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MONTHLY FINANCIAL STATUS REPORT
January 2025
1 City of Santa Clara
Financial Status Report as of January 31, 2025
This report summarizes the City’s financial performance for the month ended January 31, 2025.
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 Spring 2025 Forecast, the UCLA Anderson Forecast points to significant uncertainty related to trade, fiscal policy, and geopolitical risk with the new administration. The Forecast predicts higher unemployment and higher prices in 2025 with some potential upside in 2027 and beyond. “As a result of the combined effects of deportations and tariffs, we expect GDP and productivity growth to decline in late 2025 by about 1 percentage point and to recover by the end of 2026. (2025Q1 negative productivity growth is due to U.S. Census data adjustment to the size of the labor supply.) The unemployment rate will simultaneously rise and hit 4.5% by the first quarter of 2026 and gradually recover afterwards to 4.0% in 2027. We expect Inflation to remain elevated around 3 percent throughout 2025 and 2026. Tariffs will be the main cause of higher prices in 2025, while deportations will drive prices in 2026 via higher food and wage inflation of around 4 percent.”1 U.S. Quarterly Real GDP Growth Forecast (UCLA Spring 2025 Economic Forecast)
1 UCLA Anderson Forecast Spring 2025 Economic Forecast, “A Tariff Amount of Uncertainty”, Clement Bohr
2 City of Santa Clara
Financial Status Report as of January 31, 2025
On a national level, the unemployment rate changed little from 4.0% in January 2025 to 4.1% in February 2025. In February, the number of unemployed persons totaled 7.1 million, an increase from 6.85 million in January.2
In the fourth quarter 2024 second estimate, the Gross Domestic Product (GDP) increased by
2.3%, following a GDP increase of 3.1% in the third quarter. The increase in real GDP primarily reflected increases in consumer spending and government spending.3
At the state level, the California unemployment rate decreased slightly from 5.5% in December 2024 to
5.4% in January 2025. This rate is higher compared to the 5.1% rate in January 2024. Over the past year, California employers have added 22,400 nonfarm jobs.4
2 https://www.bls.gov/news.release/pdf/empsit.pdf
3 https://www.bea.gov/sites/default/files/2025-02/gdp4q24-2nd.pdf 4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-january-2025/
3 City of Santa Clara
Financial Status Report as of January 31, 2025
The Spring 2025 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 and slightly faster in 2027. “The unemployment rate for the 1st quarter of this year is expected to average 5.5%, and the average for 2025, 2026 and 2027 is expected to be 5.7%, 5.2% and 4.8% respectively. Our forecast for 2025, 2026, and 2027 is for total employment growth rates to be 0.5%, 1.2%, and 1.1%. Non-farm payroll jobs are expected to grow at a
1.1%, 0.9%, and 1.7% rate during the same three years. Real personal income is forecast to grow by
2.5% in 2025, 2.4% in 2026 and 2.9% in 2027. Higher interest rates, shortages of construction labor, and the rebuilding of damaged and destroyed homes lowered our residential construction forecast from December. Our expectation is for permitted new units to be 102K this year and grow to 127K by the end of 2027. Needless to say, this level of home building means that the prospect of the private sector building out of the housing affordability problem over the next three years is nil.”5
The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 3.9% in December 2024, down slightly from a revised 4.1% in November 2024, and below the December 2023 estimate of 4.0%. Between December 2023 and December 2024, employment in this region increased by 3,000 jobs, or 0.3%. The largest increases were in private education and health services (up 9,500 jobs), leisure and hospitality (up 3,300 jobs), and professional and business services (up 2,800 jobs). Notable employment reductions were in manufacturing (down 6,200 jobs) and information (down 5,300 jobs).6
San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area
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 $327.9 million to reflect carryover encumbrances from fiscal year 2023/24
5 UCLA Anderson Forecast Spring 2025 Economic Forecast, “California After the Election: Part Duex”, Jerry Nickelsburg 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of January 31, 2025
and various budget amendments approved by the City Council through January 2025. Amendments approved by the City Council as part of the FY 2023/24 Budget Year-End Report are also reflected in the tables of this report.
General Fund revenues and expenditures are tracking within estimated levels.
General Fund Revenues
As of January 31, 2025, $167.5 million or 55.1% of the General Fund estimated revenue (excluding transfers) was received. Transfers and use of reserves of $23.8 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
01/31/2025
Percentage
Received
Actual Through
01/31/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 62,900,000$ 62,900,000$ 28, 553,922$ 45.40% 23,977,120$ 4,576,802$ 19.09% Property Tax 94,391,000 94,391,000 48,696,434 51.59% 46,395,913 2,300,521 4.96% Transient Occupancy Tax 22,850,000 22,850,000 11,640,020 50.94% 9,254,910 2,385,110 25.77% Other Taxes 6,950,000 6,950,000 2,604,025 37.47% 2,761,514 (157,489) -5.70% Total Taxes 187,091,000 187,091,000 91,494,401 48.90% 82,389,457 9,104,944 11.05%
LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 4,042,863 67.38% 2,795,372 1,247,491 44.63% Fire Operation Permits 2,010,000 2,010,000 1,323,470 65.84% 1,079,590 243,880 22.59% Miscellaneous Permits 55,000 55,000 11,304 20.55% 16,984 (5,679) -33.44% Total Licenses & Permits 8,065,000 8,065,000 5,377,637 66.68% 3,891,946 1,485,692 38.17% FINES & PENALTIES 1,452,000 1,452,000 1,403,631 96.67% 1,411,482 (7,851) -0.56% INTERGOVERNMENTAL 970,000 1,698,209 1,189,353 70.04% 266,208 923,145 346.78% CHARGES FOR SERVICES 30,829,954 31,086,862 20,216,539 65.03% 18,515,226 1,701,314 9.19% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 20,687,975 59.97% 19,197,646 1,490,329 7.76%
USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 2,197,241 35.37% 883,249 1,313,992 148.77% Rent 13,028,187 13,028,187 7,478,037 57.40% 7,259,234 218,803 3.01% Total Use of Money & Property 19,240,187 19,240,187 9,675,278 50.29% 8,142,483 1,532,795 18.82% MISCELLANEOUS REVENUES 215,550 215,550 356,453 165.37% 219,366 137,087 62.49%
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 13,950,549 13,950,549 100.00% 8,097,132 5,853,417 72.29% 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 2,201,534 2, 201,534 100.00% 746,044 1,455,490 195.09% Total Other Financing Sources 15,157,017 23,768,452 23,768,452 100.00% 15,056,859 8,711,593 57.86%
STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 9,587,056 79.74% 1,475,701 8,111,355 549.66% Rent and Licensing 1,472,000 8,796,722 7,504,101 85.31% 216,108 7,287,993 3372.38% Total Stadium Operation 13,177,481 20,819,826 17,091,157 82.09% 1,691,809 15,399,348 910.23% TOTAL GENERAL FUND 310,698,189$ 327,937,086$ 191,260,877$ 58.32% 150,782,481$ 40,478,396$ 26.85% (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 January 31, 2025
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 January 31, 2025, $28.6 million has been collected, which is 19.1% higher than prior year collection levels. Given the timing of payments, the sales tax payments through January account for actual activity from July through September 2024, totaling $19.2 million, and advance payments for November and December 2024 totaling $9.0 million. In addition, $0.3 million has been received for the Proposition 172 Public Safety Sales Tax, which is consistent with the prior fiscal year.
In the first quarter of FY 2024/25 (July – September activity) receipts totaled $19.2 million. This collection level was 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 in the first quarter of FY 2024/25 were also up
38.6% over the first quarter of FY 2023/24 based on the City’s strong sales tax performance; these collections represent approximately 20% of the City’s sales tax receipts.
While not reflected in the figures through January, the City has received data for the second quarter 2024 (October – December 2024 activity). Collections in that quarter totaled $20.2 million and were well above $14.5 million collected in the same quarter last fiscal year. The City does not yet have any information on the drivers of that growth and how much can be attributed to one-time activities. Given the strong performance to date, collections are tracking to exceed 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: $48.7 million in property tax receipts were received through January 2025, or 51.6% of the budget. The majority of property tax revenue is collected in the second half of the fiscal year. Based on latest information from the County of Santa Clara, property tax receipts are projected to end the year at $96.6 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 13.5% in January 2025, reflective of an increase of 1% from the previous rate in December of 12.5%. Through January 31, 2025, approximately $11.6 million was received, or 50.9% of the budget. This collection level was 25.8% above the $9.3 million received through January of the prior fiscal year. 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 $2.6 million through January, including $1.9 million in franchise taxes and $0.7 million in documentary transfer taxes. This collection level is 5.7% lower than last fiscal year levels due to lower franchise tax receipts.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $5.4 million, or 66.7% of the
6 City of Santa Clara
Financial Status Report as of January 31, 2025
$8.1 million budget. This reflects strong growth in the majority of the 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 $4.0 million, or 67.4% of the budget. This collection level is above the prior year level of $2.8 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.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through January, revenue in this category totaled $1.4 million which is consistent with prior year collection levels. The collections primarily reflect municipal fines and collection charges. Collections in this category have almost met the annual budget of $1.5 million.
Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement, fire-related grants and reimbursements, and redistribution of land sale proceeds and ground leases from the Successor Agency. Through January, approximately $1.2 million has been collected, or 70% of the $1.7 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 January, collections totaled approximately $20.2 million or 65% of the budget. This reflects a 9.2% increase compared to last year’s collections, primarily due to higher receipts from miscellaneous 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 January, $9.7 million has been collected, or 50.3% of the budget. This collection level is 18.8% above the $8.1 million received last fiscal year primarily due to higher interest earnings collected in the current year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through January, collections total $0.3 million, compared to $0.2 million collected in the prior year.
Stadium Operation: Through January, approximately $17.1 million has been collected through charges for services and rent. Of this amount, $7.3 million represents settlement funds related to performance-based rent from FY 2022/23 and FY 2023/24.
7 City of Santa Clara
Financial Status Report as of January 31, 2025
General Fund Expenditures
As of January 31, 2025, $192.2 million or 58.6% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $165.5 million, or 54.9% of the budget, which is slightly below par. Transfers of $26.7 million have occurred as budgeted. Overall, expenditures in the General Fund are at budgeted levels, with par at
58.3%, through January.
Adopted Budget
Amended
Budget
Actual Through
01/31/2025
Percentage
Used
Actual Through
01/31/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 18,852,222$ 8,911,702$ 47.27% 8,079,172$ 832,530$ 10.30% City Council 1,196,923 1,196,923 626,182 52.32% 649,351 (23,169) -3.57% City Clerk 2,102,267 2,186,267 1,048,079 47.94% 901,053 147,026 16.32% City Manager 8,222,051 8,030,316 2,487,962 30.98% 2,238,739 249,223 11.13% City Attorney 3,357,661 3,440,037 1,699,821 49.41% 1,630,008 69,813 4.28% Human Resources 4,845,256 5,377,027 2,338,018 43.48% 1,946,140 391,878 20.14% Finance 21,008,682 21,922,775 12,115,327 55.26% 9,847,823 2,267,504 23.03% Total General Government 58,354,976 61,005,567 29,227,091 47.91% 25,292,286 3,934,805 15.56% PUBLIC WORKS 26,347,463 28,226,582 14,698,520 52.07% 14,164,636 533,884 3.77% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 2,783,343 49.38% 2,896,015 (112,672) -3.89% PARKS AND RECREATION 23,172,047 23,931,989 12,459,226 52.06% 12,457,614 1,612 0.01%
PUBLIC SAFETY
Fire 66,292,191 67,939,250 40,260,646 59.26% 38,227,026 2,033,620 5.32% Police 92,074,298 92,776,102 52,808,481 56.92% 49,209,876 3,598,605 7.31% Total Public Safety 158,366,489 160,715,352 93,069,127 57.91% 87,436,902 5,632,225 6.44% LIBRARY 11,732,505 12,212,058 6,939,745 56.83% 5,937,396 1,002,349 16.88% DEPARTMENTAL TOTAL 283,548,793 291,727,929 159,177,052 54.56% 148,184,849 10,992,203 7.42%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 1,742,520 1,742,520 100.00% 1,198,809 543,711 45.35% 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 14,436,988 14,436,988 100.00% 7,305,499 7,131,489 97.62% Operating Transfer Out - Reserves - 7,324,722 7,324,722 100.00% Total Other Financing Uses 18,038,146 26,710,716 26,710,716 100. 00% 11,645,161 7,740,833 66.47% STADIUM OPERATION 9,111,250 9,498,441 6,288,928 66.21% 7,426,868 (1,137,940) -15.32% TOTAL GENERAL FUND 310,698,189$ 327,937,086$ 192,176,696$ 58.60% 167,256,878$ 17,595,096$ 10.52% 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 January 31, 2025
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 January, expenditures totaled $8.9 million, or 47.3% of the budget. These expenditures are below par of 58.3%, but higher than prior year levels. This increase is primarily due to higher spend in the salaries and benefits categories, miscellaneous services and supplies, and citywide insurance payments.
City Attorney: Actual expenditures through January totaled approximately $1.7 million, which is 49.4% of the budget, which is below par. Spending is 4.3% 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 January, actual expenditures were tracking at $1.0 million or approximately 47.9% of the budget. This expenditure level reflects a 16.3% increase compared to last fiscal year due to one- time Granicus costs that are paid every other year.
City Council: Through January, expenditures of $0.6 million were at 52.3% of budget, which is below par. Expenditures are slightly below spend when compared to prior fiscal year levels.
City Manager: The actual expenditures through January totaled $2.5 million, or 31% of the budget, which is below par for this time of the year. Expenditures are 11.1% 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 and contractual services 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 January, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.8 million, or 49.4% of the budget, which is below par of 58.3%. This expenditure level is slightly lower than prior year spend.
Finance Department: Through January 31, 2025, the Department’s expenditures totaled $12.1 million, or 55.3% of the budget, which is slightly below par. This expenditure level was approximately 23% higher than through the same period last year. The current year spend reflects higher salaries and benefits, operating supplies, and contractual services costs, primarily related to PeopleSoft and the Questica Budget System.
Fire Department: Through January, actual expenditures totaled $40.3 million, or 59.3% of the budget, which is slightly above par. These expenditures also reflect a 5.3% increase from last fiscal year due to higher expenditures across the salaries and benefits and non-personnel categories including operating supplies and capital outlay. Overtime expenditures are tracking over budget at 200% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and a
9 City of Santa Clara
Financial Status Report as of January 31, 2025
budget action were approved by the City Council on December 3, 2024, to recognize reimbursements received to date and increase the Department’s overtime budget. Further actions will be brought forward for City Council approval to recognize reimbursements and adjust the Department overtime budget as additional reimbursements are received. Excluding mutual aid-related costs, the overtime budget is 114% expended through January. 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 January, absences are down 8% (from 52,297 to 48,062 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of injury, 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 January, the compensatory time payouts total $1.03 million, which is above historical levels but 36% below the payouts of $1.61 million experienced through January of last fiscal year. The Department will continue to monitor expenditures throughout the fiscal year, and any necessary budget adjustments will be brought forward for City Council consideration.
Library Department: Through January, actual expenditures totaled $6.9 million, or 56.8% of the budget, which is slightly below par, but 16.9% higher than expenditure levels last fiscal year. The higher spending is primarily in the salaries and benefits, contractual services, and maintenance categories.
Parks and Recreation Department: Through January, actual expenditures totaled $12.5 million, or
52.1% of the budget, which is below par, and consistent with last fiscal year spend.
Police Department: Expenditures through January are tracking at expected levels at $52.8 million, or
56.9% of the budget; this is approximately 7.3% higher than prior year spending. The higher spend is primarily in the salaries and benefits, as-needed and IT subscription services 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 $6.3 million through January, which is 15% lower when compared to prior year levels. This is primarily due to fewer ticketed Non-NFL events and NFL games being held in the current year, resulting in lower as needed and overtime spend. The Stadium hosted four ticketed Non-NFL events and ten NFL games through January, and these costs are fully reimbursed by the Stadium Manager and the Stadium Authority. The Bay Area Host Committee also provides reimbursement for expenses incurred related to Super Bowl LX and FIFA World Cup 2026 planning costs.
10 City of Santa Clara
Financial Status Report as of January 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of January 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through January 2025.
Revenues totaled approximately $14.3 million, while expenditures totaled approximately $13.6 million through the end of January. Both revenue and expenditures are tracking below par of 58.3%. 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 1/31/2025 Received 1/31/2024 Prior Year Change Building Development Services
Fee Fund
16,164,000$ 16,164,000$ 10,176,321$ 62.96% 8,770,319$ 1,406,002$ 16.03% City Affordable Housing Fund 1,168,177 1,168,177 488,611 41.83% 248,660 239,951 96.50% Fire CUPA Fund 0 0 17,800 N/A 0 17,800 N/A
Fire Development Services Fee
Fund
3,277,500 3,277,500 2,564,177 78.24% 2,220,155 344,022 15.50% Housing and Urban Development 2,532,068 7,023,563 573,706 8.17% 610,756 (37,050) -6.07% Housing Authority Fund 252,496 252,496 32,251 12.77% 79,698 (47,447) -59.53% Housing Successor Fund 1,306,326 1,306,326 466,358 35.70% 328,571 137,787 41.94% TOTAL 24,700,567$ 29,192,062$ 14,319,224$ 49.05% 12,258,159$ 2,061,065$ 16.81% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 1/31/2025 Used 1/31/2024 Prior Year Change Building Development Services
Fee Fund
15,044,148$ 17,302,488$ 8,975,451$ 51.87% 8,437,444$ 538,007$ 6.38% City Affordable Housing Fund 1,593,647 12,242,276 510,037 4.17% 2,884,227 (2,374,190) -82.32% Fire CUPA Fund 0 535,696 0 0.00% 0 0 N/A
Fire Development Services Fee
Fund
3,387,922 3,387,922 2,078,975 61.36% 1,785,789 293,186 16.42% Housing and Urban Development 2,532,068 7,968,912 1,529,961 19.20% 727,719 802,242 110.24% Housing Authority Fund 468,931 511,389 98,974 19.35% 95,729 3,245 3.39% Housing Successor Fund 902,579 1,012,590 382,821 37.81% 513,807 (130,986) -25.49% TOTAL 23,929,295$ 42,961,273$ 13,576,219$ 31.60% 14,444,715$ (868,496)$ -6.01%
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 January 31, 2025
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 January 2025. As of January 31, 2025, the capital fund revenue totaled $11.9 million, or 31% of the amended budget. 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, grant funding, as well as VTA Measure B funds. The Parks and Recreation Capital Fund total reflects $1.5 million collected in Mitigation Fee Act revenue as well as interest earnings.
REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Pr ior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 1/31/2025 Used City Affordable Housing Capital Fund -$ -$ -$ 2,968,732$ NA Parks & Recreation - 3,349,489 3,349,489 2,439,276 72.83% Related Santa Clara Developer 795,344 - 795,344 166,544 20.94% Storm Drain 1,786,902 3,000,000 4,786,902 1,008,119 21.06% Streets & Highways 6,098,308 19,534,183 25,632,491 5,161,113 20.14% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 117,301 3.14% TOTAL 12,415,486$ 25,883,672$ 38,299,158$ 11,861,085$ 30.97%
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 January 2025. As of January 31, 2025, capital fund expenditures totaled $19.8 million, or 11.4% of the amended budget.
As part of the adoption of the FY 2024/25 and FY 2025/26 biennial capital improvement program budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 3024 and are reflected in the tables below.
12 City of Santa Clara
Financial Status Report as of January 31, 2025
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 1/31/2025 Used Fire 2,360,137$ 550,295$ 2,910,432$ 480,072$ 16.49% General Gov't - Other 5,013,009 9,675,140 14,688,149 854,419 5.82% Library 475,929 261, 190 737,119 12,585 1.71% Parks & Recreation 12,423,980 22,186,879 34,610,859 2,351,132 6.79% Patrick Henry Drive Infrastructure
Improvement Fund
- - - - NA Public Buildings 5,805,328 3,933,806 9,739,134 776,463 7.97% Related Santa Clara Developer 1,189,335 19,828 1,209,163 338,360 27.98% Storm Drain 3,794,643 6,658,409 10, 453,052 975,889 9.34% Streets & Highways 49,114,819 46,415,359 95,530,178 13,948,498 14.60% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,424,215 2,856,408 14,904 0.52% TOTAL 81,609,373$ 91,125,121$ 172,734,494$ 19,752,322$ 11.44%
CITY OF SANTA CLARA
SUMMARY OF EXPENDITURES
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
13 City of Santa Clara
Financial Status Report as of January 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of January 31, 2025. Overall, revenues are tracking above budgeted estimates, while expenditures are tracking below budgeted levels.
Actual Actual $
Fund A
dopted Amended Through Percentage Through Change From Percent Description Budget Budget 1/31/2025 Received 1/31/2024 Prior Year Change Cemetery Fund 750,000$ 750,000$ 370,775$ 49.44% 250,163$ 120,612$ 48.21% Electric Utility Fund 893,397,959 893,397,959 556,078,817 62.24% 384,549,074 171,529,743 44.61% Sewer Utility Fund 46,989,803 46,989,803 34,057,191 72.48% 43,110,804 (9,053,613) -21.00% Solid Waste Utility Fund 41,561,372 41,561,372 21,842,753 52.56% 20,754,554 1,088,199 5.24% Water Recycling Fund 8,507,338 8,507,338 6,606,658 77.66% 4,483,130 2,123,528 47.37% Water Utility Fund 64,096,935 64,096,935 37,530,246 58.55% 32,179,896 5,350,350 16.63% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 656,486,440$ 62.21% 485,327,621$ 171,158,819$ 35.27% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 1/31/2025 Used 1/31/2024 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 665,862$ 40.88% 589,227$ 76,635$ 13.01% Electric Utility Fund 649,513,582 672,335,619 323,319,870 48.09% 326,809,842 (3,489,972) -1.07% Sewer Utility Fund 38,762,083 39,278,049 21,714,503 55.28% 24,469,972 (2,755,469) -11.26% Solid Waste Utility Fund 40,775,942 43,928,485 21,643,221 49.27% 19,510,141 2,133,080 10.93% Water Recycling Fund 9,307,289 10,982,389 5,226,171 47.59% 3,245,325 1,980,846 61.04% Water Utility Fund 57,614,177 58,830,207 33,706,437 57.29% 30,534,988 3,171,449 10.39% TOTAL - Operating
Appropriations
797,601,873$ 826, 983,549$ 406,276,064$ 49.13% 405,159,495$ 1,116,569$ 0.28% 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.
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 resource and production costs on the expenditure side for these funds.
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through January 31, 2025, totaled $25.9 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees and
14 City of Santa Clara
Financial Status Report as of January 31, 2025
reimbursements from the City of San Jose for the Regional Wastewater Facility in the Sewer Utility Fund. Enterprise capital fund expenses totaled $39.5 million, or 7.6% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024 and are reflected below.
Actual
Fund Current Year Prior Year T otal Amended Through Percentage Description Appropriation Carryforward Budget 1/31/2025 Used Convention Center Capital
Fund
550,000$ -$ 550, 000$ 550,000$ 100.00% Electric Utility Fund 25,282,233 26,030,596 51,312,829 22,461,996 43.77% Sewer Utility Fund - - - 2,300,324 N/A Solid Waste Utility Fund 258,000 - 258,000 6,556 2.54% Street Lighting (1) - - - 837 N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 26,090,233$ 26,030,596$ 52,120,829$ 25,350,397$ 48.64% Actual
Fund Current Year Prior Year Total Amended T hrough Percentage Description Appropriation Carryforward Budget 1/31/2025 Used Cemetery Fund 22,524$ 252,644$ 275,168$ 2,735$ 0.99% Convention Center Capital
Fund
2,699,999 1,723,150 4, 423,149 330,362 7.47% Electric Utility Fund 259,249,754 184,117,774 443,367,528 30,710,504 6.93% Sewer Utility Fund 24,421,888 24,213,217 48,635,105 4,944,847 10.17% Solid Waste Utility Fund 907,874 24,569 932,443 482,693 51.77% Street Lighting (1) 5,374,952 3, 524,758 8,899,710 165,727 1.86% Water Recycling Fund 400,000 - 400,000 1,053 0.26% Water Utility Fund 8,731,864 2,692,753 11,424,617 2,823,223 24.71%
TOTAL - CIP
Appropriations
301,808,855$ 216,548,865$ 518, 357,720$ 39,461,144$ 7.61% 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
15 City of Santa Clara
Financial Status Report as of January 31, 2025
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.
16 City of Santa Clara
Financial Status Report as of January 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 69,337,874$
Capital Projects Reserve 7,834,572
Land Sale Reserve 18,481,036
Technology Fee Reserve 2,477,529
Electric Rate Stabilization Fund Reserve 70,000,000$
Electric Operations and Maintenance Reserve 257,000,000 Replacement & Improvement 303,090$
TOTALS 98,131,011$ 327,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
January 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of January 2025 and for fiscal year 2024/25 are shown in the table below.
Department Jan-25
Fiscal Year
2024/25
Year To Date Designated Use
City Manager's Office - 2 Help Your Neighbor Parks & Recreation 1,500 4,000 Case Management Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation - 3,915 Roberta Jones Jr. Theatre Parks & Recreation - 19,375 Wade Brummal TOTALS 1,500$ 27,924$