City of Foster City Attachment 2 - Streets Related Funding Long-Range CIP Planning
15-Year Forecasts and Funding Options
FY 2024-2025 through FY 2038-2039 Streets-Related Funding Funding Strategy
15-Year Fund Balance Analysis
Fund Balance Analysis - 15-Year Forecast (FYE 6/30) Total 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Cash Flow Beginning Fund Balance (1) 3,952,005 3,375,805 2,900,605 3,072,305 4,326,805 5,720,705 7,560,605 9,553,605 11,706,905 14,028,405 16,526,205 19,208,805 22,085,205 25,164,605 14,028,405 3,952,005 Less: Capital Improvement Expenditures from 15-Year
Forecast (3,250,000) (3,595,000) (3,250,000) (1,800,000) (1,800,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (1,500,000) (28,695,000) Add: Funding Available from Other Non-General Fund
Sources -
Measure A Revenues (2) 936,400 983,200 1,032,400 1,084,000 1,138,200 1,195,100 1,254,900 1,317,600 1,383,500 1,452,700 1,525,300 1,601,600 1,681,700 1,765,800 1,854,100 20,206,500 Gas Tax 2103 Revenues (3) 299,200 305,200 311,300 317,500 323,900 330,400 337,000 343,700 350,600 357,600 364,800 372,100 379,500 387,100 394,800 5,174,700 Measure M Revenues (4) 121,700 124,100 126,600 129,100 131,700 134,300 137,000 139,700 142,500 145,400 148,300 151,300 154,300 157,400 160,500 2,103,900 SB1 Road Maintenance and Rehabilitation Account
Revenues (5) 862,400 905,500 950,800 998,300 1,048,200 1,100,600 1,155,600 1,213,400 1,274,100 1,337,800 1,404,700 1,474,900 1,548,600 1,626,000 1,707,300 18,608,200 Measure W Revenues (6) 454,100 476,800 500,600 525,600 551,900 579,500 608,500 638,900 670,800 704,300 739,500 776,500 815,300 856,100 898,900 9,797,300 Transportation Impact Fees - 325,000 500,000 - - - - - - - - - - - - 825,000 Add: Annual Long-Term CIP Funding from Special
Revenue Funds (A) 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 1,913,000 28,695,000 Increase (Decrease) to Annual Long-Term CIP Funding from Special Revenue Funds due to Excess / Deficiency
of Reserves (B) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (1,913,000) (28,695,000) Ending Fund Balance 3,375,805 2,900,605 3,072,305 4,326,805 5,720,705 7,560,605 9,553,605 11,706,905 14,028,405 16,526,205 19,208,805 22,085,205 25,164,605 28,457,005 17,544,005 31,972,605 Less Minimum Fund Balance Requirement (7) - - - - - - - - - - - - - - - Excess Fund Balance Over Minimum Requirement3,375,805 2,900,605 3,072,305 4,326,805 5,720,705 7,560,605 9,553,605 11,706,905 14,028,405 16,526,205 19,208,805 22,085,205 25,164,605 28,457,005 17,544,005 31,972,605 Net Annual Long-Term CIP Funding from City
General Fund - - - - - - - - - - - - - - - This analysis projects fund balance levels over the 15-year period to determine:
(A) - That there are sufficient funds to meet cash flow requirements in future years (B) - The extent to which excess cash is being reserved FOOTNOTES:
(1) - Beginning Fund Balance is comprised of the following based on the Mid-Year Financial Review:
Measure A 1,483,562
Gas Tax 296,653
Measure M 21,700
SB1 1,250,722
Measure W 899,368
Total 3,952,005
(2) - Measure A revenues are projected to reach $936,400 in FY 24/25 and increasing 5% annually thereafter (4) - Measure M revenues were the result of a transportation revenue measure passed by the voters of San Mateo County in November 2010. The measure is estimated to provide approximately $121,700 in funding to Foster City in FY 24/25 and can be used to support transportation related initiatives. A 2% annual growth factor is assumed for this revenue stream. (7) - There is no separate minimum fund balance reserve established by City Council policy regarding streets related projects. The City has a $2 million minimum Capital Investment Fund Balance reserve for emergency contingencies. (3) - Gas Tax - Section 2103 funds are related to the Gas Tax Swap approved by the State in 2010 which replace the Prop 42 monies dedicated to roadway improvements and other transportation projects. Based on the January 2023 State estimates, the City is projected to receive $299,200 in FY 24/25. Staff is estimating these revenues to grow by 2% annually. (5) - SB 1 Road Maintenance and Rehabilitation Account (RMRA) taxes and fees were enacted into law on April 28, 2017. Effective November 1, 2017, SB 1 receipts from the taxes and fees will be deposited into the RMRA. These funds will be apportioned annually to cites and counties by the State Controller's Office for road maintenance and rehabilitation. Estimated revenues for FY 24/25 are $862,400 and increasing 5% annually thereafter.(6) - Measure W revenues were the result of a transit and traffic congestion relief revenue measure passed by the voters of San Mateo County in November 2018. The measure took effect on July 2019 and is estimated to bring $454,100 to Foster City in FY 24/25. These monies can be used to support traffic and traffic congestion relief related initiatives. A 5% annual growth factors is assumed for this revenue stream.