_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
September 2025
1 City of Santa Clara
Financial Status Report as of September 30, 2025
This report summarizes the City’s financial performance for the month ended September 30, 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 September 30, 2025
The Conference Board (TCB) Economic Forecast for the US Economy also assumes a slowdown in GDP growth, with 1.9% growth projected for the third quarter 2025, 0.5% growth projected for the fourth quarter 2025, and quarterly growth ranging from 1.3% to 1.6% in 2026. “ Higher tariffs and uncertainty are expected to weigh on real GDP growth in late 2025 and early 2026, despite economic activity appearing to be on a somewhat firmer trajectory earlier this year. Consumers will bear the brunt of higher prices, with the largest impacts projected in Q4 2025 through Q3 2026. Fiscal policy is expected to only modestly offset these effects. While the unemployment rate remains low, the sharp decline in employment gains over the last few months creates downside risks to the labor market.” 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 Official data for the third quarter 2025 is currently not available due to the government shutdown.
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 Official data for September 2025 is not yet available due to the federal government shutdown.
2 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated October 16, 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 September 30, 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 California Employment Development Department has delayed the release of the September 2025 unemployment data for California as a result of the federal government shutdown as the California labor market information is produced in partnership with the U.S. Department of Labor’s Bureau of Labor Statistics.
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 Data for September 2025 is not yet available.
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 $359.4 million to reflect carryover encumbrances from fiscal year 2024/25 and various budget amendments approved by the City Council through September 2025.
While it is very early in the fiscal year and limited data is available, General Fund revenues and expenditures are tracking within estimated levels.
5 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-august-2025/ 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of September 30, 2025
General Fund Revenues
As of September 30, 2025, $44.2 million of General Fund revenue (excluding transfers) was received.
This low collection level through September is largely due to the timing of payments. In some categories, the revenues received in the first couple of months 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
9/30/2025
Percentage
Received
Actual Through
9/30/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 65,850,000$ 65,850,000$ 5,376,062$ 8.16% 4,714,363$ 661,699$ 14.04% Property Tax 101,181,000 101,181,000 95,424 0.09% 123,179 (27,755) -22.53% Transient Occupancy Tax 27,500,000 27,500,000 4,100,245 14.91% 2,049,094 2,051,151 100.10% Other Taxes 7,200,000 7,200,000 509,817 7.08% 493,594 16,223 3.29% Total Taxes 201,731,000 201,731,000 10,081,548 5.00% 7,380,230 2,701,318 36.60%
LICENSES & PERMITS
Business Licenses 6,200,000 6,200,000 1,971,753 31.80% 2,179,914 (208,161) -9.55% Fire Operation Permits 1,998,000 1,998,000 1,021,207 51.11% 591,820 429,387 72.55% Miscellaneous Permits 26,000 26,000 90 0.35% 137,851 (137,761) -99.93% Total Licenses & Permits 8,224,000 8,224,000 2,993,050 36.39% 2,909,585 83,465 2.87% FINES & PENALTIES 1,557,000 1,557,000 1,023,587 65.74% 291,043 732,544 251.70% INTERGOVERNMENTAL 580,000 580,000 501,773 86.51% 366,762 135,011 36.81% CHARGES FOR SERVICES 35,626,474 35,626,474 11,589,081 32.53% 9,277,938 2,311,143 24.91% SILICON VALLEY POWER TRANSFER 37,275,000 37,275,000 9,318,759 25.00% 8,866,275 452,484 5.10%
USE OF MONEY & PROPERTY
Interest 6,247,000 6,247,000 309,569 4.96% (486,666) 796,235 -163.61% Rent 13,107,611 13,107,611 3,773,926 28.79% 3,265,867 508,059 15.56% Total Use of Money & Property 19,354,611 19,354,611 4,083,495 21.10% 2,779,201 1,304,294 46.93% MISCELLANEOUS REVENUES 380,000 380,000 70,403 18.53% 267,609 (197,206) -73.69%
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% 13,895,239 1,990,983 14.33% 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% 22,087,429 1,474,916 6.68%
STADIUM OPERATION
Charges for Services 24,423,380 24,423,380 3,558,510 14.57% 2,058,397 1,500,113 72.88% 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 4,558,510 14.67% 2,058,397 2,500,113 121.46% TOTAL GENERAL FUND 353,024,567$ 359,354,118$ 67,782,551$ 18.86% 56,284,469$ 11,498,082$ 20.43% (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 September 30, 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 September 30, 2025, $5.4 million has been recorded, which is 14% higher than prior year collection levels. Given the timing of payments, the sales tax payments received are for the month of July 2025.
Property Tax: Property tax receipts totaling $0.1 million were received in September 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 September 30, 2025, $4.1 million has been collected, which reflects a 100% increase when compared to the collection level in the prior year. This increase is primarily due to a change in the collection of TOT receipts. Beginning July 2025, all hotels submit TOT payments monthly rather than a combination of monthly and quarterly payments. This has resulted in an increase in collections at the beginning of the fiscal year when compared to the prior year that received a larger quarterly payment in October 2024.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $0.5 million through September, which is slightly above last fiscal year’s collection levels. Receipts reflect franchise tax ($0.2 million) and documentary transfer tax ($0.3 million).
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 $3.0 million, or 36.4% of the $8.2 million budget. This collection level is consistent with prior year collection levels. Business licenses receipts represent the majority of the collections to date at $2.0 million.
Collections in this category are tracking slightly below the prior year level of $2.2 million.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through September was $1.0 million, which is above prior year level collections of $0.3 million. The majority of the receipts are comprised of 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 September 30, 2025, $0.5 million has been collected in this category, which is 36.8% higher than prior year levels. Motor vehicle fees total $0.2 million, slightly exceeding the budget while miscellaneous other agency revenues total $0.3 million, which reflects the SB 90 reimbursements from the State for state-mandated programs delivered by the Police Department. These funds were appropriated to the Police Department as part of the July/August Monthly Financial Report actions that were approved by the City Council on October 21, 2025.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through
6 City of Santa Clara
Financial Status Report as of September 30, 2025
September, collections totaled approximately $11.3 million or 31.9% of the budget. This reflects a
22.3% increase compared to last year’s collections, primarily due to higher receipts in miscellaneous charges for services, engineering fees, and planning and zoning fees. However, a portion of the miscellaneous charges for services was booked in error and will be reversed.
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. Collections of $4.1 million are higher than prior year levels in both categories. The increase in rental income reflects higher right-of-way collections and lease payments.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through September 2025, collections of $70,403 are tracking below the prior year collections of $267,909.
Stadium Operation: Through September 30, 2025, $4.6 million has been collected through charges for services and rent. Of this amount, $2.4 million and $0.5 million represents public safety cost reimbursements for non-NFL events and NFL games, respectively. The City also received the ground lease payment of $1.0 million and general and administrative cost reimbursements of $0.3 million, both from the Stadium Authority. Reimbursements of $0.1 million have been received from the Bay Area Host Committee.
7 City of Santa Clara
Financial Status Report as of September 30, 2025
General Fund Expenditures
As of September 30, 2025, $111.5 million or 31.0% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $80.5 million, or 24.5% of the budget, which is at par of 25%. Transfers of $31.0 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through September.
Adopted Budget
Amended
Budget
Actual Through
9/30/2025
Percentage
Use d
Actual Through
9/30/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 20,501,477$ 18,610,625$ 5,166,272$ 27.76% 5,094,715$ 71,557$ 1.40% City Council 1,268,362 1,273,274 295,058 23.17% 305,664 (10,606) -3.47% City Clerk 1,761,474 1,763,949 471,703 26.74% 567,840 (96,137) -16.93% City Manager 5,859,758 6,642,349 1,602,239 24.12% 1,186,788 415,451 35.01% City Attorney 4,619,355 4,760,193 995,917 20.92% 730,921 264,996 36.26% City Auditor 1,075,554 1,167,005 194,731 16.69% 155,152 39,579 25.51% Human Resources 5,470,869 5,734,767 1,115,446 19.45% 927,839 187,607 20.22% Finance 20,897,522 21,598,708 4,837,068 22.40% 5,304,438 (467,370) -8.81% Total General Government 61,454,371 61,550,870 14,678,434 23.85% 14,273,357 405,077 2.84% PUBLIC WORKS 30,216,576 31,422,593 6,827,703 21.73% 6,197,081 630,622 10.18% COMMUNITY DEVELOPMENT 6,039,535 6,237,266 1,271,415 20.38% 1,237,071 34,344 2.78% PARKS AND RECREATION 24,548,978 25,373,495 5,957,664 23.48% 5,347,557 610,107 11.41%
PUBLIC SAFETY
Fire 70,335,667 70,804,167 18,471,996 26.09% 17,833,066 638,930 3.58% Police 99,261,544 100,126,131 25,862,557 25.83% 22,240,589 3,621,968 16.29% Total Public Safety 169,597,211 170,930,298 44,334,553 25.94% 40,073,655 4,260,898 10.63% LIBRARY 12,178,570 12,300,254 2,988,997 24.30% 3,046,574 (57,577) -1.89% DEPARTMENTAL TOTAL 304,035,241 307,814,776 76,058,766 24.71% 70,175,295 5,883,471 8.38%
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 8,772,581 8,772,581 100.00% 14,204,882 (5,432,301) -38.24% 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 31,049,833 31,049,833 100.00% 18,038,146 13,011,687 72.13% STADIUM OPERATION 20,359,841 20,489,508 4,416,432 21.55% 2,918,720 1,497,712 51.31% TOTAL GENERAL FUND 353,024,567$ 359,354,118$ 111,525,031$ 31.03% 91,132,161$ 20,392,870$ 22.38% 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 September 30, 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 September, expenditures totaled $5.2 million, or 27.8% of the budget. These expenditures are above the par level of 25% due to insurance costs that were recorded at the beginning of the fiscal year. 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 September totaled approximately $1.0 million, which is
20.1% of the budget, which is below par. Spending is higher than the total expenditures through the same time last fiscal year by 36.3% due to higher salaries and benefits costs.
City Clerk: Through September, actual expenditures were tracking slightly above budget at approximately $0.5 million or 26.7% of the budget, primarily in the salaries and benefits and contractual services categories. This expenditure level reflects a 17% decrease compared to last fiscal year due to the lower software subscription costs.
City Council: Through September, expenditures of $0.3 million were at 23.2% of budget, which is slightly 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 September totaled $1.6 million, or 24.1% of the budget, which is at par for this time of the year. Expenditures are approximately 35% 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 September, departmental expenditures for the Planning and Housing and Community Services divisions totaled $1.3 million, or 20.4% of the budget, which is below par of 25%. This expenditure level is 2.8% above the prior year as a result of higher salaries and benefits spend.
Finance Department: Through September, the Department’s expenditures totaled $4.8 million, or
22.4% of the budget, which is below par. This expenditure level was approximately 8.8% lower compared to the same period last year. Higher salaries and benefits spend is offset by lower contractual services costs.
Fire Department: Through September, actual expenditures totaled $18.5 million, or 26.1% of the budget, which is slightly above par. These expenditures are slightly above the spending level through the same period last fiscal year. Overtime expenditures are tracking at 61.6% of the budget, which is well above par for this time of year. Excluding reimbursable mutual aid-related overtime, the
9 City of Santa Clara
Financial Status Report as of September 30, 2025
departmental overtime remains at approximately 55.6% of the budget. While this 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 September, absences are up 13% (from 20,648 to 23,238 hours) when compared with the prior fiscal year and remain above historical levels. Absences are trending high in the areas of compensation time 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 September, the compensatory time payouts total $644,198, which is above historical levels and 36% above the payouts of $472,099 experienced through September 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 September, actual expenditures totaled approximately $3.0 million, or
24.3% of the budget, which is at par, but 1.9% lower than expenditure levels last fiscal year.
Parks and Recreation Department: Through September, actual expenditures totaled $5.9 million, or
23.5% of the budget, which is slightly below par, but 11.4% higher than prior year actuals of $5.3 million. This increase reflects higher spend in the salaries and benefits categories as well as maintenance and utilities costs.
Police Department: Expenditures through September are tracking at $25.9 million, or 25.8% of the budget; this is approximately 16.9% 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 $4.4 million through September are tracking at 21.6% of the budget; this expenditure level is 51.3% above the prior fiscal year due to a greater number of non-NFL events held at the Stadium compared to the prior year.
Events at the Stadium through September include two soccer matches, four concerts, two preseason and two regular season NFL games; 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 September 30, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of September 30, 2025. The amended budget reflects carryover encumbrances from fiscal year 2024/25 and budget amendments approved by the City Council through September 2025.
Through the end of September, revenues totaled $8.4 million, or 27.5% of the estimate, which is slightly above par of 25%, while expenditures totaled approximately $7.0 million, or 17.3%. Revenues in both the Building and Fire Development Services Funds and the Fire CUPA Fund are tracking above par.
The Housing Authority Fund is tracking significantly above prior year levels due to additional interest paid on a housing loan. 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, while interest collections have come in lower than prior years.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 9/30/2025 Received 9/30/2024 Prior Year Change Building Development Services Fee
Fund
16,736,000$ 16,736,000$ 5,295,644$ 31.64% 5,055,368$ 240,276$ 4.75% City Affordable Housing Fund 1,253,326 1,253,326 211,538 16.88% 208,904 2,634 1.26% Fire CUPA Fund 2,019,000 2,019,000 558,455 27.66% 0 558,455 N/A Fire Development Services Fee
Fund
3,429,000 3,429,000 1,073,983 31.32% 1,353,308 (279,325) -20.64% Housing and Urban Development 5,427,794 5,427,794 708,810 13.06% 385,632 323,178 83.80% Housing Authority Fund 281,088 281,088 344,696 122.63% 14,749 329,947 2237.08% Housing Successor Fund 1,302,573 1,302,573 182,511 14.01% 335,132 (152,621) -45.54% TOTAL 30,448,781$ 30,448,781$ 8,375,637$ 27.51% 7,353,093$ 1,022,544$ 13.91% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 9/30/2025 Use d 9/30/2024 Prior Year Change Building Development Services Fee
Fund
17,307,319$ 18,457,334$ 4,374,530$ 23.70% 3,921,073$ 453,457$ 11.56% City Affordable Housing Fund 6,984,995 7,292,572 301,573 4.14% 235,782 65,791 27.90% Fire CUPA Fund 1,779,867 1,779,867 284,835 16.00% 0 284,835 N/A Fire Development Services Fee
Fund
3,904,315 3,906,214 890,993 22.81% 909,483 (18,490) -2.03% Housing and Urban Development 5,427,794 7,126,175 869,768 12.21% 350,021 519,747 148.49% Housing Authority Fund 459,878 501,371 46,367 9.25% 41,549 4,818 11.60% Housing Successor Fund 1,127,973 1,347,976 236,274 17.53% 184,747 51,527 27.89% TOTAL 36,992,141$ 40,411,509$ 7,004,340$ 17.33% 5,642,655$ 1,361,685$ 24.13%
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 September 30, 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 September 2025. As of September 30, 2025, the internal service fund expenditures totaled $13.4 million, or 23% 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. The expenditure fluctuations in the Vehicle Replacement Fund are due to the timing of vehicle purchases throughout the year.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 9/30/2025 Use d 9/30/2024 Prior Year Change Communication Acquisitions Fund 1,064,336$ 1,642,638$ 444,737$ 27.07% 309,113$ 135,624$ 43.88% Fleet Maintenance and Operations
Fund
6,757,227 7,116,065 1,594,541 22.41% 1,367,052 227,489 16.64% Information Technology Services
Fund
18,755,875 21,088,465 2,558,314 12.13% 2,415,936 142,378 5.89% Public Works Capital Projects
Management Fund
4,991,087 5,863,020 1,092,022 18.63% 1,049,535 42,487 4.05% Special Liability Fund 9,152,000 9,209,062 4,815,472 52.29% 3,330,731 1,484,741 44.58% Unemployment Insurance Fund 100,000 100,000 0 0.00% 24,637 (24,637) -100.00% Vehicle Replacement Fund 3,994,000 6,223,153 456,192 7.33% 1,004,321 (548,129) -54.58% Workers' Compensation Fund 6,858,000 6,858,000 2,417,183 35.25% 2,385,035 32,148 1.35% TOTAL 51,672,525$ 58,100,403$ 13,378,461$ 23.03% 11,886,360$ 1,492,101$ 12.55%
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 September 30, 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 September 2025. As of September 30, 2025, the capital fund revenue totaled approximately $13.4 million. In the Parks and Recreation Capital Fund, $8.6 million represents MFA collections, $0.9 million represents Quimby Act fees received, with interest earnings accounting for the remaining collections.
The revenue collected in the Related Santa Clara Fund represents developer contributions. The revenue shown in the Storm Drain Capital Fund are customer service charges. The amount collected in the Tasman East Specific Infrastructure Fund is interest earnings, while the collections in the Streets and Highways Capital Fund are comprised of interest earnings, fees, and VTA Measure B proceeds.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 9/30/2025 Use d Parks & Recreation 500,000$ 284,469$ 784,469$ 9,983,283$ 1272.62% Related Santa Clara Developer 803,406 - 803,406 235,000 29.25% Storm Drain 1,454,000 3,154,100 4,608,100 409,872 8.89% Streets & Highways 7,308,458 21,158,544 28,467,002 2,751,567 9.67% Tasman East Specific Infrastructure
Improvement Fund
- 3,734,932 3,734,932 58,049 1.55% TOTAL 10,065,864$ 28,332,045$ 38,397,909$ 13,437,771$ 35.00%
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 September 2025. As of September 30, 2025, capital fund expenditures totaled $9.7 million, or 5.5% of the amended budget, well below par of 25%.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2025. Necessary additional adjustments to the capital carryover amounts will be included as part of the Budgetary Year- End Report for FY 2024/25, anticipated to be brought forward for City Council approval in December 2025.
13 City of Santa Clara
Financial Status Report as of September 30, 2025
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 9/30/2025 Use d Fire 528,065$ 1,843,700 2,371,765$ 100,405$ 4.23% General Gov't - Other 2,776,902 13,044,393 15,821,295 223,897 1.42% Library 21,804 650,322 672,126 5,451 0.81% Parks & Recreation 8,182,875 36,311,156 44,494,031 1,072,368 2.41% Public Buildings 497,511 7,897,509 8,395,020 1,796,407 21.40% Related Santa Clara Developer 803,406 263,001 1,066,407 207,166 19.43% Storm Drain 660,357 8,743,063 9,403,420 331,986 3.53% Streets & Highways 18,310,538 72,157,339 90,467,877 5,914,328 6.54% Tasman East Specific Infrastructure
Improvement Fund
1,433,038 2,827,188 4,260,226 4,560 0.11% TOTAL 33,214,496$ 143,737,671$ 176,952,167$ 9,656,568$ 5.46% 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 September 30, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of September 30, 2025. Overall, revenues and expenditures are tracking below budgeted levels, but above prior year levels.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 9/30/2025 received 9/30/2024 Prior Year Change Cemetery Fund 600,000$ 600,000$ 182,402$ 30.40% 124,806$ 57,596$ 46.15% Electric Utility Fund 1,128,195,241 1,128,195,241 171,001,580 15.16% 148,886,032 22,115,548 14.85% Sewer Utility Fund 52,407,375 52,407,375 11,211,320 21.39% 10,499,589 711,731 6.78% Solid Waste Utility Fund 42,287,613 42,287,613 8,562,138 20.25% 8,059,470 502,668 6.24% Water Recycling Fund 9,651,409 9,651,409 2,405,606 24.92% 2,260,300 145,306 6.43% Water Utility Fund 76,402,644 76,402,644 16,855,890 22.06% 15,745,533 1,110,357 7.05% TOTAL REVENUE 1,309,544,282$ 1,309,544,282$ 210,218,936$ 16.05% 185,575,730$ 24,643,206$ 13.28% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 9/30/2025 Use d 9/30/2024 Prior Year Change Cemetery Fund 1,757,102$ 1,774,177$ 277,951$ 15.67% 276,838$ 1,113$ 0.40% Electric Utility Fund 712,617,141 723,672,626 165,843,690 22.92% 129,516,954 36,326,736 28.05% Sewer Utility Fund 43,738,253 44,110,349 11,127,813 25.23% 10,066,852 1,060,961 10.54% Solid Waste Utility Fund 42,061,065 46,374,375 8,178,071 17.63% 9,619,028 (1,440,957) -14.98% Water Recycling Fund 10,890,055 10,927,484 2,315,828 21.19% 2,007,432 308,396 15.36% Water Utility Fund 66,793,248 68,017,282 12,994,351 19.10% 12,715,673 278,678 2.19% TOTAL - Operating
Appropriations
877,856,864$ 894,876,293$ 200,737,704$ 22.43% 164,202,777$ 36,534,927$ 22.25% PRIOR YEAR EXPENSE COMPARISONEXPENDITURES - FISCAL YEAR 2025/26
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2025/26 PRIOR YEAR REVENUE COMPARISON
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. The Cemetery Fund has seen higher activity in the sales category. In the Solid Waste Fund, there have been lower expenditures in the garbage collection and disposal category.
15 City of Santa Clara
Financial Status Report as of September 30, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the tables below. Actual revenue through September 30, 2025, totaled $5.3 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $19.8 million, or 2.5% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2024/25 as part of the FY 2025/26 and FY 2026/27 budget adoption process for those projects that were not expected to be completed by June 30, 2025. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures will be brought forward for City Council approval in December 2025, as part of the budgetary year-end report for FY 2024/25.
Actual
Fund C urrent Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 9/30/2025 Use d Electric Utility Fund 25,505,075$ 24,039,903$ 49,544,978$ 2,569,446$ 5.19% Sewer Utility Fund - - - 2,661,404 N/A Solid Waste Utility Fund 258,000 246,500 504,500 - 0.00% Street Lighting (1) - - - 3,429 N/A Water Recycling Fund - - - - N/A Water Utility Fund - - - 39,760 N/A TOTAL - Revenue 25,763,075$ 24,286,403$ 50,049,478$ 5,274,039$ 10.54% Actual
Fund C urrent Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 9/30/2025 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 14,617,331 2.03% Sewer Utility Fund 18,147,399 35,573,235 53,720,634 2,220,013 4.13% Solid Waste Utility Fund 812,000 131,477 943,477 261,630 27.73% Street Lighting (1) 125,000 7,161,945 7,286,945 408,508 5.61% Water Recycling Fund 50,000 - 50,000 129 0.26% Water Utility Fund 8,539,100 7,255,804 15,794,904 2,294,476 14.53%
TOTAL - CIP
Appropriations
396,940,075$ 403, 931,695$ 800,871,770$ 19,802,087$ 2.47%
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 September 30, 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 September 30, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 80,900,000$
Capital Projects Reserve 8,414,224
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 102,012,600$ 455,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
September 30, 2025
Donations to the City of Santa Clara
Donations received by department during the month of September 2025 and for fiscal year 2025/26 are shown in the table below.
Department Sep-25
Fis cal Year
2025/26
Y
ear To Date Designated Use
City Manager's Office - 50 Help Your Neighbor Parks & Recreation 2,000 22,000 Case Management Parks & Recreation - 1,467 Roberta Jones Jr. Theatre Parks & Recreation 725 1,825 Wade Brummal TOTALS 2,725$ 25,342$