This Financial Report is interactive. Click on a chart to learn more.
Background
On June 4, 2024, the City Council adopted the FY 2024-25 Adopted Budget, a $146.6 million spending plan funded by $139.3 million in revenue and $7.3 million in fund balance. The adopted budget reflected a $102,805 increase from the proposed budget. As a result of these budget adjustments, encumbrances, and carryovers, the amended budget at the end of the first quarter is $217.4 million, funded with $175.0 million in revenue and $42.4 million in fund balance.
Amended Budget
2023-24
Adopted Budget
2023-24
Amended Budget
Q1
2023-24
Amended Budget
Q2
2023-24
Amended Budget
Q3
2023-24
Amended Budget
Q4
2024-25
Adopted Budget
2024-25
Amended Budget
Q1
Fiscal Y ear
0.0 50.0M
100.0M
150.0M
200.0M
Dollars
Public Works
Capital Projects
Community Development
Law Enforcement
Non Departmental
Parks and Recreation
Administrative Services
Innovation & Technology
Administration
Council and Commissions
Description pending
CITY OF CUPERTINO
FY 2024-25 First Quarter Financial Report
The following is the First Quarter Financial Report, submitted by the Administrative Services Department for the period of July 1, 2024 to September 30, 2024 for Fiscal Year (FY) 2024-25. It has been prepared to inform the City Council, City leadership and the public of the City’s fiscal status.
Attachment A
Flow of Funds Chart ($ in Millions)
General Fund Revenues, Expenditures, and Fund BalanceTo date the City’s financial statement audit has yet to be issued and revenue, expenditure, and fund balancetotals listed in this report are preliminary and subject to change after a full review by the City’s auditors. Citystaff does not anticipate many if any changes from the auditors. -$14,289,446.31Revenues Less Expenses in Sep 2024
-$20M
-$15M
-$10M
-$5M
$0
Sep 2020 Sep 2022 Sep 2024
$27,538,980.23Revenues Less Expenses in Jun 2024
$0
$5M
$10M
$15M
$20M
$25M
$30M
Jun 2021Jun 2022Jun 2023Jun 2024
General Fund Revenues vs Expenditures First QuarterGeneral Fund Revenues vs Expenses Year End Revenues vs. Expenditures
June2020-21Actual
September2021-22Actual
2021-22Amended BudgetQ1
June2022-23Actual
September2023-24Actual
2023-24Amended BudgetQ1
2024-25Amended BudgQ1
Fiscal Year
0.0 100.0M
25.0M
50.0M
75.0M
125.0M
Dollars
Revenues
Expenses
General Fund Revenue and Expenditure TrendsAs of September 30, 2024, General Fund revenues are at $11.5 million, which is 9% of budgeted revenue.Revenues at the first quarter point of the prior three years were between 13% and 18% of budgeted revenues,placing this year slightly below the range. Staff will continue to monitor its leading revenue sources as the yearprogresses.
General Fund expenditures are $25.5 million, which is 21% of budgeted appropriations. Expenditures at thefirst quarter point of the prior three years ranged between 23% and 27% of budgeted appropriations whichplaces current first quarter actuals within the range.
General Fund Revenues - First Quarter vs Budget
Data Updated Nov 13, 2024, 11:35 AM
9/20209/2021 9/20229/20239/2024
9.20%In Revenues of $122,062,969.00 Budgeted through Sep 2024 General Fund Expenses - First Quarter vs Budget
Data Updated Nov 13, 2024, 11:35 AM
9/20209/2021 9/20229/20239/2024
21.42%In Expenses of $119,145,337.00 Budgeted through Sep 2024 As of the first quarter, overall revenue is $11.5 million, which is $7.1 million, or 70%, lower than the same timelast year. This is primarily due to decreases in sales tax, intergovernmental, and use of money and property.
As of first quarter, overall expenditures are $25.5 million, which is $127,065, or 0%, lower than the same timelast year. This is primarily due to decreases in contract services. $11,225,748.85Revenues in Sep 2024
$0
$20M
$40M
$60M
$80M
$100M
$120M
Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024
$25,515,195.16Expenses in Sep 2024
$0
$20M
$40M
$60M
$80M
$100M
Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024
$11,225,748.82Revenues in Sep 2024
Charges for ...
Sales Tax
Other
Utility Tax
Other Financ...
Licenses and...
$25,515,195.16Expenses in Sep 2024
Transfers Ou...
Contract Ser...
OtherEmployee Ben...
Cost Allocat...
Employee Com...
General Fund Classification of Fund BalanceThe General Fund’s estimated ending fund balance, unaudited for FY 2023-24 is $163.5 million. An increasefrom estimated year end fund balance from FY 2024-25 Final Budget and the October 15, 2024 uncommittingof sales tax repayment reserve council item of $12.8 million. This increase is primarily due to the prior yearending with expenditure savings that outpaced revenue decreases. Expenditures savings were primarily as aresult of salary and contract savings along with increased revenues.
General Fund Revenues - First Quarter vs Year End General Fund Expenses - First Quarter vs Year End General Fund Revenues by Type General Fund Expenses by Type To date, the City’s outside auditors have not completed their review of the City’s financials. Revenue,expenditure, and fund balance totals listed in this report are preliminary and subject to change after a fullreview by the City’s auditors. City Staff does not anticipate many, if any, changes from the auditors.
Recommended Adjustments
As of the first quarter, Departments are requesting budget adjustments to ensure they end the year withinbudget appropriations. The recommended adjustments are summarized in the table below:
Summary
The First Quarter Financial Report shows the City is positioned as anticipated. City staff recommendsadjustments of $331,128 in new appropriations, funded by unassigned fund balance.
City of Cupertino, California
Cupertino City Hall10300 Torre AvenueCupertino, CA 95014-3202 View the City Council Meeting AgendaView the City's BudgetsView the City's Financial Transparency Portal Powered by OpenGov