FY 25-26 4th Quarter Budget
Report
Trey Hunter, Acting Budget Director
September 8, 2026
1 2
FY 2025-26 Q4 Summary
Positive operating results are projected for all enterprises and CleanPowerSF .
All enterprises meeting financial policy targets.
• Water: : Wholesale revenues remain below budget due to lower volumes, partially offset by higher interest income and slightly higher retail sales. Overall, the revenue shortfall is largely offset by personnel and non-personnel savings, including significant debt service savings. • Wastewater: Overall revenues are above budget due to higher interest income, partially offset by customer refunds and Q4 stormwater billing corrections. On the uses side, personnel and non- personnel operating savings are expected, partially offset by debt service. • Power: Retail revenues are below budget due to lower demand, partially offset by higher wholesale revenues and interest income. On the uses side, personnel and non-personnel operating savings are expected, along with lower power purchase costs due to increased generation and savings. • CleanPowerSF: Revenues projected to be below budget due to rate decrease effective March 1 st and
lower demand. On the uses side, lower power contingency needs, continued savings in energy and short-term renewable costs, and an unspent general reserve budget are expected to contribute to overall savings.
FY 2025-26 Water Budget Variances
Net Operating Result: $21.4M
Overall revenues down ($16.1) and cost savings of $37.6M leading to positive operating results $21.4M.
Total net impact on fund balance is $18.5M after legal settlements $3.0M.
Sources
• $4.0M or 1.1% retail water sales
• ($20.4M) or -5.4% wholesale water sales
• ($8.9M) or -44.8% in federal bond interest subsidy, offset with debt savings below • $9.2M or 27.9% other sources, including interest income, installation charges and revenue transferred to Wastewater for Customer Assistance Program Uses
• $29.5 or 8.0% debt service due to 2025 bond refunding • $3.2M or 2.6% personnel
• $2.2M or 2.8% bureau overhead
• $1.2M or 3.5% services of other departments
• $0.8M or 100% general reserve
• $0.7M or 2.5% non personnel services
FY 2025-26 Wastewater Budget
Variances
Net Operating Result: $10.6M
Overall revenues up $7.0M and cost savings of $3.6M leading to positive operating results $10.6M.
Total net impact on fund balance is $10.4M after legal settlements $0.2M.
Sources
• ($7.0) or -1.4% sewer service charges, in line with prior year trends • $14.0M or 138.1% other sources including interest income and Federal Bond Interest Subsidy
Uses
• ($2.2M) or -1.5% debt service
• $2.6M or 2.8% personnel
• $1.2M or 2.1% bureau overhead
• $0.9M or 100% general reserve
• $0.7M or 1.5% services of other departments
• $0.4M or 2.4% material and supplies
FY 2025-26 Power Budget
Variances
Net Operating Result: $66.8M
Overall revenues down ($0.2M) and cost savings of $67.0M leading to positive operating results $66.8M.
Sources
• ($12.8M) or -5.4% retail sales
• ($2.2M) or -10.0% gas & steam sales
• $3.7M or 13.0% wholesale sales
• $11.2M or 122.2% other sources, including interest earnings and other miscellaneous income
Uses
• $52.1M or 34.8% purchase of power
• $7.8M or 28.1% gas & steam
• $1.7M or 2.7% personnel
• $3.0M or 5.6% non personnel services
• $0.9M or 9.2% services of other departments
• $0.7M or 2.1% bureau overhead
• $0.8M or 100% general reserve
FY 2025-26 CleanPowerSF
Budget Variances
Net Operating Result: $71.3M
Overall revenues down ($34.3M) due to rate decrease in March and cost savings of $105.6M leading to positive operating results $71.3M.
Sources
• ($41.9M) or -9.5% power sales
• $7.6M or 231.9% other sources, including interest income Uses
• $64.1M or 17.7% purchase of power
• $40.3M or 100% general reserve
• $0.7M or 7.5% personnel
• $0.3M or 2.8% bureau overhead
• $0.2M or 9.7% services of other departments
7 Key Financial Policy Targets
Fund Balance Reserve
Water Wastewater Hetchy
Power
Clean
Power
SF
25%-68% of Annual Operating Uses 56.6% 60.1% 121.9% 83.0%* Debt Service Coverage Reserve
Indenture Basis ≥ 1.35x 1.92 2.76 21.35
Current Basis ≥ 1.10x 1.35 1.88 11.34
*CleanPowerSF’s Fund Balance Reserve Policy: build fund balance reserve to min of 41% (150 days) & target of 49% (180 days) of operating expenditures between FY 21-22 and FY 24-25 Questions?
8 Financial Services
525 Golden Gate Avenue, 4th Floor
San Francisco, CA 94102
T 415.934.5707
F 415.554.1877
OUR MISSION: To provide our customers with high-quality, efficient and reliable water, power and sewer services in a manner that values environmental and community interests and sustains the resources entrusted to our care.
Date: September 8, 2026
To: Commissioner Joshua Arce, President
Commissioner Steve Leveroni, Vice President
Commissioner Avni Jamdar
Commissioner Kate Stacy
Commissioner Meghan Thurlow
Through: Dennis J. Herrera, General Manager
From: Nancy L. Hom, Chief Financial Officer and Assistant General Manager, Business Services
Subject: SFPUC FY 2025-26 Fourth Quarter Budgetary Report through June 2026
The FY 2025-26 fourth quarter budgetary reports are attached for the three Enterprises and CleanPowerSF, with high-level changes to revenues and expenses summarized in the following table:
Beginning
Available
Fund
Balance
Fund
Balance
Budgeted
to be
(Used)
FY 2025-26 Operations
Projected
Year End
Available
Fund
Balance
Projected
Sources
Projected
Uses
(excluding
Capital)
Net
Operating
Results
Surplus /
(Shortfall)
Mid-year
Adjustments
to Fund
Balance
Water 218.5 (33.0) (16.1) 37.6 21.4 (3.0) 203.9
Wastewater 181.3 (34.6) 7.0 3.6 10.6 (0.2) 157.1
Power 246.6 (33.4) (0.2) 67.0 66.8 - 280.0
CleanPowerSF 216.5 - (34.3) 105.6 71.3 - 287.8
Summary:
• Positive Q4 operating results are projected for all enterprises and CleanPowerSF. Overall trends continue from Q3.
• Water: Wholesale revenues remain below budget due to lower volumes. This is partially offset by higher interest income and slightly higher retail sales. Overall, revenue gaps are largely offset by personnel savings and non-personnel savings including significant debt service savings. The debt service savings are primarily attributable to the 2025 Water revenue bond refunding, which helps mitigate the loss of the Build America Bonds subsidy.
• Wastewater: Overall sources are above budget due to higher interest income. This is partially offset by large refunds for municipal and non-residential customers, and corrections to stormwater billings in Q4. On the expense side, personnel and non-personnel operating savings are expected, partially offset by higher than budget debt service due to the first interest payment on the WIFIA loan for the Biosolids Digester Facilities Project, following earlier-than-expected fund drawdowns.
• Power: Retail revenues are below budget from lower demand, offset by higher wholesale revenues from resource adequacy sales and higher interest income. On the uses side, increased savings are projected in power purchase costs due to increased generation, along with power purchase savings. A large
carryforward balance and the contingency budget are also projected to remain unspent, contributing to overall savings. • CleanPowerSF: Retail revenues remain significantly lower than budget due to mid-year rate decrease effective March 1, 2026.
Wholesale sales remain higher than budget due to resource adequacy sales. On the uses side, lower power contingency needs, continued lower energy and short-term renewable costs, and a general reserve budgeted to go unspent to build reserves contribute to overall savings.
• All enterprises are exceeding financial policy minimums and coverage ratios at year end.
If you have questions, please contact me at [email protected].
cc:
Ronald Flynn, Deputy GM, SFPUC
Michael Hyams, Acting AGM, Power Enterprise, SFPUC
Joel Prather, AGM, Wastewater Enterprise, SFPUC
Steve Ritchie, AGM, Water Enterprise, SFPUC
Stephen Robinson, AGM, Infrastructure, SFPUC
Wendy Macy, Chief People Officer, SFPUC
Laura Busch, Deputy Chief Financial Officer, SFPUC
Trey Hunter, Acting Budget Director, SFPUC
Sophia Kittler, Budget Director, Mayor’s Office
Greg Wagner, Controller
Attachments:
Appendix A Water Enterprise
Appendix B Wastewater Enterprise
Appendix C Hetch Hetchy Water & Power, including the Power Enterprise
Appendix D CleanPowerSF
FY 2024-25
Actuals
Original
Budget
Revised
Budget
(includes
carryforwards)
Projection
(current year
spending)
Variance
(Projection vs
Revised Budget)
Sources
Retail Water Sales 346.9 362.5 362.6 366.6 4.0 A Wholesale Water Sales 362.2 377.0 377.0 356.6 (20.4) B Interest Income 12.0 1.9 1.9 13.3 11.4 C Rental Income 7.8 10.0 10.0 7.8 (2.3) D Miscellaneous Income 17.3 21.1 21.1 21.1 0.0 Departmental Transfer Adjustment (49.3) (54.1) (54.1) (54.1) - Federal Bond Interest Subsidy 22.8 19.9 19.9 11.0 (8.9) E Appropriated/Budgeted Use of Fund Balance - 33.0 65.6 65.6 - Total Sources 719.7 771.2 803.9 787.8 (16.1) Operating Uses
Personnel 118.1 126.9 124.9 121.7 3.2 F Non-Personnel Services 22.5 20.8 28.3 27.6 0.7 G Materials and Supplies 21.9 20.3 23.7 23.7 - Equipment 3.5 3.7 9.9 9.9 - Overhead (SFPUC Bureaus) 62.4 68.4 78.4 76.3 2.2 H Services of Other Departments 32.1 35.7 34.2 33.0 1.2 I Debt Service 300.4 367.0 367.0 337.5 29.5 J General Reserve - 0.8 0.8 - 0.8 K Total Operating Uses 560.9 643.6 667.1 629.6 37.6 Net Operating Results 158.8 158.2 21.4 Other Impacts to Operating Budget FY 2024-25
Actuals
Current Year
Transfers from
Operating
Total
Available
Funds
Projection
(current & future
years spending)
Variance
Capital Projects 65.1 95.4 263.9 263.9 - Facilities Maintenance/Programmatic 30.2 32.2 68.5 68.5 - Legal Settlements 2.7 - - 3.0 (3.0) L Total Adjustments to Operating Fund Balance $ 98.1 $ 127.6 $ 332.4 $ 335.4 $ (3.0) Available Fund Balance as of Fiscal Year-End $ 218.5 $ 203.9 Available Fund Balance, % of Operating Uses (M) 25-68% 75.2% 56.6% Debt Service Coverage (Year-End Budgetary Basis) (N)
Indenture Basis (includes Available Fund Balance) (O) ≥ 1.35 2.17 1.78 1.92 Current Basis (P) ≥ 1.10 1.57 1.28 1.35 Appendix A
WATER ENTERPRISE OPERATING FUNDS
FY 2025-26 4th Quarter - Budgetary Basis, Funds 25940, 25950, 25990, 25960, 26570, 26600, 26510 & 26603 ($ Millions)
FY 2025-26
Appendix A
WATER ENTERPRISE OPERATING FUNDS
FY 2025-26 4th Quarter - Budgetary Basis, Funds 25940, 25950, 25990, 25960, 26570, 26600, 26510 & 26603 ($ Millions)
Revenue Variances
I. Savings reflect savings from other City Departments.
F. Savings due to vacant positions.
E. Mainly due to the refunding of 2010B and 2010E Build America Bonds. Also includes federal subsidy on 525 Golden Gate COPs.
D. Rental income projected to be below budget due to transfer to Wastewater to fund discount programs, offset by higher lease renewals.
C. Interest income projected to exceed budget due to higher interest rates.
H. Savings reflect lower spending in bureau allocation based on bureau personnel spending and vacancies.
P. Calculated as ratio between (a) Total Sources plus any appropriated fund balance, plus Capacity Charges, less Operating Uses less Facilities Maintenance/Programmatic, excluding all revenues and expenses related to the 525 Golden Gate COPs, and (b) Debt Service. SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of
1.10 times.
A. Retail water sales of 54.2 MGD represents a 0.8% increase from FY 24-25 actuals of 53.8 MGD and a 0.5% increase from budget of 54.0 MGD.
B. Wholesale water sales of 125.4 MGD represents a 2.0% decrease from FY 24-25 actuals of 128.0 MGD and a 5.1% decrease from budgeted volumes of 132.1 MGD.
Expenditure Variances
M. Calculated as Ending Available Fund Balance (including additions to General Reserve) as a percent of Operating Uses plus Facilities Maintenance/Programmatic Uses. SFPUC's Fund Balance Reserve Policy requires this to be within a range of 25-68%.
J. Due to the delay of payment for the Westside Recycled Water SRF loan, lower payment for Mt Tunnel Improvement Project and savings from the 2025 Water Revenue Refunding Bonds Series ABCF.
Other Notes
K. $0.8M in general reserve.
L. Expected legal settlements.
N. Additional expenses that are included in debt service calculations are not shown in this operating fund report.
O. Calculated as ratio between (a) Total Sources plus Beginning Available Fund Balance plus Capacity Charges, less Operating Uses less Facilities Maintenance/Programmatic, excluding all revenues and expenses related to the 525 Golden Gate COPs, and (b) Debt Service. The Indenture requires this ratio to be a minimum of 1.25 times, and SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of 1.35 times.
G. Savings reflect lower spending associated with customer rebate and incentive programs.
FY 2024-25
Actuals
Original
Budget
Revised
Budget
(includes
carryforwards)
Projection
(current year
spending)
Variance
(Projection vs
Revised Budget)
Sources
Sewer Service Charges 430.0 480.2 480.3 473.3 (7.0) A Interest Income 14.2 2.7 2.7 13.9 11.2 B Miscellaneous Income 11.9 4.3 4.3 6.3 2.0 C Federal Bond Interest Subsidy 3.9 3.1 3.1 3.9 0.8 D Appropriated/Budgeted Use of Fund Balance 24.7 34.6 55.0 55.0 - Total Sources 484.6 524.9 545.4 552.4 7.0 Operating Uses
Personnel 87.3 94.2 94.2 91.5 2.6 E Non-Personnel Services 29.5 30.0 30.4 30.4 - Materials and Supplies 15.4 15.7 16.5 16.1 0.4 F Equipment 3.4 2.2 3.7 3.7 - Overhead (SFPUC Bureaus) 45.3 49.9 57.2 56.0 1.2 G Services of Other Departments 40.3 40.7 46.4 45.7 0.7 H Debt Service 111.4 144.0 144.0 146.2 (2.2) I General Reserve - 0.9 0.9 - 0.9 J Total Operating Uses 332.5 377.6 393.4 389.8 3.6 Net Operating Results 152.0 162.6 $ 10.6 Other Impacts to Operating Budget FY 2024-25
Actuals
Current Year
Transfers from
Operating
Total
Available
Funds
Projection
(current & future
years spending)
Variance
Capital Projects 99.3 134.1 329.8 329.8 - Facilities Maintenance/Programmatic 9.7 13.3 18.0 18.0 - Legal Settlements - - - 0.2 (0.2) K Total Adjustments to Operating Fund Balance $ 109.0 $ 147.3 $ 347.8 $ 348.1 $ (0.2) Available Fund Balance as of Fiscal Year-End $ 181.3 $ 157.1 Available Fund Balance, % of Operating Uses (L) 25-68% 78.5% 60.1% Debt Service Coverage (Year-End Budgetary Basis) (M)
Indenture Basis (includes Available Fund Balance) (N) ≥ 1.35 3.64 3.03 2.76 Current Basis (O) ≥ 1.10 2.09 2.01 1.88 FY 2025-26
Appendix B
WASTEWATER ENTERPRISE OPERATING FUNDS
FY 2025-26 4th Quarter - Budgetary Basis, Funds 20160, 20170, 20180, 20530 & 20550 ($ Millions)
Appendix B
WASTEWATER ENTERPRISE OPERATING FUNDS
FY 2025-26 4th Quarter - Budgetary Basis, Funds 20160, 20170, 20180, 20530 & 20550 ($ Millions)
Revenue Variances
Expenditure Variances
Other Notes
L. Calculated as Ending Available Fund Balance (including additions to General Reserve) as a percent of Operating Uses plus Facilities Maintenance/Programmatic Uses. SFPUC's Fund Balance Reserve Policy requires this to be within a range of 25-68%.
N. Calculated as ratio between (a) Total Sources plus Beginning Available Fund Balance plus Capacity Charges, less Operating Uses less Facilities Maintenance/Programmatic (excluding all revenues and expenses related to the 525 Golden Gate COPs), and (b) Debt Service. The Indenture requires this ratio to be a minimum of 1.25 times, and SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of 1.35 times.
M. Additional expenses that are included in debt service calculations are not shown in this operating fund report.
A. Retail wastewater volumes of 44.88 MGD represents a 0.9% increase from FY 24-25 actuals of 44.49 MGD and 0.04% increase from budget of 44.87 MGD. The variance in revenue is driven by large refunds for municipal and non-residential customers in Q4 and cancellations for properties incorrectly billed for their stormwater component in Q3. Additionally, there have been an increase in deliquencies for stormwater-only customers.
I. Debt service variance mainly due to the first interest payment on the WIFIA loan for the Biosolids Digester Facilities Project after funds were drawn earlier than expected. This is offset by the 2021 Series A and B Notes that were paid off.
O. Calculated as ratio between (a) Total Sources plus any appropriated fund balance plus Capacity Charges, less Operating Uses less Facilities Maintenance/Programmatic (excluding all revenues and expenses related to the 525 Golden Gate COPs), and (b) Debt Service. SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of 1.10 times.
G. Savings reflect lower spending in bureau allocation due to bureau personnel savings and vacant positions.
E. Salary savings reflect vacant positions.
F. Savings reflect lower spending in materials & supplies.
C. Miscellaneous income is above budget primarily due to the transfer of 1535 Davidson Avenue from Wastewater to Hetch Hetchy Power, resulting in $1.7 million in proceeds to Wastewater.
D. Slightly above budget due to federal interest subsidy on 525 Golden Gate COPs.
B. Interest income projected to exceed budget due to higher interest rates.
H. Savings reflect lower spending in other city department.
J. $0.9M in general reserve.
K. Expected legal settlements.
FY 2024-25
Actuals
Original
Budget
Revised
Budget
(includes
carryforwards)
Projection
(current year
spending)
Variance
(Projection vs
Revised
Budget)
Sources
Electric Sales - Retail 210.3 234.9 236.1 223.3 (12.8) A Electric Sales - Wholesale 24.5 28.1 28.1 31.8 3.7 B Water Sales - Transfer from Water Department 49.2 54.1 54.1 54.1 - Natural Gas & Steam - City Work Orders 17.7 22.8 22.1 19.9 (2.2) C Interest Income 13.0 2.9 2.9 13.5 10.7 D Federal Interest Subsidy - Power Bonds 0.2 0.1 0.1 0.1 - Miscellaneous Income 6.6 6.2 6.2 6.8 0.5 E Appropriated/Budgeted Use of Fund Balance - 33.4 119.4 119.4 - Total Sources 321.4 382.6 469.0 468.8 (0.2) Operating Uses
Personnel 58.4 64.0 64.0 62.3 1.7 F Non-Personnel Services 37.3 47.3 53.2 50.2 3.0 G Power Purchases, Transmission Distribution & Related Charges 77.9 126.8 149.8 97.7 52.1 H Natural Gas & Steam 17.7 22.8 27.7 19.9 7.8 I Materials and Supplies 4.4 4.8 5.8 5.8 - Equipment 2.2 3.0 10.1 10.1 - Overhead (SFPUC Bureaus) 27.0 29.6 34.0 33.3 0.7 J Services of Other Departments 7.0 9.6 9.8 8.9 0.9 K Debt Service 10.0 13.6 13.6 13.6 - General Reserve 0.6 0.8 0.8 - 0.8 L Total Operating Uses 242.4 322.4 368.9 301.8 67.0 Net Operating Results 78.9 167.0 66.8 Other Impacts to Operating Budget FY 2024-25
Actuals
Current Year
Transfers
from
Operating
Total
Available
Funds
Projection
(current & future
years spending)
Variance
Facilities Maintenance/Programmatic 16.7 24.1 33.0 33.0 - Capital projects 18.0 36.1 80.8 80.8 - Total Adjustments to Operating Fund Balance 34.7 60.2 113.8 113.8 - Available Fund Balance as of Fiscal Year-End 246.6 280.0 Available Fund Balance, % of Operating Uses (M) 25-68% 99.0% 121.9% Debt Service Coverage (Year-End Budgetary Basis) (N)
Indenture Basis (includes Available Fund Balance) (O) ≥ 1.35 23.78 20.64 21.35 Current Basis (P) ≥ 1.10 6.69 3.87 11.34 Appendix C
HETCH HETCHY WATER & POWER OPERATING FUNDS
FY 2025-26 4th Quarter - Budgetary Basis - 24970, 24980, 24990, 24991, 25000 & 25354 ($ Millions)
FY 2025-26
Revenue Variances
Expenditure Variances
F. Salary savings reflect vacant positions.
Other Notes
A. Retail sales are lower than budget due to lower projected sales volumes.
H. Savings are due to higher than budgeted generation combined with lower projected power costs. This includes $14.8M savings in energy, $0.7M savings in transmission costs, and $2.3M savings in distribution costs. The remaining savings are a result of budgeted contingency and carryforward budget projected to be unspent.
B. Wholesale sales are higher than budget mainly due to additional energy and resource adequacy sales.
C. Gas and steam sales below budget due to lower usage. Revenue reduction is offset by equivalent cost savings.
D. Interest income projected to exceed budget due to higher interest rates.
E. Miscellaneous income projected to be slightly above budget, primarily due to higher water sales.
G. Savings reflect lower spending associated with professional services.
P. Calculated as ratio between (a) Total Sources plus any appropriated fund balance, plus Capacity Charges, less Operating Uses less Facilities Maintenance/Programmatic, (excluding all revenues and expenses related to the 525 Golden Gate COPs, Natural Gas and Steam and Treasure Island), and (b) Debt Service. SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of
1.10 times.
O. Calculated as ratio between (a) Total Sources plus Beginning Available Fund Balance, less Operating Uses, less Facilities Maintenance/Programmatic (excluding all revenues and expenses related to the 525 Golden Gate COPs, Natural Gas and Steam and Treasure Island), and (b) Debt Service. The Indenture requires this ratio to be a minimum of 1.25 times, and SFPUC's Debt Service Coverage Policy requires this ratio to be a minimum of 1.35 times.
M. Calculated as Ending Available Fund Balance (including additions to General Reserve) as a percent of Operating Uses plus Facilities Maintenance/Programmatic Uses. SFPUC's Fund Balance Reserve Policy requires this to be within a range of 25-68%.
I. Gas and steam sales below budget due to lower usage. Revenue reduction is offset by equivalent cost savings.
L. General Reserve was intentionally budgeted and planned to go unspent.
N. Additional expenses that are included in debt service calculations are not shown in this operating fund report.
J. Savings reflect lower spending associated in bureau allocation due bureau personnel spending and vacant positions.
K. Savings reflect lower spending from other City departments.
FY 2024-25
Actuals
Original
Budget
Revised
Budget
(includes
carryforwards)
Projection
(current year
spending)
Variance
(Projection vs Revised
Budget)
Operating Sources
Electric Sales - Green Product 344.0 363.8 363.8 309.3 (54.5) Electric Sales - SuperGreen Product 60.9 64.3 64.3 66.8 2.4 Wholesale Sales 22.8 11.9 11.9 22.0 10.2 Subtotal - Electric Revenues 427.7 440.0 440.0 398.1 (41.9) A Interest Income 0.4 3.3 3.3 9.9 6.6 B Miscellaneous Income 0.1 - - 1.0 1.0 C Appropriated/Budgeted Use of Fund Balance - 94.5 94.5 - Total Sources 428.1 443.3 537.8 503.5 (34.3) Operating Uses
Personnel 8.4 10.1 10.0 9.2 0.7 D Overhead (SFPUC Bureaus) 6.8 7.9 9.0 8.7 0.3 E Non Personnel Services 9.8 11.2 13.4 13.4 - Materials & Supplies 0.0 0.1 0.1 0.1 - Services of Other Departments 2.1 1.9 2.1 1.9 0.2 F Debt Service - - - - - General Reserve - 40.3 40.3 - 40.3 G Total Operating Uses 27.1 71.5 74.8 33.3 41.5 Power Purchases
Adopted Power Purchases & Related Charges 340.0 362.2 362.2 298.2 64.1 H Power Purchases - Carryforwards - - - - - Net Operating Results 61.1 768.4 71.3 Other Impacts to Operating Budget FY 2024-25
Actuals
Current Year
Transfers
from
Operating
Total
Available
Funds
Projection
(current & future
years spending)
Variance
Programmatic 2.0 9.0 15.5 15.5 - Capital Projects 0.9 0.5 4.0 4.0 - Total Adjustments to Operating Fund Balance 2.9 9.6 19.5 19.5 - Available Fund Balance as of Fiscal Year-End 216.5 287.8 J Available Fund Balance, % of Operating Uses (I) % 58.7% 83.0% Revenue Variances
Expenditure Variances
A. Revenues are projected to be lower than budget mailnly due to retail rate decrease effective March 1, 2026.
F. General Reserve was intentionally budgeted and planned to go unspent to build reserves.
H. Savings are primarily due to lower costs for energy and energy attributes. Purchase of Power is funded in the CleanPowerSF Trust Fund which is a continuing fund. Amounts from prior fiscal years automatically roll forward and are reflected as part of the beginning fund balance. The variance shown above represents the change relative to the original budget.
B. Interest income above budget due to higher interest rates than budgeted.
Appendix D
CleanPowerSF
FY 2025-26 4th Quarter - Budgetary Basis - 24750, 24751, 24760, 24761, 24765 & 24870 ($ Millions)
FY 2025-26
E. Savings reflect lower spending in bureau allocation, based on bureau personnel spending and vacancies.
G. Savings reflect lower spending from other City departments.
C. Miscellaenous income increased due to settlement income.
D. Salary savings reflect vacant positions.
Appendix D
CleanPowerSF
FY 2025-26 4th Quarter - Budgetary Basis - 24750, 24751, 24760, 24761, 24765 & 24870 ($ Millions)
Other Notes
I. Available fund balance at fiscal year end is calculated within this report by taking beginning fund balance, less any fund balance budgeted to be used as a source, and adding the projected variances as well as project closeouts. As the CleanPowerSF Trust Fund is a continuing fund, amounts budgeted therein will automatically roll forward to the following year and will not be closed out to fund balance. As such, variances related to revenues, purchase of power, and general reserves will not close out to fund balance at the end of the year without manual intervention. However as those funds are not considered restricted and CleanPowerSF may choose to close them out to fund balance, we are presenting them here as part of fund balance.
J. Calculated as Ending Available Fund Balance as a percent of Operating Uses plus Facilities Maintenance/Programmatic Uses.
Per SFPUC's Fund Balance Reserve Policy adopted in April 2022, CleanPowerSF is required to build its fund balance reserve to a minimum of 41% (150 days) and a target of 49% (180 days) of operating expenditures within three fiscal years (June 30, 2025) of Fiscal Year Ending 2022.