_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
November 2024
1 City of Santa Clara
Financial Status Report as of November 30, 2024
This report summarizes the City’s financial performance for the month ended November 30, 2024.
Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.
Economic Outlook
In its Winter 2024 Forecast, the UCLA Anderson Forecast points to uncertainty regarding the U.S. economic outlook for 2025 and 2026 given the potential impacts of policies regarding tariffs and deportations. “With real GDP growth above two percent, the U.S. economy continues to outshine its global peers. The incoming tariff and deportation policies will put upward pressure on costs and downward pressure on consumption, leading to lower GDP growth, dipping below two percent (SAAR) in the second half of 2025. We expect GDP growth to partially recover by the end of 2026 as the economy adjusts to the tariffs and the changing composition and size of the labor force.”1 U.S. Quarterly Real GDP Growth Forecast (UCLA Winter 2024 Economic Forecast)
1 UCLA Anderson Forecast Winter 2024 Economic Forecast, “Cloudy with a Chance of Inflation”, Clement Bohr
2 City of Santa Clara
Financial Status Report as of November 30, 2024
On a national level, the unemployment rate changed little from 4.1% in October to 4.2% in November 2024, but is up from 3.7% in November 2023. In November, the number of unemployed persons totaled 7.1 million, a slight increase from 7.0 million in October.2
In the third quarter 2024 third estimate, the Gross Domestic Product (GDP) increased by 3.1%, following a GDP increase of 3.0% in the second quarter. The increase in real GDP primarily reflected increases in consumer spending, exports, nonresidential fixed investment, and federal government spending.3
2 https://www.bls.gov/news.release/pdf/empsit.pdf
3 https://www.bea.gov/sites/default/files/2024-12/tech3q24-3rd.pdf
3 City of Santa Clara
Financial Status Report as of November 30, 2024
At the state level, the California unemployment rate remained unchanged at 5.4% between October and November 2024. This rate is higher compared to the 5.1% rate in November 2023. Over the past year, California employers have added 167,000 nonfarm jobs.4 The winter 2024 UCLA Anderson Forecast for California assumes the state’s economy will grow at about the same rate as the U.S. in 2025 and 2026. “The unemployment rate for the 4th quarter of this year is expected to average 5.3%, and the average for 2025 and 2026 is expected to be 5.5% and
5.0% respectively. Our forecast for 2025 and 2026 is for total employment growth rates to be -0.7% and
1.6%. Non-farm payroll jobs are expected to grow at a 1.5% and 1.3% rate during the same two years.
Real personal income is forecast to grow by 2.3% in 2025 and 2.6% in 2026. In spite of the higher interest rates, the continued demand for a limited housing stock coupled with state policies inducing new homebuilding should result in the beginning of a recovery this year followed by slow but solid growth in new home production thereafter.”
5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.1% in November 2024, down slightly from a revised 4.2% in October 2024, but above the November 2023 estimate of 4.0%. Between November 2023 and November 2024, employment in this region increased by 6,100 jobs, or 0.5%. The largest increases were in private education and health services (up 12,300 jobs) and professional and business services (up 2,800 jobs).
Notable employment reductions were in information (down 5,700 jobs) and manufacturing (down 5,400 jobs).6
General Fund
The General Fund is the major operating fund for the City and includes multiple programs, services, and activities for the residents and businesses of the City. The adopted budget for operating revenues and expenditures for fiscal year 2024/25 was $310.7 million. The amended budget for revenues and expenditures was adjusted to $317.9 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through November 2024.
General Fund revenues and expenditures are tracking within estimated levels.
4 https://edd.ca.gov/es/about_edd/news_releases_and_announcements/unemployment-november-2024/ 5 UCLA Anderson Forecast Winter 2024 Economic Forecast, “California After the Election”, Jerry Nickelsburg 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of November 30, 2024
General Fund Revenues
As of November 30, 2024, $90.8 million or 30.7% of the General Fund estimated revenue (excluding transfers) was received. Collections are tracking below par through November due to the timing of payments. In some categories, such as property tax, most payments are scheduled to occur later in the fiscal year. Transfers and use of reserves of $22.1 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
11/30/2024
Percentage
Received
Actual Through
11/30/2023
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 62,900,000$ 62,900,000$ 19,387,391$ 30.82% 15,323,471$ 4,063,920$ 26.52% Property Tax 94,391,000 94,391,000 16,778,801 17.78% 13,496,133 3,282,668 24.32% Transient Occupancy Tax 22,850,000 22,850,000 7,497,570 32.81% 5,717,965 1,779,605 31.12% Other Taxes 6,950,000 6,950,000 1,708,158 24.58% 1,794,102 (85,944) -4.79% Total Taxes 187,091,000 187,091,000 45,371,920 24.25% 36,331,671 9,040,249 24.88%
LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 2,970,394 49.51% 2,178,351 792,043 36.36% Fire Operation Permits 2,010,000 2,010,000 954,340 47.48% 666,745 287,595 43.13% Miscellaneous Permits 55,000 55,000 213,409 388.02% 2,461 210,948 8571.64% Total Licenses & Permits 8,065,000 8,065,000 4,138,143 51.31% 2,847,557 1,290,586 45.32% FINES & PENALTIES 1,452,000 1,452,000 549,361 37.83% 1,037,160 (487,799) -47.03% INTERGOVERNMENTAL 970,000 970,000 512,214 52.81% 148,252 363,962 245.50% CHARGES FOR SERVICES 30,829,954 30,829,954 14,687,810 47.64% 12,810,495 1,877,315 14.65% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 14,777,125 42.83% 13,712,604 1,064,521 7.76%
USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 925,644 14.90% 16,106 909,538 5647.20% Rent 13,028,187 13,028,187 5,341,057 41.00% 5,243,300 97,757 1.86% Total Use of Money & Property 19,240,187 19,240,187 6,266,701 32.57% 5,259,406 1,007,295 19.15% MISCELLANEOUS REVENUES 215,550 215,550 305,763 141.85% 137,475 168,288 122.41%
LAND PROCEED - - - N/A - - N/A
OTHER FINANCING SOURCES
Operating Transfer In - Storm Drain 1,454,000 1,454,000 1,454,000 100.00% 1,454,000 - 0.00% Operating Transfer In - Reserves 6,964,827 13,895,239 13,895,239 100.00% 8,012,113 5,883,126 73.43% Operating Transfer In - Fund Balances(1) 6,162,369 6,162,369 6,162,369 100.00% 4,759,683 1,402,686 29.47% Operating Transfer In - Miscellaneous 575,821 575,821 575,821 100.00% 746,044 (170,223) -22.82% Total Other Financing Sources 15,157,017 22,087,429 22,087,429 100.00% 14,971,840 7,115,589 47.53%
STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 4,114,224 34.22% 895,270 3,218,954 359.55% Rent and Licensing 1,472,000 1,472,000 121,612 8.26% 69,313 52,299 75.45% Total Stadium Operation 13,177,481 13,495,104 4,235,836 31.39% 964,583 3,271,253 339.14% TOTAL GENERAL FUND 310,698,189$ 317,946,224$ 112,932,302$ 35.52% 88,221,042$ 24,711,259$ 28.01% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2024 and mid year budget amendment from reserves.
Function
CITY OF SANTA CLARA
GENERAL FUND
REVENUE OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2024/25 PY REVENUE COMPARISON
5 City of Santa Clara
Financial Status Report as of November 30, 2024
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of November 30, 2024, $19.4 million has been collected, which is 26.5% higher than prior year collection levels. Given the timing of payments, the sales tax payments through November are for the months of July through September 2024. In November, the City received the true-up payment for the first quarter of FY 2024/25 (July – September activity) that brought collections to $19.2 million for that quarter. This collection level is well above prior year receipts of $15.1 million for the first quarter of FY 2023/24. This increase was primarily the result of a 44% increase in the Business-to-Business category, much of which is one time in nature. Growth was also realized in the construction (up 7.5%) and food products (up 1.3%) categories, partially offset by reductions in the general retail (down 4.9%) and transportation (down 9.8%) categories. The County pool receipts were also up 38.6% over the first quarter of FY 2023/24 based on the City’s strong sales tax performance; these collection represent approximately 20% of the City’s sales tax receipts. In addition, $0.2 million was received for the Proposition 172 Public Safety Sales Tax, which is consistent with the prior fiscal year.
Given the strong performance in the first quarter, collections can drop approximately 7% in each of the remaining three quarters of FY 2024/25 and still meet the budget estimate of $62.0 million. It is important to note that sales tax receipts can vary significantly from quarter to quarter.
Property Tax: $16.8 million in property tax receipts were received through November 2024. The majority of property tax revenue is collected in February and April each year. Based on initial information from the County of Santa Clara, property tax receipts are projected to end the year at $95.9 million, slightly above the Adopted Budget estimate of $94.4 million.
Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate was 12.5% in November 2024 and increased to 13.5% effective January 1, 2025. Through November 30, 2024, approximately $7.5 million was received, or 32.8% of the budget. This collection level was 31% above the $5.7 million received through November of the prior fiscal year due. Receipts are currently tracking to exceed the budget estimate of $22.9 million.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected approximately $1.7 million through November, including $1.4 million in franchise taxes and $0.3 million in documentary transfer taxes. This collection level is 4.8% below last fiscal year due to lower franchise tax receipts recorded to date.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $4.1 million, or 51.3% of the $8.1 million budget. This reflects strong growth in all categories with the largest collections in the business license tax category. Effective FY 2023/24, the City implemented a new Business License Tax methodology which is reflected in the receipts recorded this fiscal year totaling $3.0 million, or 49.5% of the budget. This collection level is above the prior year level of $2.2 million due, in part, to the timing of payments; last year, collections at the beginning of the year were delayed with the implementation of the new tax structure.
6 City of Santa Clara
Financial Status Report as of November 30, 2024
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through November, revenue in this category totaled $0.5 million, which was below the prior year level of $1.0 million due primarily to lower municipal fines and collection charges.
Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.
Through November, approximately $0.5 million has been collected, or 52.8% of the $1.0 million budget.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through November, collections totaled approximately $14.7 million or 47.6% of the budget. This reflects a 14.7% increase compared to last year’s collections, primarily due to higher receipts from engineering fees, planning and zoning fees, Emergency Medical Services (EMS) transport fees, and interdepartmental charges.
Silicon Valley Power Transfer: In accordance with the City’s charter, Silicon Valley Power pays 5.0% of gross revenues to the General Fund. Transfers throughout the year are based on the budgeted estimate and will be trued up at the end of the fiscal year based on actual performance.
Use of Money & Property: Includes realized investment income and rental income. Through November, $6.3 million has been collected, compared to $5.3 million last fiscal year. This increase is due to higher interest and higher rents, specifically right-of-way, collected in the current year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through November, collections totaled $0.3 million, exceeding the budgeted estimate of $0.2 million and the prior year collection level of $0.1 million.
Stadium Operation: Through November, approximately $4.2 million has been collected through charges for services and rent.
7 City of Santa Clara
Financial Status Report as of November 30, 2024
General Fund Expenditures
As of November 30, 2024, $135.5 million or 42.6% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $117.4 million, or 39.2% of the budget, which is slightly below par. Transfers of $18.0 million have occurred as budgeted. Overall, expenditures in the General Fund are at budgeted levels through November.
Adopted Budget
Amended
Budget
Actual Through
11/30/2024
Percentage
Used
Actual Through
11/30/2023
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 17,841,022$ 7,005,199$ 39.26% 4,316,021$ 2,689,178$ 62.31% City Council 1,196,923 1,196,923 451,401 37.71% 468,262 (16,861) -3.60% City Clerk 2,102,267 2,104,267 801,407 38.08% 670,951 130,456 19.44% City Manager 8,222,051 9,030,316 1,714,688 18.99% 1,369,305 345,383 25.22% City Attorney 3,357,661 3,440,037 1,199,668 34.87% 1,135,878 63,790 5.62% Human Resources 4,845,256 5,034,027 1,563,500 31.06% 1,323,766 239,734 18.11% Finance 21,008,682 21,922,775 8,523,846 38.88% 6,891,409 1,632,437 23.69% Total General Government 58,354,976 60,569,367 21,259,709 35.10% 16,175,592 5,084,117 31.43% PUBLIC WORKS 26,347,463 28,132,690 10,235,717 36.38% 9,699,755 535,962 5.53% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 1,990,015 35.31% 2,063,937 (73,922) -3.58% PARKS AND RECREATION 23,172,047 23,931,989 8,917,822 37.26% 8,954,437 (36,615) -0.41%
PUBLIC SAFETY
Fire 66,292,191 66,954,133 28,633,502 42.77% 27,510,759 1,122,743 4.08% Police 92,074,298 92,973,019 36,648,595 39.42% 35,188,038 1,460,557 4.15% Total Public Safety 158,366,489 159,927,152 65,282,097 40.82% 62,698,797 2,583,300 4.12% LIBRARY 11,732,505 12,212,058 4,863,041 39.82% 4,155,351 707,690 17.03% DEPARTMENTAL TOTAL 283,548,793 290,409,637 112,548,401 38.76% 103,747,869 8,800,532 8.48%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 626,778 626,778 100.00% 1,198,809 (572,031) -47.72% Operating Transfer Out - Debt Services 1,405,940 1,405,940 1,405,940 100.00% 1,402,440 3,500 0.25% Operating Transfer Out - Maintenance Dtrct 977,546 977,546 977,546 100.00% 942,413 35,133 3.73% Operating Transfer Out - Cemetery 823,000 823,000 823,000 100.00% 796,000 27,000 3.39% Operating Transfer Out - CIP 14,204,882 14,204,882 14,204,882 100.00% 7,305,499 6,899,383 94.44% Total Other Financing Uses 18,038,146 18,038,146 18,038,146 100.00% 11,645,161 6,392,985 54.90% STADIUM OPERATION 9,111,250 9,498,441 4,875,121 51.33% 4,941,465 (66,344) -1.34% TOTAL GENERAL FUND 310,698,189$ 317,946,224$ 135,461,668$ 42.61% 120,334,495$ 15,127,173$ 12.57% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON
8 City of Santa Clara
Financial Status Report as of November 30, 2024
General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by program.
Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through November, expenditures totaled $7.0 million, or 39.3% of the budget. These expenditures are slightly below par of 41.7%, but significantly higher than prior year levels. This increase is primarily due to the timing of the insurance payment; last fiscal year, these expenditures were not reflected until later in the fiscal year.
City Attorney: Actual expenditures through November totaled approximately $1.2 million, which is
34.9% of the budget, which is below par. Spending is 5.6% higher than the total expenditures through the same time last fiscal year due primarily to increases in the salaries and benefits categories and the outside legal services category.
City Clerk: Through November, actual expenditures were tracking at $0.8 million or approximately
38.1% of the budget. This expenditure level reflects a 19.4% increase compared to last fiscal year due to one-time Granicus costs that are paid every other year.
City Council: Through November, expenditures of $0.5 million were at 37.7% of budget, which is below par. Compared to the same period through last fiscal year, this reflects a slight decrease in expenditures due to lower as-needed and operating supplies spend.
City Manager: The actual expenditures through November totaled $1.7 million, or 19% of the budget, which is below par for this time of the year. Expenditures are 25.2% higher compared with the spending level through the same period last fiscal year. The increase is attributable to higher spend in the salaries and benefits, advertising, and miscellaneous services and supplies categories.
Community Development Department: This department consists of three divisions: Planning, Building, and Housing and Community Services. The Building Division of this department is reflected in the Building Development Services Fund, which falls under the special revenue section of this report.
Through November, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.0 million, or 35.3% of the budget, which is below par of 41.7%. This expenditure level is slightly lower than prior year spend.
Finance Department: Through November, the Department’s expenditures totaled $8.5 million, or
38.9% of the budget, which is slightly below par. This expenditure level was approximately 23.7% higher than through the same period last year. The current year spend reflects higher salaries and benefits and contractual services costs, primarily related to PeopleSoft and the Questica Budget System.
Fire Department: Through November, actual expenditures totaled $28.6 million, or 42.8% of the budget, which is slightly above par. These expenditures also reflect a 4.1% increase from last fiscal year due to higher expenditures across the salaries and benefits and non-personnel categories including contractual services and capital outlay. Overtime expenditures are tracking over budget at
9 City of Santa Clara
Financial Status Report as of November 30, 2024
217% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and budget actions will be brought forward for City Council approval to recognize the reimbursements and adjust the Department overtime budget as reimbursements are received.
Excluding mutual aid-related costs, the overtime budget is 119% expended through November.
Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. It is anticipated that overtime expenditures will exceed the overtime budget as the current absence rate exceeds the estimate used in the development of the budget.
Through November, absences are down 6% (from 36,695 to 34,598 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of family sick leave, sick leave, and vacation usage. It is important to note that employees can elect for compensatory time over overtime pay when backfilling shift absences, which increases the need to backfill when the compensatory time is used. Through November, the compensatory time payouts total $745,854, which is above historical levels but 46.2% below the payouts of $1,385,610 experienced through November of last fiscal year. The Department will continue to monitor expenditures throughout the fiscal year and bring forth budget recommendations, as needed.
Library Department: Through November, actual expenditures totaled $4.9 million, or 39.8% of the budget, which is below par, and 17% higher than expenditure levels last fiscal year. The higher spending is primarily in the salaries and benefits and maintenance categories.
Parks and Recreation Department: Through November, actual expenditures totaled $8.9 million, or
37.3% of the budget, which is below par and slightly below the prior year spend.
Police Department: Expenditures through November are tracking at expected levels at $36.6 million, or 39.4% of the budget; this is approximately 4% higher than prior year spending. The higher spend is primarily in the salaries and benefits and as-needed categories.
Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures totaled $4.9 million through November, which is consistent with the prior year. The Stadium hosted four ticketed Non-NFL events and seven NFL games through November. Fewer ticketed Non-NFL events in the current year resulted in lower as needed and overtime spend for Non-NFL events, however that decrease was offset by wage increases, the timing of third-party public safety invoices, and planning costs associated with Super Bowl LX and FIFA World Cup 2026. These costs are fully reimbursed by the Bay Area Host Committee or the Stadium Authority.
10 City of Santa Clara
Financial Status Report as of November 30, 2024
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of November 30, 2024. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through November 2024.
Revenues totaled approximately $10.9 million, while expenditures totaled approximately $9.2 million through the end of November. While revenue is tracking above par, expenditures are tracking below par of 41.7%. In the Building Development Services Fee Fund and Fire Development Services Fee Fund, development-related fees and expenditures are tracking above prior year levels. In the City Affordable Housing Fund and Housing Successor Agency Fund, higher interest earnings have been collected when compared to prior year levels. However, there have been lower interest collections in the Housing Authority Fund. Higher spend has been recorded in the Housing and Urban Development Fund, which reflects activity in CDBG and HOME grant funded projects.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Received 11/30/2023 Prior Year Change Building Development Services Fee
Fund
16,164,000$ 16,164,000$ 7,735,865$ 47.86% 6,444,061$ 1,291,804$ 20.05% City Affordable Housing Fund 1,168,177 1,168,177 329,099 28.17% 147,785 181,314 122.69% Fire Development Services Fee
Fund
3,277,500 3,277,500 1,891,344 57.71% 1,512,435 378,909 25.05% Housing and Urban Development 2,532,068 3,375,068 515,314 15.27% 473,858 41,456 8.75% Housing Authority Fund 252,496 252,496 23,770 9.41% 71,966 (48,196) -66.97% Housing Successor Fund 1,306,326 1,306,326 391,167 29.94% 287,450 103,717 36.08% TOTAL 24,700,567$ 25,543,567$ 10,886,559$ 42.62% 8,937,555$ 1,949,004$ 21.81% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Use d 11/30/2023 Prior Year Change Building Development Services Fee
Fund
15,044,148$ 15,852,488$ 6,071,677$ 38.30% 5,635,570$ 436,107$ 7.74% City Affordable Housing Fund 1,593,647 7,207,792 327,610 4.55% 396,981 (69,371) -17.47% Fire Development Services Fee
Fund
3,387,922 3,387,922 1,472,131 43.45% 1,280,439 191,692 14.97% Housing and Urban Development 2,532,068 4,071,407 988,524 24.28% 548,622 439,902 80.18% Housing Authority Fund 468,931 511,389 69,620 13.61% 71,294 (1,674) -2.35% Housing Successor Fund 902,579 1,012,590 270,536 26.72% 394,349 (123,813) -31.40% TOTAL 23,929,295$ 32,043,588$ 9,200,098$ 28.71% 8,327,255$ 872,843$ 10.48%
PRIOR YEAR EXPENDITURE COMPARISON
CITY OF SANTA CLARA
SPECIAL REVENUE FUNDS
REVENUE AND EXPENDITURES - OVERVIEW AND COMPARISON BY FUND REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2024/25
11 City of Santa Clara
Financial Status Report as of November 30, 2024
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through November 2024. As of November 30, 2024, the capital fund revenue totaled $6.5 million. In the City Affordable Housing Capital Fund, revenue collected reflects housing impact fees. In the Streets and Highways Capital Fund, the majority of the revenue collected reflects revenue from other agencies, vehicle registration fees, as well as VTA Measure B funds.
REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d City Affordable Housing Capital Fund -$ -$ -$ 816,847$ NA Parks & Recreation - 3,349,489 3,349,489 678,261 20.25% Related Santa Clara Developer 795,344 - 795,344 145,344 18.27% Storm Drain 1,454,000 3,000,000 4,454,000 617,306 13.86% Streets & Highways 6,098,308 22,490,903 28,589,211 4,120,916 14.41% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 85,854 2.30% TOTAL 12,082,584$ 28,840,392$ 40,922,976$ 6,464,528$ 15.80%
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
The table below lists the total amended budgeted amounts for expenditures in the Capital Improvement Funds. Similar to the revenue table, the amended expenditure budgets consist of current year appropriations, prior year carryover encumbrance balances in Governmental Capital Improvement Funds, and budget amendments approved through November 2024. As of November 30, 2024, capital fund expenditures totaled $13.6 million, or 8.1% of the amended budget.
As part of the adoption of the FY 2024/25 and FY 2025/26 biennial capital improvement program budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024 and will be reflected in a future monthly financial report.
12 City of Santa Clara
Financial Status Report as of November 30, 2024
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Fire 1,473,700$ 1,247,874 2,721,574$ 340,472$ 12.51% General Gov't - Other 2,390,820 9,127,697 11,518,517 667,708 5.80% Library 471,848 248,407 720,255 9,344 1.30% Parks & Recreation 7,654,966 25,525,570 33,180,536 1,732,442 5.22% Public Buildings 1,792,207 5,442,248 7,234,455 538,336 7.44% Related Santa Clara Developer 795,344 393,992 1,189,336 133,118 11.19% Storm Drain 2,161,450 7,135,999 9,297,449 705,658 7.59% Streets & Highways 21,441,923 77,468,474 98,910,397 9,446,306 9.55% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,433,994 2,866,187 7,787 0.27% TOTAL 39,614,451$ 128,024,255$ 167,638,706$ 13,581,171$ 8.10%
CITY OF SANTA CLARA
SUMMARY OF EXPENDITURES
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
13 City of Santa Clara
Financial Status Report as of November 30, 2024
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of November 30, 2024. Overall, revenues are tracking above budgeted estimates, while expenditures are tracking below budgeted levels.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Received 11/30/2023 Prior Year Change Cemetery Fund 750,000$ 750,000$ 282,102$ 37.61% 190,860$ 91,242$ 47.81% Electric Utility Fund 893,397,959 893,397,959 413,634,462 46.30% 265,710,082 147,924,380 55.67% Sewer Utility Fund 46,989,803 46,989,803 21,045,043 44.79% 30,732,634 (9,687,591) -31.52% Solid Waste Utility Fund 41,561,372 41,561,372 15,028,904 36.16% 14,272,756 756,148 5.30% Water Recycling Fund 8,507,338 8,507,338 4,836,711 56.85% 3,484,523 1,352,188 38.81% Water Utility Fund 64,096,935 64,096,935 28,157,410 43.93% 23,734,164 4,423,246 18.64% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 482,984,632$ 45.77% 338,125,019$ 144,859,613$ 42.84% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2024 Use d 11/30/2023 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 496,312$ 30.47% 450,224$ 46,088$ 10.24% Electric Utility Fund 649,513,582 667,335,619 223,427,201 33.48% 232,110,390 (8,683,189) -3.74% Sewer Utility Fund 38,762,083 39,278,049 17,965,330 45.74% 16,615,937 1,349,393 8.12% Solid Waste Utility Fund 40,775,942 43,928,485 15,556,606 35.41% 13,002,913 2,553,693 19.64% Water Recycling Fund 9,307,289 9,332,389 4,986,756 53.43% 588,187 4,398,569 747.82% Water Utility Fund 57,614,177 58,830,207 21,354,808 36.30% 17,788,870 3,565,938 20.05% TOTAL - Operating
Appropriations
797,601,873$ 820,333,549$ 283,787,013$ 34.59% 280,556,521$ 3,230,492$ 1.15% PRIOR YEAR EXPENSE COMPARISONEXPENSES - FISCAL YEAR 2024/25
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON
While revenues are tracking slightly higher than prior years, expenditures are consistent with prior year levels. Revenue in the Electric Utility Fund is tracking above the prior year due primarily to bond proceeds of $130.6 million received in FY 2024/25. In the Sewer Utility Fund, revenue is tracking below the prior year due to the issuance of debt in FY 2023/24. In the Water Recycling Fund, a payment for the 4th quarter of last fiscal year was recorded in the current fiscal year due to the timing of receipt of the invoice. A budget adjustment to carryover the budget from FY 2023/24 to FY 2024/25 was included in the FY 2023/24 Budgetary Year-End Report for that payment, which will be reflected in a future monthly financial report.
Revenues in the electric (which also includes the Electric Debt Service Fund), water, and sewer utility (which also includes the Sewer Debt Service Fund) and water recycling funds are primarily from customer service charges. The activity levels for these customer service charges also impact the
14 City of Santa Clara
Financial Status Report as of November 30, 2024
resource and production costs on the expenditure side for these funds. The lower the revenue from customer service charges, the lower the expenditures in the resource and production category.
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through November 30, 2024, totaled $6.2 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $24.8 million, or 5.0% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024 and will be reflected in a future monthly financial report.
15 City of Santa Clara
Financial Status Report as of November 30, 2024
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Convention Center Capital
Fund
550,000$ -$ 550,000$ -$ 0.00% Electric Utility Fund 25,299,629 26,213,951 51,513,580 5,467,348 10.61% Sewer Utility Fund - - - 681,867 N/A Solid Waste Utility Fund 258,000 - 258,000 5,356 2.08% Street Lighting (1) - - - 837 N/A Water Recycling Fund - - - - N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 26,107,629$ 26,213,951$ 52,321,580$ 6,186,092$ 11.82% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2024 Use d Cemetery Fund 4,689$ 17,835$ 22,524$ 1,953$ 8.67% Convention Center Capital
Fund
2,700,000 1,726,973 4,426,973 314,228 7.10% Electric Utility Fund 220,973,144 198,533,383 419,506,527 17,111,284 4.08% Sewer Utility Fund 20,325,410 28,269,938 48,595,348 4,602,035 9.47% Solid Waste Utility Fund 788,000 119,873 907,873 376,228 41.44% Street Lighting (1) 5,365,000 3,405,462 8,770,462 46,599 0.53% Water Recycling Fund 400,000 - 400,000 - 0.00% Water Utility Fund 5,795,000 6,127,745 11,922,745 2,358,957 19.79%
TOTAL - CIP
Appropriations
256,351,242$ 238,201,210$ 494,552,452$ 24,811,284$ 5.02% EXPENDITURES - FISCAL YEAR 2024/25
CITY OF SANTA CLARA
ENTERPRISE CAPITAL IMPROVEMENT FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY SELECTED FUND REVENUE - FISCAL YEAR 2024/25
(1) Street Lighting fund is part of Electric Capital Improvement Funds
16 City of Santa Clara
Financial Status Report as of November 30, 2024
Fund Reserves
By policy, City Council established the City’s General Contingency Reserve, under which reserves for Budget Stabilization and Capital Projects were established. • Budget Stabilization Reserve is set aside for weathering economic downturns, emergency financial crisis, or disaster situations. The reserve target is equal to the expenditures of the City’s General Fund operations for three months (90-day or 25% General Fund Adopted Operating Budget). In FY 2024/25, the City Council approved an exception to the policy to allow the Reserve to drop to a minimum of 15% of expenditures. • Capital Projects Reserve earmarks funds for the Capital Improvement Program.
Other General Reserves and Enterprise Fund Reserves included in this report are highlighted as follows:
• Technology Fee Reserve is set aside to update and/or replace the City’s aging technology and to ensure internal controls are in compliance with current business standard and legal requirements.
• Land Sale Reserve is net proceeds from the sale of City-owned land, with interest earned on these funds available to be appropriated for General Fund operating expenditures. This reserve is available for appropriation by City Council action.
• The Electric Utility Rate Stabilization Reserve and Operations and Maintenance Reserve ensures sufficient operating cash is available to cover day-to-day expenses, address unforeseen cost increases or revenue shortfalls, and ensure debt service coverage. • The Replacement and Improvement Reserve in the Water and Sewer Utility Funds is for future capital improvement.
The table below summarizes select reserve balances.
17 City of Santa Clara
Financial Status Report as of November 30, 2024
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 53,131,576$
Capital Projects Reserve 7,769,117
Land Sale Reserve 18,481,036
Technology Fee Reserve 2,488,729
Electric Rate Stabilization Fund Reserve 66,000,000$
Electric Operations and Maintenance Reserve 195,000,000 Replacement & Improvement 303,090$
TOTALS 81,870,458$ 261,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
November 30, 2024
Donations to the City of Santa Clara
Donations received by department during the month of November 2024 and for fiscal year 2024/25 are shown in the table below.
Department Nov-24
Fis cal Year
2024/25
Year To Date Designated Use
City Manager's Office - 2 Help Your Neighbor Parks & Recreation - 2,500 Case Management Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation 933 3,715 Roberta Jones Jr. Theatre Parks & Recreation - 19,375 Wade Brummal TOTALS 933$ 26,224$