Attachment 2
FY 2025-26 ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2025-26 FY 2024-25 FAVORABLE % FY 2025-26 FY 2024-25 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2025 AS OF 9/30/2024 VARIANCE (DECREASE) AS OF 9/30/2025 AS OF 9/30/2024 GENERAL FUND (FUNDS 001-003)
002 PROPERTY TAXES
SECURED 33,975,122 $ 33,975,122 $ - $ - - $ - $ - $ - - - UNSECURED 1,368,126 $ 1,368,126 $ - $ - - $ - $ - $ - - - SUPPLEMENTAL 1,013,418 $ 1,013,418 $ - $ - 42,044 $ 8,928 $ 33,116 $ 370.9% 4.1% 0.9% ERAF 3,600,000$ 3,600,000 $ - $ - - $ - - - 002 PROPERTY TAXES (1) 39,956,666$ 39,956,666 $ - $ - 42,044 $ 8,928 $ 33,116 $ 370.9% 0.1% 0.0% 001 PROPERTY TAX IN-LIEU OF VEHICLE LICENSE FEE (1) 2,680,715 $ 4,180,715 $ 1,500,000 $ 56.0% 1,564,791 $ 1,396,205 $ 168,586 $ 12.1% 58.4% 32.6% 001 OTHER TAXES
SALES AND USE (2) 3,992,179 $ 3,943,179 $ (49,000) $ (1.2%) 331,575 $ 295,546 $ 36,029 $ 12.2% 8.3% 7.2% TRANSIENT OCCUPANCY (3) 4,600,000 $ 4,600,000 $ - $ - 417,216 $ 644,191 $ (226,975) $ (35.2%) 9.1% 13.7% FRANCHISE 1,377,700 $ 1,377,700 $ - $ - 60,698 $ 75,405 $ (14,707) $ (19.5%) 4.4% 5.5% REAL PROPERTY TRANSFER 304,900 $ 304,900 $ - $ - 69,197 $ 22,213 $ 46,984 $ 211.5% 22.7% 8.3% SUBTOTAL 10,274,779 $ 10,225,779 $ (49,000) $ (0.5%) 878,686 $ 1,037,355 $ (158,669) $ (15.3%) 8.6% 9.9% 001 LICENSES & PERMITS
BUSINESS LICENSES (4) 4,100,000 $ 4,300,000 $ 200,000 $ 4.9% 31,612 $ 71,774 $ (40,162) $ (56.0%) 0.8% 3.8% PERMITS 2,721,093$ 2,721,093 $ - $ - 810,872 $ 561,689 $ 249,183 $ 44.4% 29.8% 52.0% SUBTOTAL 6,821,093 $ 7,021,093 $ 200,000 $ 2.9% 842,484 $ 633,463 $ 209,021 $ 33.0% 12.4% 21.3% 001 INTERGOVERNMENTAL
GRANTS, REIMBURSEMENTS, ARPA (POST, SB 90, GRANTS) 43,260 $ 43,260 $ - $ - 713 $ 3,059 $ (2,346) $ (76.7%) 1.6% 7.3% 002 GRANTS -$ - $ - $ - - $ - $ - $ - - - 002 HOMEOWNERS PROPERTY TAX RELIEF 100,940 $ 100,940 $ - $ - - $ - $ - $ - - - SUBTOTAL 144,200 $ 144,200 $ - $ - 713 $ 3,059 $ (2,346) $ (76.7%) 0.5% 2.2%
CHARGES FOR CURRENT SERVICES
001 SERVICE FEES 566,739 $ 566,739 $ - $ - 95,963 $ 145,508 $ (49,545) $ (34.0%) 16.9% 27.8% 003 RECREATION AND LEISURE 1,781,431 $ 1,781,431 $ - $ - 655,706 $ 713,805 $ (58,099) $ (8.1%) 36.8% 43.5% SUBTOTAL 2,348,170 $ 2,348,170 $ - $ - 751,669 $ 859,313 $ (107,644) $ (12.5%) 32.0% 39.7% 001 FINES & FORFEITURES 25,853$ 25,853 $ - $ - 5,473 $ 6,801 $ (1,328) $ (19.5%) 21.2% 27.1%
INTEREST AND RENTALS
INTEREST (5) 1,713,900 $ 2,045,032 $ 331,132 $ 19.3% 759,607 $ 617,218 $ 142,389 $ 23.1% 44.3% 39.5% RENTS & CONCESSIONS 1,579,807 $ 1,579,807 $ - $ - 392,273 $ 406,495 $ (14,222) $ (3.5%) 24.8% 26.0% OTHER REVENUES 553,982$ 553,982 $ - $ - 73,680 $ 130,181 $ (56,501) $ (43.4%) 13.3% 26.0% TOTAL GENERAL FUND (FUNDS 001-003) 66,099,165 $ 68,081,297 $ 1,982,132 $ 3.0% 5,311,420 $ 5,099,018 $ 212,402 $ 4.2% 8.0% 8.2% 005 GENERAL FUND - COMMUNITY BENEFITS PROGRAM 20,000$ 20,000 $ - $ - 10,356 $ 13,542 $ (3,186) $ (23.5%) 51.8% 67.7% 006 GENERAL FUND - DARE (6) 13,030$ 13,030 $ - $ - 46,709 $ 533 $ 46,176 $ 8663.4% 358.5% 53.3% 007 GENERAL FUND - SOLAR INCENTIVE GRANT PROGRAM 1,854$ 1,854 $ - $ - 492 $ 642 $ (150) $ (23.4%) 26.5% 35.7% 008 GENERAL FUND - RENTAL ASSISTANCE 1,494$ 1,494 $ - $ - 726 $ 791 $ (65) $ (8.2%) 48.6% 54.6% 009 GENERAL FUND - ASSET SEIZURE 1,751$ 1,751 $ - $ - 5,262 $ 3,040 $ 2,222 $ 73.1% 300.5% 178.8% 010 GENERAL FUND - PENSION STABILIZATION FUND 3,399$ 3,399 $ - $ - 1,110 $ 1,208 $ (98) $ (8.1%) 32.7% 36.6% 011 GENERAL FUND - FACILITIES REPLACEMENT 77,971$ 77,971 $ - $ - 29,054 $ 31,635 $ (2,581) $ (8.2%) 37.3% 41.8% 012 SUSTAINABLE FOSTER CITY 4,841$ 4,841 $ - $ - 4,024 $ 3,812 $ 212 $ 5.6% 83.1% 81.1% TOTAL ALL GENERAL FUND (FUNDS 001-011) 66,223,505 $ 68,205,637 $ 1,982,132 $ 3.0% 5,409,153 $ 5,154,221 $ 254,932 $ 4.9% 8.2% 8.3%
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, 2025
Attachment 2
FY 2025-26 ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2025-26 FY 2024-25 FAVORABLE % FY 2025-26 FY 2024-25 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2025 AS OF 9/30/2024 VARIANCE (DECREASE) AS OF 9/30/2025 AS OF 9/30/2024
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
SPECIAL REVENUE FUNDS
101 TRAFFIC SAFETY 41,200 $ 41,200 $ - $ - 9,885 $ 3,392 $ 6,493 $ 191.4% 24.0% 8.5% 102 MEASURE "A" 1,090,092 $ 1,090,092 $ - $ - 216,905 $ 223,160 $ (6,255) $ (2.8%) 19.9% 21.0% 103 GAS TAX 949,793$ 949,793 $ - $ - 174,903 $ 185,872 $ (10,969) $ (5.9%) 18.4% 20.2% 104 PARK-IN-LIEU FEES 100,000 $ 100,000 $ - $ - 25,880 $ 37,107 $ (11,227) $ (30.3%) 25.9% 37.1% 105 MEASURE "M" 127,823 $ 127,823 $ - $ - - $ - $ - $ - - - 108 SLESF/COPS GRANT 169,950 $ 169,950 $ - $ - - $ - $ - $ - - - 114 CALOPPS 464,982$ 464,982 $ - $ - 355,254 $ 355,576 $ (322) $ (0.1%) 76.4% 63.0% 116 FOSTER CITY FOUNDATION 21,000 $ 21,000 $ - $ - 1,547 $ 3,469 $ (1,922) $ (55.4%) 7.4% 8.6% 119 SB 1 ROAD MAINTENANCE AND REHAB 930,502 $ 930,502 $ - $ - 109,883 $ 98,112 $ 11,771 $ 12.0% 11.8% 10.9% 122 HOUSING SUCCESSOR-LMIHF 146,878 $ 146,878 $ - $ - 40,284 $ 49,548 $ (9,264) $ (18.7%) 27.4% 34.7% 124 FC AFFORDABLE HOUSING FUND 66,364 $ 66,364 $ - $ - 10,876 $ 8,748 $ 2,128 $ 24.3% 16.4% 28.7% 128 GENERAL PLAN MAINTENANCE 1,198,168 $ 1,198,168 $ - $ - 132,034 $ 132,605 $ (571) $ (0.4%) 11.0% 69.8% 129 CONSTRUCTION AND DEMO RECYCLING (7) 76,014 $ 76,014 $ - $ - 32,305 $ 11,852 $ 20,453 $ 172.6% 42.5% 16.1% 130 TECHNOLOGY MAINTENANCE 210,983 $ 210,983 $ - $ - 22,326 $ 21,840 $ 486 $ 2.2% 10.6% 56.1% 131 SB 1186 7,056$ 7,056 $ - $ - 1,151 $ 1,133 $ 18 $ 1.6% 16.3% 16.5% 132 SMIP FEE 639$ 639 $ - $ - 352 $ 223 $ 129 $ 57.8% 55.1% 36.0% 133 CRV GRANT FUND 9,002 $ 9,002 $ - $ - 160 $ 136 $ 24 $ 17.6% 1.8% 1.6% 134 CURBSIDE RECLYCLING 24,257 $ 24,257 $ - $ - 3,268 $ 3,397 $ (129) $ (3.8%) 13.5% 14.4% 135 GREEN BUILDING FEE 927 $ 927 $ - $ - 217 $ 104 $ 113 $ 108.7% 23.4% 11.6% 136 MEASURE W (5) 501,095 $ 501,095 $ - $ - 58,013 $ 50,512 $ 7,501 $ 14.8% 11.6% 10.4% 137 COMMERCIAL LINKAGE FEE 7,848,278 $ 7,848,278 $ - $ - 61,355 $ 66,791 $ (5,436) $ (8.1%) 0.8% 407.3% 138 TENANT RELOCATION ASSISTANCE 3,708 $ 3,708 $ - $ - 2,749 $ 2,993 $ (244) $ (8.2%) 74.1% 83.1% 139 WORKFORCE HOUSING 661,395 $ 661,395 $ - $ - 159,055 $ 159,702 $ (647) $ (0.4%) 24.0% 23.6% 140 EQUIPMENT REPLACEMENT-WORKFORCE HOUSING 29,767 $ 29,767 $ - $ - 6,549 $ 6,107 $ 442 $ 7.2% 22.0% 21.1% 141 SB1383 IMPLEMENTATION 515 $ 515 $ - $ - 292 $ 1,099 $ (807) $ (73.4%) 56.7% 219.8% 142 PARK FACILITIES IMPACT FEE 915,952 $ 915,952 $ - $ - 216 $ 6,950 $ (6,734) $ (96.9%) 0.0% - 143 PUBLIC SAFETY IMPACT FEE 96,684 $ 96,684 $ - $ - 691 $ 752 $ (61) $ (8.1%) 0.7% - 144 TRANSPORTATION IMPACT FEE 310,405 $ 310,405 $ - $ - 2,164 $ 2,356 $ (192) $ (8.1%) 0.7% - 145 LOCAL HOUSING TRUST - $ - $ - $ - - $ - $ - $ - - - TOTAL SPECIAL REVENUE FUNDS 16,003,429 $ 16,003,429 $ - $ - 1,428,314 $ 1,433,536 $ (5,222) $ (0.4%) 8.9% 23.3% 230 LEVEE DEBT SERVICE FUND - 2020 GO BONDS 4,212,185 $ 4,212,185 $ - $ - 36,204 $ 31,524 $ 4,680 $ 14.8% 0.9% 0.8% 231 LEVEE DEBT SERVICE FUND - 2023 GO BONDS 550,266 $ 550,266 $ - $ - 1,008 $ 585 $ 423 $ 72.3% 0.2% 0.1%
CAPITAL PROJECTS FUNDS
301 CIP PROJECTS-CITY 8,327,108 $ 8,327,108 $ - $ - 1,132,806 $ 1,157,168 $ (24,362) $ (2.1%) 13.6% 40.0% 326 CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND (5) 1,472,780$ 1,472,780 $ - $ - 408,700 $ 352,530 $ 56,170 $ 15.9% 27.8% 36.1% 327 LEVEE PROJECT FUND 35,000$ 35,000 $ - $ - - $ - $ - $ - - - 328 LEVEE PROJECT FUND - 2023 GO Bonds 5,052,987$ 5,052,987 $ - $ - - $ - $ - $ - - - TOTAL CAPITAL PROJECTS FUNDS 14,887,875 $ 14,887,875 $ - $ - 1,541,506 $ 1,509,698 $ 31,808 $ 2.1% 10.4% 16.9%
Attachment 2
FY 2025-26 ACTUAL ACTUAL YR OVER YR % OF BUDGET % OF BUDGET ABOVE (BELOW) FY 2025-26 FY 2024-25 FAVORABLE % FY 2025-26 FY 2024-25 AMENDED ANNUAL BUDGET 3 MONTHS 3 MONTHS (UNFAVORABLE) INCREASE 3 MONTHS 3 MONTHS Fund BUDGET PROJECTED $ % AS OF 9/30/2025 AS OF 9/30/2024 VARIANCE (DECREASE) AS OF 9/30/2025 AS OF 9/30/2024
CITY OF FOSTER CITY/ESTERO MUNICIPAL IMPROVEMENT DISTRICT COMPARISON OF BUDGET VS. PROJECTED ACTUAL REVENUES
BUDGET VS ACTUAL & CURRENT VS PRIOR
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025
ENTERPRISE FUNDS
401 WATER REVENUE (8) 19,741,000 $ 19,741,000 $ - $ - 3,806,630 $ 3,632,908 $ 173,722 $ 4.8% 19.3% 19.2% 405 WATER CIP -$ - $ - $ - - $ - $ - $ - - - 408 WATER EQUIPMENT REPLACEMENT 470,470 $ 470,470 $ - $ - 99,243 $ 114,192 $ (14,949) $ (13.1%) 21.1% 25.0% 409 WATER CONNECTION FEES 531,639 $ 531,639 $ - $ - 2,300 $ 1,907 $ 393 $ 20.6% 0.4% 5.8% 451 WASTEWATER REVENUE (8) 22,559,000 $ 22,559,000 $ - $ - 3,975,580 $ 3,863,920 $ 111,660 $ 2.9% 17.6% 17.2% 453 WASTEWATER RATE STABILIZATION - $ - $ - $ - - $ - $ - $ - - - 454 SM-FC PUBLIC FINANCING AUTHORITY LOAN - $ - $ - $ - - $ - $ - $ - - - 455 WASTEWATER CIP - $ - $ - $ - - $ - $ - $ - - - 456 WASTEWATER PLANT EXPANSION 4,661 $ 4,661 $ - $ - 2,853 $ 2,853 $ - $ - 61.2% 102.0% 458 WASTEWATER EQUIPMENT REPLACEMENT 476,101 $ 476,101 $ - $ - 100,466 $ 115,559 $ (15,093) $ (13.1%) 21.1% 25.0% 459 WASTEWATER NOTES/WIFIA LOAN/SRF LOAN 67,040,033 $ 67,040,033 $ - $ - 1,483,479 $ 780,082 $ 703,397 $ 90.2% 2.2% 39.4% 460 WASTEWATER CONNECTION FEES 1,209,560 $ 1,209,560 $ - $ - 6,860 $ 4,442 $ 2,418 $ 54.4% 0.6% 0.0% 461 STATE REVOLVING LOAN FUND - $ - $ - $ - - $ - $ - $ - - - TOTAL ENTERPRISE FUNDS 112,032,464 $ 112,032,464 $ - $ - 9,477,411 $ 8,515,863 $ 961,548 $ 11.3% 8.5% 16.0%
INTERNAL SERVICE FUNDS
501 VEHICLE RENTAL FUND 2,181,031 $ 2,181,031 $ - $ - 932,969 $ 616,585 $ 316,384 $ 51.3% 42.8% 28.7% 502 EQUIPMENT REPLACEMENT FUND 830,163 $ 830,163 $ - $ - 283,166 $ 232,765 $ 50,401 $ 21.7% 34.1% 26.8% 503 SELF INSURANCE FUND 2,162,925 $ 2,162,925 $ - $ - 371,756 $ 520,480 $ (148,724) $ (28.6%) 17.2% 24.7% 504 INFORMATION TECHNOLOGY 2,955,171 $ 2,955,171 $ - $ - 817,107 $ 771,776 $ 45,331 $ 5.9% 27.7% 26.5% 505 BUILDING MAINTENANCE 3,784,842 $ 3,784,842 $ - $ - 1,106,635 $ 1,010,932 $ 95,703 $ 9.5% 29.2% 27.1% 507 LONGEVITY RECOGNITION PLAN 297,487 $ 297,487 $ - $ - 77,138 $ 93,841 $ (16,703) $ (17.8%) 25.9% 29.9% 508 PEMHCA FUND 162,915 $ 162,915 $ - $ - 51,195 $ 154,539 $ (103,344) $ (66.9%) 31.4% 32.5% 509 COMPENSATED ABSENCES FUND 87,975 $ 87,975 $ - $ - 52,522 $ 49,648 $ 2,874 $ 5.8% 59.7% 42.3% 510 WORKERS COMPENSATION 1,564,082 $ 1,564,082 $ - $ - 330,786 $ - $ 330,786$ - 21.1% - TOTAL INTERNAL SERVICE FUNDS 14,026,591 $ 14,026,591 $ - $ - 4,023,274 $ 3,450,566 $ 572,708 $ 16.6% 28.7% 27.2%
FIDUCIARY FUNDS
604 SUCESSOR ANGENCY 309,309 $ 309,309 $ - $ - 807 $ 678 $ 129 $ 19.0% 0.3% 0.2% 608 SMC FIRE 149,000$ 149,000 $ - $ - 68,413 $ 23,765 $ 44,648 $ 187.9% 45.9% 15.9% TOTAL CITY / EMID FUNDS 228,394,624 $ 230,376,756 $ 1,982,132 $ 0.9% 21,986,090 $ 20,120,436 $ 1,865,654 $ 9.3% 9.6% 13.6% 1 2 According to the most recent Sales Tax report present to the Ci ty by it's consultant, the updated projections are $49,000 below original estimates. 3 For TOT, the variance between the revenue collected in the first quar ter in current fiscal year and the previous year is due to the timing of the receipt of funds. 4 On September 2, 2025, the City Council approved a temporary Business License Tax Amnesty Program, which is expected to increas e past due tax collections and yield higher tax in current fiscal year. 6 City received approximately $46,000 in OPIOID settlements in Q1 of FY 2025-26. 7 The variance is due to the fee forfeitures as customers did not collect the deposits back within the designated time period. 8 FY 2025-26 water consumption rates and fixed charges increased by 3% and 8.5% respectively; there was no change in wastewater rates. 5 The year over year yield on the City's investment portfolio was a bit lower than prior year but still stable at 4.08% for the 12-months period ending September 30, 2025 compared to 4.50% for the period ending September 30, 2024 as Federal Funds rates continued to stay above
4.25% during this period with 5% in September 2024 dropping to 4.25% in September 2025.
The majority of property tax revenues are distributed by San Mateo County in December and April of each fiscal year. Notwithstanding, the City received $1,513,290 in August 2025 from the State to backfill the FY 23/24 Property Tax in Lieu of VLF shortfal l. Similarly, we received $1,396,205 in August 2024 from the State to backfill the FY 21/22 Property Tax in lieu of VLF shortfall.
Notes and Explanation of Variances: