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 9 MONTHS 9 MONTHS 9 MONTHS (UNFAVORABLE) INCREASE 9 MONTHS 9 MONTHS Fund BUDGET PROJECTED $ % AS OF 3/31/2025 AS OF 3/31/2024 AS OF 3/31/2023 VARIANCE (DECREASE) AS OF 3/31/2025 AS OF 3/31/2024 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 33,146,460 $ 33,176,460 $ 30,000 $ 0.1% 21,150,154 $ 20,598,885 $ 19,394,044 $ 551,269 $ 2.7% 63.8% 64.2% UNSECURED 1,341,300 $ 1,341,300 $ - $ - 1,426,307 $ 1,339,707 $ 1,154,218 $ 86,600 $ 6.5% 106.3% 101.9% SUPPLEMENTAL 988,700 $ 988,700 $ - $ - 230,844 $ 598,874 $ 664,283 $ (368,030) $ (61.5%) 23.3% 61.8% 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$ 39,106,460 $ 830,000 $ 2.2% 24,617,602 $ 24,317,238 $ 22,821,118 $ 300,364 $ 1.2% 64.3% 67.5% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,288,848 $ 4,631,493 $ 342,645 $ 8.0% 3,042,855 $ 2,242,414 $ 4,451,048 $ 800,441 $ 35.7% 70.9% 51.1% 001 OTHER TAXES
SALES AND USE 4,099,600 $ 4,003,133 $ (96,467) $ (2.4%) 2,438,976 $ 2,280,905 $ 2,572,617 $ 158,071 $ 6.9% 59.5% 58.1% TRANSIENT OCCUPANCY 4,698,500 $ 4,300,000 $ (398,500) $ (8.5%) 2,764,407 $ 2,697,832 $ 2,059,501 $ 66,575 $ 2.5% 58.8% 75.8% FRANCHISE 1,377,700 $ 1,377,700 $ - $ - 674,716 $ 658,970 $ 667,657 $ 15,746 $ 2.4% 49.0% 52.0% REAL PROPERTY TRANSFER 268,600 $ 268,600 $ - $ - 262,563 $ 133,436 $ 136,047 $ 129,127 $ 96.8% 97.8% 42.9% SUBTOTAL 10,444,400 $ 9,949,433 $ (494,967) $ (4.7%) 6,140,662 $ 5,771,143 $ 5,435,822 $ 369,519 $ 6.4% 58.8% 63.7% 001 LICENSES & PERMITS
BUSINESS LICENSES 1,890,000 $ 4,061,000 $ 2,171,000 $ 114.9% 4,010,827 $ 1,719,721 $ 1,650,925 $ 2,291,106 $ 133.2% 212.2% 106.5% PERMITS 1,081,140$ 2,744,194 $ 1,663,054 $ 153.8% 2,489,750 $ 1,251,911 $ 1,352,205 $ 1,237,839 $ 98.9% 230.3% 98.8% SUBTOTAL 2,971,140 $ 6,805,194 $ 3,834,054 $ 129.0% 6,500,577 $ 2,971,632 $ 3,003,130 $ 3,528,945 $ 118.8% 218.8% 103.1% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) (2) 42,000 $ 42,000 $ - $ - 22,109 $ 3,122 $ 4,122,732$ 18,987 $ 608.2% 52.6% 7.4% 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 $ - $ - 66,023 $ 48,208 $ 4,175,224$ 17,815 $ 37.0% 47.2% 34.4%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 523,366 $ 651,732 $ 128,366 $ 24.5% 422,535 $ 438,822 $ 526,001 $ (16,287) $ (3.7%) 80.7% 93.1% 003 RECREATION AND LEISURE 1,640,589 $ 1,640,589 $ - $ - 1,396,648 $ 1,538,456 $ 1,142,296 $ (141,808) $ (9.2%) 85.1% 100.8% SUBTOTAL 2,163,955 $ 2,292,321 $ 128,366 $ 5.9% 1,819,183 $ 1,977,278 $ 1,668,297 $ (158,095) $ (8.0%) 84.1% 98.9% 001 FINES & FORFEITURES 25,100$ 25,100 $ - $ - 22,797 $ 18,311 $ 24,938 $ 4,486 $ 24.5% 90.8% 73.5%
INTEREST AND RENTALS
INTEREST (3) 1,563,900 $ 2,097,553 $ 533,653 $ 34.1% 1,815,393 $ 1,833,378 $ 885,667 $ (17,985) $ (1.0%) 116.1% 120.5% RENTS & CONCESSIONS 1,563,700 $ 1,563,700 $ - $ - 1,215,116 $ 689,401 $ 1,099,424$ 525,715 $ 76.3% 77.7% 48.4% SUBTOTAL 3,127,600 $ 3,661,253 $ 533,653 $ 17.1% 3,030,509 $ 2,522,779 $ 1,985,091 $ 507,730 $ 20.1% 96.9% 68.9% OTHER REVENUES 499,885$ 499,885 $ - $ - 343,545 $ 147,953 $ 250,914 $ 195,592 $ 132.2% 68.7% 29.8% TOTAL GENERAL FUND (FUNDS 001-003) 61,937,388 $ 67,111,139 $ 5,173,751 $ 8.4% 45,583,753 $ 40,016,956 $ 43,815,582 $ 5,566,797 $ 13.9% 73.6% 69.1% Total Funds 001-003 61,937,388$ 67,111,139 $ 5,173,751 $ 8.4% 45,583,753 $ 40,016,956 $ 43,815,582 $ 5,566,797 $ 13.9% 73.6% 69.1% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM (3) 20,000$ 20,000 $ - $ - 35,892 $ 39,260 $ 23,473 $ (3,368) $ (8.6%) 179.5% 604.0% 006 GENERAL FUND - DARE (3) 1,000$ 1,000 $ - $ - 1,484 $ 1,437 $ 38,211 $ 47 $ 3.3% 148.4% 159.7% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM (3) 1,800$ 1,800 $ - $ - 1,771 $ 2,025 $ 1,361 $ (254) $ (12.5%) 98.4% 112.5% 008 GENERAL FUND - RENTAL ASSISTANCE (3) 1,450$ 1,450 $ - $ - 2,200 $ 2,130 $ 1,169 $ 70 $ 3.3% 151.7% 266.3% 009 GENERAL FUND - ASSET SEIZURE 1,700$ 1,700 $ - $ - 17,235 $ 856 $ 1,842 $ 16,379 $ 1913.4% 1013.8% 53.5% 010 GENERAL FUND - PENSION STABILIZATION FUND (3) 3,300$ 3,300 $ - $ - 3,362 $ 3,254 $ 1,786 $ 108 $ 3.3% 101.9% 98.6% 011 GENERAL FUND - FACILITIES REPLACEMENT (3) 75,700$ 75,700 $ - $ - 88,030 $ 85,212 $ 46,755 $ 2,818 $ 3.3% 116.3% 99.1% 012 SUSTAINABLE FOSTER CITY (3) 4,700$ 4,700 $ - $ - 13,100 $ 8,779 $ 6,776 $ 4,321 $ 49.2% 278.7% 548.7% TOTAL ALL GENERAL FUND (FUNDS 001-011) 62,047,038 $ 67,220,789 $ 5,173,751 $ 8.3% 45,746,827 $ 40,159,909 $ 43,936,955 $ 5,586,918 $ 13.9% 73.7% 69.2%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 40,000 $ 40,000 $ - $ - 30,479 $ 23,808 $ 24,123 $ 6,671 $ 28.0% 76.2% 39.7% 102 MEASURE "A" 1,062,000 $ 1,062,000 $ - $ - 793,840 $ 802,073 $ 732,177 $ (8,233) $ (1.0%) 74.7% 91.8% 103 GAS TAX 922,129$ 922,129 $ - $ - 685,700 $ 640,468 $ 606,909 $ 45,232 $ 7.1% 74.4% 65.3% 104 PARK-IN-LIEU FEES (3) 100,000 $ 100,000 $ - $ - 92,725 $ 99,951 $ 54,842 $ (7,226) $ (7.2%) 92.7% 133.6% 105 MEASURE "M" 124,100 $ 124,100 $ - $ - - $ 100,000$ - $ (100,000)$ (100.0%) - 82.2% 108 SLESF/COPS GRANT 165,000 $ 165,000 $ - $ - 181,577 $ 170,765 $ 145,909 $ 10,812 $ 6.3% 110.0% 110.2% 114 CALOPPS 564,400$ 564,400 $ - $ - 416,558 $ 484,794 $ 457,251 $ (68,236) $ (14.1%) 73.8% 94.3% 116 FOSTER CITY FOUNDATION 40,200 $ 40,200 $ - $ - 24,729 $ 27,292 $ 21,160 $ (2,563) $ (9.4%) 61.5% 70.2% 119 SB 1 ROAD MAINTENANCE AND REHAB 903,400 $ 903,400 $ - $ - 604,541 $ 529,964 $ 448,318 $ 74,577 $ 14.1% 66.9% 61.9% 122 HOUSING SUCCESSOR-LMIHF 142,600 $ 142,600 $ - $ - 132,277 $ 142,973 $ 92,256 $ (10,696) $ (7.5%) 92.8% 106.9% 124 FC AFFORDABLE HOUSING FUND 30,450 $ 30,450 $ - $ - 24,344 $ 32,894 $ 9,348 $ (8,550) $ (26.0%) 79.9% 369.6% 128 GENERAL PLAN MAINTENANCE (3) 189,850 $ 189,850 $ - $ - 1,071,586 $ 384,469 $ 217,575 $ 687,117 $ 178.7% 564.4% 1108.0% 129 CONSTRUCTION AND DEMO RECYCLING (3) 73,800 $ 73,800 $ - $ - 82,078 $ 52,822 $ 48,492 $ 29,256 $ 55.4% 111.2% 80.0% 130 TECHNOLOGY MAINTENANCE (3) 38,940 $ 38,940 $ - $ - 172,549 $ 57,931 $ 53,853 $ 114,618 $ 197.9% 443.1% 154.3% 131 SB 1186 (3) 6,850 $ 6,850 $ - $ - 8,391 $ 7,507 $ 1,940 $ 884 $ 11.8% 122.5% 144.4%
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, 2025
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 9 MONTHS 9 MONTHS 9 MONTHS (UNFAVORABLE) INCREASE 9 MONTHS 9 MONTHS Fund BUDGET PROJECTED $ % AS OF 3/31/2025 AS OF 3/31/2024 AS OF 3/31/2023 VARIANCE (DECREASE) AS OF 3/31/2025 AS OF 3/31/2024
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, 2025
132 SMIP FEE (3) 620 $ 620 $ - $ - 1,134 $ 233 $ 114 $ 901 $ 386.7% 182.9% 37.6% 133 CRV GRANT FUND (3) 8,740 $ 8,740 $ - $ - 8,836 $ 389 $ 173 $ 8,447 $ 2171.5% 101.1% 4.5% 134 CURBSIDE RECLYCLING (3) 23,550 $ 23,550 $ - $ - 9,454 $ 8,720 $ 19,337 $ 734 $ 8.4% 40.1% 38.6% 135 GREEN BUILDING FEE (3) 900 $ 900 $ - $ - 601 $ 487 $ 488 $ 114 $ 23.4% 66.8% 54.1% 136 MEASURE W (3) 486,500 $ 486,500 $ - $ - 290,854 $ 284,311 $ 264,764 $ 6,543 $ 2.3% 59.8% 73.1% 137 COMMERCIAL LINKAGE FEE (3) 16,400 $ 16,400 $ - $ - 185,780 $ 4,827,589$ 11,120 $ (4,641,809)$ (96.2%) 1132.8% 32618.8% 138 TENANT RELOCATION ASSISTANCE (3) 3,600 $ 3,600 $ - $ - 8,328 $ 8,062 $ 4,423 $ 266 $ 3.3% 231.3% 403.1% 139 WORKFORCE HOUSING 676,262 $ 676,262 $ - $ - 507,214 $ 454,252 $ 172,004 $ 52,962 $ 11.7% 75.0% 72.6% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 28,900 $ 28,900 $ - $ - 18,364 $ 17,585 $ 16,709 $ 779 $ 4.4% 63.5% 63.0% 141 SB1383 IMPLEMENTATION 500 $ 500 $ - $ - 2,666 $ 973 $ 866 $ 1,693 $ 174.0% 533.2% 486.5% 142 PARK FACILITIES IMPACT FEE - $ - $ - $ - 11,420 $ 562,463 $ - $ (551,043)$ (98.0%) - - 143 PUBLIC SAFETY IMPACT FEE - $ - $ - $ - 2,094 $ 60,893 $ - $ (58,799)$ (96.6%) - - 144 TRANSPORTATION IMPACT FEE - $ - $ - $ - 6,557 $ 190,693$ - $ (184,136)$ (96.6%) - - 145 LOCAL HOUSING TRUST 500,000 $ - $ (500,000)$ (100.0%) - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 6,149,691 $ 5,649,691 $ (500,000) $ (8.1%) 5,374,676 $ 9,974,361 $ 3,404,151 $ (4,599,685) $ (46.1%) 87.4% 197.3% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,089,500 $ 4,089,500 $ - $ - 3,053,068 $ 3,118,331 $ 2,943,860 $ (65,263) $ (2.1%) 74.7% 77.7% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 240,794 $ 240,794 $ - $ - 164,861 $ 230,132 $ - $ (65,271)$ (28.4%) 68.5% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (3) 2,892,650 $ 2,892,650 $ - $ - 3,614,284 $ 3,121,145 $ 2,389,937 $ 493,139 $ 15.8% 124.9% 137.5% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND 975,255$ 975,255 $ - $ - 1,100,303 $ 950,307 $ 886,487 $ 149,996 $ 15.8% 112.8% 76.6% 327 LEVEE PROJECT FUND -$ - $ - $ - 155,167 $ 38,034 $ 294,533 $ 117,133 $ 308.0% - 731.4% 328 LEVEE PROJECT FUND - 2023 GO Bonds -$ - $ - $ - - $ 5,030,338$ - $ (5,030,338)$ (100.0%) - - TOTAL CAPITAL PROJECTS FUNDS 3,867,905 $ 3,867,905 $ - $ - 4,869,754 $ 9,139,824 $ 3,570,957 $ (4,270,070) $ (46.7%) 125.9% 260.0%
ENTERPRISE FUNDS
401 WATER REVENUE (4) 18,959,000 $ 18,959,000 $ - $ - 12,668,524 $ 12,251,175 $ 10,679,496 $ 417,349 $ 3.4% 66.8% 66.9% 405 WATER CIP -$ - $ - $ - - $ - $ - $ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 456,767 $ 456,767 $ - $ - 342,575 $ 336,073 $ 382,827 $ 6,502 $ 1.9% 75.0% 75.0% 409 WATER CONNECTION FEES 32,800 $ 32,800 $ - $ - 85,142 $ 40,782 $ 68,967 $ 44,360 $ 108.8% 259.6% 5.0% 451 WASTEWATER REVENUE (4) 22,404,000 $ 22,404,000 $ - $ - 16,395,360 $ 15,330,658 $ 13,668,137 $ 1,064,702 $ 6.9% 73.2% 71.2% 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 $ - $ - 346,676 $ 257,216 $ 199,595 $ 89,460 $ 34.8% 75.0% 75.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN 1, 900,000$ 1,900,000 $ - $ - 2,300,321 $ 483,555 $ 255,062 $ 1,816,766 $ 375.7% 121.1% - 460 WASTEWATER CONNECTION FEES 8,936,837 $ 263,165 $ (8,673,672) $ (97.1%) 268,498 $ 11,966 $ 14,639 $ 256,532 $ 2143.8% 3.0% 0.1% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 53,152,274 $ 44,478,602 $ (8,673,672) $ (16.3%) 32,409,949 $ 28,714,222 $ 25,271,438 $ 3,695,727 $ 12.9% 61.0% 57.0%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,150,834 $ 2,150,834 $ 171,400 $ 8.0% 1,866,897 $ 1,708,354 $ 1,441,348 $ 158,543 $ 9.3% 86.8% 82.9% 502 EQUIPMENT REPLACEMENT FUND 868,562 $ 868,562 $ 70,500 $ 8.1% 762,405 $ 326,733 $ 497,471 $ 435,672 $ 133.3% 87.8% 111.8% 503 SELF INSURANCE FUND 2,106,723 $ 2,106,723 $ - $ - 1,575,913 $ 1,156,414 $ 906,310 $ 419,499 $ 36.3% 74.8% 74.9% 504 INFORMATION TECHNOLOGY 2,917,812 $ 2,917,812 $ 122,200 $ 4.2% 2,316,574 $ 2,191,245 $ 2,036,914 $ 125,329 $ 5.7% 79.4% 79.7% 505 BUILDING MAINTENANCE 3,735,769 $ 3,735,769 $ 174,500 $ 4.7% 3,012,869 $ 3,028,451 $ 2,742,656 $ (15,582) $ (0.5%) 80.6% 80.7% 507 LONGEVITY RECOGNITION PLAN 313,500$ 313,500 $ 60,000 $ 19.1% 262,409 $ 279,325 $ 221,902 $ (16,916) $ (6.1%) 83.7% 87.5% 508 PEMHCA FUND 474,980 $ 474,980 $ 138,800 $ 29.2% 418,489 $ 431,908 $ 284,079 $ (13,419) $ (3.1%) 88.1% 95.3% 509 COMPENSATED ABSENCES FUND 117,300 $ 117,300 $ 34,400 $ 29.3% 136,678 $ 531,838 $ 487,224 $ (395,160) $ (74.3%) 116.5% 84.1% TOTAL INTERNAL SERVICE FUNDS 12,685,480 $ 12,685,480 $ 771,800 $ 6.1% 10,352,234 $ 9,654,268 $ 8,617,904 $ 697,966 $ 7.2% 81.6% 81.8%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 300,300 $ 300,300 $ 3,700 $ 1.2% 302,639 $ 176,184 $ 286,247 $ 126,455 $ 71.8% 100.8% 60.9% 608 SMC FIRE 149,000$ 149,000 $ - $ - 71,904 $ 90,802 $ 99,704 $ (18,898) $ (20.8%) 48.3% 28.4% TOTAL CITY / EMID FUNDS 142,681,982 $ 138,682,061 $ (3,224,421) $ -2.3% 102,345,912 $ 101,258,033 $ 88,131,216 $ 1,087,879 $ 1.1% 71.7% 75.9% 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 4.20% for the 12 month period ending March 31, 2025 compared to 4.60% for the period ending March 31, 2024 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: