_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
May 2025
1 City of Santa Clara
Financial Status Report as of May 31, 2025
This report summarizes the City’s financial performance for the month ended May 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 Summer 2025 Forecast, the UCLA Anderson Forecast points to unprecedented levels of economic and geopolitical uncertainty with impacts associated with high tariffs and the federal budget reconciliation bill that is not anticipated to improve the U.S. fiscal trajectory. The Forecast predicts a deterioration in the labor market with higher unemployment in 2025 that will remain elevated through 2026 and 2027. “We do not anticipate the current strength of the labor market to persist, given the substantial headwinds facing the U.S. economy. High tariffs, particularly on intermediate inputs such as steel and aluminum, are expected to weaken the manufacturing sector as its products become increasingly costly and uncompetitive. The tariff-induced reduction in trade flows will also curtail economic activity in sectors that facilitate trade, specifically wholesale and retail trade, and transportation and warehousing. The elevated level of general economic uncertainty and the rise in long-term U.S. interest rates dampens hiring and investment activity. Lastly, the preemptive build-up of inventories to mitigate the impact of tariffs will result in a classic inventory overhang as these stockpiles are unwound.”
1 Given these economic factors, Gross Domestic Product (GDP) growth is also expected to slow.
UCLA Summer 2025 Economic Forecast
U.S. Unemployment Rate U.S. Quarterly Real GDP Growth Forecast
1 UCLA Anderson Forecast Summer 2025 Economic Forecast, “A Tariffying Amount of Uncertainty”, Clement Bohr
2 City of Santa Clara
Financial Status Report as of May 31, 2025
In the first quarter 2025 third estimate, the GDP decreased at an annual rate of 0.5%, following a GDP increase of 2.4% in the fourth quarter.
The decrease in the real GDP is a result of an increase in imports and decrease in government spending, partially offset by increases in investment and consumer spending.2
2 https://www.bea.gov/news/2025/gross-domestic-product-1st-quarter-2025-third-estimate-gdp-industry-and-corporate-profits
3 City of Santa Clara
Financial Status Report as of May 31, 2025
On a national level, the unemployment rate changed little from 4.2% in May 2025 to 4.1% in June 2025. In June, the number of unemployed persons totaled 7.0 million, consistent with May levels.3
At the state level, the California unemployment rate remained unchanged at 5.3% between April and May 2025. This rate is slightly higher compared to the 5.2% rate in May 2024. Over the past year, California employers have added 92,900 nonfarm jobs.4
The Summer 2025 UCLA Anderson Forecast for California assumes the state’s economy will grow at a slower rate that the U.S. in 2025 with a recovery beginning in 2026 and slightly faster growth in 2027. “The unemployment rate is expected to hit a peak of 6.1% this year. The average for 2025, 2026 and 2027 is expected to be 5.8%, 5.6% and 4.4% respectively. Our forecast for 2025, 2026 and 2027 is for total employment growth rates to be 0.1%, 0.8%, and 2.5%. Non-farm payroll jobs are expected to grow at a -0.1%, 0.4% and 1.9% rate during the same three years. Real personal income is forecast to grow by 1.6% in 2025, 1.3% in 2026 and 2.7% in 2027. Higher interest rates, shortages of construction labor and the rebuilding of damaged and destroyed homes lowered our residential construction forecast from March. Our expectation is for permitted new units to be 102K this year and grow to 115K by the end of 2027. Needless to say, this level of home building means that the prospect for 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 May 2025, down slightly from a revised 4.0% in April 2025, but above the May 2024 estimate of 3.6%. Between May 2024 and May 2025, employment in this region decreased by 5,100 jobs, or 0.4%. Notable employment reductions were in professional and business services (down 5,000 jobs), manufacturing (down 3,200 jobs), and leisure and hospitality (down 3,000 jobs). The
3 https://www.bls.gov/news.release/pdf/empsit.pdf
4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-may-2025/ 5 UCLA Anderson Forecast Spring 2025 Economic Forecast, “California’s Growth Doldrums”, Jerry Nickelsburg
4 City of Santa Clara
Financial Status Report as of May 31, 2025
largest increases were in private education and health services (up 7,300 jobs) and government (up 2,600 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 $328.8 million to reflect carryover encumbrances from fiscal year 2023/24 and various budget amendments approved by the City Council through May 2025. Amendments approved by the City Council as part of the FY 2023/24 Budget Year-End Report are also reflected in the tables of this report.
General Fund revenues are tracking to exceed the budget and expenditures are tracking to end the year with savings.
6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
5 City of Santa Clara
Financial Status Report as of May 31, 2025
General Fund Revenues
As of May 31, 2025, $290.4 million or 95.3% of the General Fund estimated revenue (excluding transfers) was received. Transfers and use of reserves of $24 million have occurred as budgeted.
Overall, revenues are projected to exceed the budget due to strong performance in several categories as discussed below.
Adopted Budget
Amended
Budget
Actual Through
05/31/2025
Percentage
Received
Actual Through
05/31/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 62,900,000$ 62,900,000$ 60, 546,921$ 96.26% 44,862,592$ 15,684,329$ 34.96% Property Tax 94,391,000 94,391,000 83,105,896 88.04% 78,490,469 4,615,427 5.88% Transient Occupancy Tax 22,850,000 22,850,000 20,397,214 89.27% 17,096,035 3,301,179 19.31% Other Taxes 6,950,000 6,950,000 5,338,351 76.81% 5,483,764 (145,413) -2.65% Total Taxes 187,091,000 187,091,000 169,388,382 90.54% 145,932,860 23,455,522 16.07%
LICENSES & PERMITS
Business Licenses 6,000,000 6,000,000 4,904,489 81.74% 4,388,345 516,144 11.76% Fire Operation Permits 2,010,000 2,010,000 1,916,730 95.36% 1,699,765 216,965 12.76% Miscellaneous Permits 55,000 55,000 74,227 134.96% 18,210 56,017 307.62% Total Licenses & Permits 8,065,000 8,065,000 6,895,446 85.50% 6,106,320 789,126 12.92% FINES & PENALTIES 1,452,000 1,452,000 2,231,794 153.70% 2,245,356 (13,562) -0.60% INTERGOVERNMENTAL 970,000 2,323,853 4,639,119 199.63% 675,223 3,963,896 587.05% CHARGES FOR SERVICES 30,829,954 31,136,862 31,568,237 101.39% 30,052,531 1,515,706 5.04% SILICON VALLEY POWER TRANSFER 34,500,000 34,500,000 32,509,674 94.23% 30,167,730 2,341,944 7.76%
USE OF MONEY & PROPERTY
Interest 6,212,000 6,212,000 5,326,646 85.75% 2,645,712 2,680,934 101.33% Rent 13,028,187 13,028,187 11,240,502 86.28% 11,239,890 612 0.01% Total Use of Money & Property 19,240,187 19,240,187 16,567,148 86.11% 13,885,602 2,681,546 19.31% MISCELLANEOUS REVENUES 215,550 215,550 512,828 237.92% 563,588 (50,760) -9.01%
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 14,156,089 14,156,089 100.00% 8,097,132 6,058,957 74.83% 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 23,973,992 23,973,992 100.00% 15,056,859 8,917,133 59.22%
STADIUM OPERATION
Charges for Services 11,705,481 12,023,104 18,510,233 153.96% 11,777,236 6,732,997 57.17% Rent and Licensing 1,472,000 8,796,722 7,612,194 86.53% 250,000 7,362,194 2944.88% Total Stadium Operation 13,177,481 20,819,826 26,122,427 125.47% 12,027,236 14,095,191 117.19% TOTAL GENERAL FUND 310,698,189$ 328,818,270$ 314,409,048$ 95.62% 256,713,305$ 57,695,743$ 22.47% (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 May 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 May 31, 2025, $60.5 million has been collected, which is 35% higher than prior year collection levels.
Given the timing of payments, the sales tax payments through May account for actual activity from July 2024 through March 2025. In addition, $0.6 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. General sales tax receipts in the third quarter totaled $20.5 million and were up 40% from the same quarter in the prior fiscal year.
Overall, through the first three quarters of the fiscal year, collections were up an unprecedented 35% from the prior fiscal year. To better understand this performance, staff has been working with the City’s sales tax consultant, Avenu Insights/MuniServices and also contacted the California Department of Tax and Fee Administration for feedback. This growth reflects large one-time transactions from multiple taxpayers in each of the three quarters. In addition, there are a few top taxpayers that had significantly increased revenues in those quarters. The City also received larger proportional shares from the countywide pool as a result the increased allocations.
Given the very strong performance to date, collections are tracking to significantly exceed the adopted budget estimate of $62.9 million by $15 million - $18 million. A portion of this excess revenue was assumed for use in the development of the FY 2025/26 and FY 2026/27 Adopted Operating Budget and a portion was also used to support FY 2024/25 budget needs. To recognize these funds, an increase to the budget of $5.9 million (from $62.8 million to $68.8 million) was approved in June 2025 as part of the April Monthly Financial Report; this adjustment is not yet reflected in the table above.
Property Tax: $83.1 million in property tax receipts were received through May 2025, or 88% of the budget. Based on latest information from the County of Santa Clara, property tax receipts are projected to end the year at $96.9 million, which is above the Adopted Budget estimate of $94.4 million. The revenue from the Successor Agency sale of the Hyatt Hotel parcel that generated approximately $2.3 million for the City of Santa Clara is reflected in the Intergovernmental category below.
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 May 31, 2025, approximately $20.4 million was received, or 89.3% of the budget. This collection level was
19.3% above the $17.1 million received through May of the prior fiscal year. Growth of 2.2% is needed to meet the budgeted estimate of $22.9 million. Receipts are tracking to exceed the budget estimate by approximately $3 million.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected approximately $5.3 million through May, including $4.2 million in franchise taxes and $1.1 million in
7 City of Santa Clara
Financial Status Report as of May 31, 2025
documentary transfer taxes. This collection level is consistent with last fiscal year levels and is tracking close to the budget estimate.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Revenues are tracking below par with receipts totaling $6.9 million, or 85.5% of the $8.1 million budget. This collection level, however, is 12.9% above the prior year level with growth in each category. The largest collections were in business license taxes. Effective FY 2023/24, the City implemented a new business license tax methodology which is reflected in the receipts recorded this fiscal year totaling $4.9 million, or 81.7% of the budget. This collection level is lower than the amount recorded in the April Monthly Financial Report due to some corrections in booking. Business license tax receipts are tracking to end the year below the estimate of $6.0 million.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. Through May, revenue in this category totaled $2.2 million which is consistent with prior year collection levels and above 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 May, approximately $4.6 million has been collected, exceeding the $2.3 million budget. The significant increase in collections in this category is due to the sale of the Hyatt land, accounting for $2.3 million. Additionally, a portion of the revenue in this category is attributed to Fire wildland deployment reimbursements. As part of the April Monthly Financial Report, actions to allocate the $2.3 million to the Land Sale Reserve and actions to recognize wildland reimbursements and appropriate them to the Fire Department were approved by the City Council. These actions are not yet reflected in this report.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through May, collections totaled approximately $31.6 million or 98.4% of the budget. This reflects a 5% 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 May, $16.6 million has been collected, or 86.1% of the budget. This collection level is 19.3% above the $13.9 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 May, collections total $0.5 million, which is slightly lower than prior year collection levels but above the budget estimate of $0.2 million.
8 City of Santa Clara
Financial Status Report as of May 31, 2025
Stadium Operation: Through May 31, 2025, approximately $26.1 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 and $6.2 million represents the Stadium Authority’s year-end excess revenue distribution to the City’s General Fund. The use of the excess revenue was assumed in the development of the FY 2025/26 and FY 2026/27 Adopted Operating Budget, and an associated budget action was approved in the April Monthly Financial Report to recognize those funds. Receipts through May also include reimbursements of $435,000 from the Bay Area Host Committee for planning costs incurred for Super Bowl LX and FIFA World Cup 2026 events.
Of that amount, $380,000 was recognized and appropriated as part of the April Monthly Financial Report. The adjustments from the April Monthly Financial Report are not yet reflected in the Amended Budget in the table above.
9 City of Santa Clara
Financial Status Report as of May 31, 2025
General Fund Expenditures
As of May 31, 2025, $283.4 million or 86.2% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $256.6 million, or 85% of the budget, which is below par (91.7% through May). Transfers of $26.8 million have occurred as budgeted. Overall, expenditures in the General Fund are tracking to end the year with savings.
Adopted Budget
Amended
Budget
Actual Through
05/31/2025
Percentage
Use d
Actual Through
05/31/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 17,622,136$ 18,852,222$ 12, 478,805$ 66.19% 10,962,858$ 1,515,947$ 13.83% City Council 1,196,923 1,196,923 1,009,742 84.36% 1,035,760 (26,018) -2.51% City Clerk 2,102,267 2,186,267 2,042,764 93.44% 1,664,253 378,511 22.74% City Manager 8,222,051 8,080,316 4,171,654 51.63% 4,067,965 103,689 2.55% City Attorney 3,357,661 3,440,037 2,774,948 80.67% 2,612,955 161,993 6.20% Human Resources 4,845,256 5,377,027 3,761,263 69.95% 3,137,874 623,389 19.87% Finance 21,008,682 21,875,123 19,470,971 89.01% 16,104,862 3,366,109 20.90% Total General Government 58,354,976 61,007,915 45,710,147 74.92% 39,586,527 6,123,620 15.47% PUBLIC WORKS 26,347,463 28,226,582 23,561,071 83.47% 22,083,195 1,477,876 6.69% COMMUNITY DEVELOPMENT 5,575,313 5,774,721 4,386,799 75.97% 4,517,254 (130,455) -2.89% PARKS AND RECREATION 23,172,047 23,956,989 19,267,775 80.43% 18,958,054 309,721 1.63%
PUBLIC SAFETY
Fire 66,292,191 68,569,407 63,048,472 91.95% 59,506,157 3,542,315 5.95% Police 92,074,298 92,776,102 82,454,712 88.87% 77,461,929 4,992,783 6.45% Total Public Safety 158,366,489 161,345,509 145,503,184 90.18% 136,968,086 8,535,098 6.23% LIBRARY 11,732,505 12,230,197 10,716,803 87.63% 9,385,496 1,331,307 14.18% DEPARTMENTAL TOTAL 283,548,793 292,541,913 249,145,779 85.17% 231,498,612 17,647,167 7.62%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 626,778 1,742,520 1,742,520 100.00% 1,353,809 388,711 28.71% 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 14,504,188 14,504,188 100.00% 7,305,499 7,198,689 98.54% Operating Transfer Out - Reserves - 7,324,722 7,324,722 100.00% - 7,324,722 N/A Total Other Financing Uses 18,038,146 26,777,916 26,777,916 100.00% 11,800,161 14,977,755 126.93% STADIUM OPERATION 9,111,250 9,498,441 7,495,219 78.91% 9,210,285 (1,715,066) -18.62% TOTAL GENERAL FUND 310,698,189$ 328,818,270$ 283,418,915$ 86.19% 252,509,058$ 30,909,856$ 12.24% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2024/25 PY EXPENDITURES COMPARISON
10 City of Santa Clara
Financial Status Report as of May 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 May, expenditures totaled $12.5 million, or 66.2% of the budget.
These expenditures are below par of 91.7%, 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 May totaled approximately $2.8 million, which is 80.7% of the budget, which is below par. Spending is 6% higher than the total expenditures through the same time last fiscal year.
City Clerk: Through May, actual expenditures were tracking at $2.0 million or approximately 93.4% of the budget, which is slightly above par. This expenditure level reflects a 22.7% increase compared to last fiscal year due to costs that are incurred every other year, such as election costs. A budget amendment to increase the elections budget by $29,000 (from $502,000 to $531,000) was approved through the April Monthly Financial Report to account for the higher costs; this adjustment is not yet reflected in the table above.
City Council: Through May, expenditures of $1.0 million were at 84.4% 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 May totaled $4.2 million, or 51.6% of the budget, which is below par for this time of the year. Expenditures are slightly above 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 May, departmental expenditures for the Planning and Housing and Community Services divisions totaled $4.4 million, or 76% of the budget, which is below par of 91.7%. This expenditure level is slightly below the prior year spend levels.
Finance Department: Through May 31, 2025, the Department’s expenditures totaled $19.5 million, or 89% of the budget, which is slightly below par. This expenditure level was approximately 20.9% 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. A budget adjustment of $550,000 for one-time licensing costs for Peoplesoft that are tied to the City’s budget size was approved as part of the April Monthly Financial Report, which is not yet reflected.
11 City of Santa Clara
Financial Status Report as of May 31, 2025
Fire Department: Through May, actual expenditures totaled $63.0 million, or 92% of the budget, which is close to par. These expenditures reflect a 6% increase from last fiscal year due to higher expenditures across the overtime and non-personnel categories including operating supplies, contractual services, and capital outlay. Overtime expenditures are tracking over budget at 99% due, in part, to overtime expenditures related to mutual aid deployment efforts. These costs are reimbursable, and budget actions have been approved by City Council as part of the FY 2023/24 Budget Year-End Report and Monthly Financial Reports to recognize and appropriate these reimbursements. A budget action was also approved in the April Monthly Financial Report to recognize and appropriate additional revenue received, but this adjustment is not yet reflected in the table. Excluding mutual aid-related costs, the overtime budget is 160% expended through May. Overtime is used to backfill for shift absences and vacant shift positions to maintain daily minimum staffing. Overtime expenditures have exceeded the overtime budget as the current absence rate exceeds the estimate used in the development of the budget.
Through May, absences are down 3% (from 77,906 to 75,230 hours) when compared with the prior fiscal year but remain above historical levels. Absences are trending high in the areas of injury, 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 May, the compensatory time payouts total $1.66 million, which is above historical levels but 20% below the payouts of $2.07 million experienced through May of last fiscal year.
Expenditures were tracking to end the year above budget by approximately $2.1 million to $2.7 million.
Additional funding of $2.65 million was added to the departmental budget as part of the April Monthly Financial Report to conservatively address this potential overage. Of this amount, $952,000 was offset by ambulance transport revenue. The adjustments from the April Monthly Financial Report are not yet reflected in the Amended Budget in the table above.
Library Department: Through May, actual expenditures totaled $10.7 million, or 87.6% of the budget, which is below par, but 14% 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 May, actual expenditures totaled $19.3 million, or 80.4% of the budget, which is below par and consistent with last fiscal year spend.
Police Department: Expenditures through May are tracking below par at $82.5 million, or 88.9% of the budget; this is approximately 6.4% higher than prior year spending. The higher spend is primarily in the salaries and benefits and IT subscription 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 $7.5 million through May, which is 18.6% 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
12 City of Santa Clara
Financial Status Report as of May 31, 2025
May, 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. An action was approved in the April Monthly Financial Report to recognize and appropriate costs already incurred and anticipated through the end of the fiscal year for the planning and training costs associated with the 2026 major events; this action is not reflected in the table.
13 City of Santa Clara
Financial Status Report as of May 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of May 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2023/24 and budget amendments approved by the City Council through May 2025.
Revenues totaled approximately $25.8 million, while expenditures totaled approximately $22.1 million through the end of May. Both revenue and expenditures are tracking below par of 91.7%. 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.
The variance in revenue in the Housing funds reflects changes in the interest collections compared to the previous year. 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 5/31/2025 Received 5/31/2024 Prior Year Change Building Development Services Fee
Fund
16,164,000$ 16,185,431$ 16,952,627$ 104.74% 15,202,594$ 1,750,033$ 11.51% City Affordable Housing Fund 1,168,177 1,168,177 1,135,854 97.23% 577,137 558,717 96.81% Fire CUPA Fund 0 0 182,961 N/A 0 182,961 N/A
Fire Development Services Fee
Fund
3,277,500 3,277,500 3,844,315 117.29% 3,473,176 371,139 10.69% Housing and Urban Development 2,532,068 7,247,563 2,422,412 33.42% 1,002,060 1,420,352 141.74% Housing Authority Fund 252,496 252,496 50,629 20.05% 397,739 (347,110) -87.27% Housing Successor Fund 1,306,326 1,306,326 1,166,346 89.28% 402,909 763,437 189.48% TOTAL 24,700,567$ 29,437,493$ 25,755,144$ 87.49% 21,055,615$ 4,699,529$ 22.32% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 5/31/2025 Use d 5/31/2024 Prior Year Change Building Development Services Fee
Fund
15,044,148$ 17,323,919$ 14,700,565$ 84.86% 13,087,043$ 1,613,522$ 12.33% City Affordable Housing Fund 1,593,647 12,242,276 873,526 7.14% 3,236,938 (2,363,412) -73.01% Fire CUPA Fund 0 535,696 87,586 16.35% 0 87,586 N/A
Fire Development Services Fee
Fund
3,387,922 3,387,922 3,216,785 94.95% 2,859,390 357,395 12.50% Housing and Urban Development 2,532,068 8,192,912 2,557,173 31.21% 1,099,313 1,457,860 132.62% Housing Authority Fund 468,931 511,389 147,077 28.76% 154,099 (7,022) -4.56% Housing Successor Fund 902,579 1,012,590 525,126 51.86% 687,094 (161,968) -23.57% TOTAL 23,929,295$ 43,206,704$ 22,107,838$ 51.17% 21,123,877$ 983,961$ 4.66%
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
14 City of Santa Clara
Financial Status Report as of May 31, 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 May 2025. As of May 31, 2025, the internal service fund expenditures totaled $48.1 million, or 74% 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. In the Special Liability Insurance Fund, a large settlement paid by the City was incurred in March.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 5/31/2025 Use d 5/31/2024 Prior Year Change Communication Acquisitions Fund 1,067,904$ 7,126,624$ 5,926,859$ 83.17% 311,831$ 5,615,028$ 1800.66% Fleet Maintenance and Operations
Fund
5,939,015 6,172,901 5,304,264 85.93% 5,219,588 84,676 1.62% Information Technology Services
Fund
15,439,338 17,045,167 11,209,915 65.77% 11,187,293 22,622 0.20% Public Works Capital Projects
Management Fund
4,373,674 5,157,651 3,671,556 71.19% 3,470,461 201,095 5.79% Special Liability Fund 6,530,000 12,230,306 10,456,862 85.50% 4,989,208 5,467,654 109.59% Unemployment Insurance Fund 110,000 135,000 74,713 55.34% 54,056 20,657 38.21% Vehicle Replacement Fund 5,827,284 10,702,070 6,449,397 60.26% 4,908,439 1,540,958 31.39% Workers' Compensation Fund 6,437,000 6,437,000 5,011,749 77.86% 5,600,375 (588,626) -10.51% TOTAL 45,724,215$ 65,006,719$ 48,105,315$ 74.00% 35,741,251$ 12,364,064$ 34.59%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2024/25 PRIOR YEAR EXPENDITURE COMPARISON
15 City of Santa Clara
Financial Status Report as of May 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 May 2025. As of May 31, 2025, the capital fund revenue totaled $20.7 million, or 52.8% 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 $2.9 million collected in Quimby Fee Act revenue, $1.5 million collected in Mitigation Fee Act revenue as well as $1.5 million interest earnings. The remaining $2.6 million reflects grant funding received for the Central Park Magical Bridge project.
REVENUE - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 5/31/2025 Use d City Affordable Housing Capital Fund -$ -$ -$ 3,479,128$ NA General Gov't - Other 11,574 - 11,574 11,574 100.00% Parks & Recreation - 3,349,489 3,349,489 8,439,938 251.98% Related Santa Clara Developer 795,344 - 795,344 500,344 62.91% Storm Drain 1,786,902 3,000,000 4,786,902 1,541,374 32.20% Streets & Highways 6,933,849 19,534,183 26,468,032 6,514,791 24.61% Tasman East Specific Infrastructure
Improvement Fund
3,734,932 - 3,734,932 187,238 5.01% TOTAL 13,262,601$ 25,883,672$ 39,146,273$ 20,674,387$ 52.81%
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 May 2025. As of May 31, 2025, capital fund expenditures totaled $29.4 million, or 16% of the amended budget.
As part of the adoption of the FY 2024/25 and FY 2025/26 biennial capital improvement program budget, some capital funds were carried over for projects that were not anticipated to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 3024 and are reflected in the tables below.
16 City of Santa Clara
Financial Status Report as of May 31, 2025
EXPENDITURES - FISCAL YEAR 2024/25
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 5/31/2025 Use d Fire 2,360,137$ 550,295$ 2,910,432$ 869,938$ 29.89% General Gov't - Other 5,024,583 9,675,140 14,699,723 1,690,362 11.50% Library 412,660 261,190 673,850 19,068 2.83% Parks & Recreation 21,061,911 22,186,879 43,248,790 3,089,132 7.14% Public Buildings 6,886,276 3,933,806 10,820,082 1,706,469 15.77% Related Santa Clara Developer 1,189,335 19,828 1,209,163 699,695 57.87% Storm Drain 3,794,643 6,658,409 10,453,052 1,418,023 13.57% Streets & Highways 50,361,556 46,415,359 96,776,915 19,843,701 20.50% Tasman East Specific Infrastructure
Improvement Fund
1,432,193 1,424,215 2,856,408 24,619 0.86% TOTAL 92,523,294$ 91,125,121$ 183,648,415$ 29,361,007$ 15.99%
SUMMARY OF EXPENDITURES
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
17 City of Santa Clara
Financial Status Report as of May 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of May 31, 2025. Overall, revenues are tracking slightly above budgeted estimates, while expenditures are tracking below budgeted levels.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 5/31/2025 Received 5/31/2024 Prior Year Change Cemetery Fund 750,000$ 750,000$ 624,410$ 83.25% 510,765$ 113,645$ 22.25% Electric Utility Fund 893,397,959 893,397,959 842,492,692 94.30% 636,031,646 206,461,046 32.46% Sewer Utility Fund 46,989,803 46,989,803 50,795,621 108.10% 78,280,275 (27,484,654) -35.11% Solid Waste Utility Fund 41,561,372 41,561,372 35,435,787 85.26% 33,671,304 1,764,483 5.24% Water Recycling Fund 8,507,338 8,507,338 9,432,197 110.87% 6,157,039 3,275,158 53.19% Water Utility Fund 64,096,935 64,096,935 56,823,556 88.65% 48,805,109 8,018,447 16.43% TOTAL REVENUE 1,055,303,407$ 1,055,303,407$ 995,604,263$ 94.34% 803,456,138$ 192,148,125$ 23.92% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 5/31/2025 Use d 5/31/2024 Prior Year Change Cemetery Fund 1,628,800$ 1,628,800$ 1,044,190$ 64.11% 875,427$ 168,763$ 19.28% Electric Utility Fund 649,513,582 672,335,619 526,223,463 78.27% 495,076,747 31,146,716 6.29% Sewer Utility Fund 38,762,083 39,278,049 38,149,734 97.13% 53,673,944 (15,524,210) -28.92% Solid Waste Utility Fund 40,775,942 43,928,485 34,257,375 77.98% 30,570,154 3,687,221 12.06% Water Recycling Fund 9,307,289 10,982,389 9,547,764 86.94% 5,842,560 3,705,204 63.42% Water Utility Fund 57,614,177 58,830,207 51,679,344 87.84% 47,874,464 3,804,880 7.95% TOTAL - Operating
Appropriations
797,601,873$ 826,983,549$ 660,901,870$ 79.92% 633,913,296$ 26,988,574$ 4.26%
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
Both revenues and expenditures are tracking above the prior year. 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.
18 City of Santa Clara
Financial Status Report as of May 31, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through May 31, 2025, totaled $33.6 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 José for the Regional Wastewater Facility in the Sewer Utility Fund. Enterprise capital fund expenses totaled $74.6 million, or 14.1% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2023/24 as part of the FY 2024/25 and FY 2025/26 budget adoption process for those projects that were not expected to be completed by June 30, 2024. Necessary additional adjustments to the capital carryover amounts were included as part of the FY 2023/24 Budget Year End Report approved on December 3, 2024, and are reflected below.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 5/31/2025 Use d Convention Center Capital
Fund
550,000$ -$ 550,000$ 550,000$ 100.00% Electric Utility Fund 26,660,625 26,030,596 52,691,221 29,723,602 56.41% Sewer Utility Fund - - - 3,296,477 N/A Solid Waste Utility Fund 258,000 - 258,000 12,301 4.77% Street Lighting (1) - - - 837 N/A Water Utility Fund - - - 30,684 N/A TOTAL - Revenue 27,468,625$ 26,030,596$ 53,499,221$ 33,613,901$ 62.83% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 5/31/2025 Use d Cemetery Fund 22,524$ 252,644$ 275,168$ 4,298$ 1.56% Convention Center Capital
Fund
2,699,999 1,723,150 4,423,149 1,866,520 42.20% Electric Utility Fund 264,128,146 184,117,774 448,245,920 55,571,152 12.40% Sewer Utility Fund 24,421,888 24,213,217 48,635,105 11,354,483 23.35% Solid Waste Utility Fund 907,874 24,569 932,443 668,493 71.69% Street Lighting (1) 10,374,952 3,524,758 13,899,710 1,014,422 7.30% Water Recycling Fund 400,000 - 400,000 3,015 0.75% Water Utility Fund 9,178,391 2,692,753 11,871,144 4,130,560 34.79%
TOTAL - CIP
Appropriations
312,133,774$ 216,548,865$ 528,682,639$ 74,612,943$ 14.11% 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
19 City of Santa Clara
Financial Status Report as of May 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.
20 City of Santa Clara
Financial Status Report as of May 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 68,933,228$
Capital Projects Reserve 7,834,572
Land Sale Reserve 10,343,105
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 89,588,434$ 327,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
May 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of May 2025 and for fiscal year 2024/25 are shown in the table below.
Department May-25
Fis cal Year
2024/25
Year To Date Designated Use
City Manager's Office - 122 Help Your Neighbor Parks & Recreation 2,100 7,570 Case Management Parks & Recreation - 20 Community Garden Parks & Recreation - 632 Reed/Grant Park Soccer Equipment Parks & Recreation - 5,687 Roberta Jones Jr. Theatre Parks & Recreation - 19,925 Wade Brummal TOTALS 2,100$ 33,956$