CITY OF SAN MATEO
CITY OF SAN MATEO
Agenda Report
City Hall
330 W. 20th Avenue
San Mateo CA 94403
www.cityofsanmateo.org
Agenda Number: 18 Section Name: CONSENT CALENDAR Account Number: 10-1711 File ID: 25-10193 TO: City Council
FROM: Prasanna W. Rasiah, City Attorney
PREPARED BY: City Attorney's Office
MEETING DATE: August 18, 2025
SUBJECT:
Housing Set Aside Fund — Appropriation
RECOMMENDATION:
Adopt a Resolution approving a supplemental budget appropriation of $250,000 of unassigned fund balance from the General Fund to increase transfers out from the General Fund to the Housing Set Aside Fund (Fund 130) to increase the budget for affordable housing developments.
BACKGROUND:
The adopted budget for Fiscal Year (FY) 2025-26 includes a $1,100,000 transfer from the General Fund to the Housing Set Aside Fund, consistent with Housing Element Policy 1.2. This Policy calls for setting aside 20 percent of general fund property tax revenues from former RDA areas (aka “Boomerang Funds”) as well as the Affordable Housing Commercial Linkage Fee Funds. The Housing Set Aide Fund is used to create and preserve affordable housing, and the current balance is $7,487,084. As part of a settlement agreement with the Housing Action Coalition, which sued the City over adoption of the Housing Element, the City tentatively agreed to transfer an additional $250,000 to the Housing Set Aside Fund. The proposed appropriation action would fulfill that commitment.
BUDGET IMPACT:
An appropriation of $250,000 of unassigned fund balance from the General Fund (Fund 100) to increase transfers out to the Housing Set Aside Fund (Fund 130) will result in a new balance in Fund 130 of $7,737,084 for Fiscal Year 2025-26.
There is sufficient unassigned fund balance in the General Fund for this appropriation.
ENVIRONMENTAL DETERMINATION:
This Resolution is not a project subject to CEQA, because it is an organizational or administrative activity that will not result in direct or indirect physical changes in the environment. (CEQA Guidelines Section 15378(b)(5).)
NOTICE PROVIDED
All meeting noticing requirements were met.
ATTACHMENTS
Att 1 – Proposed resolution
STAFF CONTACT
Prasanna W. Rasiah, City Attorney
[email protected]
(650) 522-7020