Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2022-23 FY 2021-22 FY 2020-21 FAVORABLE % FY 2022-23 FY 2021-22 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2023 AS OF 9/30/2022 AS OF 9/30/2021 VARIANCE (DECREASE) AS OF 9/30/2023 AS OF 9/30/2022 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 32,100,000 $ 32,100,000 $ - $ - - $ - $ - - - UNSECURED 1,315,000 $ 1,315,000 $ - $ - - $ - $ - - - SUPPLEMENTAL 969,300 $ 969,300 $ - $ - 59,983 $ 106,221 $ 13,695 $ (46,238) $ (43.5%) 6.2% 14.5% ERAF 1,619,850$ 1,619,850 $ - $ - - $ - $ - $ - - - 002 PROPERTY TAXES (1) 36,004,150$ 36,004,150 $ - $ - 59,983 $ 106,221 $ 13,695 $ (46,238) $ (43.5%) 0.2% 0.3% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,387,980 $ 4,387,980 $ - $ - 667,557 $ 2,014,690$ 2,313 $ (1,347,133)$ (66.9%) 15.2% 44.0% 001 OTHER TAXES
SALES AND USE 3,927,700 $ 4,450,000 $ 522,300 $ 13.3% 294,530 $ 246,926 $ 251,295 $ 47,604 $ 19.3% 7.5% 7.8% TRANSIENT OCCUPANCY 3,559,800 $ 3,950,300 $ 390,500 $ 11.0% 663,014 $ 489,295 $ 277,112 $ 173,719 $ 35.5% 18.6% 19.9% FRANCHISE 1,266,200 $ 1,266,200 $ - $ - 57,973 $ 54,234 $ 50,059 $ 3,739 $ 6.9% 4.6% 4.3% REAL PROPERTY TRANSFER 311,000 $ 311,000 $ - $ - 14,201 $ 20,820 $ 62,331 $ (6,619) $ (31.8%) 4.6% 6.8% SUBTOTAL 9,064,700 $ 9,977,500 $ 912,800 $ 10.1% 1,029,718 $ 811,275 $ 640,797 $ 218,443 $ 26.9% 11.4% 11.3% 001 LICENSES & PERMITS
BUSINESS LICENSES 1,615,500 $ 1,735,500 $ 120,000 $ 7.4% 51,401 $ 89,626 $ 26,760 $ (38,225) $ (42.6%) 3.2% 6.1% PERMITS 1,266,675$ 1,266,675 $ - $ - 541,461 $ 356,948 $ 618,760 $ 184,513 $ 51.7% 42.7% 19.0% SUBTOTAL 2,882,175 $ 3,002,175 $ 120,000 $ 4.2% 592,862 $ 446,574 $ 645,520 $ 146,288 $ 32.8% 20.6% 13.3% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 1,661 $ 4,054,920$ 4,062,909 $ (4,053,259) $ (100.0%) 4.0% 99.3% 002 GRANTS -$ - $ - $ - - $ - $ - $ - $ - - - 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 98,000 $ - $ - - $ - $ - $ - $ - - - SUBTOTAL 140,000 $ 140,000 $ - $ - 1,661 $ 4,054,920$ 4,062,909 $ (4,053,259) $ (100.0%) 1.2% 96.9%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 471,534 $ 471,534 $ - $ - 172,387 $ 107,905 $ 209,036 $ 64,482 $ 59.8% 36.6% 32.7% 003 RECREATION AND LEISURE 1,526,935 $ 1,526,935 $ - $ - 819,541 $ 610,419 $ 386,793 $ 209,122 $ 34.3% 53.7% 49.4% SUBTOTAL 1,998,469 $ 1,998,469 $ - $ - 991,928 $ 718,324 $ 595,829 $ 273,604 $ 38.1% 49.6% 45.9% 001 FINES & FORFEITURES 24,900$ 24,900 $ - $ - 4,235 $ 4,926 $ 2,767 $ (691) $ (14.0%) 17.0% 34.2%
INTEREST AND RENTALS
INTEREST (3) 1,521,700 $ 1,521,700 $ - $ - 576,497 $ 147,176 $ 36,658 $ 429,321 $ 291.7% 37.9% 28.7% RENTS & CONCESSIONS 1,425,828 $ 1,425,828 $ - $ - 354,207 $ 366,126 $ 349,215 $ (11,919) $ (3.3%) 24.8% 40.9% SUBTOTAL 2,947,528 $ 2,947,528 $ - $ - 930,704 $ 513,302 $ 385,873 $ 417,402 $ 81.3% 31.6% 17.4% OTHER REVENUES 496,385$ 496,385 $ - $ - 55,617 $ 75,686 $ 84,791 $ (20,069) $ (26.5%) 11.2% 21.3% TOTAL GENERAL FUND (FUNDS 001-003) 57,946,287 $ 58,979,087 $ 1,032,800 $ 1.8% 4,334,265 $ 8,745,918 $ 6,434,494 $ (4,411,653) $ (50.4%) 7.5% 15.3% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 6,500$ 6,500 $ - $ - 13,346 $ 4,565 $ 59,902 $ 8,781 $ 192.4% 205.3% 304.3% 006 GENERAL FUND - DARE (3) 900$ 900 $ - $ - 474 $ 11 $ 2 $ 463 $ 4209.1% 52.7% 110.0% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 1,800 $ - $ - 730 $ 269 $ 67 $ 461 $ 171.4% 40.6% 134.5% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 800$ 800 $ - $ - 703 $ 220 $ 47 $ 483 $ 219.5% 87.9% 110.0% 009 GENERAL FUND - ASSET SEIZURE 1,600$ 1,600 $ - $ - 283 $ 83 $ 18 $ 200 $ 241.0% 17.7% 7.5% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 3,300 $ - $ - 1,075 $ 336 $ 72 $ 739 $ 219.9% 32.6% 84.0% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 86,000$ 86,000 $ - $ - 28,137 $ 8,811 $ 1,897 $ 19,326 $ 219.3% 32.7% 83.9% 012 SUSTAINABLE FOSTER CITY (3) 1,600$ 1,600 $ - $ - 2,929 $ 777 $ 201 $ 2,152 $ 277.0% 183.1% 70.6% TOTAL ALL GENERAL FUND (FUNDS 001-011) 58,048,787 $ 59,081,587 $ 1,032,800 $ 1.8% 4,381,942 $ 8,760,990 $ 6,496,700 $ (4,379,048) $ (50.0%) 7.5% 15.4%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 60,000 $ 60,000 $ - $ - 3,360 $ 3,692 $ 5,868 $ (332) $ (9.0%) 5.6% 6.2% 102 MEASURE "A" 874,000 $ 874,000 $ - $ - 215,838 $ 187,700 $ 165,459 $ 28,138 $ 15.0% 24.7% 24.7% 103 GAS TAX 980,697$ 980,697 $ - $ - 175,193 $ 164,318 $ 229,707 $ 10,875 $ 6.6% 17.9% 19.8% 104 PARK-IN-LIEU FEES (3) 74,800 $ 74,800 $ - $ - 33,003 $ 10,335 $ 2,225 $ 22,668 $ 219.3% 44.1% 83.3% 105 MEASURE "M" 121,700 $ 121,700 $ - $ - - $ - $ - $ - $ - - - 108 SLESF/COPS GRANT 155,000 $ 155,000 $ - $ - - $ - $ - $ - $ - - - 114 CALOPPS 514,077$ 514,077 $ - $ - 391,372 $ 349,686 $ 318,873 $ 41,686 $ 11.9% 76.1% 84.5% 116 FOSTER CITY FOUNDATION 38,900 $ 38,900 $ - $ - 10,400 $ 8,000 $ 400 $ 2,400 $ 30.0% 26.7% 21.2% 119 SB 1 ROAD MAINTENANCE AND REHAB 856,598 $ 856,598 $ - $ - 80,888 $ 66,356 $ 56,506 $ 14,532 $ 21.9% 9.4% 10.3% 122 HOUSING SUCCESSOR-LMIHF 133,700 $ 133,700 $ - $ - 52,952 $ 25,417 $ 95,888 $ 27,535 $ 108.3% 39.6% 25.6% 124 FC AFFORDABLE HOUSING FUND 8,900 $ 8,900 $ - $ - 19,096 $ 1,893 $ 26,911 $ 17,203 $ 908.8% 214.6% 6.5% 125 SUSTAINABLE FOSTER CITY FUND (MOVED TO FUND 012) - $ - $ - $ - - $ - $ - $ - $ - - - 127 BAERS (PROGRAM WAS CLOSED OUT IN FY 2020-21) - $ - $ - $ - - $ - $ - $ - $ - - - 128 GENERAL PLAN MAINTENANCE (3) 34,700 $ 34,700 $ - $ - 181,161 $ 145,804 $ 50,531 $ 35,357 $ 24.2% 522.1% 47.0% 129 CONSTRUCTION AND DEMO RECYCLING (3) 66,000 $ 66,000 $ - $ - 28,804 $ 4,986 $ 9,781 $ 23,818 $ 477.7% 43.6% 9.2% 130 TECHNOLOGY MAINTENANCE (3) 37,540 $ 37,540 $ - $ - 30,477 $ 17,275 $ 20,629 $ 13,202 $ 76.4% 81.2% 8.5%
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2022-23 FY 2021-22 FY 2020-21 FAVORABLE % FY 2022-23 FY 2021-22 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2023 AS OF 9/30/2022 AS OF 9/30/2021 VARIANCE (DECREASE) AS OF 9/30/2023 AS OF 9/30/2022
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023
131 SB 1186 (3) 5,200 $ 5,200 $ - $ - 992 $ 119 $ 615 $ 873 $ 733.6% 19.1% 2.9% 132 SMIP FEE (3) 620 $ 620 $ - $ - 72 $ 19 $ 206 $ 53 $ 278.9% 11.6% 1.7% 133 CRV GRANT FUND (3) 8,740 $ 8,740 $ - $ - 154 $ 33 $ 10 $ 121 $ 366.7% 1.8% 0.4% 134 CURBSIDE RECLYCLING (3) 22,600 $ 22,600 $ - $ - 2,879 $ 799 $ 160 $ 2,080 $ 260.3% 12.7% 3.9% 135 GREEN BUILDING FEE (3) 900 $ 900 $ - $ - 258 $ 30 $ 157 $ 228 $ 760.0% 28.7% 4.1% 136 MEASURE W (3) 389,200 $ 389,200 $ - $ - 46,435 $ 34,375 $ 27,621 $ 12,060 $ 35.1% 11.9% 9.7% 137 COMMERCIAL LINKAGE FEE (3) 14,800 $ 14,800 $ - $ - 6,692 $ 2,096 $ 451 $ 4,596 $ 219.3% 45.2% 0.3% 138 TENANT RELOCATION ASSISTANCE (3) 2,000 $ 2,000 $ - $ - 2,662 $ 834 $ 76 $ 1,828 $ 219.2% 133.1% 1.6% 139 WORKFORCE HOUSING 625,640 $ 625,640 $ - $ - 138,101 $ 16,293 $ - $ 121,808$ 747.6% 22.1% 2.4% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 27,900 $ 27,900 $ - $ - 5,797 $ 5,513 $ - $ 284 $ 5.2% 20.8% 25.1% 141 SB1383 IMPLEMENTATION 200 $ 200 $ - $ - 374 $ 174 $ - $ 200 $ 114.9% 187.0% - 142 PARK FACILITIES IMPACT FEE - $ - $ - $ - - $ - $ - $ - $ - - - 143 PUBLIC SAFETY IMPACT FEE - $ - $ - $ - - $ - $ - $ - $ - - - 144 TRANSPORTATION IMPACT FEE - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 5,054,412 $ 5,054,412 $ - $ - 1,426,960 $ 1,045,747 $ 1,012,074 $ 381,213 $ 36.5% 28.2% 16.4% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,011,500 $ 4,011,500 $ - $ - 25,412 $ 16,557 $ 5,114 $ 8,855 $ 53.5% 0.6% 0.4% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 230,451 $ 230,451 $ - $ - 226,344 $ - $ - $ 226,344$ - 98.2% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,270,050 $ 2,270,050 $ - $ - 1,043,045 $ 338,206 $ 28,121 $ 704,839 $ 208.4% 45.9% 223.6% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND 1,240,555$ 1,240,555 $ - $ - 313,278 $ 343,360 $ 312,433 $ (30,082) $ (8.8%) 25.3% 30.8% 327 LEVEE PROJECT FUND 40,200$ 40,200 $ - $ - 33,745 $ 206,663 $ 31,741 $ (172,918) $ (83.7%) 83.9% 1033.3% 328 LEVEE PROJECT FUND - 2023 GO Bonds 5,052,987$ 5,052,987 $ - $ - 4,951,233 $ - $ - $ 4,951,233$ - 98.0% - TOTAL CAPITAL PROJECTS FUNDS 8,603,792 $ 8,603,792 $ - $ - 6,341,301 $ 888,229 $ 372,295 $ 5,453,072 $ 613.9% 73.7% 67.9%
ENTERPRISE FUNDS
401 WATER REVENUE (4) 18,301,000 $ 18,301,000 $ - $ - 3,457,270 $ 2,988,787 $ 3,093,617 $ 468,483 $ 15.7% 18.9% 16.5% 405 WATER CIP -$ - $ - $ - - $ - $ 300$ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 448,097 $ 448,097 $ - $ - 112,024 $ 127,609 $ 158,383 $ (15,585) $ (12.2%) 25.0% 25.0% 409 WATER CONNECTION FEES 823,615 $ 823,615 $ - $ - 13,721 $ 4,128 $ - $ 9,593$ 232.4% 1.7% 0.8% 451 WASTEWATER REVENUE (4) 21,540,300 $ 21,540,300 $ - $ - 3,435,428 $ 2,792,882 $ 2,348,161 $ 642,546 $ 23.0% 15.9% 14.0% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ 44 $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 2,797 $ 2,797 $ - $ - 2,797 $ 2,715 $ 1,083 $ 82 $ 3.0% 100.0% 426.9% 458 WASTEWATER EQUIPMENT REPLACEMENT 342,955 $ 342,955 $ - $ - 85,739 $ 66,532 $ 63,671 $ 19,207 $ 28.9% 25.0% 25.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN 79,393 $ 79,393 $ - $ - 31,757 $ 718 $ 2,380 $ 31,039 $ 4323.0% 40.0% - 460 WASTEWATER CONNECTION FEES 8,936,837 $ 8,936,837 $ - $ - 3,951 $ 1,208 $ - $ 2,743$ 227.1% 0.0% 0.1% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 50,474,994 $ 50,474,994 $ - $ - 7,142,687 $ 5,984,579 $ 5,667,639 $ 1,158,108 $ 19.4% 14.2% 14.8%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,059,573 $ 2,059,573 $ - $ - 563,757 $ 459,261 $ 444,478 $ 104,496 $ 22.8% 27.4% 25.9% 502 EQUIPMENT REPLACEMENT FUND 292,163 $ 292,163 $ - $ - 97,827 $ 135,195 $ 173,311 $ (37,368) $ (27.6%) 33.5% 28.7% 503 SELF INSURANCE FUND 1,543,261 $ 1,543,261 $ - $ - 385,024 $ 299,256 $ 123,338 $ 85,768 $ 28.7% 24.9% 24.2% 504 INFORMATION TECHNOLOGY 2,749,884 $ 2,749,884 $ - $ - 714,192 $ 646,539 $ 616,172 $ 67,653 $ 10.5% 26.0% 25.5% 505 BUILDING MAINTENANCE 3,752,145 $ 3,752,145 $ - $ - 990,002 $ 882,025 $ 851,939 $ 107,977 $ 12.2% 26.4% 25.6% 507 LONGEVITY RECOGNITION PLAN 319,200$ 319,200 $ - $ - 89,538 $ 66,682 $ 59,311 $ 22,856 $ 34.3% 28.1% 26.2% 508 PEMHCA FUND 453,063 $ 453,063 $ - $ - 135,545 $ 77,480 $ 56,113 $ 58,065 $ 74.9% 29.9% 27.6% 509 COMPENSATED ABSENCES FUND 632,242 $ 632,242 $ - $ - 176,009 $ 152,843 $ 126,083 $ 23,166 $ 15.2% 27.8% 25.7% TOTAL INTERNAL SERVICE FUNDS 11,801,531 $ 11,801,531 $ - $ - 3,151,894 $ 2,719,281 $ 2,450,745 $ 432,613 $ 15.9% 26.7% 25.7%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 289,500 $ 289,500 $ - $ - 1,376 $ 496 $ 226 $ 880 $ 177.4% 0.5% 0.2% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ 15,314$ - $ - - - 608 SMC FIRE 320,000$ 320,000 $ - $ - 32,596 $ 26,204 $ 34,466 $ 6,392 $ 24.4% 10.2% 11.9% TOTAL CITY / EMID FUNDS 138,834,967 $ 139,867,767 $ 1,032,800 $ 0.7% 22,730,512 $ 19,442,083 $ 16,054,573 $ 3,288,429 $ 16.9% 16.4% 16.2% 1 2 The City received two tranches of ARPA COVID relief payments of $4.05 million each from the federal government in FY 2021-22 and FY 2022-23. 3 The year over year yield on the City's investment portfolio improved from 1.93% to 4.43% for the 12 month period ending Septem ber 30, 2023 as Federal Funds rate continued its ascension. 4 FY 2023-24 water consumption rates and fixed charges increased by 4.3% and 6% respectively; wastewater rates increased by 3%.
Notes and Explanation of Variances:
The majority of property tax revenues are distributed by San Mateo County in December and April of each fiscal year. Notwithstanding, the City received $667,557 in August 2023 from the State to backfill the FY 21/22 Property Tax in Lieu of VLF shorfall. Similaryly, we received $2.01 million in August 2022 from the State to backfill the FY 20/21 Property Tax in lieu of VLF shortfall.