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Background
On June 3, 2025, the City Council adopted the FY 2025-26 Adopted Budget, a $136.1 million spending planfunded by $133.7 million in revenue and $2.4 million in fund balance. The adopted budget reflected a $68,966increase 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 $223.8 million, funded with $183.2 million in revenue and$40.6 million in fund balance.
Amended Budget
2023-24AmendedBudget Q1
2023-24AmendedBudget Q3
2024-25Adopted Budget 2024-25AmendedBudget Q2
2025-26AmendedBudget Q1
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Flow of Funds Chart ($ in Millions)
CITY OF CUPERTINO
FY 2025-26 First Quarter Financial ReportThe following is the First Quarter Financial Report, submitted by the Administrative ServicesDepartment for the period of July 1, 2025 to September 30, 2025 for Fiscal Year (FY) 2025-26. It hasbeen prepared to inform the City Council, City leadership and the public of the City’s fiscal status.
General Fund Revenues, Expenditures, and Fund Balance
To 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. -$21,559,787.00Revenues Less Expenses in Sep 2025
-$25M
-$20M
-$15M
-$10M
-$5M
$0
Sep 2021Sep 2023Sep 2025
$15,741,940.34Revenues Less Expenses in Jun 2025
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$30M
Jun 2021 Jun 2023 Jun 2025
General Fund Revenue and Expenditure Trends
As of September 30, 2025, General Fund revenues are at $9.2 million, which is 7% of budgeted revenue.Revenues at the first quarter point of the prior three years ranged between 9% and 15% of budgetedrevenues, placing this year slightly below the range.
General Fund Revenues vs Expenditures First QuarterGeneral Fund Revenues vs Expenses Year End General Fund expenditures are $30.8 million, which is 23% of budgeted appropriations. Expenditures at thefirst quarter point of the prior three years ranged between 21% and 24% of budgeted appropriations whichplaces current first quarter actuals within the range.
General Fund Revenues - First Quarter vs Budget
Data Updated Nov 05, 2025, 11:37 AM
9/20209/20219/20229/20239/20249/2025
6.85%In Revenues of $134,299,115.00 Budgeted through Sep 2025 General Fund Expenses - First Quarter vs Budget
Data Updated Nov 05, 2025, 11:37 AM
9/20209/20219/20229/20239/20249/2025
22.73%In Expenses of $135,337,154.00 Budgeted through Sep 2025 $9,198,950.56Revenues in Sep 2025
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Sep 2020Jun 2022Sep 2023Sep 2025
$30,758,737.56Expenses in Sep 2025
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Sep 2020Jun 2022Sep 2023Sep 2025
$9,198,950.56Revenues in Sep 2025
Charges for ...
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Utility Tax
Transient Oc...
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$30,758,737.56Expenses in Sep 2025
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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 General Fund Classification of Fund Balance
The General Fund’s estimated, unaudited ending fund balance for FY 2024-25 is $181.8 million, a 15.7 millionincrease from FY 2023-24 actuals primarily due to the prior year ending with expenditure savings thatoutpaced revenue decreases. Expenditure savings were primarily because of salary and contract savingsalong with increased revenues. As of first quarter, staff anticipates the General Fund will end FY 2024-25 with $155.0 million in fund balance.It’s important to note that the only portion available for use, according to City policy, is unassigned funds.Committed funds are set aside for specific purposes determined by City Council resolution. Restricted funds,such as the Section 115 Pension Trust, are allocated for specific purposes stipulated by external resourceproviders. Assigned funds are reserved for encumbrances. Of the total fund balance, $42.4 million isunassigned and available to be used. Approximately $10.7 million of unassigned fund balance is attributed to Vallco Town Center plan check andbuilding inspection revenues that were carried over. These revenues will continue to be carried over each yearuntil the services are rendered, and the revenues are recognized. *Q1 Year-End Projections assume budgeted revenues and expenditures are fully collected and incurred. Fundbalances do not consider City Council actions after September 30, 2025.
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 ($674,221) in appropriations, funded by increases in revenue of $503,628 because of transfersin from the General Fund, resulting in an increase of $1,177,849 to unassigned fund balance. The City willcontinue to monitor its revenue and expenditure trends closely to ensure it remains on track toward achievingits budgetary goals and objectives.
City of Cupertino, California
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