Attachment 3
FY 2024-25 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2024-25 FY 2023-24 FY 2022-23 FAVORABLE % FY 2024-25 FY 2023-24 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2024 AS OF 9/30/2023 AS OF 9/30/2022 VARIANCE (DECREASE) AS OF 9/30/2024 AS OF 9/30/2023 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 33,146,460 $ 33,146,460 $ - $ - - $ - $ - $ - $ - - - UNSECURED 1,341,300 $ 1,341,300 $ - $ - - $ - $ - $ - $ - - - SUPPLEMENTAL 988,700 $ 988,700 $ - $ - 8,928 $ 59,983 $ 106,221 $ (51,055) $ (85.1%) 0.9% 6.2% ERAF 2,800,000$ 2,800,000 $ - $ - - $ - $ - - - 002 PROPERTY TAXES (1) 38,276,460$ 38,276,460 $ - $ - 8,928 $ 59,983 $ 106,221 $ (51,055) $ (85.1%) 0.0% 0.2% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,288,848 $ 4,288,848 $ - $ - 1,396,205 $ 667,557 $ 2,014,690$ 728,648 $ 109.2% 32.6% 15.2% 001 OTHER TAXES
SALES AND USE 4,099,600 $ 3,650,000 $ (449,600) $ (11.0%) 295,546 $ 294,530 $ 246,926 $ 1,016 $ 0.3% 7.2% 7.5% TRANSIENT OCCUPANCY 4,698,500 $ 4,698,500 $ - $ - 644,191 $ 663,014 $ 489,295 $ (18,823) $ (2.8%) 13.7% 18.6% FRANCHISE 1,377,700 $ 1,377,700 $ - $ - 75,405 $ 57,973 $ 54,234 $ 17,432 $ 30.1% 5.5% 4.6% REAL PROPERTY TRANSFER 268,600 $ 268,600 $ - $ - 22,213 $ 14,201 $ 20,820 $ 8,012 $ 56.4% 8.3% 4.6% SUBTOTAL 10,444,400 $ 9,994,800 $ (449,600) $ (4.3%) 1,037,355 $ 1,029,718 $ 811,275 $ 7,637 $ 0.7% 9.9% 11.4% 001 LICENSES & PERMITS
BUSINESS LICENSES 1,890,000 $ 3,290,000 $ 1,400,000 $ 74.1% 71,774 $ 51,401 $ 89,626 $ 20,373 $ 39.6% 3.8% 3.2% PERMITS 1,081,140$ 1,081,140 $ - $ - 561,689 $ 541,461 $ 356,948 $ 20,228 $ 3.7% 52.0% 42.7% SUBTOTAL 2,971,140 $ 4,371,140 $ 1,400,000 $ 47.1% 633,463 $ 592,862 $ 446,574 $ 40,601 $ 6.8% 21.3% 20.6% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 3,059 $ 1,661 $ 4,054,920$ 1,398 $ 84.2% 7.3% 4.0% 002 GRANTS -$ - $ - $ - - $ - $ - $ - $ - - - 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 98,000 $ - $ - - $ - $ - $ - $ - - - SUBTOTAL 140,000 $ 140,000 $ - $ - 3,059 $ 1,661 $ 4,054,920$ 1,398 $ 84.2% 2.2% 1.2%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 523,366 $ 523,366 $ - $ - 145,508 $ 172,387 $ 107,905 $ (26,879) $ (15.6%) 27.8% 36.6% 003 RECREATION AND LEISURE 1,640,589 $ 1,640,589 $ - $ - 713,805 $ 819,541 $ 610,419 $ (105,736) $ (12.9%) 43.5% 53.7% SUBTOTAL 2,163,955 $ 2,163,955 $ - $ - 859,313 $ 991,928 $ 718,324 $ (132,615) $ (13.4%) 39.7% 49.6% 001 FINES & FORFEITURES 25,100$ 25,100 $ - $ - 6,801 $ 4,235 $ 4,926 $ 2,566 $ 60.6% 27.1% 17.0%
INTEREST AND RENTALS
INTEREST (3) 1,563,900 $ 1,563,900 $ - $ - 617,218 $ 576,497 $ 147,176 $ 40,721 $ 7.1% 39.5% 37.9% RENTS & CONCESSIONS 1,563,700 $ 1,563,700 $ - $ - 406,495 $ 354,207 $ 366,126 $ 52,288 $ 14.8% 26.0% 24.8% SUBTOTAL 3,127,600 $ 3,127,600 $ - $ - 1,023,713 $ 930,704 $ 513,302 $ 93,009 $ 10.0% 32.7% 29.8% OTHER REVENUES 499,885$ 499,885 $ - $ - 130,181 $ 55,617 $ 75,686 $ 74,564 $ 134.1% 26.0% 11.2% TOTAL GENERAL FUND (FUNDS 001-003) 61,937,388 $ 62,887,788 $ 950,400 $ 1.5% 5,099,018 $ 4,334,265 $ 8,745,918 $ 764,753 $ 17.6% 8.2% 7.5% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 20,000$ 20,000 $ - $ - 13,542 $ 13,346 $ 4,565 $ 196 $ 1.5% 67.7% 205.3% 006 GENERAL FUND - DARE (3) 1,000$ 1,000 $ - $ - 533 $ 474 $ 11 $ 59 $ 12.4% 53.3% 52.7% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 1,800 $ - $ - 642 $ 730 $ 269 $ (88) $ (12.1%) 35.7% 40.6% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 1,450$ 1,450 $ - $ - 791 $ 703 $ 220 $ 88 $ 12.5% 54.6% 87.9% 009 GENERAL FUND - ASSET SEIZURE 1,700$ 1,700 $ - $ - 3,040 $ 283 $ 83 $ 2,757 $ 974.2% 178.8% 17.7% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 3,300 $ - $ - 1,208 $ 1,075 $ 336 $ 133 $ 12.4% 36.6% 32.6% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 75,700$ 75,700 $ - $ - 31,635 $ 28,137 $ 8,811 $ 3,498 $ 12.4% 41.8% 32.7% 012 SUSTAINABLE FOSTER CITY (3) 4,700$ 4,700 $ - $ - 3,812 $ 2,929 $ 777 $ 883 $ 30.1% 81.1% 183.1% TOTAL ALL GENERAL FUND (FUNDS 001-011) 62,047,038 $ 62,997,438 $ 950,400 $ 1.5% 5,154,221 $ 4,381,942 $ 8,760,990 $ 772,279 $ 17.6% 8.3% 7.5%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 40,000 $ 40,000 $ - $ - 3,392 $ 3,360 $ 3,692 $ 32 $ 1.0% 8.5% 5.6% 102 MEASURE "A" 1,062,000 $ 1,062,000 $ - $ - 223,160 $ 215,838 $ 187,700 $ 7,322 $ 3.4% 21.0% 24.7% 103 GAS TAX 922,129$ 922,129 $ - $ - 185,872 $ 175,193 $ 164,318 $ 10,679 $ 6.1% 20.2% 17.9% 104 PARK-IN-LIEU FEES (3) 100,000 $ 100,000 $ - $ - 37,107 $ 33,003 $ 10,335 $ 4,104 $ 12.4% 37.1% 44.1% 105 MEASURE "M" 124,100 $ 124,100 $ - $ - - $ - $ - $ - $ - - - 108 SLESF/COPS GRANT 165,000 $ 165,000 $ - $ - - $ - $ - $ - $ - - - 114 CALOPPS 564,400$ 564,400 $ - $ - 355,576 $ 391,372 $ 349,686 $ (35,796) $ (9.1%) 63.0% 76.1% 116 FOSTER CITY FOUNDATION 40,200 $ 40,200 $ - $ - 3,469 $ 10,400 $ 8,000 $ (6,931) $ (66.6%) 8.6% 26.7% 119 SB 1 ROAD MAINTENANCE AND REHAB 903,400 $ 903,400 $ - $ - 98,112 $ 80,888 $ 66,356 $ 17,224 $ 21.3% 10.9% 9.4% 122 HOUSING SUCCESSOR-LMIHF 142,600 $ 142,600 $ - $ - 49,548 $ 52,952 $ 25,417 $ (3,404) $ (6.4%) 34.7% 39.6% 124 FC AFFORDABLE HOUSING FUND 30,450 $ 30,450 $ - $ - 8,748 $ 19,096 $ 1,893 $ (10,348) $ (54.2%) 28.7% 214.6% 128 GENERAL PLAN MAINTENANCE (3) 189,850 $ 189,850 $ - $ - 132,605 $ 181,161 $ 145,804 $ (48,556) $ (26.8%) 69.8% 522.1% 129 CONSTRUCTION AND DEMO RECYCLING (3) 73,800 $ 73,800 $ - $ - 11,852 $ 28,804 $ 4,986 $ (16,952) $ (58.9%) 16.1% 43.6% 130 TECHNOLOGY MAINTENANCE (3) 38,940 $ 38,940 $ - $ - 21,840 $ 30,477 $ 17,275 $ (8,637) $ (28.3%) 56.1% 81.2% 131 SB 1186 (3) 6,850 $ 6,850 $ - $ - 1,133 $ 992 $ 119 $ 141 $ 14.2% 16.5% 19.1% 132 SMIP FEE (3) 620 $ 620 $ - $ - 223 $ 72 $ 19 $ 151 $ 209.7% 36.0% 11.6% 133 CRV GRANT FUND (3) 8,740 $ 8,740 $ - $ - 136 $ 154 $ 33 $ (18) $ (11.7%) 1.6% 1.8%
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, 2024
Attachment 3
FY 2024-25 ACTUAL ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2024-25 FY 2023-24 FY 2022-23 FAVORABLE % FY 2024-25 FY 2023-24 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2024 AS OF 9/30/2023 AS OF 9/30/2022 VARIANCE (DECREASE) AS OF 9/30/2024 AS OF 9/30/2023
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, 2024
134 CURBSIDE RECLYCLING (3) 23,550 $ 23,550 $ - $ - 3,397 $ 2,879 $ 799 $ 518 $ 18.0% 14.4% 12.7% 135 GREEN BUILDING FEE (3) 900 $ 900 $ - $ - 104 $ 258 $ 30 $ (154) $ (59.7%) 11.6% 28.7% 136 MEASURE W (3) 486,500 $ 486,500 $ - $ - 50,512 $ 46,435 $ 34,375 $ 4,077 $ 8.8% 10.4% 11.9% 137 COMMERCIAL LINKAGE FEE (3) 16,400 $ 16,400 $ - $ - 66,791 $ 6,692 $ 2,096 $ 60,099 $ 898.1% 407.3% 45.2% 138 TENANT RELOCATION ASSISTANCE (3) 3,600 $ 3,600 $ - $ - 2,993 $ 2,662 $ 834 $ 331 $ 12.4% 83.1% 133.1% 139 WORKFORCE HOUSING 676,262 $ 676,262 $ - $ - 159,702 $ 138,101 $ 16,293 $ 21,601 $ 15.6% 23.6% 22.1% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 28,900 $ 28,900 $ - $ - 6,107 $ 5,797 $ 5,513 $ 310 $ 5.3% 21.1% 20.8% 141 SB1383 IMPLEMENTATION 500 $ 500 $ - $ - 1,099 $ 374 $ 174 $ 725 $ 193.9% 219.8% 187.0% 142 PARK FACILITIES IMPACT FEE - $ - $ - $ - 6,950 $ - $ - $ 6,950$ - - - 143 PUBLIC SAFETY IMPACT FEE - $ - $ - $ - 752 $ - $ - $ 752 $ - - - 144 TRANSPORTATION IMPACT FEE - $ - $ - $ - 2,356 $ - $ - $ 2,356$ - - - 145 LOCAL HOUSING TRUST 500,000 $ 500,000 $ - $ - - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 6,149,691 $ 6,149,691 $ - $ - 1,433,536 $ 1,426,960 $ 1,045,747 $ 6,576 $ 0.5% 23.3% 28.2% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,089,500 $ 4,089,500 $ - $ - 31,524 $ 25,412 $ 16,557 $ 6,112 $ 24.1% 0.8% 0.6% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 471,245 $ 471,245 $ - $ - 585 $ 226,344$ - $ (225,759)$ (99.7%) 0.1% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,892,650 $ 2,892,650 $ - $ - 1,157,168 $ 1,043,045 $ 338,206 $ 114,123 $ 10.9% 40.0% 45.9% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND 975,255$ 975,255 $ - $ - 352,530 $ 313,278 $ 343,360 $ 39,252 $ 12.5% 36.1% 25.3% 327 LEVEE PROJECT FUND 35,000$ 35,000 $ - $ - - $ 33,745$ 206,663 $ (33,745) $ (100.0%) - 648.9% 328 LEVEE PROJECT FUND - 2023 GO Bonds 5,052,987$ 5,052,987 $ - $ - - $ 4,951,233$ - $ (4,951,233)$ (100.0%) - - TOTAL CAPITAL PROJECTS FUNDS 8,955,892 $ 8,955,892 $ - $ - 1,509,698 $ 6,341,301 $ 888,229 $ (4,831,603) $ (76.2%) 16.9% 180.4%
ENTERPRISE FUNDS
401 WATER REVENUE (4) 18,959,000 $ 18,959,000 $ - $ - 3,632,908 $ 3,457,270 $ 2,988,787 $ 175,638 $ 5.1% 19.2% 18.9% 405 WATER CIP -$ - $ - $ - - $ - $ - $ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 456,767 $ 456,767 $ - $ - 114,192 $ 112,024 $ 127,609 $ 2,168 $ 1.9% 25.0% 25.0% 409 WATER CONNECTION FEES 32,800 $ 32,800 $ - $ - 1,907 $ 13,721 $ 4,128 $ (11,814) $ (86.1%) 5.8% 1.7% 451 WASTEWATER REVENUE (4) 22,404,000 $ 22,404,000 $ - $ - 3,863,920 $ 3,435,428 $ 2,792,882 $ 428,492 $ 12.5% 17.2% 15.9% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ - $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 2,797 $ 2,797 $ - $ - 2,853 $ 2,797 $ 2,715 $ 56 $ 2.0% 102.0% 439.8% 458 WASTEWATER EQUIPMENT REPLACEMENT 462,234 $ 462,234 $ - $ - 115,559 $ 85,739 $ 66,532 $ 29,820 $ 34.8% 25.0% 25.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN 1, 979,393$ 1,979,393 $ - $ - 780,082 $ 31,757 $ 718 $ 748,325 $ 2356.4% 39.4% - 460 WASTEWATER CONNECTION FEES 8,936,837 $ 8,936,837 $ - $ - 4,442 $ 3,951 $ 1,208 $ 491 $ 12.4% 0.0% 0.0% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 53,233,828 $ 53,233,828 $ - $ - 8,515,863 $ 7,142,687 $ 5,984,579 $ 1,373,176 $ 19.2% 16.0% 14.2%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,150,834 $ 2,150,834 $ - $ - 616,585 $ 563,757 $ 459,261 $ 52,828 $ 9.4% 28.7% 27.4% 502 EQUIPMENT REPLACEMENT FUND 868,562 $ 868,562 $ - $ - 232,765 $ 97,827 $ 135,195 $ 134,938 $ 137.9% 26.8% 33.5% 503 SELF INSURANCE FUND 2,106,723 $ 2,106,723 $ - $ - 520,480 $ 385,024 $ 299,256 $ 135,456 $ 35.2% 24.7% 24.9% 504 INFORMATION TECHNOLOGY 2,917,812 $ 2,917,812 $ - $ - 771,776 $ 714,192 $ 646,539 $ 57,584 $ 8.1% 26.5% 26.0% 505 BUILDING MAINTENANCE 3,735,769 $ 3,735,769 $ - $ - 1,010,932 $ 990,002 $ 882,025 $ 20,930 $ 2.1% 27.1% 26.4% 507 LONGEVITY RECOGNITION PLAN 313,500$ 313,500 $ - $ - 93,841 $ 89,538 $ 66,682 $ 4,303 $ 4.8% 29.9% 28.1% 508 PEMHCA FUND 474,980 $ 474,980 $ - $ - 154,539 $ 135,545 $ 77,480 $ 18,994 $ 14.0% 32.5% 29.9% 509 COMPENSATED ABSENCES FUND 117,300 $ 117,300 $ - $ - 49,648 $ 176,009 $ 152,843 $ (126,361) $ (71.8%) 42.3% 27.8% TOTAL INTERNAL SERVICE FUNDS 12,685,480 $ 12,685,480 $ - $ - 3,450,566 $ 3,151,894 $ 2,719,281 $ 298,672 $ 9.5% 27.2% 26.7%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 300,300 $ 300,300 $ - $ - 678 $ 1,376 $ 496 $ (698) $ (50.7%) 0.2% 0.5% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ - $ - $ - - - 608 SMC FIRE 149,000$ 149,000 $ - $ - 23,765 $ 32,596 $ 26,204 $ (8,831) $ (27.1%) 15.9% 10.2% TOTAL CITY / EMID FUNDS 148,081,974 $ 149,032,374 $ 950,400 $ 0.6% 20,120,436 $ 22,730,512 $ 19,442,083 $ (2,610,076) $ (11.5%) 13.6% 17.0% 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 was stable at 4.50% for the 12 month period ending September 30, 2 024 compared to 4.43% for the period ending September 30, 2023 as Federal Funds rates continued to be unchanged for the majority of the period. 4 FY 2024-25 water consumption rates and fixed charges increased by 3.8% and 4.5% respectively; wastewater rates increased by 2% .
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 $1,396,205 in August 2024 from the State to backfill the FY 22/23 Property Tax in Lieu of VLF shorfall. Similaryly, we received $667,557 in August 2023 from the State to backfill the FY 21/22 Property Tax in lieu of VLF shortfall.