_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
August 2025
1 City of Santa Clara
Financial Status Report as of August 31, 2025
This report summarizes the City’s financial performance for the month ended August 31, 2025.
Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, Internal Service Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.
Economic Outlook
While the October 2025 UCLA Anderson Forecast assumes no recession, it continues to identify significant risks to the forecast during this period of unprecedented change and uncertainty. These include trade uncertainty, concerns about the credibility of our central bank and government statistical agencies, the continued feasibility of the AI boom, and the potential impacts of domestic political strife. “The summer months have brought about a series of significant inflection points for the U.S. economy.
The labor market deteriorated notably, marked by an outright decline in payroll employment in June.
The inflationary trend pivoted, moving away from a path of gradual normalization and onto a rising trajectory. Finally, at his last Jackson Hole symposium as chairman of the Federal Open Market Committee, Jerome Powell signaled a stark change in monetary policy. In what is referred to as the “Powell Pivot”, the Federal Reserve's focus has shifted to place a stronger emphasis on its employment mandate relative to its inflation mandate. This forecast is being produced at a time when more extreme scenarios have become increasingly plausible, even though they do not yet represent our baseline outlook. The risk of rising layoffs leading to a recession is now a tangible possibility. Even if a recession is avoided, the current pivot toward
monetary easing sets the stage for what
we anticipate will be a "stagflation-
lite" regime, marking a period
where both inflation and
unemployment remain modestly
elevated. Lastly, should the current
administration's attempt to
undermine the Federal Reserve's
independence succeed, a full-
blown stagflation scenario
becomes a more significant risk.”
1 The UCLA Forecast assumes
Gross Domestic Product (GDP)
growth of 1% in third quarter of
2025, followed by lower growth in
the winter as the cost of tariffs fully
take hold. Growth is expected to
recover in mid-2026 and reach 2% by the fourth quarter of 2026.
1 UCLA Anderson Forecast for the Nation, Fall 2025 Report: A Summer of Inflection Points Quarterly Real GDP Growth Forecast
(Seasonally Adjusted Annual Rates)
2 City of Santa Clara
Financial Status Report as of August 31, 2025
The Conference Board (TCB) Economic Forecast for the US Economy also assumes a slowdown in GDP growth. “Higher tariffs are set to weigh on real GDP growth in H2 2025 and H1 2026 after already trimming growth in H1 2025, as consumers bear the brunt of higher prices. TCB estimates the bulk of tariff impacts will affect Q4, Q1, and Q3 of 2026. Fiscal policy is projected to only partially and modestly offset the negative impact from tariffs.2
In the second quarter 2025 third estimate, the Gross Domestic Product (GDP) increased at an annual rate of 3.8%, following a GDP decrease of 0.6% in the first quarter. The increase in real GDP primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investments and exports. 3 On a national level, the unemployment rate changed little from 4.2% to 4.3% between July and August 2025. In August, the number of unemployed persons totaled 7.4 million, an increase of 148,000 from July.4
2 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated September 12, 2025
3 https://www.bea.gov/news/2025/gross-domestic-product-2nd-quarter-2025-third-estimate-gdp-industry-corporate-profits 4 https://www.bls.gov/news.release/pdf/empsit.pdf
3 City of Santa Clara
Financial Status Report as of August 31, 2025
At the state level, the California unemployment rate remained unchanged at 5.5% between July and August 2025. This rate is slightly higher compared to the 5.4% rate in August 2024. Over the past year, California employers have added 69,500 nonfarm jobs.5
The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.7% in August 2025, down slightly from a revised 4.9% in July 2025, and unchanged from the August 2024 level of 4.7%. Between August 2024 and August 2025, employment in this region decreased by 2,300 jobs, or 0.2%. The largest decreases were in professional and business services (down 8,100 jobs) and manufacturing (down 3,800 jobs). Notable employment increases were in private education and health services (up 8,600 jobs) and government (up 1,900 jobs).6 General Fund
The General Fund is the major operating fund for the City and includes multiple programs, services, and activities for the residents and businesses of the City. The adopted budget for operating revenues and expenditures for fiscal year 2025/26 was $353.0 million. The amended budget for revenues and expenditures was adjusted to $359.4 million to reflect carryover encumbrances from fiscal year 2024/25 and various budget amendments approved by the City Council through August 2025.
While it is very early in the fiscal year and limited data is available, General Fund revenues and expenditures are tracking within estimated levels.
5 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-august-2025/ 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of August 31, 2025
General Fund Revenues
As of August 31, 2025, $24.8 million of General Fund revenue (excluding transfers) was received. This figure excludes the negative amounts reflected in the table below, which represent accruals of revenue to the previous year. In some categories, the revenues received in August account for activity that occurred in FY 2024/25 and those revenues are accrued back to that year. In other cases, such as property tax, most payments are scheduled to occur later in the fiscal year. Transfers and use of reserves of $23.6 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
8/30/2025
Percentage
Received
Actual Through
8/30/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 65,850,000$ 65,850,000$ -$ 0.00% -$ -$ N/A Property Tax 101,181,000 101,181,000 40,400 0.04% 82,066 (41,666) -50.77% Transient Occupancy Tax 27,500,000 27,500,000 1,835,710 6.68% 931,003 904,707 97.18% Other Taxes 7,200,000 7,200,000 243,406 3.38% 352,629 (109,223) -30.97% Total Taxes 201,731,000 201,731,000 2,119,516 1.05% 1,365,698 753,818 55.20%
LICENSES & PERMITS
Business Licenses 6,200,000 6,200,000 1,445,756 23.32% 1,603,747 (157,991) -9.85% Fire Operation Permits 1,998,000 1,998,000 596,264 29.84% 382,287 213,977 55.97% Miscellaneous Permits 26,000 26,000 242,139 931.30% 18,305 223,834 1222.80% Total Licenses & Permits 8,224,000 8,224,000 2,284,159 27.77% 2,004,339 279,820 13.96% FINES & PENALTIES 1,557,000 1,557,000 737,912 47.39% 142,847 595,065 416.58% INTERGOVERNMENTAL 580,000 580,000 253 0.04% 354,605 (354,352) -99.93% CHARGES FOR SERVICES 35,626,474 35,626,474 8,003,906 22.47% 3,765,484 4,238,422 112.56% SILICON VALLEY POWER TRANSFER 37,275,000 37,275,000 6,212,510 16.67% 5,910,850 301,660 5.10%
USE OF MONEY & PROPERTY
Interest 6,247,000 6,247,000 (856,771) -13.71% (1,076,046) 219,275 -20.38% Rent 13,107,611 13,107,611 2,638,243 20.13% 2,324,113 314,130 13.52% Total Use of Money & Property 19,354,611 19,354,611 1,781,472 9.20% 1,248,067 533,405 42.74% MISCELLANEOUS REVENUES 380,000 380,000 56,038 14.75% 170,492 (114,454) -67.13%
LAND PROCEED - - - N/A - - N/A
OTHER FINANCING SOURCES
Operating Transfer In - Storm Drain 1,454,000 1,454,000 1,454,000 100.00% 1,454,000 - 0.00% Operating Transfer In - Reserves 9,556,671 15,886,222 15,886,222 100.00% 13,403,241 2,482,981 18.53% Operating Transfer In - Fund Balances(1) 5,816,858 5,816,858 5,816,858 100.00% 6,162,369 (345,511) -5.61% Operating Transfer In - Miscellaneous 405,265 405,265 405,265 100.00% 575,821 (170,556) -29.62% Total Other Financing Sources 17,232,794 23,562,345 23,562,345 100.00% 21,595,431 1,966,914 9.11%
STADIUM OPERATION
Charges for Services 24,423,380 24,423,380 1,760,609 7.21% 570,405 1,190,204 208.66% Rent and Licensing 6,640,308 6,640,308 1,000,000 15.06% - 1,000,000 N/A Total Stadium Operation 31,063,688 31,063,688 2,760,609 8.89% 570,405 2,190,204 383.97% TOTAL GENERAL FUND 353,024,567$ 359,354,118$ 47,518,720$ 13.22% 37,128,218$ 10,390,502$ 27.99% (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 2025/26 PY REVENUE COMPARISON
5 City of Santa Clara
Financial Status Report as of August 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 August 31, 2025, no sales tax has been recorded. Given the timing of payments, the sales tax payments received through August accounted for activity in the prior fiscal year and those funds were accrued to last year.
Property Tax: Property tax receipts totaling $40,400 were received in August 2025. The majority of property tax revenue is collected in the second half of the fiscal year. Based on initial information from the County of Santa Clara, property tax receipts are projected to end the year at $103.3 million, slightly above the Adopted Budget estimate of $101.2 million.
Transient Occupancy Tax (TOT): TOT is calculated as a percentage of City hotel/motel room charges. The City’s TOT rate is 13.5%. Through August 31, 2025, $1.8 million has been collected, which reflects a 97.2% increase when compared to the collection level in the prior year.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $0.2 million through August, which is slightly below last fiscal year’s collection levels. Receipts primarily reflect franchise tax, with a smaller portion attributed to documentary transfer tax.
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. Licenses and permits revenue collections are tracking above par with receipts totaling $2.3 million, or 27.8% of the $8.2 million budget. This collection level is also above the prior year collection level of $2.0 million.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through August was $0.7 million, which is above prior year level collections of $0.1 million. The majority of the receipts are comprised of municipal fines and collection charges.
Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.
Through August 31, 2025, $253 has been collected in this category.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through July, collections totaled approximately $8.0 million or 22.5% of the budget. This reflects a 112.5% increase compared to last year’s collections, primarily due to the timing of the interdepartmental charges – cost allocation monthly payments that were received this fiscal year but had not yet been booked through August of the prior fiscal year. Higher revenues were also received in other categories, including planning and zoning fees, recreational activity fees, and Emergency Medical Services (EMS) fees.
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.
6 City of Santa Clara
Financial Status Report as of August 31, 2025
Use of Money & Property: Includes realized investment income and rental income. Collections in the rent category of $2.6 million are higher than prior year levels, specifically for lease revenues. The negative amount under the interest category reflects an accrual to the prior year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through August 2025, collections are tracking below the prior year collections of $170,492.
Stadium Operation: Through August 2025, $2.8 million has been collected through charges for services and rent.
7 City of Santa Clara
Financial Status Report as of August 31, 2025
General Fund Expenditures
As of August 31, 2025, $83.0 million or 23.1% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $54.0 million, or 16.3% of the budget, which is at par of 16.7%. Transfers of $29.0 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through August.
Adopted Budget
Amended
Budget
Actual Through
8/30/2025
Percentage
Use d
Actual Through
8/30/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 20,501,477$ 20,610,625$ 4,737,558$ 22.99% 4,194,289$ 543,269$ 12.95% City Council 1,268,362 1,273,274 196,773 15.45% 204,030 (7,257) -3.56% City Clerk 1,761,474 1,763,949 280,374 15.89% 347,485 (67,111) -19.31% City Manager 5,859,758 6,642,349 883,434 13.30% 794,041 89,393 11.26% City Attorney 4,619,355 4,760,193 573,378 12.05% 507,233 66,145 13.04% City Auditor 1,075,554 1,167,005 119,149 10.21% 106,870 12,279 11.49% Human Resources 5,470,869 5,734,767 691,064 12.05% 630,892 60,172 9.54% Finance 20,897,522 21,598,708 3,217,345 14.90% 3,693,355 (476,010) -12.89% Total General Government 61,454,371 63,550,870 10,699,075 16.84% 10,478,195 220,880 2.11% PUBLIC WORKS 30,216,576 31,422,593 4,695,964 14.94% 4,313,010 382,954 8.88% COMMUNITY DEVELOPMENT 6,039,535 6,237,266 856,944 13.74% 813,488 43,456 5.34% PARKS AND RECREATION 24,548,978 25,373,495 4,123,209 16.25% 3,854,407 268,802 6.97%
PUBLIC SAFETY
Fire 70,335,667 70,804,167 12,151,071 17.16% 12,075,616 75,455 0.62% Police 99,261,544 100,126,131 16,820,121 16.80% 14,738,053 2,082,068 14.13% Total Public Safety 169,597,211 170,930,298 28,971,192 16.95% 26,813,669 2,157,523 8.05% LIBRARY 12,178,570 12,300,254 2,072,909 16.85% 2,043,071 29,838 1.46% DEPARTMENTAL TOTAL 304,035,241 309,814,776 51,419,293 16.60% 48,315,840 3,103,453 6.42%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 1,062,675 1,062,675 1,062,675 100.00% 626,778 435,897 69.55% Operating Transfer Out - Debt Services 1,406,979 1,406,979 1,406,979 100.00% 1,405,940 1,039 0.07% Operating Transfer Out - Maintenance Dtrct 1,079,493 1,079,493 1,079,493 100.00% 977,546 101,947 10.43% Operating Transfer Out - Cemetery 1,078,109 1,078,109 1,078,109 100.00% 823,000 255,109 31.00% Operating Transfer Out - CIP 6,352,233 6,772,581 6,772,581 100.00% 14,204,882 (7,432,301) -52.32% Operating Transfer Out - Reserves 17,649,996 17,649,996 17,649,996 100.00% - 17,649,996 N/A Total Other Financing Uses 28,629,485 29,049,833 29,049,833 100.00% 18,038,146 11,011,687 61.05% STADIUM OPERATION 20,359,841 20,489,508 2,553,646 12.46% 1,741,219 812,427 46.66% TOTAL GENERAL FUND 353,024,567$ 359,354,118$ 83,022,772$ 23.10% 68,095,205$ 14,927,567$ 21.92% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2025/26 PY EXPENDITURES COMPARISON
8 City of Santa Clara
Financial Status Report as of August 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 August, expenditures totaled $4.7 million, or 23% of the budget.
These expenditures are above the par level of 16.7% due to insurance costs that were recorded at the beginning of the fiscal year. The insurance premiums were also higher than prior year levels as anticipated when the budget was developed. The payment recorded was for the City’s property insurance premium, which came in lower than budgeted; the spending in Non-Departmental is anticipated to level out through the year.
City Attorney: Actual expenditures through August totaled approximately $0.6 million, which is 12% of the budget, which is below par. Spending is higher than the total expenditures through the same time last fiscal year by 13% due to higher salaries and benefits costs.
City Clerk: Through August, actual expenditures were tracking below budget at $0.3 million or approximately 16% of the budget. This expenditure level reflects a 19.3% decrease compared to last fiscal year due to the lower software subscription costs.
City Council: Through August, expenditures of $0.2 million were at 15.5% of budget, which is below par. Compared to the same period through last fiscal year, this reflects a decrease in expenditures, resulting from lower spending for as-needed staff and operating supplies.
City Manager: The actual expenditures through August totaled $0.9 million, or 13.3% of the budget, which is below par for this time of the year. Expenditures are approximately 11.3% higher compared with the spending level through the same period last fiscal year. This is due 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 August, departmental expenditures for the Planning and Housing and Community Services divisions totaled $0.9 million, or 13.7% of the budget, which is below par of 16.7%. This expenditure level is 5% above the prior year as a result of higher salaries and benefits spend.
Finance Department: Through August, the Department’s expenditures totaled $3.2 million, or 14.9% of the budget, which is below par. This expenditure level was approximately 12.9% lower compared to the same period last year. This decrease reflects lower contractual services costs.
Fire Department: Through August, actual expenditures totaled $12.2 million, or 17.2% of the budget, which is slightly above par. These expenditures are consistent with the spending level through the same period last fiscal year. Overtime expenditures are tracking at 36.3% of the budget, which is well above par for this time of year. Excluding reimbursable mutual aid-related overtime, which was only $300 in August, the departmental overtime remains at approximately 36.3% of the budget. While this
9 City of Santa Clara
Financial Status Report as of August 31, 2025
overtime figure is still above par, it is important to note that overtime is used to backfill for vacant positions and the vacancy savings offset a portion of the overtime costs.
Through August, absences are up 13% (from 13,637 to 15,434 hours) when compared with the prior fiscal year and remain above historical levels. Absences are trending high in the areas of vacation usage, sick leave, and industrial injury time. 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 August, the compensatory time payouts total $451,345, which is above historical levels and 31% above the payouts of $343,615 experienced through August 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 August, actual expenditures totaled $2.1 million, or 16.9% of the budget, which is slightly above par, and 1.5% higher than expenditure levels last fiscal year. The slight increase in spending is mainly attributable to higher salaries and benefits costs.
Parks and Recreation Department: Through August, actual expenditures totaled $4.1 million, or
16.3% of the budget, which is at par, but 7% higher than prior year actuals of $3.9 million. This increase reflects higher spend in the salaries and benefits categories as well as maintenance costs.
Police Department: Expenditures through August are tracking at expected levels at $16.8 million, or
16.8% of the budget; this is approximately 14.1% higher prior year spending. The increase is mainly due to higher spend in the salaries and benefits categories.
Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures of $2.6 million through August are tracking at 23.1% of the budget; this expenditure level is 46.7% above the prior fiscal year based on activity at the Stadium. Events at the Stadium through August include one soccer match, four concerts, and two preseason NFL games, 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 August 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of August 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2024/25 and budget amendments approved by the City Council through August 2025.
Both revenues and expenditures totaled approximately $4.9 million through the end of August and are tracking below par of 16.7%. Revenues in both the Building and Fire Development Services Funds are tracking above par but show a decrease when compared to last fiscal year due to lower collections in the plan check and sign fees and fire construction permit categories, respectively. The Housing and Urban Development Fund shows higher revenue collections and higher spend than last fiscal year as the Housing Division continues to spend down grant funding. In the Housing Successor Agency Fund, contractual services spend is higher than prior years.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2025 Received 8/31/2024 Prior Year Change Building Development Services Fee
Fund
16,736,000$ 16,736,000$ 3,118,553$ 18.63% 3,284,465$ (165,912)$ -5.05% City Affordable Housing Fund 1,253,326 1,253,326 131,217 10.47% 130,925 292 0.22% Fire CUPA Fund 2,019,000 2,019,000 126,651 6.27% 0 126,651 N/A Fire Development Services Fee
Fund
3,429,000 3,429,000 749,973 21.87% 1,011,355 (261,382) -25.84% Housing and Urban Development 5,427,794 5,427,794 613,315 11.30% 71,219 542,096 761.17% Housing Authority Fund 281,088 281,088 8,946 3.18% 9,980 (1,034) -10.36% Housing Successor Fund 1,302,573 1,302,573 152,178 11.68% 178,501 (26,323) -14.75% TOTAL 30,448,781$ 30,448,781$ 4,900,833$ 16.10% 4,686,445$ 214,388$ 4.57% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2025 Use d 8/31/2024 Prior Year Change Building Development Services Fee
Fund
17,307,319$ 18,457,334$ 2,892,752$ 15.67% 2,643,001$ 249,751$ 9.45% City Affordable Housing Fund 6,984,995 7,292,572 236,512 3.24% 125,449 111,063 88.53% Fire CUPA Fund 1,779,867 1,779,867 181,975 10.22% 0 181,975 N/A Fire Development Services Fee
Fund
3,904,315 3,906,214 604,178 15.47% 580,151 24,027 4.14% Housing and Urban Development 5,427,794 7,126,175 718,517 10.08% 263,154 455,363 173.04% Housing Authority Fund 459,878 501,371 29,582 5.90% 33,244 (3,662) -11.02% Housing Successor Fund 1,127,973 1,347,976 194,838 14.45% 46,654 148,184 317.62% TOTAL 36,992,141$ 40,411,509$ 4,858,354$ 12.02% 3,691,653$ 1,166,701$ 31.60%
PRIOR YEAR EXPENDITURE COMPARISON
CITY OF SANTA CLARA
SPECIAL REVENUE FUNDS
REVENUE AND EXPENDITURES - OVERVIEW AND COMPARISON BY FUND REVENUE - FISCAL YEAR 2025/26 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2025/26
11 City of Santa Clara
Financial Status Report as of August 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 August 2025. As of August 31, 2025, the internal service fund expenditures totaled $10.5 million, or 18.1% of the amended budget. The change in spend in the Special Liability Fund is due to higher insurance premium costs that were assumed in the development of the budget.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2025 Use d 8/31/2024 Prior Year Change Communication Acquisitions Fund 1,064,336$ 1,642,638$ 130,274$ 7.93% -$ 130,274$ N/A Fleet Maintenance and Operations
Fund
6,757,227 7,116,065 1,067,035 14.99% 916,770 150,265 16.39% Information Technology Services
Fund
18,755,875 21,088,465 1,381,006 6.55% 1,459,986 (78,980) -5.41% Public Works Capital Projects
Management Fund
4,991,087 5,863,020 694,109 11.84% 699,573 (5,464) -0.78% Special Liability Fund 9,152,000 9,209,062 4,712,989 51.18% 3,231,128 1,481,861 45.86% Unemployment Insurance Fund 100,000 100,000 0 0.00% 24,637 (24,637) -100.00% Vehicle Replacement Fund 3,994,000 6,223,153 434,796 6.99% 623,068 (188,272) -30.22% Workers' Compensation Fund 6,858,000 6,858,000 2,114,868 30.84% 1,891,353 223,515 11.82% TOTAL 51,672,525$ 58,100,403$ 10,535,077$ 18.13% 8,846,515$ 1,688,562$ 19.09%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2025/26 PRIOR YEAR EXPENDITURE COMPARISON
12 City of Santa Clara
Financial Status Report as of August 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 August 2025. As of August 31, 2025, the capital fund revenue totaled approximately $1.3 million. In the Parks and Recreation Capital Fund, $0.4 million represents Quimby Act fees received, with interest earnings accounting for the remaining collections. The revenue collected in the Related Santa Clara Fund represents developer contributions. The revenue shown in the Storm Drain Capital Fund are customer service charges. The amount collected in the Tasman East Specific Infrastructure Fund is interest earnings, while the collections in the Streets and Highways Capital Fund are comprised of interest earnings, fees, and VTA Measure B proceeds.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2025 Use d Parks & Recreation 500,000$ 284,469$ 784,469$ 658,941$ 84.00% Related Santa Clara Developer 803,406 - 803,406 235,000 29.25% Storm Drain 1,454,000 3,154,100 4,608,100 248,492 5.39% Streets & Highways 7,308,458 21,158,544 28,467,002 77,018 0.27% Tasman East Specific Infrastructure
Improvement Fund
- 3,734,932 3,734,932 35,309 0.95% TOTAL 10,065,864$ 28,332,045$ 38,397,909$ 1,254,760$ 3.27%
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUE - FISCAL YEAR 2025/26
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 August 2025. As of August 31, 2025, capital fund expenditures totaled $5.0 million, or 2.9% of the amended budget, well below par of 16.7%.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2025. Necessary additional adjustments to the capital carryover amounts will be included as part of the Budgetary Year- End Report for FY 2024/25, anticipated to be brought forward for City Council approval in December 2025.
13 City of Santa Clara
Financial Status Report as of August 31, 2025
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2025 Use d Fire 528,065$ 1,843,700 2,371,765$ 58,308$ 2.46% General Gov't - Other 776,902 13,044,393 13,821,295 70,733 0.51% Library 21,804 650,322 672,126 3,634 0.54% Parks & Recreation 8,182,875 36,311,156 44,494,031 891,524 2.00% Public Buildings 497,511 7,897,509 8,395,020 1,201,036 14.31% Related Santa Clara Developer 803,406 263,001 1,066,407 104,092 9.76% Storm Drain 660,357 8,743,063 9,403,420 238,549 2.54% Streets & Highways 18,310,538 72,157,339 90,467,877 2,456,556 2.72% Tasman East Specific Infrastructure
Improvement Fund
1,433,038 2,827,188 4,260,226 3,130 0.07% TOTAL 31,214,496$ 143,737,671$ 174,952,167$ 5,027,562$ 2.87% EXPENDITURES - FISCAL YEAR 2025/26
CITY OF SANTA CLARA
SUMMARY OF EXPENDITURES
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
14 City of Santa Clara
Financial Status Report as of August 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of August 31, 2025. Overall, revenues and expenditures are tracking below budgeted levels.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2025 received 8/31/2024 Prior Year Change Cemetery Fund 600,000$ 600,000$ 102,310$ 17.05% 87,644$ 14,666$ 16.73% Electric Utility Fund 1,128,195,241 1,128,195,241 88,675,000 7.86% 83,438,035 5,236,965 6.28% Sewer Utility Fund 52,407,375 52,407,375 6,260,081 11.95% 5,892,801 367,280 6.23% Solid Waste Utility Fund 42,287,613 42,287,613 5,024,907 11.88% 4,722,647 302,260 6.40% Water Recycling Fund 9,651,409 9,651,409 1,536,857 15.92% 1,487,367 49,490 3.33% Water Utility Fund 76,402,644 76,402,644 9,753,338 12.77% 9,200,104 553,234 6.01% TOTAL REVENUE 1,309,544,282$ 1,309,544,282$ 111,352,493$ 8.50% 104,828,598$ 6,523,895$ 6.22% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2025 Use d 8/31/2024 Prior Year Change Cemetery Fund 1,757,102$ 1,774,177$ 200,178$ 11.28% 181,850$ 18,328$ 10.08% Electric Utility Fund 712,617,141 723,672,626 110,632,290 15.29% 80,621,289 30,011,001 37.22% Sewer Utility Fund 43,738,253 44,110,349 10,191,475 23.10% 8,984,089 1,207,386 13.44% Solid Waste Utility Fund 42,061,065 46,374,375 5,613,481 12.10% 6,032,051 (418,570) -6.94% Water Recycling Fund 10,890,055 10,927,484 2,180,932 19.96% 258,109 1,922,823 744.97% Water Utility Fund 66,793,248 67,909,402 7,135,003 10.51% 6,607,417 527,586 7.98% TOTAL - Operating
Appropriations
877,856,864$ 894,768,413$ 135,953,359$ 15.19% 102,684,805$ 33,268,554$ 32.40%
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2025/26 PRIOR YEAR REVENUE COMPARISON PRIOR YEAR EXPENSE COMPARISONEXPENDITURES - FISCAL YEAR 2025/26
Both revenue and expenditures are tracking higher than prior year levels.
Revenues in the electric (which also includes the Electric Debt Service Fund), water, sewer (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. In the Water Recycling Fund, higher customer service charges have been collected, with higher spend in the resource/production category due to timing of payments. In the Electric Utility Fund, the significant increase in spend is attributable to the salaries and benefits and resource/production categories, with revenue also tracking higher than prior years.
15 City of Santa Clara
Financial Status Report as of August 31, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through August 31, 2025, totaled $2.3 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $11.3 million, or 1.4% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2024/25 as part of the FY 2025/26 and FY 2026/27 budget adoption process for those projects that were not expected to be completed by June 30, 2025. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures will be brought forward for City Council approval in December 2025, as part of the budgetary year-end report for FY 2024/25.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2025 Use d Electric Utility Fund 25,505,075$ 24,039,903$ 49,544,978$ 1,697,562$ 3.43% Sewer Utility Fund - - - 636,694 N/A Solid Waste Utility Fund 258,000 246,500 504,500 - 0.00% TOTAL - Revenue 25,763,075$ 24,286,403$ 50,049,478$ 2,337,685$ 4.67% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2025 Use d Cemetery Fund -$ 270,489$ 270,489$ -$ 0.00% Convention Center Capital
Fund
- 2,509,218 2,509,218 - 0.00% Electric Utility Fund 369,266,575 351,029,528 720,296,103 8,286,061 1.15% Sewer Utility Fund 18,147,399 35,573,235 53,720,634 2,107,873 3.92% Solid Waste Utility Fund 812,000 131,477 943,477 196,435 20.82% Street Lighting (1) 125,000 7,161,945 7,286,945 350,514 4.81% Water Recycling Fund 50,000 - 50,000 - 0.00% Water Utility Fund 8,539,100 7,255,804 15,794,904 369,668 2.34%
TOTAL - CIP
Appropriations
396,940,075$ 403,931,695$ 800,871,770$ 11,310,551$ 1.41%
CITY OF SANTA CLARA
ENTERPRISE CAPITAL IMPROVEMENT FUNDS
SUMMARY OF EXPENDITURES
EXPENSES - FISCAL YEAR 2025/26
CITY OF SANTA CLARA
ENTERPRISE CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUE - FISCAL YEAR 2025/26
(1) Street Lighting fund is part of Electric Capital Improvement Funds
16 City of Santa Clara
Financial Status Report as of August 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).
• Capital Projects Reserve earmarks funds for the Capital Improvement Program.
Other General Reserves and Enterprise Fund Reserves included in this report are highlighted as follows:
• Technology Fee Reserve is set aside to update and/or replace the City’s aging technology and to ensure internal controls are in compliance with current business standard and legal requirements.
• Land Sale Reserve is net proceeds from the sale of City-owned land, with interest earned on these funds available to be appropriated for General Fund operating expenditures. This reserve is available for appropriation by City Council action.
• The Electric Utility Rate Stabilization Reserve and Operations and Maintenance Reserve ensures sufficient operating cash is available to cover day-to-day expenses, address unforeseen cost increases or revenue shortfalls, and ensure debt service coverage. • The Replacement and Improvement Reserve in the Water and Sewer Utility Funds is for future capital improvement.
The table below summarizes select reserve balances.
17 City of Santa Clara
Financial Status Report as of August 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
B
udget Stabilization Reserve 80,900,000$
Capital Projects Reserve 8,834,572
Land Sale Reserve 10,343,105
Technology Fee Reserve 2,355,271
Electric Rate Stabilization Fund Reserve 78,000,000$
Electric Operations and Maintenance Reserve 377,000,000 Replacement & Improvement 303,090$
TOTALS 102,432,948$ 455,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
August 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of August 2025 and for fiscal year 2025/26 are shown in the table below.
Department Aug-25
Fis cal Year
2025/26
Y
ear To Date Designated Use
City Manager's Office 50 50 Help Your Neighbor Parks & Recreation 0 20,000 Case Management
Parks & Recreation 1,463 1,467 Roberta Jones Jr. Theatre Parks & Recreation 775 1, 100 Wade Brummal
TOTALS 2,288$ 22,617$