Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2023-24 FY 2022-23 FY 2021-22 FAVORABLE % FY 2023-24 FY 2022-23 AMENDED ANNUAL BUDGET 6 MONTHS 6 MONTHS 6 MONTHS (UNFAVORABLE) INCREASE 6 MONTHS 6 MONTHS Fund BUDGET PROJECTED $ % AS OF 12/31/2023 AS OF 12/31/2022 AS OF 12/31/2021 VARIANCE (DECREASE) AS OF 12/31/2023 AS OF 12/31/2022 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 32,100,000 $ 32,100,000 $ - $ - 16,624,403 $ 15,823,899 $ 14,698,246 $ 800,504 $ 5.1% 51.8% 51.4% UNSECURED 1,315,000 $ 1,315,000 $ - $ - 1,263,415 $ 1,123,088 $ 1,110,211 $ 140,327 $ 12.5% 96.1% 86.1% SUPPLEMENTAL 969,300 $ 969,300 $ - $ - 267,613 $ 349,556 $ 150,753 $ (81,943) $ (23.4%) 27.6% 47.8% ERAF 1,619,850$ 3,541,000 $ 1,921,150 $ 118.6% 1,779,772 $ 1,608,573 $ 1,597,263 $ 171,199 $ 10.6% 109.9% 99.1% 002 PROPERTY TAXES (1) 36,004,150$ 37,925,300 $ 1,921,150 $ 5.3% 19,935,203 $ 18,905,116 $ 17,556,473 $ 1,030,087 $ 5.4% 55.4% 54.9% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,387,980 $ 3,736,375 $ (651,605) $ (14.8%) 2,200,791 $ 4,407,088 $ 1,808,653 $ (2,206,297) $ (50.1%) 50.2% 96.2% 001 OTHER TAXES
SALES AND USE 3,927,700 $ 3,927,700 $ - $ - 1,962,492 $ 1,838,846 $ 1,539,169 $ 123,646 $ 6.7% 50.0% 58.0% TRANSIENT OCCUPANCY 3,559,800 $ 3,950,300 $ 390,500 $ 11.0% 2,013,916 $ 1,564,285 $ 839,710 $ 449,631 $ 28.7% 56.6% 63.6% FRANCHISE 1,266,200 $ 1,266,200 $ - $ - 598,207 $ 611,591 $ 576,445 $ (13,384) $ (2.2%) 47.2% 48.6% REAL PROPERTY TRANSFER 311,000 $ 311,000 $ - $ - 121,492 $ 106,011 $ 186,369 $ 15,481 $ 14.6% 39.1% 34.8% SUBTOTAL 9,064,700 $ 9,455,200 $ 390,500 $ 4.3% 4,696,107 $ 4,120,733 $ 3,141,693 $ 575,374 $ 14.0% 51.8% 57.3% 001 LICENSES & PERMITS
BUSINESS LICENSES 1,615,500 $ 1,735,500 $ 120,000 $ 7.4% 88,266 $ 154,593 $ 116,106 $ (66,327) $ (42.9%) 5.5% 10.4% PERMITS 1,266,675$ 1,266,675 $ - $ - 856,400 $ 1,046,013$ 1,279,891 $ (189,613) $ (18.1%) 67.6% 55.6% SUBTOTAL 2,882,175 $ 3,002,175 $ 120,000 $ 4.2% 944,666 $ 1,200,606$ 1,395,997 $ (255,940) $ (21.3%) 32.8% 35.7% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 1,861 $ 4,116,873$ 4,063,605 $ (4,115,012) $ (100.0%) 4.4% 100.8% 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 98,000 $ - $ - 45,086 $ 46,453 $ 48,040 $ (1,367) $ (2.9%) 46.0% 46.5% 003 GRANTS -$ - $ - $ - - $ 6,039$ - $ (6,039)$ (100.0%) - - SUBTOTAL 140,000 $ 140,000 $ - $ - 46,947 $ 4,169,365$ 4,111,645 $ (4,122,418) $ (98.9%) 33.5% 99.6%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 471,534 $ 471,534 $ - $ - 310,485 $ 431,785 $ 379,697 $ (121,300) $ (28.1%) 65.8% 130.9% 003 RECREATION AND LEISURE 1,526,935 $ 1,526,935 $ - $ - 1,097,246 $ 867,824 $ 534,762 $ 229,422 $ 26.4% 71.9% 70.2% SUBTOTAL 1,998,469 $ 1,998,469 $ - $ - 1,407,731 $ 1,299,609 $ 914,459 $ 108,122 $ 8.3% 70.4% 83.0% 001 FINES & FORFEITURES 24,900$ 24,900 $ - $ - 12,500 $ 12,863 $ 7,904 $ (363) $ (2.8%) 50.2% 89.3%
INTEREST AND RENTALS
INTEREST (3) 1,521,700 $ 2,623,900 $ 1,102,200 $ 72.4% 1,144,668 $ 415,732 $ 72,179 $ 728,936 $ 175.3% 75.2% 81.0% RENTS & CONCESSIONS 1,425,828 $ 1,425,828 $ - $ - 689,401 $ 638,016 $ 608,484 $ 51,385 $ 8.1% 48.4% 71.2% SUBTOTAL 2,947,528 $ 4,049,728 $ 1,102,200 $ 37.4% 1,834,069 $ 1,053,748 $ 680,663 $ 780,321 $ 74.1% 62.2% 26.0% OTHER REVENUES 496,385$ 496,385 $ - $ - 147,953 $ 156,453 $ 501,294 $ (8,500) $ (5.4%) 29.8% 43.9% TOTAL GENERAL FUND (FUNDS 001-003) 57,946,287 $ 60,828,532 $ 2,882,245 $ 5.0% 31,225,967 $ 35,325,581 $ 30,118,781 $ (4,099,614) $ (11.6%) 53.9% 61.8% 001 Total Fund 001 18,591,974$ 19,108,969 $ 516,995 $ 2.8% 9,338,003 $ 14,800,068 $ 11,361,655 $ (5,462,065) $ (36.9%) 50.2% 72.8% 002 Total Fund 002 37,299,250$ 39,664,500 $ 2,365,250 $ 6.3% 20,470,368 $ 19,388,478 $ 18,026,236 $ 1,081,890 $ 5.6% 54.9% 55.0% 003 Total Fund 003 2,055,063$ 2,055,063 $ - $ - 1,417,596 $ 1,137,035 $ 730,890 $ 280,561 $ 24.7% 69.0% 73.9% Total Funds 001-003 57,946,287$ 60,828,532 $ 2,882,245 $ 5.0% 31,225,967 $ 35,325,581 $ 30,118,781 $ (4,099,614) $ (11.6%) 53.9% 61.8% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 6,500$ 39,400 $ 32,900 $ 506.2% 26,435 $ 12,251 $ 62,652 $ 14,184 $ 115.8% 406.7% 816.7% 006 GENERAL FUND - DARE (3) 900$ 1,700 $ 800 $ 88.9% 956 $ 22,873$ 4 $ (21,917)$ (95.8%) 106.2% 228730.0% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 2,300 $ 500 $ 27.8% 1,400 $ 708 $ 125 $ 692 $ 97.7% 77.8% 354.0% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 800$ 1,800 $ 1,000 $ 125.0% 1,418 $ 600 $ 91 $ 818 $ 136.3% 177.3% 300.0% 009 GENERAL FUND - ASSET SEIZURE (3) 1,600$ 2,000 $ 400 $ 25.0% 570 $ 1,613 $ 34 $ (1,043)$ (64.7%) 35.6% 146.6% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 4,000 $ 700 $ 21.2% 2,166 $ 916 $ 139 $ 1,250 $ 136.5% 65.6% 229.0% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 86,000$ 102,700 $ 16,700 $ 19.4% 56,723 $ 23,988 $ 3,632 $ 32,735 $ 136.5% 66.0% 228.5% 012 SUSTAINABLE FOSTER CITY (3) 1,600$ 10,500 $ 8,900 $ 556.3% 5,860 $ 4,751 $ 341 $ 1,109 $ 23.3% 366.3% 431.9% TOTAL ALL GENERAL FUND (FUNDS 001-011) 58,048,787 $ 60,992,932 $ 2,944,145 $ 5.1% 31,321,495 $ 35,393,281 $ 30,185,799 $ (4,071,786) $ (11.5%) 54.0% 61.9%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 60,000 $ 60,000 $ - $ - 14,795 $ 12,628 $ 25,027 $ 2,167 $ 17.2% 24.7% 21.0% 102 MEASURE "A" 874,000 $ 1,050,200 $ 176,200 $ 20.2% 577,671 $ 521,929 $ 464,672 $ 55,742 $ 10.7% 66.1% 68.5% 103 GAS TAX 980,697$ 936,607 $ (44,090) $ (4.5%) 494,803 $ 467,766 $ 416,337 $ 27,037 $ 5.8% 50.5% 56.5% 104 PARK-IN-LIEU FEES (3) 74,800 $ 120,100 $ 45,300 $ 60.6% 66,534 $ 28,137 $ 4,261 $ 38,397 $ 136.5% 88.9% 226.9% 105 MEASURE "M" 121,700 $ 121,700 $ - $ - 100,000 $ 119,300 $ 1,908 $ (19,300) $ (16.2%) 82.2% 108.9% 108 SLESF/COPS GRANT 155,000 $ 155,000 $ - $ - 125,762 $ 104,058 $ 95,929 $ 21,704 $ 20.9% 81.1% 104.1% 114 CALOPPS (3) 514,077 $ 532,077 $ 18,000 $ 3.5% 441,361 $ 405,867 $ 358,714 $ 35,494 $ 8.7% 85.9% 98.1% 116 FOSTER CITY FOUNDATION 38,900 $ 38,900 $ - $ - 14,940 $ 8,600 $ 24,255 $ 6,340 $ 73.7% 38.4% 22.8% 119 SB 1 ROAD MAINTENANCE AND REHAB (3) 856,598 $ 841,962 $ (14,636) $ (1.7%) 424,493 $ 375,683 $ 330,969 $ 48,810 $ 13.0% 49.6% 58.5% 122 HOUSING SUCCESSOR-LMIHF (3) 133,700 $ 185,500 $ 51,800 $ 38.7% 97,300 $ 50,306 $ 181,274 $ 46,994 $ 93.4% 72.8% 50.7% 124 FC AFFORDABLE HOUSING FUND (3) 8,900 $ 37,000 $ 28,100 $ 315.7% 26,017 $ 4,943 $ 27,466 $ 21,074 $ 426.3% 292.3% 17.0% 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 $ 84,300 $ 49,600 $ 142.9% 253,710 $ 147,554 $ 134,280 $ 106,156 $ 71.9% 731.2% 47.6% 129 CONSTRUCTION AND DEMO RECYCLING (3) 66,000 $ 79,600 $ 13,600 $ 20.6% 41,054 $ 16,110 $ 19,574 $ 24,944 $ 154.8% 62.2% 29.7%
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE SIX MONTHS ENDED DECEMBER 31, 2023
Attachment 3
FY 2023-24 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2023-24 FY 2022-23 FY 2021-22 FAVORABLE % FY 2023-24 FY 2022-23 AMENDED ANNUAL BUDGET 6 MONTHS 6 MONTHS 6 MONTHS (UNFAVORABLE) INCREASE 6 MONTHS 6 MONTHS Fund BUDGET PROJECTED $ % AS OF 12/31/2023 AS OF 12/31/2022 AS OF 12/31/2021 VARIANCE (DECREASE) AS OF 12/31/2023 AS OF 12/31/2022
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE SIX MONTHS ENDED DECEMBER 31, 2023
130 TECHNOLOGY MAINTENANCE (3) 37,540 $ 41,740 $ 4,200 $ 11.2% 41,554 $ 40,673 $ 72,689 $ 881 $ 2.2% 110.7% 20.0% 131 SB 1186 (3) 5,200 $ 5,700 $ 500 $ 9.6% 1,754 $ 970 $ 634 $ 784 $ 80.8% 33.7% 23.4% 132 SMIP FEE 620$ 620 $ - $ - 139 $ 54 $ 209 $ 85 $ 157.4% 22.4% 4.8% 133 CRV GRANT FUND (3) 8,740 $ 9,040 $ 300 $ 3.4% 311 $ 89 $ 18 $ 222 $ 249.4% 3.6% 1.0% 134 CURBSIDE RECLYCLING (3) 22,600 $ 25,400 $ 2,800 $ 12.4% 5,804 $ 2,175 $ 14,800 $ 3,629 $ 166.9% 25.7% 10.6% 135 GREEN BUILDING FEE (3) 900 $ 1,000 $ 100 $ 11.1% 344 $ 175 $ 162 $ 169 $ 96.6% 38.2% 24.0% 136 MEASURE W (3) 389,200 $ 479,700 $ 90,500 $ 23.3% 227,534 $ 210,385 $ 177,319 $ 17,149 $ 8.2% 58.5% 59.3% 137 COMMERCIAL LINKAGE FEE 14,800 $ 5,104,990$ 5,090,190 $ 34393.2% 13,490 $ 5,705 $ 864 $ 7,785 $ 136.5% 91.1% 0.7% 138 TENANT RELOCATION ASSISTANCE (3) 2,000 $ 9,800 $ 7,800 $ 390.0% 5,366 $ 2,269 $ 19,677 $ 3,097 $ 136.5% 268.3% 4.4% 139 WORKFORCE HOUSING (3) 625,640 $ 637,440 $ 11,800 $ 1.9% 290,819 $ 87,734 $ - $ 203,085$ 231.5% 46.5% 13.0% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING (3) 27,900 $ 28,900 $ 1,000 $ 3.6% 11,661 $ 11,071 $ - $ 590 $ 5.3% 41.8% 50.3% 141 SB1383 IMPLEMENTATION (3) 200 $ 1,300 $ 1,100 $ 550.0% 715 $ 451 $ - $ 264 $ 58.5% 357.5% - 142 PARK FACILITIES IMPACT FEE - $ 594,113$ 594,113 $ - - $ - $ - $ - $ - - - 143 PUBLIC SAFETY IMPACT FEE - $ 64,320$ 64,320 $ - - $ - $ - $ - $ - - - 144 TRANSPORTATION IMPACT FEE - $ 121,869$ 121,869 $ - - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 5,054,412 $ 11,368,878 $ 6,314,466 $ 124.9% 3,277,931 $ 2,624,632 $ 2,371,038 $ 653,299 $ 24.9% 64.9% 46.7% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,011,500 $ 4,011,500 $ - $ - 2,232,451 $ 2,110,072 $ 5,114 $ 122,379 $ 5.8% 55.7% 53.7% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 230,451 $ 230,451 $ - $ - 228,527 $ - $ - $ 228,527$ - 99.2% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,270,050 $ 3,523,950 $ 1,253,900 $ 55.2% 2,062,525 $ 1,540,822 $ 63,728 $ 521,703 $ 33.9% 90.9% 1018.7% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND (3) 1,240,555$ 1,268,655 $ 28,100 $ 2.3% 630,296 $ 585,122 $ 622,118 $ 45,174 $ 7.7% 50.8% 52.4% 327 LEVEE PROJECT FUND 38,400$ 38,400 $ - $ - 38,034 $ 192,622 $ 57,648 $ (154,588) $ (80.3%) 99.0% 963.1% 328 LEVEE PROJECT FUND - 2023 GO Bonds 5,015,737$ 5,015,737 $ - $ - 5,011,747 $ - $ - $ 5,011,747$ - 99.9% - TOTAL CAPITAL PROJECTS FUNDS 8,564,742 $ 9,846,742 $ 1,282,000 $ 15.0% 7,742,602 $ 2,318,566 $ 743,494 $ 5,424,036 $ 233.9% 90.4% 180.1%
ENTERPRISE FUNDS
401 WATER REVENUE (3,4) 18,301,000$ 18,991,500 $ 690,500 $ 3.8% 9,912,550 $ 8,642,386 $ 8,247,979 $ 1,270,164 $ 14.7% 54.2% 47.8% 405 WATER CIP -$ - $ - $ - - $ - $ 300$ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 448,097 $ 448,097 $ - $ - 224,049 $ 255,218 $ 316,766 $ (31,169) $ (12.2%) 50.0% 50.0% 409 WATER CONNECTION FEES 285,559 $ 285,559 $ - $ - 27,661 $ 57,865 $ 224,033 $ (30,204) $ (52.2%) 9.7% 11.6% 451 WASTEWATER REVENUE (3,4) 21,540,300$ 22,652,700 $ 1,112,400 $ 5.2% 11,632,488 $ 10,397,470 $ 8,617,926 $ 1,235,018 $ 11.9% 54.0% 52.0% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ 59 $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 636 $ 2,797 $ 2,161 $ 339.8% 2,797 $ 2,715 $ 5,367 $ 82 $ 3.0% 439.8% 426.9% 458 WASTEWATER EQUIPMENT REPLACEMENT 342,955 $ 342,955 $ - $ - 171,477 $ 133,063 $ 127,341 $ 38,414 $ 28.9% 50.0% 50.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN (3) - $ 63,600$ 63,600 $ - 57,320 $ 124,506 $ 21,547 $ (67,186) $ (54.0%) - - 460 WASTEWATER CONNECTION FEES (3) 722,260 $ 729,460 $ 7,200 $ 1.0% 7,965 $ 11,441 $ 92,757 $ (3,476) $ (30.4%) 1.1% 1.0% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 41,640,807 $ 43,516,668 $ 1,875,861 $ 4.5% 22,036,307 $ 19,624,664 $ 17,654,075 $ 2,411,643 $ 12.3% 52.9% 48.4%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND (3) 2,059,573 $ 2,230,973 $ 171,400 $ 8.3% 1,139,638 $ 944,246 $ 888,592 $ 195,392 $ 20.7% 55.3% 53.3% 502 EQUIPMENT REPLACEMENT FUND (3) 292,163 $ 362,663 $ 70,500 $ 24.1% 212,361 $ 305,160 $ 362,559 $ (92,799) $ (30.4%) 72.7% 64.7% 503 SELF INSURANCE FUND (3) 1,543,261 $ 1,543,261 $ - $ - 768,899 $ 600,912 $ 291,343 $ 167,987 $ 28.0% 49.8% 48.6% 504 INFORMATION TECHNOLOGY (3) 2,749,884 $ 2,872,084 $ 122,200 $ 4.4% 1,431,253 $ 1,310,752 $ 1,205,239 $ 120,501 $ 9.2% 52.0% 51.6% 505 BUILDING MAINTENANCE (3) 3,752,145 $ 3,926,645 $ 174,500 $ 4.7% 1,989,783 $ 1,808,091 $ 1,703,524 $ 181,692 $ 10.0% 53.0% 52.6% 507 LONGEVITY RECOGNITION PLAN (3) 319,200$ 379,200 $ 60,000 $ 18.8% 184,622 $ 140,197 $ 118,458 $ 44,425 $ 31.7% 57.8% 55.1% 508 PEMHCA FUND (3) 453,063 $ 591,863 $ 138,800 $ 30.6% 284,177 $ 171,127 $ 111,823 $ 113,050 $ 66.1% 62.7% 60.9% 509 COMPENSATED ABSENCES FUND (3) 632,242 $ 666,642 $ 34,400 $ 5.4% 353,464 $ 314,553 $ 252,006 $ 38,911 $ 12.4% 55.9% 52.9% TOTAL INTERNAL SERVICE FUNDS 11,801,531 $ 12,573,331 $ 771,800 $ 6.5% 6,364,197 $ 5,595,038 $ 4,933,544 $ 769,159 $ 13.7% 53.9% 52.8%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY (3) 289,500 $ 293,200 $ 3,700 $ 1.3% 172,834 $ 283,448 $ 275,342 $ (110,614) $ (39.0%) 59.7% 100.7% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ 31,430$ - $ - - - 608 SMC FIRE 320,000$ 320,000 $ - $ - 63,001 $ 77,597 $ 74,081 $ (14,596) $ (18.8%) 19.7% 35.1% TOTAL CITY / EMID FUNDS 129,961,730 $ 143,153,702 $ 13,191,972 $ 10.2% 73,439,345 $ 68,027,298 $ 56,273,917 $ 5,412,047 $ 8.0% 56.5% 56.9% 1 2 The City received two tranches of one-time ARPA COVID relief payments of $4.05 million each from the federal government in FY 2021-22 and FY 2022-23. 3 As of 12/31/23, the City's investment portfolio yield was 4.54% and better than the 3.5% budgeted for the year. As a result, projected investment income for the full year has been adjusted upward. 4 FY 2023-24 water consumption rates and fixed charges increased by 4.3% and 6% respectively; wastewater rates increased by 3%.
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 shortfall. Similarly, we received $2.01 million in August 2022 from the State to backfill the FY 20/21 Property Tax in lieu of VLF shortfall.
Notes and Explanation of Variances: