CITY OF SAN MATEO
RESOLUTION NO. ____ (2025)
APPROVING MID-YEAR BUDGET ADJUSTMENTS FOR THE GENERAL FUND FOR FISCAL YEAR 2024-25
WHEREAS, the City Council of the City of San Mateo adopted the Fiscal Year (FY) 2024-25 budget, which includes General Fund revenue and expenditure appropriations; and WHEREAS, based on a mid-year review of General Fund financial activities through December 2024, General Fund revenues are now projected to total $173.9 million, exceeding budget estimates by $4.1 million, primarily due to higher-than-expected Real Property Transfer Tax (RPTT) revenue; and WHEREAS, total General Fund expenditures are projected to be $180.3 million, resulting in a favorable budget variance, primarily due to vacancy savings across departments; and WHEREAS, the City Clerk’s Office requests an increase of $137,000 in its operating budget to cover election expenses; and
WHEREAS, the Public Works Department requests a re-appropriation of $224,000 in unspent FY 2023-24 funds for wet weather preparation.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SAN MATEO, CALIFORNIA HEREBY FINDS AND RESOLVES that:
1. This City Council action is not subject to CEQA review because it is a government fiscal activity which does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment. (CEQA Guidelines Section 15378(b)(4)).
2. Budget amendments to the General Fund revenues are approved as follows:
a) Increase real property transfer tax revenue budget by $6.0 million; b) Decrease sales tax revenue budget by $2.2 million;
c) Increase investment earning budget by $1.0 million;
d) Decrease business tax revenue budget by $0.5 million; and e) Decrease golf revenue budget by $0.2 million.
3. Appropriations to the General Fund operating budget are approved as follows:
a) Increase City Clerk operating budget by $137,000 for election costs; and b) Increase Public Works operating budget by $224,000 for wet weather preparations.