City of Piedmont
COUNCIL AGENDA REPORT
DATE: November 3, 2025
TO: Mayor and Council
FROM: Rosanna Bayon Moore, City Administrator
SUBJECT: Review of FY 2024-25 Unaudited Financial Results
RECOMMENDATION
No action required. This report is provided for information only.
FINANCIAL REPORT
In FY 2024–25, favorable revenue trends, coupled with lower-than-budgeted expenses and capital transfers, resulted in General Fund Net Revenue approximately $3.1 million higher than budgeted.
The year ended with an estimated unassigned fund balance of $9.9 million. Staff is recommending, via a separate report, that after meeting a reserve target of 19%, $2.6 million of this balance be transferred to capital project funds for facilities, infrastructure, and equipment needs.
GENERAL FUND Budget Actual Variance
Beginning Balance $ 8,443 $ 8,526 $ 83
Revenues 37,697 39,413 1,716
Operating Transfers In 1,200 1,211 11
Total Revenue 38,897 40,624 1,727
Expenditures: Operating 34,920 33,571 1,349
Expenditures: Non-Department 4,450 4,626 (175)
Operating Transfers Out 400 200 200
Total Expenditures 39,771 38,397 1,374
Operating Net Revenue (874) 2,228 3,101
Capital Transfers Out 811 887 (76)
Net Revenue (1,685) 1,341 3,026
Ending Balance $ 6,758 $ 9,867 $ 3,109
Available for Transfer - 2,600 2,600
Ending Balance - Adjusted $ 6,758 $ 7,267 $ 509
% of Operating Exp 17.2% 19.0%
Agenda Report Page 2
Revenue Overview
General Fund revenue (excluding grants) exceeded the budget by $1.716 million. A total of $2.5 million in grant revenue (ARPA and ACTC) was budgeted, of which $1.573 million was expended as of June 30, 2025.
Of the $1.83 million in ARPA funds budgeted, $1.5 million was used for the Police Dispatch Renovation Project, with the remaining $327,000 to be spent in FY 2025–26 on the same project.
Highlights of General Fund revenue performance:
• Transfer Tax: $4.5 million
o $715,000 above budget, and $429,000 higher than prior year o Homes sold: 124 (8% more than prior year’s 115)
o Average Sales Price: $2.8 million (+2%)
o Median Sales Price: $2.45 million (-2%, second consecutive annual decline) • Building Permit & Planning fee revenue totaled $2.3 million o $401,000 HIGHER than budget, and 455,000 MORE than last year, due to higher construction costs and fee changes effective July 2024
• Mutual Aid Reimbursements: $302,000 for two wildfire deployments • Investment Income: $117,000 above budget, though $147,000 below prior year • Ambulance charges: $109,000, or 36% above budget
Revenue Type Budget Actual Variance % Var
Transfer Tax $ 3,800 $ 4,515 $ 715 19%
Permits & Planning Fees 1,875 2,276 401 21%
Mutual Aid - Wildfire Assist. - 302 302
Investment Income 350 467 117 34%
Ambulance Charges 300 409 109 36%
Recreation 3,974 4,050 76 2%
Miscellaneous 534 590 56 10%
Property Tax 18,994 18,921 (73) -0.4%
Business & Sales Taxes 985 938 (47) -5%
All Others 6,885 6,945 60 1%
Sub-Total 37,697 39,413 1,716 5%
Grant Funds - ARPA, ACTC 2,554 1,573 (981) -38%
Total Revenue $ 40,251 $ 40,986 $ 735 2%
(In thousands)
Agenda Report Page 3
• Recreation: $76,000 due to steady recreation classes and camp receipts • Miscellaneous income: $56,000 above budget mainly from Republic Services, and vehicle damage insurance recoveries
These gains were partially offset by:
• Property Taxes: $73,000 below budget due to a drop in supplemental assessments • Business & Sales Taxes: $47,000 below budget
Expenditure Overview
General Fund departmental expenditures were $1.349 million below budget, while nondepartmental expenses exceeded budget by $175,000, resulting in overall underspending of $1.174 million.
• Recreation Department: $56,500 over budget, offset by higher recreation revenue ($76,000)
• Non-Departmental: $175,500 over budget due to:
o Higher Workers Compensation claims ($255,000)
o Unfavorable actuarial adjustment for future claim reserves ($98,000) o Offset by lower general liability claims ($53,000) and lower retiree medical premiums ($125,000)
• Fire Department: $189,500 over budget, due to higher overtime for workers’ compensation absences and wildfire mutual aid coverage. • Administration: $419,000 under budget
o Underspending in contractual costs ($108,000).
o Records management project is not yet finished ($130,000) o Salary and benefits savings ($122,000)
Agenda Report Page 4
o Communications projects moved to FY2026 (60,000)
• Public Works: $293,000 under budget
o Lower park maintenance due to fewer large storms ($82,000) o Salary and benefits savings ($105,000)
o Street tree pruning and planting ($121,000)
o Solid waste and other consulting ($57,000)
o Lower other repairs and maintenance costs ($118,000)
o Offset by increased City Engineer Service fees ($190,000) • Police Department: $228,000 under budget, mainly from salary and benefit savings from vacancies and reduced part-time staffing.
• Planning and Building: $433,000 under budget due to:
o Salary & benefits savings from vacancies ($296,000)
o Less part-time staffing ($96,000)
o Lower auto repairs and maintenance costs (~$35,000)
General Fund Reserve
The unassigned General Fund balance at June 30, 2025 is estimated at $9.9 million (25.7% of expenditures).
This exceeds both the 18% target reserve and the 25% policy limit. Accordingly, staff recommends allocating $2.6 million from the unassigned balance to capital project funds to address long-term infrastructure and equipment needs (presented in a separate staff report).
By: Kiran Bawa, Finance Director
Attachment: FY2024-25 Financial Report Presentation
November 3, 2025
FY2024-25 Year-end
Financial Report
November 3, 2025 piedmont.ca.gov1
Agenda
November 3, 2025 piedmont.ca.gov 2
FY2025 Report Summary
FY2025 Revenues and Expenditures
Uses of Year-End funds
ARPA Update
Capital Funds
Trust Funds
FY2025 General Fund Overview
November 3, 2025 piedmont.ca.gov 3
• Revenues finished 2% over budget
• Expenditures 3% below budget
• YE Fund Balance of $9.9M, or 25.7% of expenses
• Recommended use of $2.6M for Capital Project Funds
• Net Fund Balance of $7.3M, or 19% of expenses
• Stable year-end results support strategic reserve rebuilding FY2025 Revenues
November 3, 2025 piedmont.ca.gov 4
Revenue Type Budget Actual Variance % Var
Transfer Tax $ 3,800 $ 4,515 $ 715 19%
Permits & Planning Fees 1,875 2,276 401 21%
Mutual Aid - Wildfire Assist. - 302 302
Investment Income 350 467 117 34%
Ambulance Charges 300 409 109 36%
Recreation 3,974 4,050 76 2%
Miscellaneous 534 590 56 10%
Property Tax 18,994 18,921 (73) -0.4%
Business & Sales Taxes 985 938 (47) -5%
All Others 6,885 6,945 60 1%
Sub-Total 37,697 39,413 1,716 5%
Grant Funds - ARPA, ACTC 2,554 1,573 (981) -38%
Total Revenue $ 40,251 $ 40,986 $ 735 2%
(In thousands)
Real Estate Transfer Tax - History
November 3, 2025 piedmont.ca.gov 5
Real Estate Transfer Tax – Monthly Trend
November 3, 2025 piedmont.ca.gov 6
Property Tax
November 3, 2025 piedmont.ca.gov 7
• Growth Rate: 5-YR average is 5.1% and 10-YR average is 5.7% • Below average growth in FY2025 at 2.6%
• Supplemental Assessment is volatile (It is a pooled county revenue source) Property & Transfer Tax – YOY % Change
November 3, 2025 piedmont.ca.gov 8
FY2025 Expenditures
November 3, 2025 piedmont.ca.gov 9
Department Budget Actual Variance % Var
Planning & Building $ 2,933 $ 2,483 $ (450) -18%
Police 8,822 8,389 (433) -5%
Administration 5,338 4,919 (419) -9%
Public Works 4,964 4,671 (293) -6%
Recreation 4,137 4,193 56 1%
Fire 8,727 8,916 189 2%
Sub-Total 34,920 33,571 (1,349) -4%
Non-Departmental 4,450 4,626 175 4%
Total Expenditures $ 39,371 $ 38,197 $ (1,174) -3%
(In thousands)
Expenditure Highlights
November 3, 2025 piedmont.ca.gov 10
Departments over budget:
Fire ($189,000)
• Overtime increase due to Workers Compensation leave
and mutual aid deployments (offset by $302,000 in
revenue)
Recreation ($56,000)
• Majority of expenses are variable and depend on the level of revenues
• Revenues exceeded budget estimate ($76,000)
Expenditure Highlights
November 3, 2025 piedmont.ca.gov 11
Non-Departmental ($175,000)
• Workers Compensation claims due to injuries in Police & Fire ($255,000)
• Workers Compensation change in claims liability ($98,000) • Offset by lower General Liability insurance premium
($53,000) and retiree medical premiums paid ($125,000)
Expenditure Highlights
November 3, 2025 piedmont.ca.gov 12
Departments under budget:
Planning & Building ($450,000)
• Expanding Housing Opportunities Project picked up momentum towards the later part of the fiscal year ($259,000)
• Lower environmental consulting costs ($88,000)
• Salary & benefits savings ($62,000)
• Delay in existing building electrification study ($50,000) Police ($433,000)
• Lower personnel costs due to vacancies ($296,000)
• Less use of part-time personnel than anticipated ($96,000) • Lower auto repairs and maintenance costs (~$35,000)
Expenditure Highlights
November 3, 2025 piedmont.ca.gov 13
Administration ($419,000)
• Underspending in contractual costs ($108,000).
• Records management project is not yet finished ($130,000) • Salary and benefits savings ($122,000)
• Communications projects moved to FY2026 ($60,000)
Public Works ($293,000)
• Lower park maintenance due to fewer large storms ($82,000) • Salary and benefits savings ($105,000)
• Street tree pruning and planting ($121,000)
• Solid waste and other consulting ($57,000)
• Lower other repairs and maintenance costs ($118,000)
• Offset by increased City Engineer Service fees ($190,000) FY2025 Overview
November 3, 2025 piedmont.ca.gov 14
Use of YE funds ($2.6M):
Facilities Capital
($1,500,000)
Equipment Replacement
($850,000)
Facilities Maintenance
($250,000)
American Rescue Plan Act (ARPA)
November 3, 2025 piedmont.ca.gov 15
Amount
(000's)
Revenue
ARPA Grant Funds 2,664
Expenditures:
Prevention & Administrat 126
PUSD Support 100
Premium Pay 58
Police Dispatch Project 2,053
Funds Remaining $ 327
Description
November 3, 2025 piedmont.ca.gov 16
CAPITAL FUNDS
Facilities Capital Fund – FY2025
November 3, 2025 piedmont.ca.gov 17
Budget Actual Variance
Beginning Balance - 7/1/2024 $ 10,078 $ 10,472 $ 394
Revenues:
General Fund Transfers - - -
Schoolmates Transfers - - -
Contributions \ Other Funding 219 122 (97)
Interest 300 493 193
Other-ARPA 1,897 1,498 (399)
Total Revenue 2,416 2,113 (303)
Expenditures:
Capital Projects 8,432 4,236 4,196
Total Expenditures 8,432 4,236 4,196
Ending Balance - 6/30/2025 $ 4,062 $ 8,349 $ 4,287
(In thousands)
Facilities Capital Fund – Five Year Plan
November 3, 2025 piedmont.ca.gov 18
2023-24 2024-25 2025-26 2026-27 FY 2027
Actual Actual Budget Forecast & Beyond
Beginning Balance $ 10,797,969 $ 10,457,363 $ 8,304,715 $ 527,182 $ (652,818) General Fund Subsidy $ - $ - $ - $ 400,000 $ 400,000
ARPA Funding 322,066 1,497,984 522,000 - -
Contributions \ Other - 122,223 150,000 150,000 -
Interest 572,179 493,380 140,000 10,000 -
Total Revenue $ 894,245 $ 2,113,587 $ 812,000 $ 560,000 $ 400,000 Expenditures:
Facilities $ (322,066) $ (1,963,926) $ (2,548,961) $ (995,000) $ (54,760,000) Parks (421,667) (470,574) (1,522,481) (465,000) (27,030,000) Tennis Courts (27,741) (224,970) - - (810,000)
Sustainability (43,184) (19,087) (163,000) (130,000) (632,000) Storm Drains (8,224) (70,285) (479,715) (100,000) (2,050,000) Green Infrastructure (200,000) - (250,000) (50,000) (900,000) Community Pool (207,204) (1,487,393) (3,625,376) - -
Miscellaneous (4,765) (30,000) - - -
Total Expenditures $ (1,234,850) $ (4,266,235) $ (8,589,533) $ (1,740,000) $ (86,182,000) Ending Balance $ 10,457,363 $ 8,304,715 $ 527,182 $ (652,818) $ (86,434,818) Facilities Maintenance Fund – FY2025
November 3, 2025 piedmont.ca.gov 19
Budget Actual Variance
Beginning Balance - 7/1/2024 $ 429 $ 379 $ (50)
Revenues:
General Fund Transfers 850 850 -
Schoolmates Transfers 32 28 (4)
Contributions - 31 31
Interest 15 18 3
Total Revenue 897 927 30
Expenditures:
Repairs & Maintenance 215 495 (280)
Scheduled Maintenance 293 80 213
Sidewalk Repair \ Replacement 700 410 290
Total Expenditures 1,208 985 223
Ending Balance - 6/30/2025 $ 119 $ 321 $ 203
(In thousands)
Facilities Maintenance Fund – Five Year Plan
November 3, 2025 piedmont.ca.gov 20
2023-24 2024-25 2025-26 2026-27 FY 2027
Actual Actual Budget Forecast & Beyond
Beginning Balance $ 571,407 $ 377,729 $ 421,229 $ 23,329 $ 44,090 General Fund Subsidy $ 850,000 $ 850,000 $ 1,100,000 $ 1,550,000 $ 1,250,000 Schoolmates Subsidy 29,910 32,000 95,600 64,104 81,628
Contributions \ Other 8,900 - - - -
Interest 16,071 15,000 23,000 24,000 19,000
Total Revenue $ 904,881 $ 897,000 $ 1,218,600 $ 1,638,104 $ 1,350,628 Expenditures:
Sidewalks $ (753,080) $ (300,000) $ (650,000) $ (650,000) $ (600,000) Annual Maintenance (232,657) (315,000) (225,750) (234,780) (244,171) Scheduled Maintenance (112,823) (238,500) (740,750) (732,563) (512,941) Total Expenditures $ (1,098,559) $ (853,500) $ (1,616,500) $ (1,617,343) $ (1,357,112) Ending Balance $ 377,729 $ 421,229 $ 23,329 $ 44,090 $ 37,607 Equipment Replacement Fund
November 3, 2025 piedmont.ca.gov 21
17/18 $3,937,414 $ 517,193 $ (651,165) $3,803,442
18/19 3,803,442 433,000 81,148 (1,216,799) 3,100,791
19/20 3,100,791 400,000 76,067 (513,171) 3,063,687
20/21 3,063,687 610,500 13,195 (590,280) 3,097,101
21/22 3,097,101 1,361,391 (28,188) (338,713) 4,091,591
22/23 4,091,591 690,000 58,713 (1,260,947) 3,579,357
23/24 3,579,357 800,000 151,211 (800,594) 3,729,974
24/25 3,729,974 0 135,000 (1,052,563) 2,812,411
25/26 2,812,411 850,000 90,000 (1,692,697) 2,059,714
26/27 2,059,714 1,013,003 61,791 (1,596,186) 1,538,323
27/28 1,538,323 1,107,963 46,150 (985,962) 1,706,473
28/29 1,706,473 851,705 51,194 (838,371) 1,771,001
29/30 1,771,001 829,632 53,130 (1,882,299) 771,464
30/31 771,464 658,578 23,144 (218,245) 1,234,941
31/32 1,234,941 585,876 37,048 (571,210) 1,286,656
32/33 1,286,656 658,528 38,600 (789,194) 1,194,590
Interest Expenditures Fiscal
Year
Begin
Balance
Planned
Funding
End
Balance
17/18 $3,937,414 $ 517,193 $ (651,165) $3,803,442
18/19 3,803,442 433,000 81,148 (1,216,799) 3,100,791
19/20 3,100,791 400,000 76,067 (513,171) 3,063,687
20/21 3,063,687 610,500 13,195 (590,280) 3,097,101
21/22 3,097,101 1,361,391 (28,188) (338,713) 4,091,591
22/23 4,091,591 690,000 58,713 (1,260,947) 3,579,357
23/24 3,579,357 800,000 151,211 (800,594) 3,729,974
24/25 3,729,974 850,000 135,000 (1,052,563) 3,662,411
25/26 3,662,411 850,000 90,000 (1,692,697) 2,909,714
26/27 2,909,714 1,013,003 87,291 (1,596,186) 2,413,823
27/28 2,413,823 1,107,963 72,415 (985,962) 2,608,238
28/29 2,608,238 851,705 78,247 (838,371) 2,699,819
29/30 2,699,819 829,632 80,995 (1,882,299) 1,728,147
30/31 1,728,147 658,578 51,844 (218,245) 2,220,324
31/32 2,220,324 585,876 66,610 (571,210) 2,301,601
32/33 2,301,601 658,528 69,048 (789,194) 2,239,983
Interest Expenditures Fiscal
Year
Begin
Balance
Planned
Funding
End
Balance
• $800,000 transferred from GF in FY 23-24
• No Funding was budgeted in FY 24-25
• Funding is planned 3 yrs prior to
purchase for items < $200,000, and 5 yrs
for items > $200,000
November 3, 2025 piedmont.ca.gov 22
TRUST FUNDS
TRUST FUNDS - PARS
November 3, 2025 piedmont.ca.gov 23
Established in April 2018 to reserve funds for future pension costs Total contributed of $3.75 million to date
As of June 30, 2025, the balance is $5.2 million
Annualized return of 7.3% since inception (~ 9% in FY2025) Additional funding is not required now based on ten-year plan Funds may be needed by FY 2026 to maintain GF reserves of approx. 18%
TRUST FUNDS - OPEB
November 3, 2025 piedmont.ca.gov 24
Retiree health benefits were restructured in 2018 to realize savings in ~ 15 years
Costs continue to rise between 3% to 8%
As of June 30, 2025, the balance is $15.4 million (~8% in FY2025) The Plan is 70% funded as of June 30, 2025
In the long-term, City plans to use fund to make premium payments after reaching 75% funding level, ~ FY2030
TRUST FUNDS – Police & Fire Pension
November 3, 2025 piedmont.ca.gov 25
Legacy pension plan for participants before July 1971
As of June 30, 2025, the balance is $19.8 million (~8% in FY2025) Currently there are four beneficiaries
Annual benefits paid approx. $92,500
Over funded by approx. $19M at close of FY2025
November 3, 2025 piedmont.ca.gov 26
Q & A