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 6 MONTHS 6 MONTHS 6 MONTHS (UNFAVORABLE) INCREASE 6 MONTHS 6 MONTHS Fund BUDGET PROJECTED $ % AS OF 12/31/2024 AS OF 12/31/2023 AS OF 12/31/2022 VARIANCE (DECREASE) AS OF 12/31/2024 AS OF 12/31/2023 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 33,146,460 $ 33,146,460 $ - $ - 17,154,602 $ 16,624,403 $ 15,823,899 $ 530,199 $ 3.2% 51.8% 51.8% UNSECURED 1,341,300 $ 1,341,300 $ - $ - 1,320,016 $ 1,263,415 $ 1,123,088 $ 56,601 $ 4.5% 98.4% 96.1% SUPPLEMENTAL 988,700 $ 988,700 $ - $ - 84,246 $ 267,613 $ 349,556 $ (183,367) $ (68.5%) 8.5% 27.6% ERAF 2,800,000$ 3,600,000 $ 800,000 $ 28.6% 1,810,297 $ 1,779,772 $ 1,608,573 $ 30,525 $ 1.7% 64.7% 109.9% 002 PROPERTY TAXES (1) 38,276,460$ 39,076,460 $ 800,000 $ 2.1% 20,369,161 $ 19,935,203 $ 18,905,116 $ 433,958 $ 2.2% 53.2% 55.4% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,288,848 $ 4,588,848 $ 300,000 $ 7.0% 2,989,742 $ 2,200,791 $ 4,407,088 $ 788,951 $ 35.8% 69.7% 50.2% 001 OTHER TAXES
SALES AND USE 4,099,600 $ 3,650,000 $ (449,600) $ (11.0%) 1,811,662 $ 1,962,492 $ 1,838,846 $ (150,830) $ (7.7%) 44.2% 50.0% TRANSIENT OCCUPANCY 4,698,500 $ 4,698,500 $ - $ - 2,218,270 $ 2,013,916 $ 1,564,285 $ 204,354 $ 10.1% 47.2% 56.6% FRANCHISE 1,377,700 $ 1,377,700 $ - $ - 610,511 $ 598,207 $ 611,591 $ 12,304 $ 2.1% 44.3% 47.2% REAL PROPERTY TRANSFER 268,600 $ 268,600 $ - $ - 156,490 $ 121,492 $ 106,011 $ 34,998 $ 28.8% 58.3% 39.1% SUBTOTAL 10,444,400 $ 9,994,800 $ (449,600) $ (4.3%) 4,796,933 $ 4,696,107 $ 4,120,733 $ 100,826 $ 2.1% 45.9% 51.8% 001 LICENSES & PERMITS
BUSINESS LICENSES 1,890,000 $ 3,290,000 $ 1,400,000 $ 74.1% 101,330 $ 88,266 $ 154,593 $ 13,064 $ 14.8% 5.4% 5.5% PERMITS 1,081,140$ 1,201,140 $ 120,000 $ 11.1% 1,191,343 $ 856,400 $ 1,046,013 $ 334,943 $ 39.1% 110.2% 67.6% SUBTOTAL 2,971,140 $ 4,491,140 $ 1,520,000 $ 51.2% 1,292,673 $ 944,666 $ 1,200,606 $ 348,007 $ 36.8% 43.5% 32.8% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 14,800 $ 1,861 $ 4,116,873$ 12,939 $ 695.3% 35.2% 4.4% 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 98,000 $ - $ - 43,914 $ 45,086 $ 46,453 $ (1,172) $ (2.6%) 44.8% 46.0% 003 GRANTS -$ - $ - $ - - $ - $ 6,039$ - $ - - - SUBTOTAL 140,000 $ 140,000 $ - $ - 58,714 $ 46,947 $ 4,169,365$ 11,767 $ 25.1% 41.9% 33.5%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 523,366 $ 523,366 $ - $ - 291,680 $ 310,485 $ 431,785 $ (18,805) $ (6.1%) 55.7% 65.8% 003 RECREATION AND LEISURE 1,640,589 $ 1,640,589 $ - $ - 1,006,430 $ 1,097,246 $ 867,824 $ (90,816) $ (8.3%) 61.3% 71.9% SUBTOTAL 2,163,955 $ 2,163,955 $ - $ - 1,298,110 $ 1,407,731 $ 1,299,609 $ (109,621) $ (7.8%) 60.0% 70.4% 001 FINES & FORFEITURES 25,100$ 25,100 $ - $ - 17,476 $ 12,500 $ 12,863 $ 4,976 $ 39.8% 69.6% 50.2%
INTEREST AND RENTALS
INTEREST (3) 1,563,900 $ 2,213,900 $ 650,000 $ 41.6% 1,171,996 $ 1,144,668 $ 415,732 $ 27,328 $ 2.4% 74.9% 75.2% RENTS & CONCESSIONS 1,563,700 $ 1,563,700 $ - $ - 716,942 $ 689,401 $ 638,016 $ 27,541 $ 4.0% 45.8% 48.4% SUBTOTAL 3,127,600 $ 3,777,600 $ 650,000 $ 20.8% 1,888,938 $ 1,834,069 $ 1,053,748 $ 54,869 $ 3.0% 60.4% 48.6% OTHER REVENUES 499,885$ 499,885 $ - $ - 236,485 $ 147,953 $ 156,453 $ 88,532 $ 59.8% 47.3% 29.8% TOTAL GENERAL FUND (FUNDS 001-003) 61,937,388 $ 64,757,788 $ 2,820,400 $ 4.6% 32,948,232 $ 31,225,967 $ 35,325,581 $ 1,722,265 $ 5.5% 53.2% 53.9% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 20,000$ 20,000 $ - $ - 25,147 $ 26,435 $ 12,251 $ (1,288) $ (4.9%) 125.7% 406.7% 006 GENERAL FUND - DARE (3) 1,000$ 1,000 $ - $ - 1,018 $ 956 $ 22,873$ 62 $ 6.5% 101.8% 106.2% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 1,800 $ - $ - 1,220 $ 1,400 $ 708 $ (180) $ (12.9%) 67.8% 77.8% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 1,450$ 1,450 $ - $ - 1,509 $ 1,418 $ 600 $ 91 $ 6.4% 104.1% 177.3% 009 GENERAL FUND - ASSET SEIZURE 1,700$ 1,700 $ - $ - 4,491 $ 570 $ 1,613 $ 3,921 $ 687.9% 264.2% 35.6% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 3,300 $ - $ - 2,305 $ 2,166 $ 916 $ 139 $ 6.4% 69.8% 65.6% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 75,700$ 75,700 $ - $ - 60,362 $ 56,723 $ 23,988 $ 3,639 $ 6.4% 79.7% 66.0% 012 SUSTAINABLE FOSTER CITY (3) 4,700$ 4,700 $ - $ - 8,271 $ 5,860 $ 4,751 $ 2,411 $ 41.1% 176.0% 366.3% TOTAL ALL GENERAL FUND (FUNDS 001-011) 62,047,038 $ 64,769,438 $ 2,820,400 $ 4.5% 33,052,555 $ 31,321,495 $ 35,393,281 $ 1,731,060 $ 5.5% 53.3% 54.0%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 40,000 $ 40,000 $ - $ - 15,547 $ 14,795 $ 12,628 $ 752 $ 5.1% 38.9% 24.7% 102 MEASURE "A" 1,062,000 $ 1,062,000 $ - $ - 581,550 $ 577,671 $ 521,929 $ 3,879 $ 0.7% 54.8% 66.1% 103 GAS TAX 922,129$ 922,129 $ - $ - 538,435 $ 494,803 $ 467,766 $ 43,632 $ 8.8% 58.4% 50.5% 104 PARK-IN-LIEU FEES (3) 100,000 $ 100,000 $ - $ - 68,080 $ 66,534 $ 28,137 $ 1,546 $ 2.3% 68.1% 88.9% 105 MEASURE "M" 124,100 $ 124,100 $ - $ - - $ 100,000$ 119,300 $ (100,000) $ (100.0%) - 82.2% 108 SLESF/COPS GRANT 165,000 $ 165,000 $ - $ - 134,085 $ 125,762 $ 104,058 $ 8,323 $ 6.6% 81.3% 81.1% 114 CALOPPS 564,400$ 564,400 $ - $ - 384,346 $ 441,361 $ 405,867 $ (57,015) $ (12.9%) 68.1% 85.9% 116 FOSTER CITY FOUNDATION 40,200 $ 40,200 $ - $ - 12,203 $ 14,940 $ 8,600 $ (2,737) $ (18.3%) 30.4% 38.4% 119 SB 1 ROAD MAINTENANCE AND REHAB 903,400 $ 903,400 $ - $ - 485,699 $ 424,493 $ 375,683 $ 61,206 $ 14.4% 53.8% 49.6% 122 HOUSING SUCCESSOR-LMIHF 142,600 $ 142,600 $ - $ - 95,910 $ 97,300 $ 50,306 $ (1,390) $ (1.4%) 67.3% 72.8% 124 FC AFFORDABLE HOUSING FUND 30,450 $ 30,450 $ - $ - 16,693 $ 26,017 $ 4,943 $ (9,324) $ (35.8%) 54.8% 292.3% 128 GENERAL PLAN MAINTENANCE (3) 189,850 $ 314,850 $ 125,000 $ 65.8% 298,757 $ 253,710 $ 147,554 $ 45,047 $ 17.8% 157.4% 731.2% 129 CONSTRUCTION AND DEMO RECYCLING (3) 73,800 $ 73,800 $ - $ - 59,880 $ 41,054 $ 16,110 $ 18,826 $ 45.9% 81.1% 62.2% 130 TECHNOLOGY MAINTENANCE (3) 38,940 $ 38,940 $ - $ - 48,856 $ 41,554 $ 40,673 $ 7,302 $ 17.6% 125.5% 110.7% 131 SB 1186 (3) 6,850 $ 6,850 $ - $ - 2,070 $ 1,754 $ 970 $ 316 $ 18.0% 30.2% 33.7% 132 SMIP FEE (3) 620 $ 620 $ - $ - 784 $ 139 $ 54 $ 645 $ 464.0% 126.5% 22.4% 133 CRV GRANT FUND (3) 8,740 $ 8,740 $ - $ - 259 $ 311 $ 89 $ (52) $ (16.7%) 3.0% 3.6%
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, 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 6 MONTHS 6 MONTHS 6 MONTHS (UNFAVORABLE) INCREASE 6 MONTHS 6 MONTHS Fund BUDGET PROJECTED $ % AS OF 12/31/2024 AS OF 12/31/2023 AS OF 12/31/2022 VARIANCE (DECREASE) AS OF 12/31/2024 AS OF 12/31/2023
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE SIX MONTHS ENDED DECEMBER 31, 2024
134 CURBSIDE RECLYCLING (3) 23,550 $ 23,550 $ - $ - 6,482 $ 5,804 $ 2,175 $ 678 $ 11.7% 27.5% 25.7% 135 GREEN BUILDING FEE (3) 900 $ 900 $ - $ - 474 $ 344 $ 175 $ 130 $ 37.8% 52.7% 38.2% 136 MEASURE W (3) 486,500 $ 486,500 $ - $ - 237,367 $ 227,534 $ 210,385 $ 9,833 $ 4.3% 48.8% 58.5% 137 COMMERCIAL LINKAGE FEE (3) 16,400 $ 128,400 $ 112,000 $ 682.9% 127,415 $ 13,490 $ 5,705 $ 113,925 $ 844.5% 776.9% 91.1% 138 TENANT RELOCATION ASSISTANCE (3) 3,600 $ 3,600 $ - $ - 5,711 $ 5,366 $ 2,269 $ 345 $ 6.4% 158.6% 268.3% 139 WORKFORCE HOUSING 676,262 $ 676,262 $ - $ - 310,936 $ 290,819 $ 87,734 $ 20,117 $ 6.9% 46.0% 46.5% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 28,900 $ 28,900 $ - $ - 12,218 $ 11,661 $ 11,071 $ 557 $ 4.8% 42.3% 41.8% 141 SB1383 IMPLEMENTATION 500 $ 2,000$ 1,500 $ 300.0% 1,956 $ 715 $ 451 $ 1,241 $ 173.6% 391.2% 357.5% 142 PARK FACILITIES IMPACT FEE - $ 11,215$ 11,215 $ - 11,214 $ - $ - $ 11,214$ - - - 143 PUBLIC SAFETY IMPACT FEE - $ 1,435$ 1,435 $ - 1,435 $ - $ - $ 1,435$ - - - 144 TRANSPORTATION IMPACT FEE - $ 4,500$ 4,500 $ - 4,496 $ - $ - $ 4,496$ - - - 145 LOCAL HOUSING TRUST 500,000 $ 500,000 $ - $ - - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 6,149,691 $ 6,405,341 $ 255,650 $ 4.2% 3,462,858 $ 3,277,931 $ 2,624,632 $ 184,927 $ 5.6% 56.3% 64.9% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,089,500 $ 4,089,500 $ - $ - 2,194,262 $ 2,232,451 $ 2,110,072 $ (38,189) $ (1.7%) 53.7% 55.7% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 240,794 $ 240,794 $ - $ - 118,918 $ 228,527 $ - $ (109,609)$ (48.0%) 49.4% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,892,650 $ 2,892,650 $ - $ - 2,420,679 $ 2,062,525 $ 1,540,822 $ 358,154 $ 17.4% 83.7% 90.9% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND 975,255$ 1,085,255$ 110,000 $ 11.3% 726,742 $ 630,296 $ 585,122 $ 96,446 $ 15.3% 74.5% 50.8% 327 LEVEE PROJECT FUND -$ 155,167$ 155,167 $ - 155,167 $ 38,034 $ 192,622 $ 117,133 $ 308.0% - 731.4% 328 LEVEE PROJECT FUND - 2023 GO Bonds -$ - $ - $ - - $ 5,011,747$ - $ (5,011,747)$ (100.0%) - - TOTAL CAPITAL PROJECTS FUNDS 3,867,905 $ 4,133,072 $ 265,167 $ 6.9% 3,302,588 $ 7,742,602 $ 2,318,566 $ (4,440,014) $ (57.3%) 85.4% 220.2%
ENTERPRISE FUNDS
401 WATER REVENUE (4) 18,959,000 $ 18,959,000 $ - $ - 10,307,665 $ 9,912,550 $ 8,642,386 $ 395,115 $ 4.0% 54.4% 54.2% 405 WATER CIP -$ - $ - $ - - $ - $ - $ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 456,767 $ 456,767 $ - $ - 228,384 $ 224,049 $ 255,218 $ 4,335 $ 1.9% 50.0% 50.0% 409 WATER CONNECTION FEES 32,800 $ 32,800 $ - $ - 3,639 $ 27,661 $ 57,865 $ (24,022) $ (86.8%) 11.1% 3.4% 451 WASTEWATER REVENUE (4) 22,404,000 $ 23,304,000 $ 900,000 $ 4.0% 12,490,936 $ 11,632,488 $ 10,397,470 $ 858,448 $ 7.4% 55.8% 54.0% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ - $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 636 $ 636 $ - $ - 2,853 $ 2,797 $ 2,715 $ 56 $ 2.0% 448.6% 439.8% 458 WASTEWATER EQUIPMENT REPLACEMENT 462,234 $ 462,234 $ - $ - 231,117 $ 171,477 $ 133,063 $ 59,640 $ 34.8% 50.0% 50.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN 1, 900,000$ 2,400,000 $ 500,000 $ 26.3% 1,543,971 $ 57,320 $ 124,506 $ 1,486,651 $ 2593.6% 81.3% - 460 WASTEWATER CONNECTION FEES 8,936,837 $ 8,936,837 $ - $ - 8,476 $ 7,965 $ 11,441 $ 511 $ 6.4% 0.1% 0.1% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 53,152,274 $ 54,552,274 $ 1,400,000 $ 2.6% 24,817,041 $ 22,036,307 $ 19,624,664 $ 2,780,734 $ 12.6% 46.7% 43.7%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,150,834 $ 2,150,834 $ 171,400 $ 8.0% 1,255,471 $ 1,139,638 $ 944,246 $ 115,833 $ 10.2% 58.4% 55.3% 502 EQUIPMENT REPLACEMENT FUND 868,562 $ 868,562 $ 70,500 $ 8.1% 499,510 $ 212,361 $ 305,160 $ 287,149 $ 135.2% 57.5% 72.7% 503 SELF INSURANCE FUND 2,106,723 $ 2,106,723 $ - $ - 1,045,695 $ 768,899 $ 600,912 $ 276,796 $ 36.0% 49.6% 49.8% 504 INFORMATION TECHNOLOGY 2,917,812 $ 2,917,812 $ 122,200 $ 4.2% 1,555,579 $ 1,431,253 $ 1,310,752 $ 124,326 $ 8.7% 53.3% 52.0% 505 BUILDING MAINTENANCE 3,735,769 $ 3,735,769 $ 174,500 $ 4.7% 2,011,455 $ 1,989,783 $ 1,808,091 $ 21,672 $ 1.1% 53.8% 53.0% 507 LONGEVITY RECOGNITION PLAN 313,500$ 313,500 $ 60,000 $ 19.1% 184,568 $ 184,622 $ 140,197 $ (54) $ (0.0%) 58.9% 57.8% 508 PEMHCA FUND 474,980 $ 474,980 $ 138,800 $ 29.2% 301,725 $ 284,177 $ 171,127 $ 17,548 $ 6.2% 63.5% 62.7% 509 COMPENSATED ABSENCES FUND 117,300 $ 117,300 $ 34,400 $ 29.3% 94,287 $ 353,464 $ 314,553 $ (259,177) $ (73.3%) 80.4% 55.9% TOTAL INTERNAL SERVICE FUNDS 12,685,480 $ 12,685,480 $ 771,800 $ 6.1% 6,948,290 $ 6,364,197 $ 5,595,038 $ 584,093 $ 9.2% 54.8% 53.9%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 300,300 $ 300,300 $ 3,700 $ 1.2% 298,861 $ 172,834 $ 283,448 $ 126,027 $ 72.9% 99.5% 59.7% 608 SMC FIRE 149,000$ 149,000 $ - $ - 57,505 $ 63,001 $ 77,597 $ (5,496) $ (8.7%) 38.6% 19.7% TOTAL CITY / EMID FUNDS 142,681,982 $ 147,325,199 $ 5,516,717 $ 3.9% 74,252,878 $ 73,439,345 $ 68,027,298 $ 813,533 $ 1.1% 52.0% 55.1% 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 4.31% for the 12 month period ending December 31, 20 24 compared to 4.53% for the period ending December 31, 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% .
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.
Notes and Explanation of Variances: