410
2015 1,340
2014 2,705
2013 749
2012 753
2011 753
2010 753
2009 834
2008 834
2007 Estimate 819
2006 Estimate 786
2005 Estimate 741
2004 Estimate 684
2003 Estimate 621
2002 Estimate 552
2001 Estimate 480
2000 Estimate 411
1999 Estimate 345
Total (Rounded to $1) 44,931
671
Appendix Tables– Summary Report on 1000 O’Neill Avenue in Belmont Appendix Table 3
Estimated Building Improvement Costs as of Fiscal Year 2025/26 1000 O’Neill Avenue Property in City of Belmont
Note: Building improvements costs are estimated based on the Building Assessment Report prepared by CSG Consultants in July 2024, with a 30% add-on for cost escalation and contingency.

Source: City of Belmont, CSG Consultants
CSG Building
Improvement Cost
(2024)
Building
Improvement Cost
Estimate
(Rounded to nearest
$1,000)
Building Improvement Costs
Critical Repairs (0-1 Year) $71,950 $94,000
Urgent Repairs (1-2 Years) $4,500 $6,000
Recommended Repairs (2-5 Years) $84,060 $109,000
Total $160,510 $209,000
672

REPLACEMENT HOUSING PLAN

CITY OF BELMONT, CALIFORNIA
1000 O’NEILL AVENUE, BELMONT CA 94002
February 5, 2026
Attachment 2 Exhibit B
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TABLE OF CONTENTS
I. INTRODUCTION 2
II. PROJECT DESCRIPTION 2
III. LOCATION 3
IV. FINANCING 4
V. INAPPLICABILITY OF ARTICLE XXXIV 4
VI. RESIDENTIAL UNITS TO BE REMOVED AND REPLACED 5
VII. TIMELINE 6
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I. INTRODUCTION
The City of Belmont ("City") owns that certain parcel of real property located at 1000 O’Neill Avenue in the City of Belmont (the "Land") improved with a residential duplex with a total of two (2) units (the "Improvements") (the Land and the Improvements are collectively referred to as the "Property"), and which was acquired by the Belmont Redevelopment Agency (RDA) and transferred to the City in its capacity as Housing Successor to the RDA,. The City intends to sell the Property to market rate purchasers and reinvest the proceeds into the Housing Fund to be used to assist in the development of additional affordable housing development. The units located at the property are Moderate Income and restricted to households earning less than 120% of Area Median Income (AMI) for San Mateo County. The disposition is part of a strategy which supports the goals of increasing the overall supply of housing and the production of affordable housing opportunities consistent with the City’s General Plan Housing Element.

This Replacement Housing Plan for the Project has been developed pursuant to Health and Safety Code 33413.5. Providing affordable housing is a commitment the City continues to foster through alliances with affordable housing developers that have proven themselves to be capable of providing affordable housing developments acceptable to the public, meeting sustainability standards and serving extremely low, very low, low, and moderate income families.

II. PROJECT DESCRIPTION
The proposed disposition of the Property, if approved, will generate proceeds which will be re-invested in the City’s Housing Fund to support additional affordable housing production within the City (the “Project”). The disposition, if approved, is scheduled to be completed in 675
1750\40\4090795.1
early 2026. The Project is consistent with the General Plan Housing Element in that it supports the production of additional affordable housing.

The Property currently consists of a duplex building with two 3-bedroom units. Both units in the Property were previously leased to moderate income households. The prior tenants vacated the property in June 2025 due to no longer being income-qualified for the units.

The Belmont Avenue project, currently under construction by ROEM Housing at 803 Belmont Avenue (“the Replacement Project”) has been identified to provide affordable units to replace the loss of the two moderate income units provided on the Property. The replacement Project will result in the construction of one hundred and twenty five (125) units, including one manager's unit, that will be affordable to households earning between 30% and 70% of the area median income ("AMI"). The Replacement Project will include 52 one-bedroom, 40 twobedroom, and 33 three-bedroom units. All one hundred and twenty-five (125) units will be restricted for fifty-five (55) years pursuant to a regulatory agreement that has been recorded against the project.

III. LOCATION
The Property is located at 1000 O’Neill Avenue in the City of Belmont, County of San Mateo. The surrounding neighborhood is a mix of single family, multi-family residential and commercial uses and is in close proximity to public transportation. 676
1750\40\4090795.1
The Replacement Property is located at 803 Belmont Avenue in the City of Belmont, County of San Mateo and is approximately 1.0 miles away from the Property. The surrounding neighborhood is a mix of single family, multi-family residential and commercial uses and is in close proximity to public transportation.

IV. FINANCING
The Replacement Project is estimated to cost approximately $136 million. Secured sources of funding include the following: development funding from the County of San Mateo in an amount of $13,900,000, Project Based Section 8 Certificates from the County for 20 units, 4% tax credits from the California Tax Credit Allocation Committee, private equity investment in an approximate amount of $78,662,000, and a private construction loan in the approximate amount of $32,447,000. In addition, a City loan totaling $3.5 million has also been provided for the project.

V. INAPPLICABILITY OF ARTICLE XXXIV
Article XXXIV of the California Constitution states that “No low rent housing project shall hereafter be developed, constructed, or acquired in any manner by any state public body until, a majority of the qualified electors of the city, town or county, as the case may be, in which it is proposed to develop, construct, or acquire the same, voting upon such issue, approve such project by voting in favor thereof at an election to be held for that purpose, or at any general or special election.”
To clarify the requirements of Article XXXIV, the Legislature enacted the Public Housing Election Implementation Law (California Health and Safety Code Sections 37000- 677
1750\40\4090795.1
37002). The City has previously determined that the Replacement Project is excluded from the definition of “low-rent housing project” as defined in Section 1 of Article XXXIV of the California Constitution, and therefore does not trigger the voting requirement, because it meets the criteria defined in Health and Safety Code.

VI. RESIDENTIAL UNITS TO BE REMOVED AND REPLACED
The two (2) units in the Project (the "Units to Be Sold for Market Rate") were previously leased to Moderate Income Households earning less than 120% AMI but are currently vacant. The Units to Be Sold for Market Rate consist of two 3-bedroom units. In sum, a total of two (2) units and six (6) bedrooms will be removed from the City of Belmont’s moderate income housing rental program.

The Replacement Project will replace 100% of the units/bedrooms removed from the portfolio, and will result in units that are as affordable as, or even more affordable than, the affordability levels of the Units to Be Sold for Market Rate. The Replacement Project involves construction of one hundred and twenty-five (125) units of which 124 will be affordable to Extremely Low Income, Very Low Income, and Low Income households for a period of fiftyfive years. The following is a table showing the number of new units/bedrooms by affordability level to be developed as part of the proposed Replacement Project:

Unit Mix/Affordability
AMI % 1 Bedroom 2 Bedroom 3 Bedroom
Total
Units
30% 5 13 29 47
50% 14 1 0 15
60% 29 22 3 54
70% 4 4 0 8
Mgr Unit 1 1
Total Units 52 41 32 125
678
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As demonstrated by the numbers above, the Replacement Project will fully replace all demolished units and will add additional units and additional bedrooms to the affordable housing inventory.

VII. TIMELINE
The City executed a Regulatory Agreement and Loan Agreement with Roem Development Corporation, the developer of the Replacement Project, on March 28, 2025. The Replacement Project is currently under construction and is expected to be completed in late 2026. The anticipated timeline for the Replacement Project gives the City a reasonable means to ensure that the requisite number of replacement dwelling units will be available to meet the City's obligations to replacement units removed within the requisite four-year period. 679

FY 2025-26 Midyear Budget Review – Staff Report

STAFF REPORT
Meeting Date: February 24, 2026
Agency: City of Belmont
Staff Contact: Grace Castaneda, Finance Director, [email protected] Joanne Yung, Budget Manager, [email protected]
Agenda Title: Report on Mid-Year Financial Results as of December 31, 2025 Agenda Action: Resolution
Recommendation
Adopt resolutions to amend the City of Belmont and Belmont Fire Protection District (BFPD) fiscal year (FY) 2025-26 budget, and adopt a resolution updating the Belmont Investment Policy. Provide feedback on key findings and priorities to guide the development of the FY 2026-27 budget.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
The City prepares a mid-year review annually, analyzing the budget at the six-month mark. The review covers the period from July through December and serves to:
 Assess current financial results relative to budget expectations,  Identify potential corrective actions, and
 Provide the City Council with information to guide budget planning for the remainder of the fiscal year.

This year’s review provides an overview of Belmont’s fiscal status, including revenues, expenditures, development activity, and community engagement.

Summary
 The budget continues to reflect the ongoing takeaway of key revenue source resulting from actions taken by the State of California. The State’s failure to distribute funds to San Mateo County and its cities, poses an ongoing financial risk to essential local services and long-term fiscal stability.

As a result, Belmont will experience reduced fiscal flexibility in supporting core services and capital priorities, contributing to ongoing budgetary pressures that parallel those faced by many local governments throughout the region.
 Property tax in-lieu of Vehicle License Fee (VLF) continues to be underfunded by the State, with recent actions further reducing this critical revenue source. For the first time, the State reimbursed only two-thirds of the VLF shortfall from FY 2023-24 in the current FY 2025-26, compared to full reimbursement in prior years. In January 2026, the Governor released the proposed FY 2026-27 state budget, which again does not provide any funding for the outstanding VLF backfill obligations for FY 2024-25 and FY 2025-26.
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FY 2025-26 Midyear Budget Review – Staff Report
 The Local 1% Sales Tax revenues are slightly higher than the adopted FY 2025-26 budget as the auto-transportation industry continues to show strong performance. The revised estimates are consistent with long-term projections over the next few years.  The development pipeline has experienced a slowdown, with several large-scale market rate projects opting to delay or reassess their timelines in response to current market conditions, including elevated interest rates despite recent reductions, rising construction costs, and elevated commercial vacancies rates.
 Updates to the Citywide Master Fee Schedule, as well as the Development Impact and In-Lieu Fees Studies, are currently underway. These initiatives are important to maintain appropriate cost recovery for city services and to ensure fees remain aligned with the actual cost of providing those services.
 The City must continue taking action to ensure long-term financial sustainability and maintain local control over revenue sources, mitigating ongoing uncertainty and potential pressure on Belmont’s ability to fund essential services, including public safety, parks and recreation, public works, and other core community programs.

Community Engagement
In the most recent Your Voice, Your Belmont community survey (2025), approximately 500 residents participated and identified the following top City service priorities:
 Maintaining storm drains and reducing flooding, debris and pollution in City streets  Fixing potholes and repairing streets and sidewalks
 Maintaining 911 emergency response times
 Keeping public areas healthy, safe, and clean
 Supporting multi-generational activities for youths, teens, adults, and seniors, including sports, arts and crafts, fitness, and health and wellness programs  Providing residents with an evacuation center in the event of wildfire, earthquakes, or other natural disasters.

The City is committed to aligning its budget and policies with the community’s priorities and looks forward to ongoing engagement with residents and businesses throughout the City’s budget process. By working together, we will ensure that our investments and spending reflects the needs and priorities identified by the community.

Analysis
The City conducts an annual mid-year review to analyze the budget at its six-month point. This review examines financial results from July through December and identifies corrective actions needed if actual results differ from expectations. This year’s mid-year review provides key insights into the City’s financial position and includes the components outlined below.

Mid-Year Budget
The mid-year budget presentation summarizes year-to-date financial results, major revenue trends, fund balance forecasts, and an overview of financial challenges facing the City. 681

FY 2025-26 Midyear Budget Review – Staff Report
Summary Overview
 The General Fund ended December 31, 2025, with an unaudited balance of $36.4 million, excluding estimated fund transfers of $5.7 million, which will be recorded at fiscal year-end. By comparison, the General Fund balance was $33.6 million on December 31, 2024, excluding fund transfers. The increase primarily reflects the unbudgeted two-thirds VLF shortfall reimbursement received, as well as the City containing expenditures below budget.  General Fund revenues were $15.2 million through December, the six-month midpoint, representing 46% of the total current fiscal year budget. The decrease compared to budget at the midpoint mark is primarily due to the timing of business license tax receipts. All businesses' licensing periods (i.e., the “tax period”) have transitioned to January 1 to December 31 and the majority of the revenue collection are expected around January during the license renewal process.  General Fund expenditures at mid-year totaled $13.2 million, representing 38% of the total fiscal year budget. This amount does not yet include estimated fund transfers of $5.7 million (approximately 16% of total budget) which are anticipated at the fiscal year-end. These figures reflect the City’s continued fiscal prudence in managing expenditures. At the same time, it is important to recognize that the costs of delivering essential City services and maintaining the quality of life residents rely on continues to rise.

Major Revenue Source Trends
 Property Tax revenue is higher than budget estimates. The City’s property tax revenue is estimated to be $1.2 million higher than budget, primarily due to the two-thirds reimbursement received for the VLF shortfall resulting from FY 2023-24. Belmont Fire Protection District’s property tax revenues are overall in line with budget.
 Property Tax in-lieu of VLF (VLF) continues to be underfunded by the State, creating ongoing uncertainty for Belmont’s finances. While the City received $1.15 million this fiscal year for the FY 2023‑24 shortfall, the total amount due was $1.7 million, meaning the reimbursement covered only two-thirds of the shortfall. This partial payment does not fully restore Belmont’s VLF funding. In addition, the State budget continues to exclude reimbursement for VLF shortfalls from FY 2024‑25 and the current FY 2025‑26. The FY 2024‑25 shortfall is approximately $1.8 million, over 40% of Belmont’s Local 1% Sales Tax revenue, a key General Fund source, and the FY 2025‑26 shortfall is projected at $2.1 million. This increasing uncertainty regarding VLF reimbursements heightens the risk of long-term State takeaways, potentially affecting essential services such as public safety, streets, parks and storm facility maintenance.  Hotel Room Tax revenue is trending lower than budget target. By the midway mark of this fiscal year, Hotel Room Tax (i.e., Transient Occupancy Tax, or TOT) revenue collected was lower than prior year. This major revenue source is the most sensitive to economic conditions, and Belmont hotels mainly serve business travelers. Two out of the ten hotels in Belmont are currently closed (with one potentially slated for development to a larger hotel), thus impacting total room stock and revenue collection in the meantime. Year-end estimates are projected to be $240K lower than budget. Collections in this revenue source will be monitored closely, and projections will be adjusted accordingly.
682

FY 2025-26 Midyear Budget Review – Staff Report
 Total Sales Tax revenue is slightly up. The Local 1% Sales Tax revenue is estimated to be approximately $150K higher than budget, primarily due to the auto-transportation industry showing stronger performance due to higher prices and surged spending prior to the September 2025 expiration of federal electric vehicle tax credits. Measures I/A/W and Public Safety sales tax are overall in line with budget. With the Federal Reserve considering additional rate changes in early 2026, and as tariff and trade talks ease, inflationary pressures will continue to shape spending behavior. Long-term projections indicate muted economic growth over the next several years.  The new Business License Tax structure is in its first years of implementation. After 49 years under the previous tax structure, Belmont voters approved a revised business license tax program effective January 2025. The new structure moves away from a flat tax based primarily on employee counts, and instead establishes rates based on gross receipts from business activity within the City, creating a more equitable approach. It also simplifies the rate categories from 43 to 4, and all businesses' licensing periods have transitioned to a calendar year (January 1 to December 31).

During these first years of implementation, staff is reviewing tax calculations, particularly with larger businesses, to ensure accuracy. As a result, revenue collection may span multiple tax periods, causing some fluctuations. For now, budget estimates for this revenue source in the current fiscal year remain unchanged, but the fiscal impact will be reassessed as more data becomes available the FY 2026-27 budget development process.

Development Update
 The development pipeline continues to experience a slowdown due to elevated interest rates (despite recent cuts), rising construction costs, and high commercial vacancies, affecting both commercial and residential sectors.
 On the commercial side, two large-scale projects,1301 Shoreway and 425 Harbor, remain in the entitlement phase. 1301 Shoreway is expected to be entitled in February 2026, and 425 Harbor in 2027 following the Harbor Industrial Area annexation. Construction for these projects is unlikely to begin for at least five years, depending on market conditions.  In the residential sector, the 608 Harbor project (entitled 2023) is not moving forward with construction, and 580 Masonic Avenue is the only other recently entitled market-rate housing project. The remainder of the pipeline consists entirely of 100% affordable housing projects.

Three of these—800 Belmont Avenue, Hill Street & El Camino, and 678 Ralston—are either under construction or expected to start later this fiscal year. These projects help the City meet its housing obligations but are exempt from property tax, providing no revenue to offset the costs of essential City services.
 Overall, the combination of exempt developments and rising service and infrastructure costs places continued pressure on the City’s General Fund.
 Despite the slow-down in large-scale projects, smaller-scale residential development—home remodels, new homes, and accessory dwelling units remains steady, showing that Belmont residents continue to invest in their properties.
683

FY 2025-26 Midyear Budget Review – Staff Report
Financial Reports and Budget Adjustments
The mid-year review analyzes actual results compared to the prior fiscal year while addressing any significant past or anticipated variances this fiscal year. To assist in this analysis, staff generates a detailed Statement of Revenues and Expenditures Budget Variance Report (Attachment B). This report compares budget amounts vs. actual results by major revenue source and expenditure division.  Routine adjustments to budget revenues include variances associated with the timing of the receipt of certain General Fund revenues and variances associated with the timing of the receipt for fees related to development projects.
 Routine adjustments to budget expenditures reflect operational and staffing needs for departments and timing of capital improvement project expenditures.

The following are notable FY 2025-26 budget adjustments:
 As one of the Member Agencies of Silicon Valley Clean Water (“SVCW”), the City is responsible for 9.45% of SVCW’s Capital Improvement Program (CIP) funding requirement. Of the $98 million in SVCW planned CIP expenditures over the next three years, $65.6 million is covered by existing debt and reserves. The remaining $32.4 million are funded by Member Agencies, with Belmont’s proportional share (9.45%) at about $3.1 million. The budget adjustment will authorize utilization of the City’s 2019 sewer revenue bond proceeds to pay for this contribution, as these proceeds are an eligible source for the overall sewer system, including collection and treatment.  Adjustments to existing CIP project budgets in the Capital Improvement Project Fund to update funding sources as summarized under Capital Improvement Program in Exhibit A – COB Proposed Budget Amendments by Fund. Some notable adjustments include:

CIP Project
No.

CIP Project Name FY 2025-26 Budget Adjustments
3233 Salson Trail Culvert
Replacement Project
Request to increase budget
appropriation of $35K from Measure I
Fund and $35K from the Belmont Fire
Protection District Fund for additional
design and biologist permitting services.
7095 Transportation Master Plan Request to increase budget appropriation of $673K funded by
Sustainable Transportation Planning
Grant from Caltrans.
8124 Library Boiler Request to increase budget
appropriation of $16K from the Library
Maintenance and Operation Fund to
cover the replacement of the boiler and
additional contingency costs.
6060 Hillcrest Sinkhole Create a new Project No. 6060 named 684

FY 2025-26 Midyear Budget Review – Staff Report
Emergency Repair Project
(new project)
“Hillcrest Sinkhole Emergency Repair
Project” with a budget appropriation
transfer of $150K in Storm Drainage
Fund from Project No. 6001 “Storm
Drainage Rehabilitation”. This new
project helps provide emergency repairs
for 4 sinkholes related to the defective
storm pipe.
6061 Redwood Shores Sea Level
Rise Protection Plan (new
project)
Create a new Project No. 6061 named
“Redwood Shores Sea Level Rise
Protection Plan” with a budget
appropriation transfer of $250K in
Measure I Fund from Project No. 3117
“2025 Pavement Rehabilitation Project”.

This new project addresses sea level rise
around Island Park in Belmont.
7077 Sanitary and Storm Sewer
Infrastructure Repair Project
(new project)
Create a new Project No. 7077 named
“Sanitary and Storm Sewer
Infrastructure Repair Project” which
provides urgent repairs for sewer and
storm pipes. Request budget
appropriation transfers of $180K in
Sewer Collections Fund from Project
No. 7073 “Basin Rehabilitation
Projects” and $20K in Storm Drainage
Fund from Project No. 6001 “Storm
Drainage Rehabilitation”.

Annual Investment Policy Update
California Government Code Section 53646(a)(2) requires local governments to annually review and consider changes to their Investment Policy at a public meeting. Belmont has maintained such a policy for nearly forty years, as it provides a critical framework for ensuring that public funds are invested in accordance with State law.

Although City Council’s approval is not required by statute, the City, consistent with best practice, annually reviews and accepts its Investment Policy to provide transparency and disclosure. Council’s acceptance affirms the fiduciary responsibility of the Finance Director/City Treasurer to safeguard public assets and manage public funds prudently and responsibly.

Historically, the City has invested solely in the Local Agency Investment Fund (LAIF), an investment pool managed by the State Treasurer’s Office. However, the current economic environment with higher 685

FY 2025-26 Midyear Budget Review – Staff Report
interest rates has resulted in the City of Belmont approaching LAIF’s maximum allowable investment limit of $75 million. Continued reliance on LAIF under current conditions highlights the need to diversify into other eligible, safe, and liquid investment vehicles. To address this issue and enhance the City’s flexibility in managing public funds, this annual update to the Investment Policy specifies the scope of allowable investments consistent with California Government Code Sections 16429.1, 53600-53609 and 53630-53686 which govern the allowable investments into which a local government agency can enter.

Staff did a review and comparison of investment portfolios across neighboring jurisdictions, which has been included as Attachment D. The survey shows investment tools utilized by each jurisdiction, and reflects that a majority of jurisdictions diversify in multiple tools, not just in LAIF. Most of these jurisdictions have portions of their portfolios externally managed through investment firms, while others also invest into other pools such as Local Government Investment Pools (LGIPs), a joint powers authority investment pool that offers very similar characteristics to LAIF but with more flexibility because they have no minimum or maximum investment requirements. All of these options are allowable investments consistent with California Government Code Sections 16429.1, 53600-53609 and 53630-53686. With Belmont approaching LAIF’s maximum allowable investment limit, staff recommends that the City diversify first into LGIPs that can be internally managed with self-service daily deposits and/or withdrawals similar to LAIF.

Most of the proposed amendments are cleanup language to the existing policy, with a couple of new sections relating to diversification and allowable investments such as ones described above that keep consistent with California Government Code sections 16429.1 and 53600 et seq. The following is a summary of all proposed amendments. A redline copy of the Investment Policy reflecting all changes is included as Attachment E.

Investment Policy Section Summary of Proposed Amendment(s) Prudent Investor Standard Update the prudent investor standard definition consistent with Cal. Gov.

Code § 53600.3.

Investment Objectives Clarify the existing investment objections to continue to prioritize safety, liquidity, and return on investment.

Delegation of Authority Add reference to the Belmont Municipal Code duties of the Finance Director (Chapter 2, Article III), and to include authorized and registered external investment managers and advisors.

Conflict of Interest Specify the ethics and conflict of interest verbiage to include City officials, staff members, as well as external consultants, and to require economic interest reporting consistent with State law.

Diversification
(NEW)
Add a Diversification section to avoid risk associated with single instrument investment, while ensuring the investment portfolio remains flexible allowing the City to respond to the current economy, securities markets, and anticipated cash flow needs, while requiring authorized investments in accordance with California Government Code Sections 16429.1, 53600-53609 and 53630-53686.
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FY 2025-26 Midyear Budget Review – Staff Report
Authorized Investments
(NEW)
Add an Authorized Investments section which states that the City shall make investments and deposits in accordance with Cal. Gov. Code § 16429.1, 53600 et seq. and in compliance with the Local Agency Investment Guidelines published by the State Treasurer’s Office.

Proposed Actions
Staff recommends that Council adopt the following resolutions:

1. Resolution amending the City of Belmont FY 2025-26 budget as proposed in Exhibit A.

2. Resolution amending the Belmont Fire Protection District FY 2025-26 budget as proposed in Exhibit A.

3. Resolution amending the Belmont Investment Policy as proposed in Exhibit A.

These mid-year resolutions are considered annually as part of the budget management process.

Next Steps
Feedback from the City Council on the mid-year financial report and presentation will help guide the development of the FY 2026-27 budget. The City will continue to engage residents to understand their service needs and priorities, ensuring that these insights are incorporated into the annual budget planning process.

Alternatives

1. Take no action.

Attachments
A. Resolutions

1. City of Belmont Mid-Year Resolution with Exhibit A Summarizing Proposed Budget Amendments by Fund

2. Belmont Fire Protection District Mid-Year Resolution with Exhibit A Summarizing Proposed Budget Amendments by Fund

3. Belmont Investment Policy Resolution with Exhibit A Belmont Investment Policy B. Statement of Revenues and Expenditures Budget Variance Report C. Mid-Year Budget Presentation
D. Survey of Neighboring City Investment Portfolios
E. Belmont Investment Policy (Redline)
Fiscal Impact
☐ No Fiscal Impact
☒ Funding Source Confirmed: The resolutions attached to this report itemize the fiscal impacts by fund.

Source: Purpose: Public Outreach:

Staff Discretionary Action Posting of Agenda
687

RESOLUTION NO. 2026 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT AMENDING THE FISCAL YEAR 2025-26 BUDGET BY APPROVING REVISIONS TO

REVENUE AND AUTHORIZING SUPPLEMENTAL APPROPRIATIONS
WHEREAS, the City of Belmont fiscal year (FY) 2025-26 budget includes adopted revenue, appropriations, and capital improvement program (CIP) budgets; and, WHEREAS, the City continues to address the risk of a key revenue source taken away by the State of California; and,
WHEREAS, the City continues to engage residents around the City’s budget process and engaged over residents in previous years that identified City service priorities including maintaining storm drains, reducing flooding, debris and pollution in City streets, fixing potholes and repairing streets and sidewalks, maintaining 911 emergency response times, keeping public areas healthy safe and clean, and maintaining senior services including health, nutrition and transportation programs; and,
WHEREAS, Property Tax In-lieu of Vehicle License Fee (“VLF”) continues to be underfunded by the State, and for the first time took unprecedented action and in FY 2025-26 only reimbursed two-thirds of the VLF shortfall resulting from FY 2023-24, while also continuing to not budget for payment of VLF shortfalls from FY 2024-25 through the current FY 2025-26 and makes this major revenue source increasingly uncertain; and, WHEREAS, several key General Fund revenues are trending relatively flat, but the development pipeline has a notable slowdown with many large-scale market rate developments deciding to not move forward given the current market conditions which feature elevated interest rates despite recent cuts, escalating construction costs, and high commercial vacancies; and, WHEREAS, the City Council finds that it is necessary to amend the FY 2025-26 revenue budget, and amend the estimated fund balances, as identified in Exhibit A; and, WHEREAS, the City has determined that additional funding is required for certain operational expenditures identified in Exhibit A; and,
WHEREAS, the City Council finds that it is necessary to augment the FY 2025-26 budget for those expenditures; and,
WHEREAS, the City Council wishes to amend the FY 2025-26 Capital Improvement Plan to adjust several existing capital project budgets.

NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. The FY 2025-26 budget is hereby amended as reflected in Exhibit A to the resolution.

SECTION 2. The summary effect on funds is shown in the table below. 688

Summary Combined Effect on Funds
Fund Description
Revenues
Increase/
(Decrease)
Expenditures
Increase/
(Decrease)
Transfer
In/(Out)
Net Change
on
Fund Balance
Increase/
(Decrease)
101 General Fund 1,186,342 - - 1,186,342
102 Measure I - - (35,000) (35,000)
206 Library Maintenance and
Operation
- - (16,000) (16,000)
210 Development Services 998,893 493,000 - 505,893
223 Belmont Fire Protection
District
- - (35,000) (35,000)
237 Traffic Impact Fees (62,000) - - (62,000)
310 Infrastructure - - 172,162 172,162
399 Capital Improvement
Projects
1,173,000 759,000 (86,162) 327,838
503 Sewer Operations-Capital - - (3,062,557) (3,062,557) 507 Sewer Treatment - 3,142,557 3,062,557 (80,000)
570 Worker's Compensation 58,167 - - 58,167
571 Liability Insurance 703,219 - - 703,219
689

SECTION 3. The City’s Capital Improvement Plan is amended as presented in Exhibit A and includes the following new/increased project budgets:

Fund Project No. Project Name
FY 2025-26 Budget
Expenditures
Increase/(Decrease)
399 3117 2025 Pavement Rehabilitation Project (250,000) 399 3233 Salson Trail Culvert Replacement Project 70,000 399 6001 Storm Drainage Rehabilitation (170,000)
399 7073 Basin Rehabilitation Projects (180,000)
399 7095 Transportation Master Plan 673,000
399 8124 Library Boiler 16,000
399 6060 (New) Hillcrest Sinkhole Emergency Repair
Project
150,000
399 6061 (New) Redwood Shores Sea Level Rise
Protection Plan
250,000
399 7077 (New) Sanitary and Storm Sewer Infrastructure
Repair Project
200,000
690

* * *
ADOPTED February 24, 2026 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
691
Exhibit A
City of Belmont
Mid-Year Budget Augmentations
Ref # Fund Account # Description Revenue / Expenditure
Increase
(Decrease)
Revenue
210 5-905-6221 Revenue $335,180
210 5-905-6222 Revenue $68,703
210 5-905-6224 Revenue $43,200
210 5-905-6511 Revenue $192,521
210 5-905-6513 Revenue $120,000
210 5-905-6518 Revenue $50,000
210 5-905-6519 Revenue $75,000
210 5-905-6523 Revenue $10,642
210 5-905-6524 Revenue $55,000
210 5-905-6525 Revenue $32,948
210 5-905-6526 Revenue $15,699
237 0-000-6998 Reduced Traffic Impact Fees revenue due to delays in development projects. Revenue ($62,000)
Expenditure
210 5-904-8351 Higher inspector service costs due to increased building permit activity, offset by higher building permit fees collected. Expenditure $330,000 210 5-904-8362 Higher rate and volume of processing and transaction fees, offset by higher building permit fees collected. Expenditure $80,000 210 5-905-8352 Expenditure $28,000
210 5-905-8366 Expenditure $55,000
Revenue
101 0-000-6101 Reduced Secured Property Tax revenue based on current trends. Revenue ($73,424) 101 0-000-6111 Increase in Property Tax In Lieu of VLF revenues to reflect State reimbursement of two-thirds of the FY 2023-24 shortfall. Revenue $1,151,546 101 0-000-6110 Increase in ERAF revenues based on payment received in January 2026. Revenue $118,220 101 0-000-6121
Increase in Bradley Burns (1% Sales Tax) due to spending surge in auto industry and one-time increase in allocation from the countywide use tax pool.

Revenue $150,000
101 0-000-6125 Reduced Transient Occupancy Tax revenue based on current trends. Revenue ($240,000) 101 0-000-6129 Increase in Property Transfer Tax based on higher year-to-date actual. Revenue $100,000 101 1-501-7001 Reduced Parking Fines based on lower year-to-date actual. Revenue ($20,000) 399 0-000-7270 Donation from Stanford University to support infrastructure improvement. Revenue $500,000
570 0-000-7252
Reimbursement from COVID-19 Communicable Disease Claim Settlement.

Claim filed with PEPIP for business interruption due to COVID-19 back in 2020.

Revenue $58,167
571 0-000-7252 Reimbursement from the Baka case settlement back in FY 2022-23. Revenue $703,219 Expenditure
503 1-504-9671 Expenditure $3,062,557
507 1-504-7672 Revenue $3,062,557
507 3-730-9030 Expenditure $3,062,557
507 3-730-8351 Increase expense for Bond administration expenses and Sewer Treatment Facility Analysis. Expenditure $80,000
Finance
Public Works
Use of 2019 bond proceed for SVCW CIP Contribution - eligible for COB capital improvement on overall sewer system, including collection and treatment. Of the $98.0 million in SVCW planned CIP expenditures, $65.6 million is covered by existing debt and reserves. The remaining $32.4 million will be funded by Member Agencies, with Belmont’s proportional share (9.45%) at about $3.1 million.

FY 2025-26
Community Development
Higher revenues from building permits, delinquent building permits and electrical permits fees, offset by higher consultant and professional service expenditures.

Higher volume of various plan check applications, environmental review and consultant services, offset by higher consultant and professional service expenditures.

Increase in contract amounts for planning services and environmental impact review activities, offset by higher fees collected related to plan check and consultant services.
692
Exhibit A
Budget Appropriation Request
399 3-730-6359 Revenue $673,000
399 3-730-9030 Expenditure $673,000
310 1-504-7698 Revenue $172,162
399 1-504-9698 Expenditure $172,162
399 1-504-7619 Revenue $35,000
399 1-504-7616 Revenue $35,000
102 1-504-9623 Expenditure $35,000
223 1-504-9623 Expenditure $35,000
399 3-730-9030 Expenditure $70,000
399 1-504-7617 Revenue $16,000
399 4-801-9030 Expenditure $16,000
206 1-504-9623 Expenditure $16,000
New CIP Projects and Budget Transfer between CIP Projects (no additional budget ask) Expenditure ($250,000)
Expenditure $250,000
Expenditure ($150,000)
Expenditure $150,000
Expenditure ($180,000)
Expenditure ($20,000)
Expenditure $200,000
TOTAL REVENUE ADJUSTMENT $7,378,340
TOTAL EXPENDITURE ADJUSTMENT $7,715,276
Capital Improvement Program
CIP#
7095
Belmont was awarded a Caltrans Sustainable Transportation Planning Grant of $673,000 for CIP #7095 - Transportation Master Plan project in July 2025. Request to increase budget appropriation to receive Caltrans Grant funding and allocate it for project expenditures in CIP Fund 399.

CIP#
3233
CIP #3233 - Salson Trail Culvert Replacement Project
Request to increase budget appropriation of $35,000 from Measure I fund 102 and $35,000 from the Belmont Fire Protection District Fund 223 for additional design and biologist permitting services.

CIP#
3218
Transfer $172,162 from CIP Fund 399 to Infrastructure Repair Fund 310 for CIP Project No. 3218 to correct funding sources based on approved budget.

CIP#
8124
CIP #8124 - Library Boiler
Request to increase budget appropriation of $15,864 from the Library Maintenance and Operation Fund to cover boiler replacement and contingency cost.

CIP# 3117
Create new Project No. 6061 named "Redwood Shores Sea Level Rise Protection Project", a multi-jurisdictional project that addresses sea level rise around Island Park in Belmont. Requesting budget appropriation transfer of $250,000 from Project No. 3117 "2025 Pavement Rehabilitation Project" funded by Measure I Fund 102.

CIP# 6061 (new CIP)
CIP# 7073
Create new Project No. 7077 named "Sanitary and Storm Sewer Infrastructure Repair Project" to provide urgent repairs for sewer and storm pipes. Requesting budget appropriation transfers as follow:
- $180,000 transfer from Project No. 7073 "Basin Rehabilitation Projects" funded by Sewer Collections Fund 503
- $20,000 transfer from Project No. 6001 "Storm Drainage Rehabilitation" funded by Storm Drainage Fund 525 CIP# 7077 (new CIP)
CIP# 6001
CIP# 6001
CIP# 6060 (new CIP)
Create new Project No. 6060 named "Hillcrest Sinkhole Emergency Repair Project" to provide emergency repair for 4 sinkholes related to the defective storm pipe. Requesting budget appropriation transfer of $150,000 from Project No. 6001 "Storm Drainage Rehabilitation" funded by Storm Drainage Fund 525.
693

RESOLUTION NO. 2026 –

A RESOLUTION OF THE BOARD OF DIRECTORS OF THE BELMONT FIRE PROTECTION DISTRICT AMENDING THE FISCAL YEAR 2025-26 BUDGET BY

APPROVING REVISIONS TO REVENUE AND AUTHORIZING SUPPLEMENTAL

APPROPRIATIONS
WHEREAS, the Belmont Fire Protection District (BFPD) fiscal year (FY) 2025-26 budget includes adopted revenue and appropriations; and, WHEREAS, based on data collected in the first six months of FY 2025-26, year-end estimates are developed and compared to the adopted budget; and, WHEREAS, the Board of Directors finds that it is necessary to amend the FY 2025-26 revenue budget, appropriations budget, and the estimated fund balance, as identified in Exhibit A; and,
NOW, THEREFORE, the Board of Directors of the Belmont Fire Protection District resolves as follows:

SECTION 1. The FY 2025-26 budget is hereby amended as reflected in Exhibit A.

SECTION 2. The summary effect on funds is shown in the table below.

Summary Combined Effect on Funds
Fund Description
Revenues
Increase/
(Decrease)
Expenditures
Increase/
(Decrease)
Transfer
In/(Out)
Net Change
on
Fund Balance
Increase/
(Decrease)
223 Belmont Fire Protection
District
124,842 150,000 (35,000) (60,158)
694

* * *
ADOPTED February 24, 2026 by the Board of Directors of the Belmont Fire Protection District by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
695
Exhibit A
Ref # Fund Account # Description Revenue / Expenditure
Amount
Increase
(Decrease)
Revenue
223 0-000-6102 Higher property tax based on County estimates Revenue $16,157 223 0-000-6103 Higher property tax based on County estimates Revenue $16,630 223 0-000-6105 Higher property tax based on County estimates Revenue $92,055 Expenditure
223 2-115-8351 Higher estimates on gasoline, fuel reduction services, and fire panel replacement Expenditure $134,000
223 2-115-9040 HVAC replacement for Fire Station 15 Expenditure $16,000 TOTAL REVENUE ADJUSTMENT $124,842
TOTAL EXPENDITURE ADJUSTMENT $150,000
Mid-Year Budget Augmentations
Fire
FY 2025-26
Belmont Fire Protection District
696

RESOLUTION NO. 2026 –

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BELMONT

AMENDING THE CITY OF BELMONT INVESTMENT POLICY
WHEREAS, California Government Code Section 53646 recommends that local governments have their investment policy reviewed and approved annually by the local governing body at a public meeting; and,
WHEREAS, California Government Code Section 53646(a)(2) also requires that any change in the investment policy shall be considered by the governing body of the local government at a public meeting; and,
WHEREAS, the last time the City Council affirmed the City’s Investment Policy was February 11, 2025; and,
WHEREAS, the changes being proposed to the City’s Investment Policy are consistent with public finance best practices, continue to meet investment objectives in priority order of safety, liquidity, and return on investment, and enhance the City’s flexibility in managing public funds by diversifying the investment portfolio to include other eligible tools consistent with California Government Code Sections 53600 et seq.

NOW, THEREFORE, the City Council of the City of Belmont resolves as follows:

SECTION 1. The City’s Investment Policy is hereby amended as reflected in Exhibit A, a copy of which is attached hereto.

SECTION 2. The Finance Director/City Treasurer is authorized to implement the Investment Policy and select the instruments for the City’s investment portfolio in accordance with the updated Investment Policy.
697

* * *
ADOPTED February 24, 2026 by the City of Belmont City Council by the following vote:

Ayes:

Noes:

Absent:

Abstain:

ATTEST:

City Clerk Mayor
APPROVED AS TO FORM:

City Attorney
698
1 CITY OF BELMONT

INVESTMENT POLICY

1.0 Policy:

It is the policy of the City of Belmont to invest public funds in a manner which will maximize security, liquidity, return on investment, followed by meeting the daily cash flow demands of the entity and then provide the highest investment return consistent with, and conforming to, all state and local statutes governing the investment of public funds.

2.0 Scope:

This investment policy applies to all investments as defined by the State of California Government Code accounted for in the City of Belmont’s Annual Comprehensive Financial Report (ACFR).

3.0 Prudence:

The City’s investment philosophy is based on the Prudent Investor Standard as set forth in California Government Code 53600.3:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”

4.0 Objectives:

The City’s investment of funds will be guided by the following primary objectives, listed in priority order, while also meeting the ongoing objective of assuring compliance with Federal, State, and local laws governing investment of public funds:

4.1 Safety: Safety of principal is the foremost objective of the investment program. Investments of the City of Belmont shall be Exhibit A
699
2 undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, the City will seek to minimize credit risk by diversification such that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio.

4.2 Liquidity: The City of Belmont’s investment portfolio will maintain sufficient cash and short-term investment instruments which shall enable the City of Belmont to meet all operating requirements as reasonably anticipated.

4.3 Return on Investments: The City of Belmont’s investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, commensurate with the City of Belmont’s investment risk constraints and the cash flow characteristics of the portfolio.

5.0 Delegation of Authority:

No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Director/City Treasurer. The Finance Director/City Treasurer shall be responsible for all investment transactions undertaken and shall establish a system of internal controls to regulate the activities of authorized personnel, pursuant to Belmont Municipal Code Chapter 2, Article III, Section 2-53.
.

6.0 Ethics and Conflicts of Interest:

All officials, staff members, and consultants involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. All investment personnel shall comply with reporting requirements of applicable State laws including annual filing of a Statement of Economic Interest. All officials, staff members and consultants shall disclose to the Belmont City Clerk any personal financial positions and material financial interests in financial institutions that could be related to the City’s cash and investment portfolio.

7.0 Diversification:

The City shall diversify its investments within the parameters of this policy to avoid incurring unreasonable risks inherent in over-investing in specific instruments, individual financial institutions or maturities. Nevertheless, the asset allocation in 700
3 the investment portfolio should remain flexible depending upon the outlook for the economy, the securities markets, and the City’s anticipated cash flow needs.

Funds invested with the State, County, or other Joint Powers Authority administered investment pools, in accordance with California Government Code Sections 16429.1, 53600-53609 and 53630-53686, meet this requirement for diversification.

8.0 Authorized Investments
All investments and deposits of the City shall be made in accordance with California Government Code Sections 16429.1 and 53600 et seq., and in compliance with the Local Agency Investment Guidelines published by the State Treasurer’s Office. Any amendments to these code sections will be assumed to be part of this policy immediately upon being enacted.

9.0 Reporting:

The Finance Director/City Treasurer shall provide to the City Council financial reports at least once per quarter which provide a clear picture of the status of the current investment portfolio.

Schedules in the financial report should include the following:
- A listing of individual securities held at the end of the reporting period by authorized investment category.
- Final maturity of all investments listed.
- Coupon, discount, or earnings rate.
- Par value and market value.

10.0 Investment Policy Adoption:

The City of Belmont’s investment policy shall be accepted by the City Council.

The policy shall be reviewed annually, and any modifications made thereto must be approved by the City Council.
701
Adjusted YTD YTD Remaining 12/31/2024
Fund Division Description Budget Actual % Budget Actual 101 101 CITY COUNCIL 533,085 $ 232,926 $ 44% 300,159 $ 199,025 $ 101 102 CONTINGENCY 90,000 0 0% 90,000 0
101 111 EXECUTIVE MANAGEMENT 2,009,164 1,003,243 50% 1,005,921 967,638 101 114 CITY CLERK 606,243 299,799 49% 306,444 277,118
101 121 CITY ATTORNEY 676,672 324,240 48% 352,432 339,757 101 202 CITY CLERK-ELECTIONS 0 75 N/A (75) 10,380
101 401 HUMAN RESOURCES 1,242,434 495,565 40% 746,869 558,614 101 501 FINANCIAL OPERATIONS 1,864,286 807,466 43% 1,056,820 799,317 101 502 FINANCIAL PLANNING & REPORTING 1,119,823 422,178 38% 697,645 432,329 101 503 RISK MANAGEMENT 216,876 97,198 45% 119,678 99,649 101 504 OPERATING TRANSFERS 5,700,000 0 0% 5,700,000 0
101 600 LAW ENFORCEMENT ADMINISTRATION 2,667,947 1,317,364 49% 1,350,583 1,208,237 101 601 CRIME CONTROL 10,900,249 5,112,210 47% 5,788,039 4,867,243 101 602 TRAFFIC & COMMUNITY SAFETY 1,650,104 675,057 41% 975,047 618,047 101 604 SUPPORT SERVICES 2,207,089 1,026,222 46% 1,180,867 913,237 101 811 PARKS AND OPEN SPACES 3,104,664 1,423,593 46% 1,681,071 1,437,697 GENERAL FUND 34,588,636 13,237,136 38% 12,728,288 21,351,500 102 504 OPERATING TRANSFERS 6,995,043 331,126 5% 6,663,917 2,749,378 MEASURE I 6,995,043 331,126 5% 2,749,378 6,663,917
205 820 RECREATION ADMINISTRATION 519,826 250,374 48% 269,452 264,835 205 822 COMMUNITY LEARNING CENTER 1,432,100 629,054 44% 803,046 683,195 205 823 SENIOR SERVICES 650,925 290,625 45% 360,300 274,595 205 824 YOUTH AND TEENS RECREATION 1,485,101 774,025 52% 711,076 671,882 205 825 AQUATICS RECREATION 196,223 121,462 62% 74,761 82,411 CO-SPONSORED RECREATION 4,284,175 2,065,539 48% 1,976,918 2,218,636 206 504 OPERATING TRANSFERS 62,000 20,778 34% 41,222 0
206 801 FACILITIES MANAGEMENT 509,567 252,163 49% 257,404 202,162 LIBRARY MAINTENANCE & OPS 571,567 272,941 48% 202,162 298,626 207 504 OPERATING TRANSFERS 200,000 0 0% 200,000 0
207 812 ATHLETIC FIELD MAINTENANCE 144,250 51,629 36% 92,621 69,562 ATHLETIC FIELD MAINTENANCE 344,250 51,629 15% 69,562 292,621 208 504 OPERATING TRANSFERS 0 0 N/A - 0
208 811 PARKS AND OPEN SPACES 49,367 22,700 46% 26,667 22,464 CITY TREES 49,367 22,700 46% 22,464 26,667
209 820 RECREATION ADMINISTRATION 2,000 0 0% 2,000 0
209 823 SENIOR SERVICES 5,000 365 7% 4,635 0
209 824 YOUTH AND TEENS RECREATION 8,000 0 0% 8,000 0
209 825 AQUATICS RECREATION 1,000 0 0% 1,000 0
PARKS AND RECREATION DONATIONS 16,000 365 2% 0 15,635

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Expenditures
As of 12/31/2025
Attachment B - FY 2025-26 - MYR Variance Report Page 1 702 Adjusted YTD YTD Remaining 12/31/2024
Fund Division Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Expenditures
As of 12/31/2025
210 780 PUBLIC WORKS DEVELOPMENT 2,173,548 902,375 42% 1,271,173 800,811 210 904 PERMIT CENTER 2,273,411 1,169,456 51% 1,103,955 1,179,851 210 905 DEVELOPMENT REVIEW 2,114,197 986,684 47% 1,127,513 1,225,078 DEVELOPMENT SERVICES 6,561,156 3,058,515 47% 3,205,740 3,502,641 212 906 GENERAL PLAN MAINTENANCE 1,798,300 650,811 36% 1,147,489 559,985 GENERAL PLAN MAINTENANCE 1,798,300 650,811 36% 559,985 1,147,489 223 115 FIRE SERVICES 12,074,129 8,591,228 71% 3,482,901 7,952,421 223 117 FIRE ADMINISTRATION 0 0 N/A - 589
223 118 BSCFD LEGACY COSTS 2,085,551 2,079,674 100% 5,877 1,875,176 223 119 BFD LEGACY COSTS 577,791 511,796 89% 65,995 432,508 223 504 OPERATING TRANSFERS 473,614 372,835 79% 100,779 (33,805) BELMONT FIRE PROTECTION DISTRI 15,211,085 11,555,533 76% 10,226,889 3,655,551 225 601 CRIME CONTROL 24,500 355 1% 24,145 0
PUBLIC SAFETY GRANTS 24,500 355 1% 0 24,145
227 601 CRIME CONTROL 215,992 98,941 46% 117,051 47,969 SUPPLEMENTAL LAW ENFORCEMENT 215,992 98,941 46% 47,969 117,051 231 701 PLANNING & PROJECT MANAGEMENT 688,428 362,663 53% 325,765 292,598 231 750 STREET MAINTENANCE 1,508,975 618,975 41% 890,000 655,120 231 751 TRAFFIC/ELECTRICAL OPERATIONS 852,350 381,930 45% 470,420 271,208 STREET MAINTENANCE 3,049,753 1,363,569 45% 1,218,925 1,686,184 232 504 OPERATING TRANSFERS 1,518,774 613,884 40% 904,890 247,870 RMRA STREET PROJECT 1,518,774 613,884 40% 247,870 904,890 233 504 OPERATING TRANSFERS 2,950,000 1,996,338 68% 953,662 85,614 MEASURE W 2,950,000 1,996,338 68% 85,614 953,662
234 504 OPERATING TRANSFERS 3,384,365 25,253 1% 3,359,111 247,938 234 730 IMPROVEMENT PROJECTS 35,611 18,455 52% 17,156 35,038 STREET IMPROVEMENT 3,419,976 43,709 1% 282,975 3,376,267 239 504 OPERATING TRANSFERS 260,000 0 0% 260,000 0
PUBLIC ART 260,000 0 0% 0 260,000
275 902 HOUSING 1,961,129 169,743 9% 1,791,386 199,861
AFFORDABLE HOUSING 1,961,129 169,743 9% 199,861 1,791,386 308 504 OPERATING TRANSFERS 599,571 55,150 9% 544,421 11,161 308 802 GENERAL FACILITIES IMPROVEMENT 4,709 3,908 83% 801 4,341 GENERAL FACILITIES 604,280 59,058 10% 15,502 545,222
Attachment B - FY 2025-26 - MYR Variance Report Page 2 703 Adjusted YTD YTD Remaining 12/31/2024
Fund Division Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Expenditures
As of 12/31/2025
310 504 OPERATING TRANSFERS 2,474,571 422,063 17% 2,052,509 (172,162) 310 760 EMERGENCY REPAIR 0 700 N/A (700) 34
INFRASTRUCTURE REPAIR 2,474,571 422,763 17% (172,127) 2,051,808 312 504 OPERATING TRANSFERS 46,234 0 0% 46,234 0
PEG 46,234 0 0% 0 46,234
341 504 OPERATING TRANSFERS 27,455 0% 27,455 394
341 810 PARK IMPROVEMENT PROJECTS 668,000 334,000 50% 334,000 336,031 PLANNED PARK 695,455 334,000 48% 336,425 361,455
342 504 OPERATING TRANSFERS 1,091,000 750 0% 1,090,250 0 PARK IMPACT FEES 1,091,000 750 0% 0 1,090,250
343 504 OPERATING TRANSFERS 110,954 0 0% 110,954 52,609 OPEN SPACE 110,954 0 0% 52,609 110,954
399 302 IT CAPITAL 436,899 109,212 25% 327,687
399 303 COMCAST PEG PROGRAM 46,234 0 0% 46,234 45,352
399 501 FINANCIAL OPERATIONS 50,000 0 0% 50,000 0
399 604 SUPPORT SERVICES 100,000 0 0% 100,000 0
399 710 SEWER UTILITY 243,900 0 0% 243,900 0
399 730 IMPROVEMENT PROJECTS 42,237,686 4,182,833 10% 38,054,852 5,493,767 399 760 EMERGENCY REPAIR 11,316,721 1,898,646 17% 9,418,075 328,038 399 801 FACILITIES MANAGEMENT 62,000 0 0% 62,000 0
399 802 GENERAL FACILITIES IMPROVEMENT 1,424,587 84,607 6% 1,339,980 11,161 399 803 RECREATIONAL FACILITIES 856,974 16,356 2% 840,619 35,278 399 810 PARK IMPROVEMENT PROJECTS 672,233 750 0% 671,483 36,106 399 811 PARKS AND OPEN SPACES 316,150 5,710 2% 310,440 0 399 812 ATHLETIC FIELD MAINTENANCE 300,000 0 0% 300,000 0 CAPITAL IMPROVEMENT PROJECTS 58,063,384 6,298,113 11% 5,949,702 51,765,270 406 502 FINANCIAL PLANNING & REPORTING 678,090 569,787 84% 108,303 558,356 406 504 OPERATING TRANSFERS 300,000 0 0% 300,000 0
LIBRARY BOND DEBT SERVICE 978,090 569,787 58% 558,356 408,303 501 701 PLANNING & PROJECT MANAGEMENT 1,092,560 439,761 40% 652,799 463,289 501 710 SEWER UTILITY 6,593,061 3,060,518 46% 3,532,543 3,058,286 SEWER ENTERPRISE-OPERATIONS 7,685,621 3,500,279 46% 3,521,575 4,185,342 503 504 OPERATING TRANSFERS 21,631,003 3,984,179 18% 17,646,825 6,594,830 503 730 IMPROVEMENT PROJECTS 2,512,205 1,786,130 71% 726,075 1,302,569 SEWER OPERATIONS-CAPITAL 24,143,209 5,770,309 24% 7,897,400 18,372,900 Attachment B - FY 2025-26 - MYR Variance Report Page 3 704 Adjusted YTD YTD Remaining 12/31/2024
Fund Division Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Expenditures
As of 12/31/2025
505 504 OPERATING TRANSFERS 2,974,393 0 0% 2,974,393 680,575 505 730 IMPROVEMENT PROJECTS 25,000 0 0% 25,000 0
SEWER ENTERPRISE-TREATMENT PLN 2,999,393 0 0% 680,575 2,999,393 507 730 IMPROVEMENT PROJECTS 4,312,317 6,406,435 149% (2,094,118) 2,697,878 SEWER TREATMENT FACILITY 4,312,317 6,406,435 149% 2,697,878 (2,094,118) 525 504 OPERATING TRANSFERS 1,085,531 6,371 1% 1,079,160 (158,727) 525 701 PLANNING & PROJECT MANAGEMENT 487,992 211,463 43% 276,529 225,408 525 720 DRAINAGE/WATER POLLUTION CNTRL 1,747,164 790,241 45% 956,923 735,283 525 730 IMPROVEMENT PROJECTS 0 0 N/A - 52
STORM DRAINAGE 3,320,687 1,008,074 30% 802,015 2,312,613 530 770 SOLID WASTE MANAGEMENT 421,529 168,455 40% 253,074 161,121 530 813 LITTER CONTROL 228,360 87,388 38% 140,972 110,410 SOLID WASTE 649,889 255,843 39% 271,531 394,046
570 503 RISK MANAGEMENT 934,781 790,360 85% 144,421 756,151 WORKER'S COMPENSATION 934,781 790,360 85% 756,151 144,421 571 503 RISK MANAGEMENT 1,440,333 752,974 52% 687,359 786,698 LIABILITY INSURANCE 1,440,333 752,974 52% 786,698 687,359 573 000 NONDEPARTMENTAL 2,277,154 71,251 3% 2,205,904 151,478 573 301 INFORMATION TECHNOLOGY 3,424,496 1,760,022 51% 1,664,474 1,644,649 573 302 IT CAPITAL 0 0 N/A - 507
573 504 OPERATING TRANSFERS 486,899 109,212 22% 377,687 0 573 740 FLEET MANAGEMENT 1,002,648 443,514 44% 559,134 575,725 FLEET & EQUIPMENT MANAGEMENT 7,191,697 2,384,249 33% 2,372,611 4,807,448 574 504 OPERATING TRANSFERS 1,206,974 27,072 2% 1,179,902 35,278 574 801 FACILITIES MANAGEMENT 1,605,709 902,117 56% 703,592 837,150 574 803 RECREATIONAL FACILITIES 1,174,459 516,622 44% 657,837 480,808 FACILITIES MANAGEMENT 3,987,142 1,445,811 36% 1,353,237 2,541,332 575 503 RISK MANAGEMENT 1,804,689 1,136,081 63% 668,608 496,681 BENEFIT PREFUNDING 1,804,689 1,136,081 63% 496,681 668,608 TOTAL EXPENDITURES $ 66,667,719 206,353,426 $ 32% 139,685,707 $ 62,201,421 $ Attachment B - FY 2025-26 - MYR Variance Report Page 4 705 Adjusted YTD YTD Remaining 12/31/2024
Fund Account Description Budget Actual % Budget Actual
101 6100 PROPERTY TAXES 12,798,109 $ 7,494,670 $ 59% 5,303,439 $ 7,244,752 $ 101 6200 SALES TAXES 4,035,018 1,412,956 35% 2,622,062 1,224,013 101 6300 OTHER TAXES 6,525,683 2,666,782 41% 3,858,901 2,625,866 101 6200 LICENSES AND PERMITS 1,227,428 179,487 15% 1,047,941 515,060 101 6300 INTERGOVERNMENTAL 438,832 247,860 56% 190,972 227,413 101 6400-6999 SERVICE CHARGES 4,713,596 2,293,422 49% 2,420,174 2,207,929 101 7100 FINES AND FORFEITURES 112,500 43,586 39% 68,914 47,232 101 7100 USE OF MONEY AND PROPERTY 1,933,685 871,534 45% 1,062,151 1,206,035 101 7200 MISCELLANEOUS 320,525 31,972 10% 288,553 12,360 101 7600 OPERATING TRANSFERS IN 894,336 0 0% 894,336 0
Subtotal GENERAL FUND 15,242,269 32,999,712 46% 15,310,659 17,757,443 102 6200 SALES TAXES 2,356,423 742,535 32% 1,613,888 725,220 102 7100 USE OF MONEY AND PROPERTY 147,529 68,528 46% 79,001 74,510 102 7200 MISCELLANEOUS 0 0 N/A - 3,900
Subtotal MEASURE I 811,063 2,503,952 32% 803,630 1,692,889 205 6300 INTERGOVERNMENTAL 65,000 34,803 54% 30,197 18,504 205 6400-6999 SERVICE CHARGES 2,387,500 850,300 36% 1,537,200 885,569 205 7100 USE OF MONEY AND PROPERTY 5,581 3,694 66% 1,887 2,819 205 7200 MISCELLANEOUS 12,500 9,853 79% 2,647 19,081
205 7600 OPERATING TRANSFERS IN 1,750,000 0 0% 1,750,000 0 Subtotal CO-SPONSORED RECREATION 898,650 4,220,581 21% 925,973 3,321,931 206 6100 LIBRARY TAXES 315,953 156,412 50% 159,541 156,412 206 7100 USE OF MONEY AND PROPERTY 30,561 2,774 9% 27,787 15,435 206 7600 OPERATING TRANSFERS IN 300,000 0 0% 300,000 0
Subtotal LIBRARY MAINTENANCE & OPS 159,186 646,514 25% 171,847 487,328 207 6400-6999 SERVICE CHARGES 170,000 92,183 54% 77,817 79,417 207 7100 USE OF MONEY AND PROPERTY 16,565 9,087 55% 7,478 8,366 207 7200 MISCELLANEOUS 0 375 N/A (375) 0
Subtotal ATHLETIC FIELD MAINTENANCE 101,645 186,565 54% 87,783 84,920 208 6400-6999 SERVICE CHARGES 5,000 3,188 64% 1,812 2,591 208 7100 USE OF MONEY AND PROPERTY 9,866 4,363 44% 5,503 4,983 Subtotal CITY TREES 7,551 14,866 51% 7,574 7,315
209 7100 USE OF MONEY AND PROPERTY 3,985 2,109 53% 1,876 2,013 209 7200 MISCELLANEOUS 9,500 2,697 28% 6,803 7,218
Subtotal PARKS AND RECREATION DONATIONS 4,806 13,485 36% 9,231 8,679 210 6200 LICENSES AND PERMITS 2,392,000 1,627,226 68% 764,774 1,696,610 210 6400-6999 SERVICE CHARGES 2,240,000 1,799,269 80% 440,731 1,933,369 210 7100 USE OF MONEY AND PROPERTY 100,463 53,916 54% 46,547 50,739 210 7200 MISCELLANEOUS 3,500 4,391 125% (891) 5,033
210 7600 OPERATING TRANSFERS IN 1,000,000 0 0% 1,000,000 0 Subtotal DEVELOPMENT SERVICES 3,484,802 5,735,963 61% 3,685,752 2,251,161

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Revenues
as of 12/31/2025
Attachment B - FY 2025-26 - MYR Variance Report Page 5 706 Adjusted YTD YTD Remaining 12/31/2024
Fund Account Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Revenues
as of 12/31/2025
212 6400-6999 SERVICE CHARGES 500,000 238,098 48% 261,902 193,955 212 7100 USE OF MONEY AND PROPERTY 56,843 15,516 27% 41,327 28,709 212 7600 OPERATING TRANSFERS IN 700,000 0 0% 700,000 0
Subtotal GENERAL PLAN MAINTENANCE 253,614 1,256,843 20% 222,664 1,003,229 223 6100 PROPERTY TAXES 18,796,325 9,680,846 52% 9,115,479 9,080,832 223 6300 INTERGOVERNMENTAL 92,838 27,170 29% 65,668 6,415 223 7100 USE OF MONEY AND PROPERTY 1,009,198 468,841 46% 540,357 783,428 223 7200 MISCELLANEOUS 0 6,441 N/A (6,441) 3,597
Subtotal BELMONT FIRE PROTECTION DISTRI 10,183,298 19,898,361 51% 9,874,271 9,715,063 225 7100 USE OF MONEY AND PROPERTY 1,482 681 46% 801 748 225 7200 MISCELLANEOUS 0 0 N/A - 452
Subtotal PUBLIC SAFETY GRANTS 681 1,482 46% 1,201 801
227 6300 INTERGOVERNMENTAL 186,739 40,407 22% 146,332 134,085 227 7100 USE OF MONEY AND PROPERTY 4,392 2,730 62% 1,662 2,218 Subtotal SUPPLEMENTAL LAW ENFORCEMENT 43,137 191,131 23% 136,303 147,994 231 6300 INTERGOVERNMENTAL 803,169 351,289 44% 451,880 366,506 231 6400-6999 SERVICE CHARGES 740,626 127,300 17% 613,327 382,441 231 7100 USE OF MONEY AND PROPERTY 62,499 31,254 50% 31,245 31,565 231 7200 MISCELLANEOUS 0 786 N/A (786) 200
231 7600 OPERATING TRANSFERS IN 1,300,000 0 0% 1,300,000 0 Subtotal STREET MAINTENANCE 510,629 2,906,294 18% 780,712 2,395,666 232 6300 INTERGOVERNMENTAL 737,936 330,124 45% 407,812 324,336 232 7100 USE OF MONEY AND PROPERTY 17,908 11,364 63% 6,544 9,044 Subtotal RMRA STREET PROJECT 341,488 755,844 45% 333,381 414,356 233 6300 OTHER TAXES 416,695 141,955 34% 274,740 136,996 233 7100 USE OF MONEY AND PROPERTY 95,966 40,047 42% 55,919 48,468 Subtotal MEASURE W 182,002 512,661 36% 185,463 330,659
234 6200 SALES TAXES 939,824 398,889 42% 540,935 387,773 234 6200 LICENSES AND PERMITS 0 0 N/A - 3,180
234 6300 INTERGOVERNMENTAL 50,000 0 0% 50,000 41,398
234 7100 USE OF MONEY AND PROPERTY 124,152 64,173 52% 59,979 62,703 234 7200 MISCELLANEOUS 5,000 2,100 42% 2,900 13,274
Subtotal STREET IMPROVEMENT 465,162 1,118,976 42% 508,329 653,814 237 6400-6999 SERVICE CHARGES 220,150 7,111 3% 213,039 153,520 237 7100 USE OF MONEY AND PROPERTY 5,629 10,016 178% (4,387) 2,843 Subtotal TRAFFIC IMPACT 17,126 225,779 8% 156,362 208,653 239 6400-6999 SERVICE CHARGES 29,750 110,000 370% (80,250) 0 239 7100 USE OF MONEY AND PROPERTY 17,133 9,595 56% 7,538 8,653 Subtotal PUBLIC ART 119,595 46,883 255% 8,653 (72,712)
Attachment B - FY 2025-26 - MYR Variance Report Page 6 707 Adjusted YTD YTD Remaining 12/31/2024
Fund Account Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Revenues
as of 12/31/2025
275 6300 INTERGOVERNMENTAL 500,000 0 0% 500,000 0
275 7100 USE OF MONEY AND PROPERTY 164,086 75,487 46% 88,599 117,082 Subtotal AFFORDABLE HOUSING 75,487 664,086 11% 117,082 588,599 277 6400-6999 SERVICE CHARGES 0 0 N/A - 180,503
277 7100 USE OF MONEY AND PROPERTY 42,389 21,493 51% 20,896 21,409 Subtotal INCLUSIONARY HOUSING FUND 21,493 42,389 51% 201,911 20,896 308 7100 USE OF MONEY AND PROPERTY 23,797 10,752 45% 13,045 12,019 Subtotal GENERAL FACILITIES 10,752 23,797 45% 12,019 13,045 310 7100 USE OF MONEY AND PROPERTY 91,912 44,475 48% 47,437 46,420 310 7200 MISCELLANEOUS 0 564 N/A (564) 0
Subtotal INFRASTRUCTURE REPAIR 45,039 91,912 49% 46,420 46,873 312 6300 OTHER TAXES 46,442 0 0% 46,442 0
312 7100 USE OF MONEY AND PROPERTY 17,151 7,088 41% 10,063 8,662 Subtotal PEG 7,088 63,593 11% 8,662 56,505
341 7100 USE OF MONEY AND PROPERTY 34,146 7,848 23% 26,298 17,246 341 7600 OPERATING TRANSFERS IN 392,954 0 0% 392,954 0
Subtotal PLANNED PARK 7,848 427,100 2% 17,246 419,252
342 6400-6999 SERVICE CHARGES 30,940 11,658 38% 19,282 17,050 342 7100 USE OF MONEY AND PROPERTY 28,028 21,188 76% 6,840 14,156 Subtotal PARK IMPACT FEES 32,846 58,968 56% 31,206 26,122 343 7100 USE OF MONEY AND PROPERTY 3,671 1,060 29% 2,611 1,854 Subtotal OPEN SPACE 1,060 3,671 29% 1,854 2,611
399 6300 INTERGOVERNMENTAL 9,851,270 282,273 3% 9,568,997 544,462 399 7100 USE OF MONEY AND PROPERTY 168,046 56,191 33% 111,855 93,770 399 7200 MISCELLANEOUS 440,000 500,000 114% (60,000) 0
399 7600 OPERATING TRANSFERS IN 43,538,074 5,111,995 12% 38,426,079 4,510,406 Subtotal CAPITAL IMPROVEMENT PROJECTS 5,950,459 53,997,390 11% 5,148,638 48,046,931 406 6100 LIBRARY TAXES 703,250 348,143 50% 355,107 348,143 406 7100 USE OF MONEY AND PROPERTY 10,784 2,743 25% 8,041 5,446 Subtotal LIBRARY BOND DEBT SERVICE 350,886 714,034 49% 353,590 363,148 501 6400-6999 SERVICE CHARGES 17,509,970 8,721,403 50% 8,788,566 7,833,487 501 7100 USE OF MONEY AND PROPERTY 2,727,922 1,043,663 38% 1,684,259 1,377,738 Subtotal SEWER ENTERPRISE-OPERATIONS 9,765,067 20,237,892 48% 9,211,225 10,472,825 Attachment B - FY 2025-26 - MYR Variance Report Page 7 708 Adjusted YTD YTD Remaining 12/31/2024
Fund Account Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Revenues
as of 12/31/2025
503 6400-6999 SERVICE CHARGES 0 0 N/A - 21,914
503 7200 MISCELLANEOUS 0 1,147 N/A (1,147) 0
505 6400-6999 SERVICE CHARGES 12,025 0 0% 12,025 0
505 7100 USE OF MONEY AND PROPERTY 127,102 65,513 52% 61,589 0 505 7600 OPERATING TRANSFERS IN 2,853,016 2,853,015 100% 1 5,830,546 Subtotal SEWER ENTERPRISE-TREATMENT PLN 2,918,529 2,992,143 98% 5,830,546 73,614 507 6400-6999 SERVICE CHARGES 3,244,778 1,623,905 50% 1,620,872 1,574,490 507 7100 USE OF MONEY AND PROPERTY 240,137 48,467 20% 191,670 121,281 507 7200 MISCELLANEOUS 0 0 N/A - 240,000
Subtotal SEWER TREATMENT FACILITY 1,672,373 3,484,915 48% 1,935,771 1,812,542 525 6300 INTERGOVERNMENTAL 0 0 N/A - 17,689
525 6400-6999 SERVICE CHARGES 1,208,663 511,989 42% 696,675 532,888 525 7200 MISCELLANEOUS 58,000 0 0% 58,000 67,779
525 7600 OPERATING TRANSFERS IN 850,000 0 0% 850,000 0
Subtotal STORM DRAINAGE 502,512 2,116,663 24% 615,014 1,614,152 530 6300 OTHER TAXES 207,567 83,633 40% 123,935 82,030
530 6400-6999 SERVICE CHARGES 465,298 188,173 40% 277,124 184,566 530 7100 USE OF MONEY AND PROPERTY 102,803 53,513 52% 49,290 51,921 Subtotal SOLID WASTE 325,319 775,668 42% 318,516 450,349 570 6400-6999 SERVICE CHARGES 968,064 444,871 46% 523,193 429,240 570 7100 USE OF MONEY AND PROPERTY 87,427 42,671 49% 44,756 44,155 570 7200 MISCELLANEOUS 35,000 68,350 195% (33,350) 53,441 Subtotal WORKER'S COMPENSATION 555,893 1,090,491 51% 526,836 534,598 571 6400-6999 SERVICE CHARGES 999,998 499,999 50% 499,999 400,002 571 7100 USE OF MONEY AND PROPERTY 138,063 68,231 49% 69,832 69,729 571 7200 MISCELLANEOUS 0 706,645 N/A (706,645) 145
Subtotal LIABILITY INSURANCE 1,274,875 1,138,061 112% 469,876 (136,814) 573 6400-6999 SERVICE CHARGES 5,529,092 2,764,546 50% 2,764,546 2,526,195 573 7100 USE OF MONEY AND PROPERTY 287,871 160,994 56% 126,877 145,390 573 7200 MISCELLANEOUS 0 0 N/A - 135
573 7500 OTHER FINANCING SOURCES 0 0 N/A - 6,485
Subtotal FLEET & EQUIPMENT MANAGEMENT 2,925,540 5,816,963 50% 2,678,205 2,891,423 574 6400-6999 SERVICE CHARGES 2,854,175 1,427,088 50% 1,427,087 1,352,664 574 7100 USE OF MONEY AND PROPERTY 372,717 184,283 49% 188,434 174,933 574 7200 MISCELLANEOUS 0 38,300 N/A (38,300) 0
Subtotal FACILITIES MANAGEMENT 1,649,671 3,226,892 51% 1,527,597 1,577,221 Attachment B - FY 2025-26 - MYR Variance Report Page 8 709 Adjusted YTD YTD Remaining 12/31/2024
Fund Account Description Budget Actual % Budget Actual

CITY OF BELMONT
Statement of Revenues and Expenditures
Budget Variance Report
December 31, 2025
Revenues
as of 12/31/2025
575 6400-6999 SERVICE CHARGES 1,546,308 721,130 47% 825,178 720,281 575 7100 USE OF MONEY AND PROPERTY 56,084 27,320 49% 28,765 28,325 Subtotal BENEFIT PREFUNDING 748,450 1,602,392 47% 748,607 853,942 704 7100 USE OF MONEY AND PROPERTY 13,354 6,643 50% 6,711 6,745 Subtotal SPECIAL ASSESSMENT DISTRICT 6,643 13,354 50% 6,745 6,711 171,818,266 61,675,679 36% 62,826,944 110,142,586
TOTAL REVENUES $ 61,675,679 171,818,266 $ 36% 110,142,586 $ 62,826,944 $ Attachment B - FY 2025-26 - MYR Variance Report Page 9 710 Agency LAIF (State Investment
Pool)
SM County Investment
Pool (No Longer
Accepting New
Accounts)
LGIPs (JPA Investment
Pools)
Externally Managed/
Other
City of Brisbane X X
City of Burlingame X X X
City of Daly City XXXX
City of East Palo Alto X X X
Town of Hillsborough X X
City of Millbrae XXXX
City of Pacifica X X
City of San Bruno X X
City of San Carlos X X
City of San Mateo X X X
City of South San Francisco X X
Town of Woodside X
Liquidity Pool Survey of Neighboring Cities
711
1 CITY OF BELMONT

INVESTMENT POLICY

1.0 Policy:

It is the policy of the City of Belmont to invest public funds in a manner which will maximize security, liquidity, return on investment, followed by meeting the daily cash flow demands of the entity and then provide the highest investment return consistent with, and conforming to, all state and local statutes governing the investment of public funds.

2.0 Scope:

This investment policy applies to all investments as defined by the State of California Government Code accounted for in the City of Belmont’s Annual Comprehensive Financial Report (ACFR).

3.0 Prudence:

Investments shall be made with judgment and care – under circumstances then prevailing – which persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.The City’s investment philosophy is based on the Prudent Investor Standard as set forth in California Government Code 53600.3:
“…all governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard. When investing, reinvesting, purchasing, acquiring, exchanging, selling, or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including, but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency. Within the limitations of this section and considering individual investments as part of an overall strategy, investments may be acquired as authorized by law.”

3.1 The standard of prudence to be used by investment officials shall be the “prudent person” standard and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and the investment policy and exercising due diligence shall be relieved of personal responsibility 712
2 for an individual security’s credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments.

4.0 Objectives:

The City’s investment of funds will be guided by the following primary objectives, listed in priority order, while also meeting the ongoing objective of assuring compliance with Federal, State, and local laws governing investment of public fundsof the City of Belmont’s investment activities shall be:

4.1 Safety: Safety of principal is the foremost objective of the investment program. Investments of the City of Belmont shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, the City will seek to minimize credit risk by diversification is required in ordersuch that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio. Funds invested with the California Local Agency Investment Fund administered by the California State Treasurer meet this requirement for diversification.

4.2 Liquidity: The City of Belmont’s investment portfolio will remainmaintain sufficiently cash and short-term investment instruments liquid which shall to enable the City of Belmont to meet all operating requirements as reasonably anticipated.

4.3 Return on Investments: The City of Belmont’s investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, commensurate with the City of Belmont’s investment risk constraints and the cash flow characteristics of the portfolio.

5.0 Delegation of Authority:

No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Finance Director/City Treasurer. The Finance Director/City Treasurer shall be responsible for all investment transactions undertaken and shall establish a system of internal controls to regulate the activities of authorized personnel, pursuant to Belmont Municipal Code Chapter 2, Article III, Section 2-53.
713
3 .

6.0 Ethics and Conflicts of Interest:

All officials, staff members, and consultants Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions. All investment personnel shall comply with reporting requirements of applicable State laws including annual filing of a Statement of Economic Interest. Employees and investment officialsAll officials, staff members and consultants shall disclose to the Belmont City Clerk any personal financial positions and material financial interests in financial institutions that conduct business within this jurisdictioncould be related to the City’s cash and investment portfolio.

7.0 Diversification:

The City shall diversify its investments within the parameters of this Policy to avoid incurring unreasonable risks inherent in over-investing in specific instruments, individual financial institutions or maturities. Nevertheless, the asset allocation in the investment portfolio should remain flexible depending upon the outlook for the economy, the securities markets, and the City’s anticipated cash flow needs.

Funds invested with the State, County, or other Joint Powers Authority administered investment pools, in accordance with California Government Code Sections 16429.1, 53600-53609 and 53630-53686, meet this requirement for diversification.

8.0 Authorized Investments
All investments and deposits of the City shall be made in accordance with California Government Code Sections 16429.1 and 53600 et seq., and in compliance with the Local Agency Investment Guidelines published by the State Treasurer’s Office. Any amendments to these code sections will be assumed to be part of this Policy immediately upon being enacted.

714
4 97.0 Reporting:

The Finance Director/City Treasurer shall provide to the City Council monthly investment financial reports at least once per quarter which provide a clear picture of the status of the current investment portfolio.

Schedules in the monthly financial report should include the following:
- A listing of individual securities held at the end of the reporting period by authorized investment category.
- Final maturity of all investments listed.
- Coupon, discount, or earnings rate.
- Par value and market value.
108.0 Investment Policy Adoption:

The City of Belmont’s investment policy shall be accepted by the City Council.

The policy shall be reviewed annually, and any modifications made thereto must be approved by the City Council.
715

Commission Appointments 2026 - Staff Report

STAFF REPORT
Meeting Date: February 24, 2026
Agency: City of Belmont
Staff Contact: Jozi Plut, City Clerk, [email protected], 650-595-7414 Agenda Title: Appointment to City Commissions
Agenda Action: Motion
Recommendation
(1) Motion to appoint at least one resident to the Planning Commission; (2) Motion to appoint at least two residents as voting members and two non-voting youth members to the Parks, Recreation and Culture Commission.

Strategic Focus Area
Fiscal and Organizational Sustainability
Background
The City of Belmont has two Commissions, and a Committee. During the Months of November 2025 to January 2026, the City of Belmont held an open recruitment for applicants to fill open positions on the Planning Commission, and Parks, Recreation and Culture Commission. Each Commission is charged with advising the City Council on policy matters and completing assignments as directed by the City Council.

Some bodies like the Planning Commission have a regulatory role.

The Planning Commission serves as both a regulatory and quasi-judicial body. The Commission is responsible for making land use decisions or forwarding recommendations to the City Council in accordance with State law, City’s General Plan, and other applicable regulations, including the Zoning Ordinance, the Belmont Village Specific Plan, and adopted area plans.

At this time, up to five commission seats are potentially available. This includes up to three seats on the Planning Commission, should the Council elect to maintain a seven-member Commission, as well as up to two voting member seats on the Parks, Recreation, and Culture Commission. In addition, there are two non-voting youth member positions available on the Parks, Recreation, and Culture Commission.

Depending on its preferred structure, the Council may choose to fill five or up to seven total seats across the two commissions.

The Planning Commission currently consists of six members. Two commissioners have reached the end of their respective terms, and one additional seat was vacated due to a resignation in March 2025. As a result, the City Council has the opportunity to consider the overall composition of the Commission. The Council may determine whether to seat a five- or seven-member Planning Commission. If the Council elects to establish a seven-member Commission, three appointments would be required and may be made 716

Commission Appointments 2026 - Staff Report – Commission Appointments 2026 for the standard three-year term. Alternatively, if the Council chooses to maintain a five-member Commission, only one appointment would be necessary at this time.

The Parks, Recreation, and Culture Commission currently consists of seven voting members. Two commissioners have reached the end of their respective terms. If the Council chooses not to make an appointment from among the current applicants, the commission could function as a five-member commission. To maintain a seven-member voting Commission, the City Council would need to make two appointments. In addition, the Commission includes two non-voting youth member positions, which also require appointment to ensure full participation and representation.

Analysis
The City Council conducted panel interviews of all applicants seeking appointment to the Planning Commission and the Parks, Recreation, and Culture Commission. The interviews provided Councilmembers with the opportunity to evaluate each applicant’s qualifications, experience, and interest in serving, as well as their understanding of the respective commission’s roles and responsibilities.

The applicants for each body are as follows:

Planning Commission Applicants
o Joanne Adamkewicz (I)
o Cherry Twigg (I)
o Brent Takahashi
o Hetal Vasavada
o Daum Wolfgang
o Kiran Mehta
Parks, Recreation and Culture Commission Applicants
o Bubby Whitmore (I)
o Joyce Bellomo
o Priya Premchandran
Non-Voting (youth) Applicants
o Gracie Huang (I)
o Shivitha Sathyanarayanan
o Arielle Hallinan
o Allison Wright
o Alexa Shen
o Jennifer Wei
*(I) – Incumbent
Following the interviews and consideration of the applicants’ backgrounds, the City Council will now deliberate and determine appointments to fill the available seats. In doing so, the Council may consider factors such as professional experience, community involvement, diversity of perspectives, and alignment with the duties of each commission. The Council’s action will formally appoint members to the respective commissions for the applicable term lengths and establish the composition of each body moving forward. 717

Commission Appointments 2026 - Staff Report – Commission Appointments 2026 Alternatives

1. Council may direct staff to reopen recruitment to seek additional candidates Attachments
A. None
Fiscal Impact
☒ No Fiscal Impact
☐ Funding Source Confirmed:

Source: Purpose: Public Outreach:

Staff Statutory/Contractual Requirement Posting of Agenda 718