City of Foster City, California
General Fund (Fund 001 to 003)
Five Year Financial Plan for the Years Ended June 30, 2029 Projected Five Year Financial Plan
Revenues by Source: 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 Property tax $34,384,300 $35,476,460 $36,517,500 $37,589,300 $38,692,800 $39,828,900 Excess ERAF $3,541,000 $2,800,000 $2,856,000 $2,913,100 $2,971,400 $3,030,800 Transient Occupancy Tax $4,150,000 $4,698,500 $4,839,500 $4,984,700 $5,134,200 $5,288,100 Property Taxes in-lieu of
Vehicle License Fee $3,775,648 $4,288,848 $2,680,715 $1,829,065 $921,164 $942,803 Sales Tax $3,927,700 $4,099,600 $4,289,900 $4,429,500 $4,559,200 $4,679,100 Business License Tax $1,735,500 $1,890,000 $1,984,000 $2,083,000 $2,187,000 $2,296,000 Charges for current services -
Recreation $1,712,836 $1,640,589 $1,631,081 $1,753,619 $1,901,527 $1,931,036 Charges for current services -
CDD & Others $361,266 $523,366 $389,404 $329,526 $351,628 $341,293 Permits $1,441,000 $1,081,140 $1,113,180 $1,145,020 $1,179,260 $1,214,300 Franchise Taxes $1,377,000 $1,377,700 $1,414,700 $1,455,300 $1,499,400 $1,547,200 Interest Income $2,623,900 $1,563,900 $1,215,800 $1,072,100 $908,500 $772,300 Rentals - City/EMID $905,600 $1,063,700 $840,100 $393,600 $397,200 $400,800 Rentals - Parks and Recreation $600,000 $500,000 $500,000 $600,000 $650,000 $700,000 Other (Fines, Shared Services,
Street Sweeping, Other) $548,096 $524,985 $528,685 $532,485 $536,285 $454,528 Other taxes (real property tax
transfer) $244,200 $268,600 $295,500 $325,100 $334,900 $344,900 Intergovernmental (SB90,
Grants, etc) $140,000 $140,000 $140,800 $141,600 $142,400 $143,300 Total Revenues $61,468,046 $61,937,388 $61,236,865 $61,577,015 $62,366,864 $63,915,360 Projected Expenditures (1) $59,402,377 $61,628,999 $61,960,288 $64,204,190 $65,332,549 $67,830,491 Net revenues over (under)
expenditures before
transfers $2,065,669 $308,389 ($723,423) ($2,627,175) ($2,965,685) ($3,915,131) Net Transfers In (Out) ($6,000,000) ($5,750,000) ($5,750,000) ($5,750,000) ($5,750,000) ($5,750,000) Net Increase (Decrease) in
Fund Balance ($3,934,331) ($5,441,611) ($6,473,423) ($8,377,175) ($8,715,685) ($9,665,131) Opening Fund Balance $58,199,969 $54,265,638 $48,824,027 $42,350,604 $33,973,429 $25,257,744 Ending Fund Balance
(Reserves) (2) $54,265,638 $48,824,027 $42,350,604 $33,973,429 $25,257,744 $15,592,613 Reserve Balance as % of Next
Year's Operating Expenditures 88.1 % 78.8 % 66.0 % 52.0 % 37.2 % 22.5 % (1) Expenditures for FY 2024-25 represent budgeted appropriations; expenditures for FY 2025-26 to FY 2028-29 are projections. (2) The City is able to meet the City Council Reserve Policy of 50% through FY 2026-27, but is projected to fall below it in the following two years.
City of Foster City's FY 2024-25 Preliminary Budget
City of Foster City, California
General Fund (Fund 001 to 003) Expenditures Detail
Five Year Financial Plan for the Years Ended June 30, 2029 Projected Five Year Financial Plan
2023-24 2024-25 2025-26 2026-27 2027-28 2028-29
Expenditures by Categories:
Employee Services $36,952,244 $39,054,713 $40,107,683 $41,800,854 $42,588,981 $44,581,516 Salaries and Wages $21,193,109 $22,057,849 $22,726,374 $23,553,650 $24,266,321 $25,042,431 PERS $9,431,210 $10,777,446 $10,943,846 $11,518,221 $11,349,447 $12,314,355 Flex Allowance (Health) $3,712,180 $3,814,907 $4,005,662 $4,266,962 $4,480,278 $4,704,293 Workers Compensation $1,462,676 $1,203,173 $1,203,173 $1,203,173 $1,205,253 $1,203,173 Other $1,153,069 $1,201,338 $1,228,628 $1,258,848 $1,287,682 $1,317,264 Supplies and other $17,661,358 $17,618,282 $17,654,106 $18,143,055 $18,397,493 $18,842,523 Capital Outlay $40,000 $0 $0 $0 $0 $0
Total department expenses $54,653,602 $56,672,995 $57,761,789 $59,943,909 $60,986,474 $63,424,039 Internal Services Charges $7,747,636 $8,097,964 $8,666,499 $8,836,681 $9,009,075 $9,185,052 Reallocation ($2,998,861) ($3,141,960) ($3,203,500) ($3,266,100) ($3,329,700) ($3,394,300) Net Expenditures $59,402,377 $61,628,999 $63,224,788 $65,514,490 $66,665,849 $69,214,791 Less: Expected Expenditure
Savings (2%) $0 $0 ($1,264,500) ($1,310,300) ($1,333,300) ($1,384,300) Projected Expenditures $59,402,377 $61,628,999 $61,960,288 $64,204,190 $65,332,549 $67,830,491 City of Foster City's FY 2024-25 Preliminary Budget