FISCAL YEAR 2026-27 BUDGET ADOPTION
June 9, 2026
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
TOPICS
BUDGET RECAP
VISION
GOALS
FISCAL YEAR (FY) 2026-27 BUDGET PROCESS
Feb. 24, 2026: FY 2025-26 Midyear Budget Review/Financial Update March 3, 2026: City Council Strategic Planning Workshop May 18, 2026: Measure I Advisory Committee Meeting
May 26, 2026: Proposed Budget Intro to City Council
June 2, 2026: Planning Commission Meeting
June 5, 2026: Audit Committee Review
June 9, 2026: City Council Public Hearing & Adoption
VISION
GOALS
BUDGET OVERVIEW
(IN MILLIONS)
FY
143.75
TOTAL PERSONNEL
(-1.0 FTE)
FY 2026-27
PROPOSED
BUDGET
OPERATING BUDGET (CITY) $67.1
OPERATING BUDGET (FIRE) $15.8
TOTAL OPERATING BUDGET $82.9
CAPITAL IMPROVEMENTS (CITY) $11.9
CAPITAL IMPROVEMENTS (FIRE) $0.1
TOTAL BUDGET $94.9
VISION
GOALS
GENERAL FUND SUMMARY
(IN MILLIONS)
Use of General Fund
reserves is needed to
balance budget this
fiscal year
VLF loss in FY 2025-26 = $0.6 million
VLF not budgeted in FY 2026-27 = $1.8 million
* One-time departmental target savings in FY 2026-27 budget development, primarily driven by delayed recruitment of vacant positions.
FY 2026-27
PROPOSED
BUDGET
RESOURCES $35.3
REQUIREMENTS $36.1
ONE-TIME SAVINGS * $0.3
RESOURCES (UNDER) REQUIREMENTS ($0.5)
USE OF UNASSIGNED FUND BALANCE $0.5
IMPACT OF STATE TAKEAWAYS
STATE TAKEAWAY OF PROPERTY TAXES
• The State continues to exclude funding of outstanding obligations in property tax in lieu of VLF (VLF) in the State’s proposed budget. For the first time, only 2/3 of the FY 2023-24 shortfall was reimbursed in FY 2025-26, compared to full reimbursements in past years.
FY 2025-26: Remaining 1/3 = lose $0.6 million
FY 2026-27: Belmont stands to lose $1.8 million
over 50% of Belmont’s Local 1% Sales Tax revenue
• If the State stops shortfall reimbursements, the General Fund impact is a loss of over $30 million over 10 years
• A fully funded VLF is 15% of total General Fund operations
GENERAL FUND PROJECTION
WITHOUT VLF FUNDING (IN MILLIONS)
$(20)
$(15)
$(10)
$(5)
$-
$5
$10
$15
$20
$25
$30
$35
2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 33% Target
2033-34 2034-35 2035-36
Worst Case Scenario:
Projection assumes
the State does NOT
fulfill its VLF funding
obligations
VISION
GOALS
CAPITAL IMPROVEMENT PLAN OVERVIEW
IN MILLIONS
$12.0M
FY 2026-27 CIP
Proposed Budget
Technology (1%)
Parks & Open Space (1%)
Facilities (3%)
Streets (45%)
Sewer/Storm (50%)
VISION
GOALS
BELMONT FIRE PROTECTION DISTRICT PROJECTION
IN MILLIONS
$-
$10
$20
$30
$40
$50
2026-27 2027-28 2028-29 2029-30 2030-31
Capital Reserve
(New Fire
Station)
RESOLUTIONS
VISION
GOALS
RESOLUTIONS
FY 2026-27 PROPOSED BUDGET
City of
Belmont
• $67.1M Operating Budget
• $11.9M Capital Improvement Program
• 143.75 FTEs--permanent staffing
• Establishes positions and classifications
• City Manager may revise permanent staffing plan provided personnel count does not exceed authorized positions
Belmont Fire
Protection
District
• $15.8M Operating Budget
• $0.1M Capital Improvement Program
VISION
GOALS
RESOLUTIONS
APPROPRIATIONS (GANN) LIMIT
• Limit grows from actual appropriations in the base 1978-79 fiscal year
• Calculated annually based on adjustment factors
• Growth in California per capita income or growth in assessed valuation due to non- residential new construction within the City • Growth in population within the City or County
• For both the City and BFPD, the two factors yielding the most favorable appropriations limit for FY 2026-27 were:
• Growth in the California per capita income
• Population growth within the County of San Mateo
VISION
GOALS
RESOLUTIONS
LIBRARY COMMUNITY FACILITIES DISTRICT
Authorized Annually
To collect the special tax on the property
tax rolls
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
RECOMMENDATIONS
Confirm that CIP projects are in compliance
with the General Plan and Belmont Village
Specific Plan
Planning Commission
Recommended Budget Adoption
Audit Committee
BUDGET RECAP
RESOLUTIONS
RECOMMENDATIONS
CONCLUDING ACTIONS
NEXT STEPS
CONCLUDING ACTIONS
Council Questions
Public Hearing
Resolution Adoption