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MONTHLY FINANCIAL STATUS REPORT
February 2025
1 City of Santa Clara
Financial Status Report as of February 28, 2025
This report summarizes the City’s financial performance for the month ended February 28, 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 February 28, 2025
On a national level, the unemployment rate changed little from 4.1% in February 2025 to 4.2% in March 2025. In March, the number of unemployed persons totaled 7.1 million, consistent with February levels.2
In the fourth quarter 2024 third estimate, the Gross Domestic Product (GDP) increased by 2.4%, 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 that were partially offset by a decrease in investment.3
2 https://www.bls.gov/news.release/pdf/empsit.pdf
3 https://www.bea.gov/news/2025/gross-domestic-product-4th-quarter-and-year-2024-third-estimate-gdp-industry-and
3 City of Santa Clara
Financial Status Report as of February 28, 2025
At the state level, the California unemployment rate remained unchanged between January 2025 and February 2025 at 5.4%. This rate is higher compared to the 5.1% rate in February 2024. Over the past year, California employers have added 78,200 nonfarm jobs.4 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 4.2% in February 2025, down slightly from a revised 4.3% in January 2025, and below the February 2024 estimate of 4.3%. Between February 2024 and February 2025, employment in this region decreased by 5,300 jobs, or 0.5%. Notable employment reductions were in professional and business services (down 5,100 jobs), manufacturing (down 3,000 jobs), information (down 3,000 jobs), and leisure and hospitality (down 2,200 jobs). The largest increases were in private education and health services (up 8,900 jobs).
6 San Jose-Sunnyvale-Santa Clara Metropolitan Statistical Area
4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-january-2025/ 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.pdfhttps://labormarketinfo.edd.ca.gov/
4 City of Santa Clara
Financial Status Report as of February 28, 2025
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 and various budget amendments approved by the City Council through February 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.
5 City of Santa Clara
Financial Status Report as of February 28, 2025
General Fund Revenues
As of February 28, 2025, $190.3 million or 62.5% 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
02/28/2025
Percentage
Received
Actual Through
02/29/2024
$
Change From
Pr
ior Year
Percentage
Change
TAXES
Sales Tax 62, 900,000$ 62,900,000$ 39,805,276$ 63.28% 30,036,934$ 9,768,342$ 32.52% Property Tax 94,391,000 94,391,000 48,817,629 51.72% 46,456,158 2,361,471 5.08% Transient Occupancy Tax 22,850,000 22,850,000 13,077,398 57.23% 11,094,200 1,983,198 17.88% Other Taxes 6,950,000 6,950,000 3,342,104 48.09% 3,215,744 126,360 3.93% Total Taxes 187,091,000 187,091,000 105,042,407 56.15% 90,803,036 14,239,371 15.68%
LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 4,420,311 73.67% 3,139,137 1,281,174 40.81% Fire Operation Permits 2,010,000 2,010,000 1,503,844 74.82% 1,212,716 291,128 24.01% Miscellaneous Permits 55,000 55,000 74,112 134.75% 17,231 56,881 330.11% Total Licenses & Permits 8,065,000 8,065,000 5,998,267 74.37% 4,369,084 1,629,183 37.29% FINES & PENALTIES 1,452,000 1,452,000 1,533,214 105.59% 1,660,811 (127,597) -7.68% INTERGOVERNMENTAL 970,000 2,006,149 1,201,740 59.90% 502,382 699,358 139.21% CHARGES FOR SERVICES 30,829,954 31,136,862 22,985,416 73.82% 21,354,680 1,630,736 7.64% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 23,643,399 68.53% 21,940,167 1,703,232 7.76%
USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 2,862,383 46.08% 1,380,169 1,482,214 107.39% Rent 13,028,187 13,028,187 8,449,672 64.86% 8,238,642 211,030 2.56% Total Use of Money & Property 19,240,187 19,240,187 11,312,055 58.79% 9,618,811 1,693,244 17.60% MISCELLANEOUS REVENUES 215,550 215,550 552,035 256.11% 236,935 315,100 132.99%
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 10,373,922 86.28% 2,368,686 8,005,236 337.96% Rent and Licensing 1,472,000 8,796,722 7,612,194 86.53% 216,108 7,396,086 3422.40% Total Stadium Operation 13,177,481 20,819,826 17,986,116 86.39% 2,584,794 15,401,322 595.84% TOTAL GENERAL FUND 310,698,189$ 328,295,026$ 214,023,102$ 65.19% 168,127,558$ 45,895,543$ 27.30% (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
6 City of Santa Clara
Financial Status Report as of February 28, 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 February 28, 2025, $39.8 million has been collected, which is 32.5% higher than prior year collection levels. Given the timing of payments, the sales tax payments through February account for actual activity from July through December 2024. In addition, $0.4 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, which was well above the prior year receipts of $15.1 million for the first quarter of FY 2023/24. Receipts of $20.2 million in the second quarter of FY 2024/25 (October – December 2024 activity) also significantly exceeded the $14.5 million collected in the same quarter last fiscal year. The performance in the second quarter reflected strong growth in the business-to-business (up 54.2%), construction (up
14.3%), food products (up 7.0%), and transportation (up 4.9%) sectors, partially offset a reduction in general retail (down 4.7%). Given the strong performance to date, collections are tracking to significantly 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: $48.8 million in property tax receipts were received through February 2025, or 51.7% 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. On January 1, 2025, the City’s TOT rate was increased from 12.5% to 13.5%. Through February 28, 2025, approximately $13.1 million was received, or 57.2% of the budget. This collection level was 17.9% above the $11.1 million received through February 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 $3.3 million through February, including $2.6 million in franchise taxes and $0.7 million in documentary transfer taxes. This collection level is 3.9% higher than last fiscal year levels due to higher documentary transfer tax receipts.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenue collections are tracking above par with receipts totaling $6.0 million, or 74.4% of the $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 $4.4 million, or 73.7% of the budget.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through February, revenue in this category totaled $1.5 million which is slightly lower than prior year collection
7 City of Santa Clara
Financial Status Report as of February 28, 2025
levels. The collections primarily reflect municipal fines and collection charges. Collections in this category have exceeded 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 February, approximately $1.2 million has been collected, or 60% of the $2.0 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 February, collections totaled approximately $23 million or 73.8% of the budget. This reflects a 7.6% increase compared to last year’s collections, primarily due to higher receipts from engineering fees, 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 February, $11.3 million has been collected, or 58.8% of the budget. This collection level is 17.6% above the $9.6 million received last fiscal year primarily due to higher right of way and interest earnings collected in the current year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through February, collections total $0.5 million, compared to $0.2 million collected in the prior year. Receipts have also exceeded the budget estimate of $0.2 million.
Stadium Operation: Through February 28, 2025, approximately $18 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.
8 City of Santa Clara
Financial Status Report as of February 28, 2025
General Fund Expenditures
As of February 28, 2025, $214.6 million or 65.4% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $187.9 million, or 62.3% 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
66.7%, through February.
Adopted Budget
Amended
Budget
Actual Through
02/28/2025
Percentage
Used
Actual Through
02/29/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 18,852,222$ 9,706,364$ 51.49% 8,801,779$ 904,585$ 10.28% City Council 1,196,923 1,196,923 702,546 58.70% 748,269 (45,723) -6.11% City Clerk 2,102,267 2,186,267 1,701,449 77.82% 1,024,787 676,662 66.03% City Manager 8,222,051 8,080,316 2,829,150 35.01% 2,800,187 28,963 1.03% City Attorney 3,357,661 3,440,037 1,911,136 55.56% 1,876,448 34,688 1.85% Human Resources 4,845,256 5,377,027 2,732,494 50.82% 2,208,950 523,544 23.70% Finance 21,008,682 21,922,775 13,666,722 62.34% 11,155,857 2,510,865 22.51% Total General Government 58,354,976 61,055,567 33,249,861 54.46% 28,616,277 4,633,584 16.19% PUBLIC WORKS 26,347,463 28,226,582 16,691,226 59.13% 16,217,945 473,282 2.92% COMMUNITY DEVELOPMENT 5,575,313 5,636,381 3,137,319 55.66% 3,292,243 (154,924) -4.71% PARKS AND RECREATION 23,172,047 23,931,989 14,154,514 59.14% 14,068,719 85,795 0.61%
PUBLIC SAFETY
Fire 66,292,191 68,247,190 45,871,554 67.21% 43,492,959 2,378,595 5.47% Police 92,074,298 92,776,102 59,995,316 64.67% 55,966,440 4,028,876 7.20% Total Public Safety 158,366,489 161,023,292 105,866,870 65.75% 99,459,399 6,407,471 6.44% LIBRARY 11,732,505 12,212,058 7,845,887 64.25% 6,806,747 1,039,140 15.27% DEPARTMENTAL TOTAL 283,548,793 292,085,869 180,945,678 61.95% 168,461,330 12,484,348 7.41%
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% - 7,324,722 N/A Total Other Financing Uses 18,038,146 26,710,716 26,710,716 100.00% 11,645,161 15,065,555 129.37% STADIUM OPERATION 9,111,250 9,498,441 6,946,133 73.13% 8,007,601 (1,061,468) -13.26% TOTAL GENERAL FUND 310,698,189$ 328,295,026$ 214,602,527$ 65.37% 188,114,092$ 26,488,435$ 14.08% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON
9 City of Santa Clara
Financial Status Report as of February 28, 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 February, expenditures totaled $9.7 million, or 51.5% of the budget. These expenditures are below par of 66.7%, 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 February totaled approximately $1.9 million, which is
55.6% of the budget, which is below par. Spending is consistent with the total expenditures through the same time last fiscal year.
City Clerk: Through February, actual expenditures were tracking at $1.7 million or approximately
77.8% of the budget. This expenditure level reflects a 66% increase compared to last fiscal year due to one-time Granicus costs that are paid every other year. Additionally, the costs for the general November 2024 election were incurred in February.
City Council: Through February, expenditures of $0.7 million were at 58.7% of budget, which is below par. Expenditures are slightly below spend when compared to prior fiscal year levels due to lower operating supplies and as-needed spend.
City Manager: The actual expenditures through February totaled $2.8 million, or 35% of the budget, which is below par for this time of the year. Expenditures are consistent with the spending level through the same period last fiscal year.
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 February, departmental expenditures for the Planning and Housing and Community Services divisions totaled $3.1 million, or 55.7% of the budget, which is below par of 66.7%. This expenditure level is slightly lower than prior year spend primarily due to lower expenditures in the salaries and benefits categories.
Finance Department: Through February 28, 2025, the Department’s expenditures totaled $13.7 million, or 62.3% 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 February, actual expenditures totaled $45.9 million, or 67.2% of the budget, which is slightly above par. These expenditures also reflect a 5.8% increase from last fiscal year due to higher expenditures across the salaries and benefits and non-personnel categories including operating supplies, contractual services, and capital outlay. Overtime expenditures are tracking over budget at
10 City of Santa Clara
Financial Status Report as of February 28, 2025
200% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and a budget action was 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 117% expended through February. 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 February, absences are down 7% (from 53,772 to 58,119 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of injury, FMLA usage, 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 February, the compensatory time payouts total $1.18 million, which is above historical levels but 31% below the payouts of $1.72 million experienced through February 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 February, actual expenditures totaled $7.8 million, or 64.3% of the budget, which is slightly below par, but 15.3% 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 February, actual expenditures totaled $14.2 million, or
59.1% of the budget, which is below par, and consistent with last fiscal year spend.
Police Department: Expenditures through February are tracking at expected levels at $60.0 million, or
64.7% of the budget; this is approximately 7.2% higher than prior year spending. The higher spend is primarily in the salaries and benefits, contractual services, 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 $6.9 million through February, which is 13.3% 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 February, 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. Expenditures are tracking at about 73% of the annual budget but are expected to level out for the remainder of the year.
11 City of Santa Clara
Financial Status Report as of February 28, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of February 28, 2025. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through February 2025.
Revenues totaled approximately $17.5 million, while expenditures totaled approximately $15.5 million through the end of February. Both revenue and expenditures are tracking below par of 66.7%. 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, the lower spend compared to the prior year is due to a loan disbursement that occurred in FY 2023/24.
Higher grant receipts and spend have 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 2/28/2025 Received 2/29/2024 Prior Year Change Building Development Services
Fee Fund
16,164,000$ 16,164,000$ 11,371,413$ 70.35% 9,938,436$ 1,432,977$ 14.42% City Affordable Housing Fund 1,168,177 1,168,177 539,663 46.20% 489,280 50,383 10.30% Fire CUPA Fund 0 0 153,680 N/A 0 153,680 N/A
Fire Development Services Fee
Fund
3,277,500 3,277,500 2,831,095 86.38% 2,507,566 323,529 12.90% Housing and Urban Development 2,532,068 7,023,563 1,693,123 24.11% 840,218 852,905 101.51% Housing Authority Fund 252,496 252,496 36,318 14.38% 387,988 (351,670) -90.64% Housing Successor Fund 1,306,326 1,306,326 851,686 65.20% 349,883 501,803 143.42% TOTAL 24,700,567$ 29,192,062$ 17,476,978$ 59.87% 14,513,371$ 2,963,607$ 20.42% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 2/28/2025 Used 2/29/2024 Prior Year Change Building Development Services
Fee Fund
15,044,148$ 17,302,488$ 10,173,268$ 58.80% 9,649,819$ 523,449$ 5.42% City Affordable Housing Fund 1,593,647 12,242,276 580,123 4.74% 3,029,776 (2,449,653) -80.85% Fire CUPA Fund 0 535,696 56,018 10.46% 0 56,018 N/A
Fire Development Services Fee
Fund
3,387,922 3,387,922 2,361,463 69.70% 2,050,680 310,783 15.16% Housing and Urban Development 2,532,068 7,968,912 1,806,098 22.66% 789,351 1,016,747 128.81% Housing Authority Fund 468,931 511,389 108,935 21.30% 113,176 (4,241) -3.75% Housing Successor Fund 902,579 1,012,590 425,882 42.06% 556,128 (130,246) -23.42% TOTAL 23,929,295$ 42,961,273$ 15,511,787$ 36.11% 16,188,930$ (677,143)$ -4.18%
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
12 City of Santa Clara
Financial Status Report as of February 28, 2025
Internal Service Funds
The table below displays the expenditures in the internal service funds across the City. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through February 2025. As of February 28, 2025, the internal service fund expenditures totaled $34.0 million, or 54% of the amended budget. The significant increase in spend in the Communication Acquisitions Fund is due to the purchase of new public safety radios to replace the inventory that had reached the end of its useful life. The Vehicle Replacement Fund’s increase in expenditures reflect additional vehicle replacements in the City’s fleet.
Actual Actual $
Fund A
dopted Amended Through Percentage Through Change From Percent Description Budget Budget 2/28/2025 Used 2/29/2024 Prior Year Change Communication Acquisitions Fund 1,067,904$ 7,126,624$ 5,920,301$ 83.07% 311,831$ 5,608,470$ 1798.56% Fleet Maintenance and Operations
Fund
5,939,015 6,172,901 3, 899,001 63.16% 3,754,223 144,778 3.86% Information Technology Services
Fund
15,439,338 17,045,167 7, 199,061 42.24% 7,454,642 (255,581) -3.43% Public Works Capital Projects
Management Fund
4,373,674 5,157,651 2, 666,178 51.69% 2,546,784 119,394 4.69% Special Liability Fund 6,530,000 10,914,698 4,803,551 44.01% 4,656,534 147,017 3.16% Unemployment Insurance Fund 110,000 135,000 55,682 41.25% 37,987 17,695 46.58% Vehicle Replacement Fund 5,827,284 9,945,320 5,422,376 54.52% 4,170,654 1,251,722 30.01% Workers' Compensation Fund 6,437,000 6,437,000 4,073,663 63.29% 3,891,764 181,899 4.67% TOTAL 45,724,215$ 62,934,361$ 34,039,813$ 54.09% 26,824,419$ 7,215,394$ 26.90%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2024/25 PRIOR YEAR EXPENDITURE COMPARISON
13 City of Santa Clara
Financial Status Report as of February 28, 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 February 2025. As of February 28, 2025, the capital fund revenue totaled $13.0 million, or 33.6% 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 $0.9 million interest earnings. The remaining $0.8 million reflects granting funding received for the Central Park Magical Bridge project.
REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Pr ior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 2/28/2025 Used City Affordable Housing Capital Fund -$ -$ -$ 2,968,732$ NA Parks & Recreation - 3,349,489 3,349,489 3,355,755 100.19% Related Santa Clara Developer 795,344 - 795,344 145,344 18.27% Storm Drain 1,786,902 3,000,000 4,786,902 1,131,408 23.64% Streets & Highways 6,505,068 19,534,183 26,039,251 5,278,531 20.27% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 131,850 3.53% TOTAL 12,822,246$ 25,883,672$ 38,705,918$ 13,011,620$ 33.62%
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 February 2025. As of February 28, 2025, capital fund expenditures totaled $21.5 million, or 12.4% of the amended budget.
As part of the adoption of the FY 2024/25 and FY 2025/26 biennial capital improvement program budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 3024 and are reflected in the tables below.
14 City of Santa Clara
Financial Status Report as of February 28, 2025
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 2/28/2025 Used Fire 2,360,137$ 550,295$ 2,910,432$ 486,114$ 16.70% General Gov't - Other 5,013,009 9,675,140 14,688,149 1,026,480 6.99% Library 475,929 261,190 737,119 14,206 1.93% Parks & Recreation 12,423,980 22,186,879 34,610,859 2,451,077 7.08% Public Buildings 5,805,328 3,933,806 9,739,134 945,779 9.71% Related Santa Clara Developer 1,189,335 19,828 1,209,163 347,333 28.73% Storm Drain 3,794,643 6,658,409 10,453,052 1,012,027 9.68% Streets & Highways 49,505,747 46,415,359 95,921,106 15,230,867 15.88% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,424,215 2,856,408 16,374 0.57% TOTAL 82,000,301$ 91,125,121$ 173,125,422$ 21,530,257$ 12.44%
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
SUMMARY OF EXPENDITURES
15 City of Santa Clara
Financial Status Report as of February 28, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of February 28, 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 2/28/2025 Received 2/29/2024 Prior Year Change Cemetery Fund 750,000$ 750,000$ 397,885$ 53.05% 357,008$ 40,877$ 11.45% Electric Utility Fund 893,397,959 893,397,959 625,098,067 69.97% 445,628,772 179,469,295 40.27% Sewer Utility Fund 46,989,803 46,989,803 38,406,665 81.73% 46,862,494 (8,455,829) -18.04% Solid Waste Utility Fund 41,561,372 41,561,372 25,253,223 60.76% 23,944,437 1,308,786 5.47% Water Recycling Fund 8,507,338 8,507,338 7,875,808 92.58% 5,044,526 2,831,282 56.13% Water Utility Fund 64,096,935 64,096,935 42,401,163 66.15% 36,169,959 6,231,204 17.23% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 739,432,811$ 70.07% 558,007,196$ 181,425,615$ 32.51% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 2/28/2025 Used 2/29/2024 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 751,227$ 46.12% 664,008$ 87,219$ 13.14% Electric Utility Fund 649,513,582 672,335,619 358,842,108 53.37% 368,529,287 (9,687,179) -2.63% Sewer Utility Fund 38,762,083 39,278,049 28,763,345 73.23% 25,271,326 3,492,019 13.82% Solid Waste Utility Fund 40,775,942 43,928,485 24,788,600 56.43% 22,491,161 2,297,439 10.21% Water Recycling Fund 9,307,289 10,982,389 7,889,507 71.84% 5,458,992 2,430,515 44.52% Water Utility Fund 57,614,177 58,830,207 38,342,773 65.18% 34,599,174 3,743,599 10.82% TOTAL - Operating
Appropriations
797,601,873$ 826, 983,549$ 459,377,560$ 55.55% 457,013,948$ 2,363,612$ 0.52%
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2024/25 PRIOR YEAR REVENUE COMPARISON PRIOR YEAR EXPENSE COMPARISONEXPENSES - FISCAL YEAR 2024/25
While revenues are tracking 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. As the Water Recycling Fund is tracking high on both revenue and expenditure categories, staff will continue to monitor and bring forward a budget amendment for Council approval at later date if necessary.
16 City of Santa Clara
Financial Status Report as of February 28, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through February 28, 2025, totaled $26.7 million, consisting primarily of developer contributions and load development fees in the Electric Utility Fund and sewer fees and reimbursements from the City of San Jose for the Regional Wastewater Facility in the Sewer Utility Fund. Enterprise capital fund expenses totaled $43.2 million, or 8.3% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024, and are reflected below.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 2/28/2025 Used Convention Center Capital
Fund
550,000$ -$ 550,000$ 550,000$ 100.00% Electric Utility Fund 25,282,233 26,030,596 51,312,829 23,828,856 46.44% Sewer Utility Fund - - - 2,321,754 N/A Solid Waste Utility Fund 258,000 - 258,000 9,195 3.56% Street Lighting (1) - - - 837 N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 26,090,233$ 26,030,596$ 52,120,829$ 26,741,326$ 51.31% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 2/28/2025 Used Cemetery Fund 22,524$ 252,644$ 275,168$ 3,126$ 1.14% Convention Center Capital
Fund
2,699,999 1,723,150 4,423,149 827,109 18.70% Electric Utility Fund 259,249,754 184,117,774 443,367,528 32,524,288 7.34% Sewer Utility Fund 24,421,888 24,213,217 48,635,105 6,035,044 12.41% Solid Waste Utility Fund 907,874 24,569 932,443 515,498 55.28% Street Lighting (1) 5,374,952 3,524,758 8,899,710 174,083 1.96% Water Recycling Fund 400,000 - 400,000 1,053 0.26% Water Utility Fund 8,731,864 2,692,753 11,424,617 3,123,211 27.34%
TOTAL - CIP
Appropriations
301,808,855$ 216,548,865$ 518,357,720$ 43,203,412$ 8.33% 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
17 City of Santa Clara
Financial Status Report as of February 28, 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.
18 City of Santa Clara
Financial Status Report as of February 28, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 69,138,768$
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 97,931,905$ 327,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
February 28, 2025
Donations to the City of Santa Clara
Donations received by department during the month of February 2025 and for fiscal year 2024/25 are shown in the table below.
Department Feb-25
Fiscal Year
2024/25
Year To Date Designated Use
City Manager's Office 30 32 Help Your Neighbor Parks & Recreation - 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 30$ 27,954$