FY 2024-25 Fourth Quarter (Q4)
Revenue and Expenditures Report
Presenter
Bradley Johnson,
Finance Director
February 10, 2026
Finance and Management
Committee Meeting
Agenda
Projected GPF Fund Balance for FY2020-2023
2 FY2024-25 Q4 R&E Report
• GPF Overview
• GPF Revenues
• GPF Expenditures
• GPF Fund Balance
• Select Non-GPF Funds
Introduction
• FY24-25 Q4 Fiscal Actions
and GPF Results
Entering FY 2026-27 Midcycle
• Key Takeaways of Q4 R&E
• Cost Pressures and
Opportunities
FY 2024-25 Midcycle Budget Fiscal Actions
Better than Anticipated
Revenue Performance
Low Fund Balance from
Accumulated Deficit for
FY 2023-24
Implementation of
Contingency Budget
3 Implementation of Council
Balancing Actions and GPF
Balancing Measures
FY 2024-25 Year End Results: General Purpose Fund (GPF) 4 GPF Expenditures
GPF Expenditures ended the
year at $742.30 million, which is
$47.03 million under budget.
Primary Drivers:
Citywide Hiring Freeze
Strategic Vacancy Management
Public Safety Reduction Measures
Prioritizing use of Non-GPF Resources
Limiting Discretionary Spending and
other Expenditures
Delayed Contracts
GPF Year-End
Operating Surplus
$73.6 million
And
GPF Ending Fund
Balance
(after obligations)
$16.87 million
GPF Revenues
GPF Revenues ended the year at
$815.90 million, which is $68.28
million over the adjusted budget.
Primary Drivers:
Large One-Time RETT
Transaction
$24.64M
Balancing Measures:
Interfund Transfers from
eligible funds to the GPF
$22.94M
Increased Recovery Efforts
of Past Due Business Taxes
$7.44M
One-Time Coliseum
Payment
$5.00M
Legal Settlement
Agreements
$7.52M
FY 2024-25 Year End Results: General Purpose Fund (GPF) Projected GPF Fund Balance for FY2020-2023
5 In FY 2024-25 GPF Revenues exceeded Expenditures by $73.60 million • The Adjusted Budget of $789.33 million assumes the following to balance expenditures:
a. $41.71 million in use of fund balance to cover FY 2023-24 carry-forwards. • Revenues ended the year $26.56 million over the Adjusted Budget. • Expenditures ended the year $47.03 million under the Adjusted Budget.
FY 2024-25 General Purpose Fund Fourth Quarter ($ in millions) FY 2024-25
Adopted Budget
FY 2024-25
Adjusted Budget
FY 2024-25 Q4
Year-End
Audited Actuals
Year-End $ Over
/ Under Adjusted
Budget
Year-End %
Over / Under
Adjusted Budget
FY2024-25 Revenues 744.09 747.62 792.96 45.34 6.10%
Coliseum Sale 63.10 - - - N/A
Use of Fund Balance for Carry Forwards - 41.71 - (41.71) N/A Balancing Actions Interfund Transfers - - 22.94 22.94 N/A Adjusted Revenues 807.19 789.33 815.90 26.56 3.40%
FY 2024-25 Expenditures 807.19 789.33 742.30 47.03 5.96% Operating (Shortfall) / Surplus - - 73.60 73.60 N/A
FY 2024-25 Fourth Quarter GPF Revenues
FY 2024-25 GPF Budget to Actual Revenues ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
6 Revenue Category FY 2024-25
Adopted Budget
FY 2024-25
Adjusted Budget
FY 2024-25 Q3
Projections Plus
Budget Balancing
Actions
FY 2024-25 Q4
Year-End Audited
Actuals
Year-End $ Over /
Under Adjusted
Budget
Year-End % Over /
Under Adjusted
Budget
Property Tax 306.57 306.57 312.91 309.72 3.15 1.03%
Business License Tax 120.06 120.06 121.27 129.67 9.61 8.00% Vehicle License Fee - - - 0.68 0.68 N / A
Real Estate Transfer Tax 73.72 73.72 66.31 93.22 19.50 26.45% Utility Consumption Tax 68.44 68.44 70.05 70.75 2.32 3.39% Sales Tax 63.73 63.73 60.37 60.00 (3.73) (5.85)%
Service Charges 51.84 51.99 51.84 53.18 1.19 2.29%
Fines & Penalties 19.34 19.34 23.95 24.00 4.66 24.07%
Local Tax - - - - - N / A
Interfund Transfers 2.70 3.08 22.94 22.94 19.86 645.16% Miscellaneous Revenue 64.32 2.79 17.12 17.55 14.76 529.28% FY 2024-25 Fourth Quarter GPF Revenues (continued)
FY 2024-25 GPF Budget to Actual Revenues ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
7 Revenue Category FY 2024-25
Adopted Budget
FY 2024-25
Adjusted Budget
FY 2024-25 Q3
Projections Plus
Budget Balancing
Actions
FY 2024-25 Q4
Year-End Audited
Actuals
Year-End $ Over /
Under Adjusted
Budget
Year-End %
Over / Under
Adjusted
Budget
Transient Occupancy Tax 19.74 19.74 16.07 16.39 (3.35) (16.97)% Parking Tax 13.07 13.07 11.17 11.24 (1.83) (14.01)%
Interest Income 2.50 2.50 - 2.68 0.18 7.10%
Grants & Subsidies - 1.44 0.92 2.37 0.93 0.00%
Licenses & Permits 1.16 1.16 1.16 1.52 0.35 30.56%
Internal Service Funds - - - - - N / A
Subtotal 807.19 747.62 776.05 815.90 68.28 9.13%
Transfers from Fund Balance - 0.40 - - (0.40) 0.00%
Project Offsets &
Carryforwards - 41.31 - - (41.31) (100.00)%
Total Revenue 807.19 789.33 776.05 815.90 26.56 3.37%
FY 2024-25 Fourth Quarter Real Estate Transfer Tax (RETT) 8 • FY 2024-25 collections of Real Estate Transfer Tax through Q4 are $93.22 million which is $19.50 million or 26.5% over the Adjusted Budget of $73.72 million.
• This represents an increase of $35.61 million compared to FY 2023-24, which ended at $57.61 million. • Most of the increase is attributable to one-time large property sale of a building and the adjacent lot for about $985.5 million that generated $24.64M in RETT revenue being collected in FY 2024-25. • FY 2024-25 RETT transactions increased by 10.3% compared to FY 2023-24, while value of transactions increased by
41.0%.
RETT Growth Rate ($ in millions)
RETT Growth Rate
FY 2023-24 FY 2024-25 Year-Over-Year Variance
Sale Price Gross Sales Volume Gross Sales Volume Gross Sales Volume $300,000 or below $39.28 225 $43.99 248 12.0% 10.2%
$300,001 to $2 Million $2,597.53 2,880 $2,763.14 3,156 6.4% 9.6% $2 million to $5 Million $474.03 179 $560.48 206 18.2% 15.1% $5 -10 Million $79.17 12 $151.19 22 91.0% 83.3%
$10 - 50 Million $217.85 11 $240.87 14 10.6% 27.3%
$50.01-100 Million $126.28 2 $317.50 4 151.4% 100.0%
Over $100 Million $0.00 0 $906.00 1 0.0% 0.0%
Total $3,534.14 3,309 $4,983.17 3,651 41.0% 10.3%
9 FY 2024-25 Fourth Quarter Business Tax (BT)
• Business Tax (BT): FY 2024-25 collections of BT ended the year at $129.67 million which is $9.61 million or 8.0% over the Adjusted Budget of $120.06 million.
• The primary driver of annual revenue growth in FY 2024-25 was the City’s enhanced recovery efforts targeting past-due Business Tax delinquencies.
• Gross receipts reported by businesses rose by 2% in FY 2024-25 over FY 2023-24. • The largest contributor to this growth was the Residential Rental Properties category, which offsets the declines from the Administrative Headquarters category.
Business Tax
FY 2024-25 Fourth Quarter Sales Tax
10 • FY 2024-25 Sales Tax collections were $60.00 million, which is $3.73 million or 5.9% under the Adjusted Budget of $63.73 million.
• Oakland’s receipts in FY 2024-25 were on average 3.4% below FY 2023-24.
Sales Tax Comparison by Major Categories FY 2023-24 and FY 2024-25 ($ in millions) Sales Tax Comparison by Major Categories FY2023-24 and FY 2024-25 ($ in millions) Category FY 2023-24 FY 2024-25 Inc/Dec
Autos & Transportation $9.19 $9.04 (1.64)%
Building & Construction $5.92 $5.49 (7.18)%
Business & Industry $5.81 $6.44 10.85%
Food & Drugs $4.88 $4.64 (5.06)%
Fuel & Service Stations $6.71 $5.66 (15.69)%
General Consumer Goods $5.08 $4.83 (4.92)%
Restaurants & Hotels $11.07 $11.00 (0.68)%
State/County Pools & Transfers $12.13 $11.61 (4.26)%
Average $7.60 $7.34 (3.43)%
FY 2024-25 Fourth Quarter GPF Expenditures
FY 2024-25 GPF Budget to Actual Expenditures ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
11 Department FY 2024-25 Adopted
Budget
FY 2024-25 Adjusted
Budget
FY 2024-25 Q3
Projections Plus
Budget Balancing
Actions
FY 2024-25 Q4 Year-
End Audited Actuals
Year-End $ Over /
Under Adjusted
Budget
Year-End % Over /
Under Adjusted
Budget
Capital Improvement Projects 0.56 1.58 1.60 0.52 1.06 66.90% City Administrator 5.99 5.93 6.50 6.21 (0.29) (4.81)%
City Attorney 21.71 26.18 23.63 21.20 4.98 19.04%
City Auditor 3.73 4.01 2.91 2.60 1.41 35.07%
City Clerk 8.00 9.92 9.90 6.57 3.35 33.75%
City Council 7.87 7.91 6.95 6.68 1.23 15.58%
Department of Transportation 21.72 22.08 21.47 20.76 1.32 5.98% Department of Violence
Prevention 7.49 8.10 5.87 5.97 2.13 26.27%
Department of Workplace and
Employment Standard 2.39 2.15 1.38 1.57 0.58 26.83%
Economic and Workforce
Development Department 15.24 14.94 11.93 12.70 2.23 14.96% Finance Department 29.13 29.03 27.81 23.19 5.83 20.09%
Fire Department 180.45 167.27 186.32 181.43 (14.17) (8.47)% Human Resources
Management Department 0.33 0.53 0.43 0.64 (0.11) (20.70)% Human Services Department 43.08 47.04 43.99 35.04 12.00 25.51% FY 2024-25 Fourth Quarter GPF Expenditures (continued)
FY 2024-25 GPF Budget to Actual Expenditures ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
12 Department FY 2024-25 Adopted
Budget
FY 2024-25 Adjusted
Budget
FY 2024-25 Q3
Projections Plus
Budget Balancing
Actions
FY 2024-25 Q4 Year-
End Audited Actuals
Year-End $ Over /
Under Adjusted
Budget
Year-End % Over /
Under Adjusted
Budget
Information Technology
Department 6.55 6.95 6.47 6.90 0.06 0.82%
Mayor 5.59 5.60 4.07 3.94 1.66 29.63%
Non Departmental and Port 53.80 59.00 46.96 36.06 22.94 38.88% Oakland Animal Services 6.84 6.57 5.94 5.45 1.12 17.10% Oakland Parks and Recreation
Department 11.80 12.13 13.76 11.88 0.25 2.07%
Oakland Public Library
Department 12.40 11.40 5.93 8.10 3.30 28.96%
Oakland Public Works
Department 2.73 4.54 3.23 1.54 3.00 66.06%
Police Commission 8.78 9.57 7.49 6.43 3.13 32.75%
Police Department 347.21 322.77 323.93 333.65 (10.88) (3.37)% Public Ethics Commission 2.52 2.78 2.43 2.24 0.55 19.62% Race and Equity Department 1.27 1.35 1.27 1.13 0.22 16.00% Subtotal 807.19 789.33 772.15 742.30 47.03 5.96%
Citywide - - (31.73) - -
Total 807.19 789.33 740.41 742.30 47.03 5.96%
FY 2024-25 Q1 vs Q4 GPF Comparison ($ in Millions)
FY 2024-25 GPF Budget to Actual Expenditures ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
13 Department
Q1 Projection
+CF Q4 Actuals Difference Department
Q1 Projection
+CF Q4 Actuals Difference
Police Department 374.72 333.65 (41.06)Police Commission 7.28 6.43 (0.84) Non Departmental and Port 67.98 36.06 (31.92)Department of Workplace and Employment Standard 2.30 1.57 (0.73)
Fire Department 200.68 181.43 (19.25)Mayor 4.64 3.94 (0.70) Human Services Department 47.10 35.04 (12.06)City Council 7.35 6.68 (0.67) Finance Department 29.73 23.19 (6.54)Oakland Animal Services 6.12 5.45 (0.67) Oakland Public Library
Department 12.92 8.10 (4.83)Department of Violence
Prevention 6.50 5.97 (0.52)
City Clerk 9.99 6.57 (3.41)City Administrator 6.67 6.21 (0.46) Department of Transportation 23.90 20.76 (3.14)Oakland Parks and Recreation Department 12.13 11.88 (0.25)
City Attorney 23.89 21.20 (2.70)Public Ethics Commission 2.45 2.24 (0.21) Oakland Public Works Department 3.88 1.54 (2.34)Race and Equity Department 1.29 1.13 (0.16) Economic and Workforce
Development Department 14.79 12.70 (2.09)City Auditor 2.76 2.60 (0.16) Information Technology
Department 8.35 6.90 (1.45)Human Resources Management
Department 0.19 0.64 0.44
Capital Improvement Projects 1.61 0.52 (1.09)
Total 879.23 742.30 (136.93)
FY 2024-25 Fourth Quarter GPF Fund Balance
14 • Beginning Fund Balance was adjusted from -$6.83 million to $13.31 million to account for funds that were initially excluded (Prepaid Items, Restricted Cash, Property Held for Resale (including the Raiders Training Facility) • When obligations against fund balance are considered, the City’s estimated available fund balance in the GPF at the end of FY 2024-25 is $16.87 million.
FY 2024-25 General Purpose Fund Year-End Available Fund Balance ($ in millions) FY 2024-25 General Purpose Fund Projected Fiscal Year-End G E N E R A L P U R P O S E F U N D ( 1 0 1 0 ) FY 2024-25 Q4 Year-End Beginning Fund Balance - Audited 13.31
Revenue 815.90
Expenditures 742.30
Estimated Ending Fund Balance 86.91
Obligations Against Ending Fund Balance
Encumbrances (12.77)
Legal Settlements (1.83)
One-Time Bonus for FY 2025-26 (10.22)
Final Carryforward on to FY 2025-26 (45.22)
FY 2024-25 Ending Maximum Available Fund Balance 16.87
FY 2024-25 Fourth Quarter Reserve Balances
FY 2024-25 Reserve Balances
4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
15 FY 2024-25 Q4 Reserve Balances ($ in millions)
*The 7.5% GPF reserve is not a cumulative balance.
Description
FY 2023-24 Beginning
Balances
FYE Estimated 2024-25
Balances
Mandated Emergency Reserves 66.63 73.43
GPF Balancing (Excess Emergency Reserve) (9.62)
Vital Services Stabilization Fund 10.27 0.00
OMERS Reserves (Reso. No. 85098 C.M.S) 2.36 2.36
Total Reserves 79.26 66.17
The 7.5% GPF reserve requirement is met.
FY 2024-25 Fourth Quarter Select Non-GPF Funds
FY 2024-25 Fund Balance and Appropriations ($ in millions) 4 Mar 11 Mar 16 Mar 28 Aug 4 Sep Dec Jan 15 Feb Mar-Jun 2020 2020 2020 2020 2020 2020 2021 2021 2021
16 Fund Description
FY24-25 Beg
Audited Fund
Balance
FY24-25 Year
End Rev
Actuals
FY24-25 Year
End Exp
Actuals
Encumbrances Final
Carryforward
FY24-25 Year
End Estimated
Fund Balance
1030 - Measure HH (SSBDT) 11.65 6.67 11.60 0.49 3.88 0.12 1100 - Self Insurance Liability 23.10 54.81 54.18 0.00 0.00 23.73 1870 - Affordable Housing Trust Fund* 37.49 15.61 38.13 0.65 12.04 (8.38) Measure BB and Measure F Funds (2215,
2216, 2217, 2218, 2219, 2220) 57.73 38.20 52.46 13.69 21.85 (14.94) State Transportation (Gas Tax) Funds
(2230, 2232) 11.84 24.30 21.96 1.85 2.15 (2.66)
2244 - Measure Q - Parks & Recreation
Preservation, Litter Reduction, and
Homelessness Support Act
26.55 33.85 40.76 5.22 5.24 6.59
2310 - Lighting and Landscape Assessment
District (0.59) 19.15 16.62 0.10 .03 2.58
4100 - Equipment 46.24 9.91 37.45 2.18 9.36 8.51
4400 - City Facilities 4.16 53.01 48.93 3.96 2.63 0.03
*The fund balance in the Affordable Housing Trust Fund (1870) was further reduced due to a transfer in the amount of $14.68 million to the Jobs Housing Impact Fee Fund (1871) and the Affordable Housing Impact Fee Fund (1872) 17 Key Takeaways of FY 2024-25 Q4 R&E & Next Steps
• While FY 24-25 ended the year with a $73.60 million surplus, the net effect on Fund Balance is an increase of $3.56 million after accounting for obligations against fund balance. • Several, if not all, of the drivers to achieve savings in FY24-25 are one-time in nature and cannot be guaranteed to be replicated moving forward.
• The City continues to work on correcting imbalances between revenues and expenditures on an ongoing basis.
• The City should continue to exercise fiscal prudence to ensure long-term fiscal and economic sustainability. 18 Entering FY 2026-27 Midcycle Budget
Pressures:
• Rising Cost of CalPERS, Healthcare, Insurance
• Uncertainty around Federal Funds
• June 2026 Revenue Measure
• Restoring Ballot Measure MOEs
• Equipment & Facility Needs
• Negative Funds
Opportunities:
• Build on Revenue Collection Performance
• Maintain Discipline in Spending
• Positive Beginning Position
• Successful Access of Bond Market
19 Questions