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 ADOPTED ANNUAL BUDGET 12 MONTHS 12 MONTHS 12 MONTHS (UNFAVORABLE) INCREASE 12 MONTHS 12 MONTHS Fund BUDGET ACTUAL $ % AS OF 6/30/2025 AS OF 6/30/2024 AS OF 6/30/2023 VARIANCE (DECREASE) AS OF 6/30/2025 AS OF 6/30/2024 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 33,146,460 $ 34,256,360 $ 1,109,900 $ 3.3% 34,256,360 $ 33,163,026 $ 31,504,304 $ 1,093,334 $ 3.3% 103.3% 103.3% UNSECURED 1,341,300 $ 1,404,158 $ 62,858 $ 4.7% 1,404,158 $ 1,393,684 $ 1,218,053 $ 10,474 $ 0.8% 104.7% 106.0% SUPPLEMENTAL 988,700 $ 550,976 $ (437,724) $ (44.3%) 550,976 $ 858,275 $ 1,151,197$ (307,299) $ (35.8%) 55.7% 88.5% ERAF 2,800,000$ 3,655,579 $ 855,579 $ 30.6% 3,655,579 $ 3,502,974 $ 3,295,053 $ 152,605 $ 4.4% 130.6% 216.3% 002 PROPERTY TAXES (1) 38,276,460$ 39,867,073 $ x 1,590,613 $ 4.2% 39,867,073 $ 38,917,959 $ 37,168,607 $ 949,114 $ 2.4% 104.2% 108.1% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 4,288,848 $ 4,684,953 $ x 396,105 $ 9.2% 4,684,953 $ 3,780,100 $ 5,681,466 $ 904,853 $ 23.9% 109.2% 86.1% 001 OTHER TAXES
SALES AND USE 4,099,600 $ 4,000,826 $ x (98,774) $ (2.4%) 4,000,826 $ 3,698,812 $ 4,447,372 $ 302,014 $ 8.2% 97.6% 94.2% TRANSIENT OCCUPANCY (2) 4,698,500 $ 4,178,480 $ x (520,020) $ (11.1%) 4,178,480 $ 4,284,940 $ 3,435,359 $ (106,460) $ (2.5%) 88.9% 120.4% FRANCHISE 1,377,700 $ 1,421,690 $ x 43,990 $ 3.2% 1,421,690 $ 1,367,718 $ 1,308,136 $ 53,972 $ 3.9% 103.2% 108.0% REAL PROPERTY TRANSFER 268,600 $ 441,504 $ x 172,904 $ 64.4% 441,504 $ 237,716 $ 211,031 $ 203,788 $ 85.7% 164.4% 76.4% SUBTOTAL 10,444,400 $ 10,042,500 $ (401,900) $ (3.8%) 10,042,500 $ 9,589,186 $ 9,401,898 $ 453,314 $ 4.7% 96.2% 105.8% 001 LICENSES & PERMITS
BUSINESS LICENSES (3) 1, 890,000$ 4,059,057 $ x 2,169,057 $ 114.8% 4,059,057 $ 1,928,243 $ 1,735,472 $ 2,130,814 $ 110.5% 214.8% 119.4% PERMITS (4) 1,081,140 $ 3,114,475 $ 2,033,335 $ 188.1% 3,114,475 $ 1,978,175 $ 2,022,412 $ 1,136,300 $ 57.4% 288.1% 156.2% SUBTOTAL 2,971,140 $ 7,173,532 $ 4,202,392 $ 141.4% 7,173,532 $ 3,906,418 $ 3,757,884 $ 3,267,114 $ 83.6% 241.4% 135.5% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) 42,000 $ 118,527 $ 76,527 $ 182.2% 118,527 $ 46,589 $ 4,188,872$ 71,938 $ 154.4% 282.2% 110.9% 002 HOMEOWNERS PROPERTY TAX RELIEF 98,000 $ 87,829 $ (10,171) $ (10.4%) 87,829 $ 90,173 $ 92,906 $ (2,344) $ (2.6%) 89.6% 92.0% 003 GRANTS -$ - $ - $ - - $ - $ 6,039$ - $ - - - SUBTOTAL 140,000 $ 206,356 $ x 66,356 $ 47.4% 206,356 $ 136,762 $ 4,287,817$ 69,594 $ 50.9% 147.4% 97.7%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 523,366 $ 642,600 $ x 119,234 $ 22.8% 642,600 $ 590,405 $ 698,023 $ 52,195 $ 8.8% 122.8% 125.2% 003 RECREATION AND LEISURE 1,640,589 $ 1,570,284 $ x (70,305) $ (4.3%) 1,570,284 $ 1,710,319 $ 1,393,272 $ (140,035) $ (8.2%) 95.7% 112.0% SUBTOTAL 2,163,955 $ 2,212,884 $ 48,929 $ 2.3% 2,212,884 $ 2,300,724 $ 2,091,295 $ (87,840) $ (3.8%) 102.3% 115.1% 001 FINES & FORFEITURES 25,100$ 34,505 $ 9,405 $ 37.5% 34,505 $ 31,263 $ 36,149 $ 3,242 $ 10.4% 137.5% 125.6%
INTEREST AND RENTALS
INTEREST (5) 1,563,900 $ 3,106,680 $ 1,542,780 $ 98.6% 3,106,680 $ 2,631,007 $ 1,504,279 $ 475,673 $ 18.1% 198.6% 172.9% RENTS & CONCESSIONS 1, 563,700$ 1,714,123 $ x 150,423 $ 23.1% 1,714,123 $ 1,703,524 $ 1,518,459 $ 10,599 $ 0.6% 109.6% 119.5% SUBTOTAL 3,127,600 $ 4,820,803 $ 1,693,203 $ 54.1% 4,820,803 $ 4,334,531 $ 3,155,826 $ 486,272 $ 11.2% 154.1% 89.9% 001 OTHER REVENUES 499,885$ 573,071 $ 73,186 $ 14.6% 573,071 $ 475,894 $ 353,063 $ 97,177 $ 20.4% 114.6% 95.9% 002 OTHER REVENUES - $ - $ - $ - $ - $ - $ - $ - - - 003 OTHER REVENUES - $ 50 $ 50 $ - 50 $ 74 $ 55 $ (24) $ (32.4%) - - OTHER REVENUES 499,885$ 573,121 $ 73,236 $ 14.7% 573,121 $ 475,968 $ 353,118 $ 97,153 $ 20.4% 114.7% 95.9% TOTAL GENERAL FUND (FUNDS 001-003) 61,937,388 $ 69,615,727 $ 7,678,339 $ 12.4% 69,615,727 $ 63,472,911 $ 65,934,060 $ 6,142,816 $ 9.7% 112.4% 109.5% 001 Total Fund 001 20,144,739$ 25,547,279 $ 5,402,540 $ 26.8% 25,547,279 $ 20,217,348 $ 25,106,768 $ 5,329,931 $ 26.4% 126.8% 108.7% 002 Total Fund 002 39,652,060$ 41,913,896 $ 2,261,836 $ 5.7% 41,913,896 $ 40,896,367 $ 38,908,107 $ 1,017,529 $ 2.5% 105.7% 109.6% 003 Total Fund 003 2,140,589$ 2,154,552 $ 13,963 $ 0.7% 2,154,552 $ 2,359,196 $ 1,919,185 $ (204,644) $ (8.7%) 100.7% 114.8% Total Funds 001-003 61,937,388$ 69,615,727 $ 7,678,339 $ 12.4% 69,615,727 $ 63,472,911 $ 65,934,060 $ 6,142,816 $ 9.7% 112.4% 109.5% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM 20,000$ 46,448 $ 26,448 $ 132.2% 46,448 $ 52,054 $ 35,605 $ (5,606) $ (10.8%) 232.2% 800.8% 006 GENERAL FUND - DARE 1,000$ 1,776 $ 776 $ 77.6% 1,776 $ 1,923 $ 38,635 $ (147) $ (7.6%) 177.6% 213.7% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM 1,800$ 2,312 $ 512 $ 28.4% 2,312 $ 2,618 $ 2,066 $ (306) $ (11.7%) 128.4% 145.4% 008 GENERAL FUND - RENTAL ASSISTANCE 1,450$ 2,925 $ 1,475 $ 101.7% 2,925 $ 2,851 $ 1,796 $ 74 $ 2.6% 201.7% 356.4% 009 GENERAL FUND - ASSET SEIZURE 1,700$ 18,670 $ 16,970 $ 998.2% 18,670 $ 1,145 $ 2,094 $ 17,525 $ 1530.6% 1098.2% 71.6% 010 GENERAL FUND - PENSION STABILIZATION FUND 3,300$ 4,470 $ 1,170 $ 35.5% 4,470 $ 4,355 $ 2,745 $ 115 $ 2.6% 135.5% 132.0% 011 GENERAL FUND - FACILITIES REPLACEMENT 75,700$ 117,043 $ 41,343 $ 54.6% 117,043 $ 114,045 $ 71,869 $ 2,998 $ 2.6% 154.6% 132.6% 012 SUSTAINABLE FOSTER CITY 4,700$ 16,586 $ 11,886 $ 252.9% 16,586 $ 11,733 $ 8,896 $ 4,853 $ 41.4% 352.9% 733.3% TOTAL ALL GENERAL FUND (FUNDS 001-011) 62,047,038 $ 69,825,957 $ 7,778,919 $ 12.5% 69,825,957 $ 63,663,635 $ 66,097,766 $ 6,162,322 $ 9.7% 112.5% 109.7%
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 40,000 $ 60,089 $ 20,089 $ 50.2% 60,089 $ 42,389 $ 39,827 $ 17,700 $ 41.8% 150.2% 70.6% 102 MEASURE "A" 1, 062,000$ 1,168,415 $ 106,415 $ 10.0% 1,168,415 $ 1,183,512 $ 1,065,257 $ (15,097) $ (1.3%) 110.0% 135.4% 103 GAS TAX 922,129$ 985,052 $ 62,923 $ 6.8% 985,052 $ 951,739 $ 877,787 $ 33,313 $ 3.5% 106.8% 97.0% 104 PARK-IN-LIEU FEES 100,000 $ 118,568 $ 18,568 $ 18.6% 118,568 $ 133,771 $ 84,300 $ (15,203) $ (11.4%) 118.6% 178.8% 105 MEASURE "M" 124,100$ - $ (124,100)$ (100.0%) - $ 100,000$ 119,300 $ (100,000) $ (100.0%) - 82.2% 108 SLESF/COPS GRANT 165,000 $ 194,663 $ 29,663 $ 18.0% 194,663 $ 186,159 $ 165,271 $ 8,504 $ 4.6% 118.0% 120.1% 114 CALOPPS 564,400 $ 459,203 $ (105,197) $ (18.6%) 459,203 $ 533,753 $ 562,700 $ (74,550) $ (14.0%) 81.4% 103.8% 116 FOSTER CITY FOUNDATION 40,200 $ 46,414 $ 6,214 $ 15.5% 46,414 $ 41,261 $ 42,818 $ 5,153 $ 12.5% 115.5% 106.1% 119 SB 1 ROAD MAINTENANCE AND REHAB 903,400 $ 1,022,122$ 118,722 $ 13.1% 1,022,122 $ 929,762 $ 782,575 $ 92,360 $ 9.9% 113.1% 108.5% 122 HOUSING SUCCESSOR-LMIHF 142,600$ 176,933 $ 34,333 $ 24.1% 176,933 $ 190,399 $ 137,531 $ (13,466) $ (7.1%) 124.1% 142.4% 124 FC AFFORDABLE HOUSING FUND 30,450 $ 183,978 $ 153,528 $ 504.2% 183,978 $ 134,697 $ 211,414 $ 49,281 $ 36.6% 604.2% 1513.4% 128 GENERAL PLAN MAINTENANCE 189,850 $ 1,227,380$ 1,037,530 $ 546.5% 1,227,380 $ 488,945 $ 727,803 $ 738,435 $ 151.0% 646.5% 1409.1% 129 CONSTRUCTION AND DEMO RECYCLING 73,800 $ 108,401 $ 34,601 $ 46.9% 108,401 $ 119,666 $ 182,389 $ (11,265) $ (9.4%) 146.9% 181.3% 130 TECHNOLOGY MAINTENANCE 38,940 $ 198,725 $ 159,785 $ 410.3% 198,725 $ 74,238 $ 93,114 $ 124,487 $ 167.7% 510.3% 197.8% 131 SB 1186 6,850$ 9,906 $ 3,056 $ 44.6% 9,906 $ 8,931 $ 7,513 $ 975 $ 10.9% 144.6% 171.8%
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE TWELVE MONTHS ENDED JUNE 30, 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 ADOPTED ANNUAL BUDGET 12 MONTHS 12 MONTHS 12 MONTHS (UNFAVORABLE) INCREASE 12 MONTHS 12 MONTHS Fund BUDGET ACTUAL $ % AS OF 6/30/2025 AS OF 6/30/2024 AS OF 6/30/2023 VARIANCE (DECREASE) AS OF 6/30/2025 AS OF 6/30/2024
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE TWELVE MONTHS ENDED JUNE 30, 2025
132 SMIP FEE 620$ 3,583$ 2,963 $ 477.9% 3,583 $ 416 $ 222 $ 3,167 $ 761.3% 577.9% 67.1% 133 CRV GRANT FUND 8,740 $ 8,996 $ 256 $ 2.9% 8,996 $ 8,984 $ 8,910 $ 12 $ 0.1% 102.9% 102.8% 134 CURBSIDE RECLYCLING 23,550 $ 26,373 $ 2,823 $ 12.0% 26,373 $ 24,775 $ 35,414 $ 1,598 $ 6.5% 112.0% 109.6% 135 GREEN BUILDING FEE 900 $ 1,449$ 549 $ 61.0% 1,449 $ 747 $ 789 $ 702 $ 94.0% 161.0% 83.0% 136 MEASURE W 486,500$ 483,274 $ (3,226) $ (0.7%) 483,274 $ 476,881 $ 442,708 $ 6,393 $ 1.3% 99.3% 122.5% 137 COMMERCIAL LINKAGE FEE (5) 16,400 $ 247,049 $ 230,649 $ 1406.4% 247,049 $ 4,888,484$ 17,093 $ (4,641,435)$ (94.9%) 1506.4% 33030.3% 138 TENANT RELOCATION ASSISTANCE 3,600 $ 11,073 $ 7,473 $ 207.6% 11,073 $ 10,790 $ 6,799 $ 283 $ 2.6% 307.6% 539.5% 139 WORKFORCE HOUSING 676,262 $ 675,209 $ (1,053) $ (0.2%) 675,209 $ 632,613 $ 292,300 $ 42,596 $ 6.7% 99.8% 101.1% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 28,900 $ 24,602 $ (4,298) $ (14.9%) 24,602 $ 23,577 $ 22,418 $ 1,025 $ 4.3% 85.1% 84.5% 141 SB1383 IMPLEMENTATION 500 $ 3,125$ 2,625 $ 525.0% 3,125 $ 94,628 $ 1,273 $ (91,503) $ (96.7%) 625.0% 47314.0% 142 PARK FACILITIES IMPACT FEE - $ 11,636$ 11,636 $ - 11,636 $ 568,798 $ - $ (557,162)$ (98.0%) - - 143 PUBLIC SAFETY IMPACT FEE - $ 2,784$ 2,784 $ - 2,784 $ 61,579 $ - $ (58,795)$ (95.5%) - - 144 TRANSPORTATION IMPACT FEE - $ 8,718$ 8,718 $ - 8,718 $ 192,840$ - $ (184,122)$ (95.5%) - - 145 LOCAL HOUSING TRUST (8) 500,000 $ - $ (500,000)$ (100.0%) - $ - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 6, 149,691$ 7,467,720 $ 1,318,029 $ 21.4% 7,467,720 $ 12,104,334 $ 5,927,525 $ (4,636,614) $ (38.3%) 121.4% 239.5% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,089,500 $ 4,358,514 $ 269,014 $ 6.6% 4,358,514 $ 4,409,256 $ 4,216,688 $ (50,742) $ (1.2%) 106.6% 109.9% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 471,245 $ 235,228 $ (236,017) $ (50.1%) 235,228 $ 231,466 $ - $ 3,762$ 1.6% 49.9% -
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY (5) 2,892,650 $ 5,210,692 $ 2,318,042 $ 80.1% 5,210,692 $ 4,767,085 $ 2,602,702 $ 443,607 $ 9.3% 180.1% 210.0% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND (5) 975,255$ 1,495,795$ 520,540 $ 53.4% 1,495,795 $ 1,297,873 $ 1,838,554 $ 197,922 $ 15.2% 153.4% 104.6% 327 LEVEE PROJECT FUND -$ 155,167$ 155,167 $ - 155,167 $ 124,815 $ 665,123 $ 30,352 $ 24.3% - 2400.3% 328 LEVEE PROJECT FUND - 2023 GO Bonds -$ - $ - $ - - $ 5,031,254$ - $ (5,031,254)$ (100.0%) - - TOTAL CAPITAL PROJECTS FUNDS 3,867,905 $ 6,861,654 $ 2,993,749 $ 77.4% 6,861,654 $ 11,221,027 $ 5,106,379 $ (4,359,373) $ (38.9%) 177.4% 319.2%
ENTERPRISE FUNDS
401 WATER REVENUE (6) 18, 959,000$ 19,732,717 $ 773,717 $ 4.1% 19,732,717 $ 19,108,497 $ 16,536,389 $ 624,220 $ 3.3% 104.1% 104.4% 405 WATER CIP -$ 6,424$ 6,424 $ - 6,424 $ 11,909 $ 15,186 $ (5,485) $ (46.1%) - - 408 WATER EQUIPMENT REPLACEMENT 456,767 $ 456,767 $ - $ - 456,767 $ 448,097 $ 518,359 $ 8,670 $ 1.9% 100.0% 100.0% 409 WATER CONNECTION FEES (5) 32,800 $ 87,661 $ 54,861 $ 167.3% 87,661 $ 49,158 $ 81,215 $ 38,503 $ 78.3% 267.3% 6.0% 451 WASTEWATER REVENUE (5) 22, 404,000$ 25,229,159 $ 2,825,159 $ 12.6% 25,229,159 $ 24,287,239 $ 21,605,924 $ 941,920 $ 3.9% 112.6% 112.8% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ - $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 636 $ 2,853$ 2,217 $ 348.6% 2,853 $ 2,797 $ 2,715 $ 56 $ 2.0% 448.6% 439.8% 458 WASTEWATER EQUIPMENT REPLACEMENT 462,234 $ 462,234 $ - $ - 462,234 $ 342,955 $ 271,126 $ 119,279 $ 34.8% 100.0% 100.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN (5,6) 1,900,000$ 5,283,253 $ 3,383,253 $ 178.1% 5,283,253 $ 5,884,510 $ 390,182 $ (601,257) $ (10.2%) 278.1% - 460 WASTEWATER CONNECTION FEES (7) 8,936,837 $ 275,348 $ (8,661,489) $ (96.9%) 275,348 $ 16,015 $ 18,166 $ 259,333 $ 1619.3% 3.1% 0.2% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 53,152,274 $ 51,536,416 $ (1,615,858) $ (3.0%) 51,536,416 $ 50,151,177 $ 39,439,262 $ 1,385,239 $ 2.8% 97.0% 99.5%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,150,834 $ 2,588,006 $ 437,172 $ 20.3% 2,588,006 $ 2,337,218 $ 2,255,954 $ 250,788 $ 10.7% 120.3% 113.5% 502 EQUIPMENT REPLACEMENT FUND 868,562 $ 1,096,952$ 228,390 $ 26.3% 1,096,952 $ 626,962 $ 793,808 $ 469,990 $ 75.0% 126.3% 214.6% 503 SELF INSURANCE FUND 2,106,723 $ 2,116,783 $ 10,060 $ 0.5% 2,116,783 $ 1,554,463 $ 1,223,670 $ 562,320 $ 36.2% 100.5% 100.7% 504 INFORMATION TECHNOLOGY 2,917,812 $ 3,133,883 $ 216,071 $ 7.4% 3,133,883 $ 2,973,910 $ 2,736,141 $ 159,973 $ 5.4% 107.4% 108.1% 505 BUILDING MAINTENANCE 3,735,769 $ 4,089,358 $ 353,589 $ 9.5% 4,089,358 $ 4,107,704 $ 3,766,573 $ (18,346) $ (0.4%) 109.5% 109.5% 507 LONGEVITY RECOGNITION PLAN 313,500 $ 350,367 $ 36,867 $ 11.8% 350,367 $ 374,053 $ 306,204 $ (23,686) $ (6.3%) 111.8% 117.2% 508 PEMHCA FUND 474,980 $ 559,137 $ 84,157 $ 17.7% 559,137 $ 579,697 $ 403,024 $ (20,560) $ (3.5%) 117.7% 128.0% 509 COMPENSATED ABSENCES FUND 117,300$ 206,552 $ 89,252 $ 76.1% 206,552 $ 742,701 $ 667,914 $ (536,149) $ (72.2%) 176.1% 117.5% TOTAL INTERNAL SERVICE FUNDS 12,685,480 $ 14,141,038 $ 1,455,558 $ 11.5% 14,141,038 $ 13,296,708 $ 12,153,288 $ 844,330 $ 6.3% 111.5% 112.7%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 300,300$ 473,934 $ 173,634 $ 57.8% 473,934 $ 497,524 $ 494,676 $ (23,590) $ (4.7%) 157.8% 171.9% 607 TOURISM ASSESSMENT - $ - $ - $ - - $ - $ - $ - $ - - - 608 SMC FIRE 149,000 $ 99,432 $ (49,568) $ (33.3%) 99,432 $ 117,640 $ 132,919 $ (18,208) $ (15.5%) 66.7% 36.8% TOTAL CITY / EMID FUNDS 142,912,433 $ 154,999,893 $ 12,087,460 $ 8.5% 154,999,893 $ 155,692,767 $ 133,568,503 $ (692,874) $ (0.4%) 108.5% 116.7% 1 2 FY 2024-25 TOT revenues were at $4.2 million or approximately $500,000 below budget estimates, partially driven by a hotel renovation which reduced room supply. 3 Business License Tax revenue increased with the approval of Measure V in November 2024 in which voters approved the new rate structure. This resulted in the higher revenue than originally budgeted. 4 Permits revenue was higher than anticipated mainly due to the Gilead's 331 Lakeside project 5 FY 2024-25 interest and rental income were higher than the estimates as the City's investment portfolio yield averaged approximately 4.20% which is better than the 3.5% budgeted for the year and demand of the facility rentals accelerated. 6 Refunding of the City's 2021 Wastewater Revenue Note, Series A resulted in gain of approximately $2.6 million. 7 8
The City's property tax revenues are stable. Excess ERAF surpassed the City's conservative estimates. Property Tax in lieu of VLF revenues was also ahead of the budget as the State provided funding for prior period shortfalls which were not assumed in the budget.
Notes and Explanation of Variances:
The City did not receive the anticipated funding from the California Department of Housing and Community Development (HCD) LHTF program.
Projects including the Biomed Realty Lincoln Center Drive Phase II project have been postponed, while the Life Sciences building on Vintage Park was delayed resulting is the substantial variance on the Capacity fee revenues for FY 2024-25.