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 9 MONTHS 9 MONTHS 9 MONTHS (UNFAVORABLE) INCREASE 9 MONTHS 9 MONTHS Fund BUDGET PROJECTED $ % AS OF 3/31/2024 AS OF 3/31/2023 AS OF 3/31/2022 VARIANCE (DECREASE) AS OF 3/31/2024 AS OF 3/31/2023 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 32,100,000 $ 32,100,000 $ - $
- 20,598,885$ 19,394,044$ 17,043,100$ 1,204,841$ 6.2% 64.2% 63.0% UNSECURED 1,315,000$ 1,315,000$ -$
- 1,339,707$ 1,154,218$ 1,110,211$ 185,489$
16.1% 101.9% 88.5%
SUPPLEMENTAL 969,300$ 969,300$ -$
- 598,874$
664,283$
410,312$
(65,409)$
(9.8%) 61.8% 90.9%
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% 24,317,238 $ 22,821,118 $ 20,160,886 $ 1,496,120 $ 6.6% 67.5% 66.2% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,387,980$ 3,775,648$ (612,332)$ (14.0%) 2,242,414$ 4,451,048$ 1,893,422$ (2,208,634)$ (49.6%) 51.1% 97.2% 001 OTHER TAXES
SALES AND USE 3,927,700 $ 3,927,700 $ - $
- 2,280,905$ 2,572,617$ 2,151,469$ (291,712)$ (11.3%) 58.1% 81.1% TRANSIENT OCCUPANCY 3,559,800$ 4,150,000$ 590,200$ 16.6% 2,697,832$ 2,059,501$ 1,230,847$ 638,331$
31.0% 75.8% 83.7%
FRANCHISE 1,266,200$ 1,377,000$ 110,800$ 8.8% 658,970$ 667,657$
626,719$
(8,687)$ (1.3%) 52.0% 53.0%
REAL PROPERTY TRANSFER 311,000$ 244,200$ (66,800)$ (21.5%) 133,436$ 136,047$
209,025$
(2,611)$ (1.9%) 42.9% 44.6%
SUBTOTAL 9,064,700$ 9,698,900$ 634,200$ 7.0% 5,771,143$ 5,435,822$ 4,218,060$ 335,321$
6.2% 63.7% 75.5%
001 LICENSES & PERMITS
BUSINESS LICENSES 1,615,500 $ 1,735,500 $ 120,000 $ 7.4% 1,719,721 $ 1,650,925 $ 1,469,145 $ 68,796 $
4.2% 106.5% 111.5%
PERMITS 1,266,675$ 1,441,000$ 174,325$ 13.8% 1,251,911$ 1,352,205$ 1,783,283$ (100,294)$ (7.4%) 98.8% 71.9% SUBTOTAL 2,882,175$ 3,176,500$ 294,325$ 10.2% 2,971,632$ 3,003,130$ 3,252,428$ (31,498)$ (1.0%) 103.1% 89.3%
001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 3,122$ 4,122,732$ 4,070,740$ (4,119,610)$ (99.9%) 7.4% 100.9% 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$ -$ - 48,208$ 4,175,224$ 4,118,780$ (4,127,016)$ (98.8%) 34.4% 99.8%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 471,534$ 361,266$ (110,268)$ (23.4%) 438,822$ 526,001$ 518,077$ (87,179)$ (16.6%) 93.1% 159.5% 003 RECREATION AND LEISURE 1,526,935$ 1,712,836$ 185,901$ 12.2% 1,538,456$ 1,142,296$ 747,889$ 396,160$ 34.7% 100.8% 92.4% SUBTOTAL 1,998,469$ 2,074,102$ 75,633$ 3.8% 1,977,278$ 1,668,297$ 1,265,966$ 308,981$
18.5% 98.9% 106.5%
001 FINES & FORFEITURES 24,900$ 24,900 $ - $ - 18,311$ 24,938$ 11,380$ (6,627)$ (26.6%) 73.5% 173.2%
INTEREST AND RENTALS
INTEREST (3) 1,521,700$ 2,623,900$ 1,102,200$ 72.4% 1,833,378$ 885,667$ 120,332$
947,711$
107.0% 120.5% 172.6%
RENTS & CONCESSIONS 1,425,828$ 1,505,600$ 79,772$ 14.5% 689,401$ 1,099,424$ 998,574$
(410,023)$ (37.3%) 48.4% 122.7%
SUBTOTAL 2,947,528$ 4,129,500$ 1,181,972$ 40.1% 2,522,779$ 1,985,091$ 1,118,906$ 537,688$
27.1% 85.6% 48.1%
OTHER REVENUES 496,385$ 523,196$ 26,811$ 5.4% 147,953$ 250,914$
598,566$
(102,961)$ (41.0%) 29.8% 70.5%
TOTAL GENERAL FUND (FUNDS 001-003) 57,946,287$ 61,468,046$ 3,521,759$ 6.1% 40,016,956$ 43,815,582$ 36,638,394$ (3,798,626)$ (8.7%) 69.1% 76.7% 001 Total Fund 001 18,591,974$ 19,482,810 $ 890,836 $ 4.8% 13,027,478 $ 18,418,608 $ 14,652,331 $ (5,391,130) $ (29.3%) 70.1% 90.6% 002 Total Fund 002 37,299,250$ 39,672,400 $ 2,373,150 $ 6.4% 25,130,672 $ 23,830,725 $ 20,954,545 $ 1,299,947 $ 5.5% 67.4% 67.6% 003 Total Fund 003 2,055,063$ 2,312,836 $ 257,773 $ 12.5% 1,858,806 $ 1,566,249 $ 1,031,518 $ 292,557 $ 18.7% 90.5% 101.7% Total Funds 001-003 57,946,287$ 61,468,046$ 3,521,759$ 6.1% 40,016,956$ 43,815,582$ 36,638,394$ (3,798,626)$ (8.7%) 69.1% 76.7% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 6,500$ 45,700 $ 39,200 $ 603.1% 39,260 $ 23,473$ 64,006$ 15,787$ 67.3% 604.0% 1564.9% 006 GENERAL FUND - DARE (3) 900$ 1,700$ 800$ 88.9% 1,437$ 38,211$ 7$ (36,774)$ (96.2%) 159.7% 382110.0% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 2,500 $ 700 $ 38.9% 2,025$ 1,361$ 201$ 664$ 48.8% 112.5% 680.5% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 800$ 2,300$ 1,500$ 187.5% 2,130$ 1,169$ 148$ 961$ 82.2% 266.3% 584.5% 009 GENERAL FUND - ASSET SEIZURE (3) 1,600$ 2,100 $ 500 $ 31.3% 856$ 1,842$ 699$ (986)$ (53.5%) 53.5% 167.5% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 4,200$ 900$ 27.3% 3,254$ 1,786$ 227$ 1,468$ 82.2% 98.6% 446.5% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 86,000$ 108,200 $ 22,200 $ 25.8% 85,212 $ 46,755$ 5,936$ 38,457$ 82.3% 99.1% 445.3% 012 SUSTAINABLE FOSTER CITY (3) 1,600$ 11,100 $ 9,500 $ 593.8% 8,779 $ 6,776$ 503$ 2,003$ 29.6% 548.7% 616.0% TOTAL ALL GENERAL FUND (FUNDS 001-011) 58,048,787$ 61,645,846$ 3,597,059$ 6.2% 40,159,909$ 43,936,955$ 36,710,121$ (3,777,046)$ (8.6%) 69.2% 76.9%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 60,000$ 60,000$ -$ - 23,808$ 24,123$ 46,110$ (315)$ (1.3%) 39.7% 40.2% 102 MEASURE "A" 874,000$ 1,078,300$ 204,300$ 23.4% 802,073$ 732,177$ 646,207$ 69,896$ 9.5% 91.8% 96.2% 103 GAS TAX 980,697$ 938,002 $ (42,695) $ (4.4%) 640,468 $ 606,909$ 534,664$ 33,559$ 5.5% 65.3% 73.3% 104 PARK-IN-LIEU FEES (3) 74,800$ 126,700$ 51,900$ 69.4% 99,951$ 54,842$ 6,963$ 45,109$ 82.3% 133.6% 442.3% 105 MEASURE "M" 121,700$ 121,700$ -$ - 100,000$ -$ 1,908$ 100,000$ - 82.2% - 108 SLESF/COPS GRANT 155,000$ 155,000$ -$ - 170,765$ 145,909$ 134,232$ 24,856$ 17.0% 110.2% 145.9% 114 CALOPPS (3) 514,077$ 533,377$ 19,300$ 3.8% 484,794$ 457,251$ 413,222$ 27,543$ 6.0% 94.3% 110.6% 116 FOSTER CITY FOUNDATION 38,900$ 38,900$ -$ - 27,292$ 21,160$ 32,824$ 6,132$ 29.0% 70.2% 56.2% 119 SB 1 ROAD MAINTENANCE AND REHAB (3) 856,598$ 877,898$ 21,300$ 2.5% 529,964$ 448,318$ 383,048$ 81,646$ 18.2% 61.9% 69.8% 122 HOUSING SUCCESSOR-LMIHF (3) 133,700 $ 185,500 $ 51,800 $ 38.7% 142,973 $ 92,256$ 193,427$ 50,717$ 55.0% 106.9% 92.9% 124 FC AFFORDABLE HOUSING FUND (3) 8,900$ 37,000$ 28,100$ 315.7% 32,894$ 9,348$ 28,063$ 23,546$ 251.9% 369.6% 32.2% 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$ 90,600$ 55,900$ 161.1% 384,469$ 217,575$ 193,426$ 166,894$ 76.7% 1108.0% 70.2% 129 CONSTRUCTION AND DEMO RECYCLING (3) 66,000$ 81,800$ 15,800$ 23.9% 52,822$ 48,492$ 32,643$ 4,330$ 8.9% 80.0% 89.5%
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE NINE MONTHS ENDED MARCH 31, 2024
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 9 MONTHS 9 MONTHS 9 MONTHS (UNFAVORABLE) INCREASE 9 MONTHS 9 MONTHS Fund BUDGET PROJECTED $ % AS OF 3/31/2024 AS OF 3/31/2023 AS OF 3/31/2022 VARIANCE (DECREASE) AS OF 3/31/2024 AS OF 3/31/2023
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE NINE MONTHS ENDED MARCH 31, 2024
130 TECHNOLOGY MAINTENANCE (3) 37,540 $ 65,540 $ 28,000 $ 74.6% 57,931 $ 53,853 $ 105,073 $ 4,078 $ 7.6% 154.3% 26.5% 131 SB 1186 (3) 5,200 $ 5,800 $ 600 $ 11.5% 7,507 $ 1,940 $ 5,700 $ 5,567 $ 287.0% 144.4% 46.7% 132 SMIP FEE 620$ 620 $ - $ - 233 $ 114 $ 234 $ 119 $ 104.4% 37.6% 10.1% 133 CRV GRANT FUND (3) 8,740 $ 8,940 $ 200 $ 2.3% 389 $ 173 $ 23 $ 216 $ 124.9% 4.5% 2.0% 134 CURBSIDE RECLYCLING (3) 22,600 $ 26,000 $ 3,400 $ 15.0% 8,720 $ 19,337 $ 15,009 $ (10,617) $ (54.9%) 38.6% 94.3% 135 GREEN BUILDING FEE (3) 900 $ 1,000 $ 100 $ 11.1% 487 $ 488 $ 464 $ (1) $ (0.2%) 54.1% 66.8% 136 MEASURE W (3) 389,200 $ 484,300 $ 95,100 $ 24.4% 284,311 $ 264,764 $ 217,067 $ 19,547 $ 7.4% 73.1% 74.7% 137 COMMERCIAL LINKAGE FEE 14,800 $ 4,844,910$ 4,830,110 $ 32635.9% 4,827,589 $ 11,120 $ 1,412 $ 4,816,469 $ 43313.6% 32618.8% 1.4% 138 TENANT RELOCATION ASSISTANCE (3) 2,000 $ 10,300 $ 8,300 $ 415.0% 8,062 $ 4,423 $ 80,028 $ 3,639 $ 82.3% 403.1% 8.5% 139 WORKFORCE HOUSING (3) 625,640 $ 636,040 $ 10,400 $ 1.7% 454,252 $ 172,004 $ 41 $ 282,248$ 164.1% 72.6% 25.4% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING (3) 27,900 $ 29,000 $ 1,100 $ 3.9% 17,585 $ 16,709 $ - $ 876 $ 5.2% 63.0% 76.0% 141 SB1383 IMPLEMENTATION (3) 200 $ 93,979$ 93,779 $ 46889.5% 973 $ 866 $ - $ 107 $ 12.4% 486.5% - 142 PARK FACILITIES IMPACT FEE - $ 594,113$ 594,113 $ - 562,463 $ - $ - $ 562,463$ - - - 143 PUBLIC SAFETY IMPACT FEE - $ 64,320$ 64,320 $ - 60,893 $ - $ - $ 60,893$ - - - 144 TRANSPORTATION IMPACT FEE - $ 190,690$ 190,690 $ - 190,693 $ - $ - $ 190,693$ - - - TOTAL SPECIAL REVENUE FUNDS 5,054,412 $ 11,380,329 $ 6,325,917 $ 125.2% 9,974,361 $ 3,404,151 $ 3,071,788 $ 6,570,210 $ 193.0% 197.3% 60.6% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,011,500 $ 4,103,800 $ 92,300 $ 2.3% 3,118,331 $ 2,943,860 $ 2,761,103 $ 174,471 $ 5.9% 77.7% 74.9% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 230,451 $ 461,882 $ 231,431 $ 100.4% 230,132 $ - $ - $ 230,132$ - 99.9% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,270,050 $ 3,862,250 $ 1,592,200 $ 70.1% 3,121,145 $ 2,389,937 $ 270,616 $ 731,208 $ 30.6% 137.5% 1580.1% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND (3) 1,240,555$ 1,243,355 $ 2,800 $ 0.2% 950,307 $ 886,487 $ 960,938 $ 63,820 $ 7.2% 76.6% 79.4% 327 LEVEE PROJECT FUND 38,400$ 38,400 $ - $ - 38,034 $ 294,533 $ 86,921 $ (256,499) $ (87.1%) 99.0% 1472.7% 328 LEVEE PROJECT FUND - 2023 GO Bonds 5,030,337$ 5,030,337 $ - $ - 5,030,338 $ - $ - $ 5,030,338$ - 100.0% - TOTAL CAPITAL PROJECTS FUNDS 8,579,342 $ 10,174,342 $ 1,595,000 $ 18.6% 9,139,824 $ 3,570,957 $ 1,318,475 $ 5,568,867 $ 155.9% 106.5% 277.4%
ENTERPRISE FUNDS
401 WATER REVENUE (3,4) 18,301,000$ 19,067,216 $ 766,216 $ 4.2% 12,251,175 $ 10,679,496 $ 10,194,479 $ 1,571,679 $ 14.7% 66.9% 59.1% 405 WATER CIP -$ - $ - $ - - $ - $ 300$ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 448,097 $ 448,097 $ - $ - 336,073 $ 382,827 $ 475,149 $ (46,754) $ (12.2%) 75.0% 75.0% 409 WATER CONNECTION FEES 307,259 $ 307,259 $ - $ - 40,782 $ 68,967 $ 243,923 $ (28,185) $ (40.9%) 13.3% 13.9% 451 WASTEWATER REVENUE (3,4) 21,540,300$ 23,150,500 $ 1,610,200 $ 7.5% 15,330,658 $ 13,668,137 $ 11,116,453 $ 1,662,521 $ 12.2% 71.2% 68.3% 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 $ - $ - 257,216 $ 199,595 $ 191,012 $ 57,621 $ 28.9% 75.0% 75.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN (3) - $ 1,009,800$ 1,009,800 $ - 483,555 $ 255,062 $ 63,709 $ 228,493 $ 89.6% - - 460 WASTEWATER CONNECTION FEES (3) 722,260 $ 729,460 $ 7,200 $ 1.0% 11,966 $ 14,639 $ 92,988 $ (2,673) $ (18.3%) 1.7% 1.2% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 41,662,507 $ 45,058,084 $ 3,395,577 $ 8.2% 28,714,222 $ 25,271,438 $ 22,383,439 $ 3,442,784 $ 13.6% 68.9% 62.3%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND (3) 2,059,573 $ 2,251,073 $ 191,500 $ 9.3% 1,708,354 $ 1,441,348 $ 1,336,064 $ 267,006 $ 18.5% 82.9% 81.3% 502 EQUIPMENT REPLACEMENT FUND (3) 292,163 $ 379,463 $ 87,300 $ 29.9% 326,733 $ 497,471 $ 553,178 $ (170,738) $ (34.3%) 111.8% 105.5% 503 SELF INSURANCE FUND (3) 1,543,261 $ 1,546,461 $ 3,200 $ 0.2% 1,156,414 $ 906,310 $ 437,250 $ 250,104 $ 27.6% 74.9% 73.2% 504 INFORMATION TECHNOLOGY (3) 2,749,884 $ 2,891,084 $ 141,200 $ 5.1% 2,191,245 $ 2,036,914 $ 1,795,880 $ 154,331 $ 7.6% 79.7% 80.2% 505 BUILDING MAINTENANCE (3) 3,752,145 $ 3,953,045 $ 200,900 $ 5.4% 3,028,451 $ 2,742,656 $ 2,557,111 $ 285,795 $ 10.4% 80.7% 79.7% 507 LONGEVITY RECOGNITION PLAN (3) 319,200$ 366,500 $ 47,300 $ 14.8% 279,325 $ 221,902 $ 178,209 $ 57,423 $ 25.9% 87.5% 87.3% 508 PEMHCA FUND (3) 453,063 $ 561,863 $ 108,800 $ 24.0% 431,908 $ 284,079 $ 168,973 $ 147,829 $ 52.0% 95.3% 101.1% 509 COMPENSATED ABSENCES FUND (3) 632,242 $ 681,242 $ 49,000 $ 7.8% 531,838 $ 487,224 $ 378,747 $ 44,614 $ 9.2% 84.1% 82.0% TOTAL INTERNAL SERVICE FUNDS 11,801,531 $ 12,630,731 $ 829,200 $ 7.0% 9,654,268 $ 8,617,904 $ 7,405,412 $ 1,036,364 $ 12.0% 81.8% 81.4%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY (3) 289,500 $ 295,800 $ 6,300 $ 2.2% 176,184 $ 286,247 $ 275,649 $ (110,063) $ (38.5%) 60.9% 101.7% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ 31,430$ - $ - - - 608 SMC FIRE 320,000$ 320,000 $ - $ - 90,802 $ 99,704 $ 105,368 $ (8,902) $ (8.9%) 28.4% 45.1% TOTAL CITY / EMID FUNDS 129,998,030 $ 146,070,814 $ 16,072,784 $ 12.4% 101,258,033 $ 88,131,216 $ 74,062,785 $ 13,126,817 $ 14.9% 77.9% 73.7% 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 4.60% 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: