CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
For the year ended June 30, 2025
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position
201
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
15,239,338 $ 6,529,999 $ 6,181,936 $ 43,505,340 $ - 3,356,624 31,408 3,388,032 15,239,338 9,886,623 6,213,344 46,893,372 2,226,407 - - 8,670,843 9,935,043 - - 14,003,851 - 12,000,070 6,016,864 18,016,934 618,837 - - 618,837 101 - - 3,125,515 12,780,388 12,000,070 6,016,864 44,435,980 2,458,950 (2,113,447) 196,480 2,457,392 - - - 1,361,031 (63,012) - - (63,012) - - - (6,503) (63,012) - - 1,291,516 2,395,938 (2,113,447) 196,480 3,748,908 - 1,742,287 - 2,593,072 - - - (198,329) 2,395,938 (371,160) 196,480 6,143,651 (601,769) 4,058,102 (10,518,154) 20,890,766 (124,901) - - (198,009) - (726,670) 4,058,102 (10,518,154) 20,692,757 1,669,268 $ 3,686,942 $ (10,321,674) $ 26,836,408 $
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
For the year ended June 30, 2025
202
Technical PW Capital
Automotive Equipment Projects
Services Services Management
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 10,187,939 $ 985,638 $ 4,373,674 $ Payments to suppliers (5,087,104) (320,247) (217,352) Payments to employees for salaries and benefits (2,8 69,984) - (3,512,916) Internal activity - payments to other funds (112,801 ) - (241,378) Claims paid - - - Other receipts 398,031 963,000 - Net cash provided (used) by operating activities 2,5 16,081 1,628,391 402,028
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
(Increase) in due from other funds (4,846) - - Increase in due to other funds 480,365 82,266 - Transfers in 850,785 - - Transfers (out) - - (198,329) Cash Flows from Noncapital Financing Activities 1,32 6,304 82,266 (198,329)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Acquisition and construction of capital assets, net (4,263,149) (5,610,525) - Principal payment on capital debt - - - Interest paid on capital debt - - - Cash Flows from Capital and Related
Financing Activities (4,263,149) (5,610,525) - Net increase (decrease) in cash and cash
equivalents (420,764) (3,899,868) 203,699 Cash and investments at beginning of period 16,894,8 92 8,220,635 992,337 Cash and investments at end of period 16,474,128 $ 4,320,767 $ 1,196,036 $ Cash and cash equivalents:
Pooled cash and investments 16,474,128 $ 4,320,767 $ 1,196,036 $ Total cash and cash equivalents 16,474,128 $ 4,320,767 $ 1,196,036 $
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
Combining Statement of Cash Flows
203
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
15,258,461 $ 9,886,623 $ 4,006,639 $ 44,698,974 $ (9,824,452) - - (15,449,155) (2,161,114) - - (8,544,014) (1,237) - - (355,416) - (11,861,885) (5,628,220) (17,490,105) - - 2,041,016 3,402,047 3,271,658 (1,975,262) 419,435 6,262,331 - - - (4,846) - - - 562,631 - 1,742,287 - 2,593,072 - - - (198,329) - 1,742,287 - 2,952,528 - - - (9,873,674) (699,769) - - (699,769) (48,267) - - (48,267) (748,036) - - (10,621,710) 2,523,622 (232,975) 419,435 (1,406,851) - 2,860,532 12,796,323 10,030,034 51,794,753 5,384,154 $ 12,563,348 $ 10,449,469 $ 50,387,902 $ 5,384,154 $ 12,563,348 $ 10,449,469 $ 50,387,902 $ 5,384,154 $ 12,563,348 $ 10,449,469 $ 50,387,902 $ (continued)
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
204
Technical PW Capital
Automotive Equipment Projects
Services Services Management
Reconciliation of operating income (loss) to net cash
provided (used) by operating activities:
Operating income (loss) 1,389,724 $ 124,202 $ 401,483 $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:
(Decrease) Increase in lease and SBITA obligation - - - (Decrease) Increase in due to OPEB system (17,792) - - (Decrease) Increase in due to retirement system 57,2 10 - - Depreciation 2,704,625 420,789 - Change in assets and liabilities:
Receivables, net (6,816) - - Inventory (2,136,500) - - Accrued liabilities 105,481 120,400 545 Long-term portion estimated claims - - - Compensated absences 22,118 - - Other receipts 398,031 963,000 - Net cash provided (used) by operating activities 2,5 16,081 $ 1,628,391 $ 402,028 $ NONCASH TRANSACTIONS:
Addtion of Leased Assets -$ - $ - $ Addition of Leased Liabilities -$ - $ - $
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
205
Special Workers'
Information Liability Compensation
Technology Insurance Insurance
Services Claims Claims TOTAL
2,458,950 $ (2,113,447) $ 196,480 $ 2,457,392 $ 618,836 - - 618,836 (7,237) - - (25,029) 60,537 - - 117,747 101 - - 3,125,515 19,124 (1,312,617) (279,345) (1,579,654) - - 27,785 (2,108,715) 109,354 335,802 (181,485) 490,097 - 1,115,000 656,000 1,771,000 11,993 - - 34,111 - - - 1,361,031 3,271,658 $ (1,975,262) $ 419,435 $ 6,262,331 $ 1,576,376 $ - $ - $ 1,576,376 $ (1,576,376) $ - $ - $ (1,576,376) $
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the year ended June 30, 2025
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207
CITY OF SANTA CLARA
COMBINING FIDUCIARY FUNDS
PRIVATE PURPOSE TRUST FUNDS
Private Purpose Trust Funds are used to report trus t arrangements, other than pension and investment t rusts, under which principal and income benefit individuals, private organizations, or other governments. The Private Purpose Trust Funds are described below:
CHARITABLE TRUST
This fund accounts for the various gifts, donations and bequests received by the City for distribution to various nonprofit organizations as determined by the Mission City Community Fund.
SUCCESSOR AGENCY
California State laws ABx1 26 and AB 1484 provided for the dissolution of California Redevelopment Agencies effective January 31, 2012 and the transfer of all non-housing Agency assets to the Successor Agency Redevelopment Obligation Retirement Fund.
CUSTODIAL FUNDS
Custodial Funds are presented separately from the Government-wide and Fund financial statements.
Custodial Funds account for assets held by the City as an agent for individuals, governmental entities, and non- public organizations. These funds include the following:
EMPLOYEE CONTRIBUTED EMERGENCY PAID LEAVE POOL FUND
This fund is used to account for monies collected and disbursed for the employees paid leave program that is administered by respective bargaining units. The City does not make contribution to this fund.
SPECIAL ASSESSMENTS
This fund accounts for monies collected and disbursed from special assessment districts where the City is not obligated for the outstanding debt payments.
CUSTODIAL DEPOSITS
This fund accounts for various miscellaneous deposits for other entities.
208
Total
Charitable Successor Private Purpose
Trust Agency Trust
ASSETS
Current assets
Cash and investments:
Pooled cash and investments 941,456 $ 541,228 $ 1,482,684 $ Receivables (net of allowance for uncollectibles):
Interest and rent 6,177 469,575 475,752 Leases receivable - 594,526 594,526 Total current assets 947,633 1,605,329 2,552,962 Noncurrent assets
Leases receivable- noncurrent - 37,812,597 37,812,597 Investment with fiscal agent-noncurrent 2,893,407 - 2,893,407 Land held for resale - 251,159 251,159 Total noncurrent assets 2,893,407 38,063,756 40,957,163 -
Total Assets 3,841,040 39,669,085 43,510,125
LIABILITIES
Unearned revenues - 122,008 122,008 Due to other agencies - 520,000 520,000 Total Liabilities - 642,008 642,008
DEFERRED INFLOWS OF RESOURCES
Leases related - 35,405,346 35,405,346 Total deferred inflows of resources - 35,405,346 35,405,346
NET POSITION
Held in trust for private purpose 3,841,040 - 3,841,040 - 3,621,731 3,621,731 - Total Net Position 3,841,040 $ 3,621,731 $ 7,462,771 $
CITY OF SANTA CLARA
PRIVATE PURPOSE TRUST FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2025
Restricted for individuals, organization
and other governments
Private Purpose Trust Funds
Combining Statement of Net Position
209
Total
Charitable Successor Private Purpose
Trust Agency Trust
ADDITIONS
Investment income:
Net change in fair value of investments 125,280 $ - $ 125,280 $ Interest and rents 111,733 3,286,529 3,398,262 Net investment income 237,013 3,286,529 3,523,542 Gain from sale of property - 24,367,222 24,367,222 Total additions 237,013 27,653,751 27,890,764
DEDUCTIONS
General and administrative 117,787 3,640 121,427 Pass through to the County of Santa Clara - 26,918,266 26,918,266 Loss from lease termination - 143,657 143,657 Total deductions 117,787 27,065,563 27,183,350 119,226 588,188 707,414 Net position - beginning 3,721,814 3,033,543 6,755,357 Net position - ending 3,841,040 $ 3,621,731 $ 7,462,771 $
CITY OF SANTA CLARA
PRIVATE PURPOSE TRUST FUNDS
COMBINING STATEMENT OF CHANGES IN NET POSITION
For the Year Ended June 30, 2025
Net increase (decrease) in fiduciary net position
Combining Statement of Changes in Net Position
210
Employee Contributed Total
Emergency Paid Special Custodial Custodial
Leave Pool Assessments Deposits Funds
ASSETS
Cash and investments:
Pooled cash and investments 505,293 $ 598,557 $ 21,862 $ 1,125,712 $ Total cash 505,293 598,557 21,862 1,125,712 Total Assets 505,293 598,557 21,862 1,125,712
NET POSITION
505,293 598,557 21,862 1,125,712 -
Total Net Position 505,293 $ 598,557 $ 21,862 $ 1,125,712 $
CITY OF SANTA CLARA
CUSTODIAL FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2025
Restricted for individuals, organizations
and other governments
Custodial Funds
Combining Statement of Net Position
211
Employee Contributed Total
Emergency Paid Special Custodial Custodial
Leave Pool Assessments Deposits Funds
ADDITIONS
Contributions:
Employee contributions 107,250 $ - $ - $ 107,250 $ Special assessments - 3,501,359 - 3,501,359 Gifts and bequest - - 2,020 2,020 Total contributions 107,250 3,501,359 2,020 3,610,629 Investment income:
Interest and rents 16,235 - - 16,235 Net investment income 16,235 - - 16,235 Total additions 123,485 3,501,359 2,020 3,626,864
DEDUCTIONS
General and administrative - - 770 770 Benefits paid 36,010 - - 36,010 Pass through to the Stadium Authority - 3,408,575 - 3,408,575 Total deductions 36,010 3,408,575 770 3,445,355 87,475 92,784 1,250 181,509 Net position - beginning 417,818 505,773 20,612 944,203 Net position - ending 505,293 $ 598,557 $ 21,862 $ 1,125,712 $
CITY OF SANTA CLARA
CUSTODIAL FUNDS
COMBINING STATEMENT OF CHANGES IN NET POSITION
For the Year Ended June 30, 2025
Net increase (decrease) in fiduciary net position
Combining Statement of Changes in Net Position
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Statistical Section (Unaudited)
215
CITY OF SANTA CLARA
STATISTICAL SECTION
This part of the City of Santa Clara’s Annual Compr ehensive Report provides detailed information to be tter understand the data presented within the financial statements, note disclosures, and required suppleme ntary information.
TABLES
FINANCIAL TRENDS 1 - 4
Contains trend information to help the reader understand how the City’s financial performance has changed over time.
REVENUE CAPACITY 5 - 10
Contains information to help the reader assess the City’s most significant local revenue sources, the property taxes and electric utility charges.
DEBT CAPACITY 11 - 15
Presents information to assess the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION 16 - 17
Offers information to help the reader understand the environment within which the City’s financial activities take place.
OPERATING INFORMATION 18 - 21
Contains service and infrastructure data to help the reader understand how the City’s financial report relates to the services the City provides and the activities it performs.
City of Santa Clara
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/g21/g22/g23/g15/g21/g27/g28/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g21/g23/g28/g15/g24/g20/g25/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g27/g24/g15/g21/g25/g26/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g26/g23/g15/g24/g28/g24/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g23/g21/g15/g23/g24/g28/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g22/g22/g15/g26/g20/g27/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g56/g81/g85/g72/g86/g87/g85/g76/g70/g87/g72/g71 /g25/g25/g20/g15/g23/g21/g20/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g23/g19/g26/g15/g21/g19/g21/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g11/g20/g12/g21/g20/g27/g15/g22/g27/g20/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g20/g21/g15/g28/g21/g21/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g19/g19/g15/g20/g20/g25/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g27/g19/g15/g28/g28/g26/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g22/g20/g15/g21/g24/g27/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g21/g23/g15/g20/g23/g20/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g22/g15/g20/g22/g21/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g25/g20/g15/g27/g23/g22/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g21/g15/g21/g23/g28/g15/g26/g21/g19/g7/g3/g3/g3/g3/g3/g3 /g20/g15/g28/g23/g21/g15/g20/g28/g28/g7/g3/g3/g3/g3/g3 /g20/g15/g25/g22/g28/g15/g22/g24/g23/g7/g3/g3/g3/g3 /g20/g15/g24/g21/g24/g15/g24/g28/g27/g7/g3/g3/g3/g3 /g20/g15/g22/g26/g25/g15/g23/g25/g22/g7/g3/g3/g3/g3 /g20/g15/g22/g19/g24/g15/g20/g21/g24/g7/g3/g3/g3/g3/g3 /g20/g15/g20/g25/g28/g15/g25/g21/g22/g7/g3/g3/g3/g3/g3 /g20/g15/g19/g25/g27/g15/g20/g28/g21/g7/g3/g3/g3/g3/g3 /g20/g15/g19/g20/g20/g15/g24/g20/g23/g7/g3/g3/g3/g3/g3/g3/g3 /g28/g20/g25/g15/g26/g27/g25/g7/g3/g3/g3/g3/g3/g3/g3/g3 /g51 /g85/g76/g80/g68/g85/g92/g3/g42/g82 /g89/g72/g85/g81/g80/g72/g81/g87 /g49/g72/g87/g3/g44/g81/g89/g72/g86/g87/g80/g72/g81/g87/g3/g76/g81/g3/g38/g68/g83/g76/g87/g68/g79/g3/g36/g86/g86/g72/g87/g86 /g20/g15/g27/g25/g25/g15/g21/g24/g20/g7/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g15/g27/g19/g19/g15/g25/g19/g19/g7/g3/g3/g3/g3 /g20/g15/g26/g21/g20/g15/g21/g27/g21/g7/g3/g3/g3/g3/g3 /g20/g15/g26/g19/g24/g15/g23/g26/g28/g7/g3/g3/g3/g3 /g20/g15/g25/g25/g27/g15/g20/g26/g22/g7/g3/g3/g3/g3/g3 /g20/g15/g24/g27/g26/g15/g26/g28/g28/g7/g3/g3/g3/g3 /g20/g15/g24/g22/g27/g15/g21/g28/g28/g7/g3/g3/g3/g3 /g20/g15/g23/g26/g19/g15/g27/g26/g22/g7/g3/g3/g3/g3 /g20/g15/g23/g20/g23/g15/g23/g23/g21/g7/g3/g3/g3/g3/g3 /g20/g15/g22/g24/g21/g15/g22/g19/g20/g7/g3/g3/g3/g3/g3 /g53/g72/g86/g87/g85/g76/g70/g87/g72/g71 /g27/g19/g28/g15/g26/g20/g26/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g26/g22/g26/g15/g27/g26/g28/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g25/g26/g23/g15/g24/g23/g19/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g25/g24/g19/g15/g22/g24/g28/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g24/g19/g28/g15/g28/g23/g21/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g24/g20/g19/g15/g22/g27/g27/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g23/g22/g19/g15/g19/g23/g21/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g23/g21/g19/g15/g25/g23/g22/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g22/g27/g23/g15/g27/g24/g21/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g22/g23/g20/g15/g26/g20/g23/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g56/g81/g85/g72/g86/g87/g85/g76/g70/g87/g72/g71 /g23/g19/g26/g15/g27/g26/g22/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g20/g21/g24/g15/g24/g23/g23/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g11/g20/g12/g11/g25/g27/g15/g23/g28/g26/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g26/g19/g15/g24/g26/g19/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g27/g28/g15/g24/g21/g20/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g23/g22/g15/g20/g26/g28/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g22/g27/g15/g21/g24/g24/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g21/g19/g23/g15/g24/g19/g28/g12/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g23/g27/g15/g28/g24/g19/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g11/g20/g27/g26/g15/g26/g24/g25/g12/g3/g3/g3/g3/g3/g3/g3/g3/g3 /g22/g15/g19/g27/g22/g15/g27/g23/g20/g7/g3/g3/g3/g3/g3/g3/g3 /g21/g15/g25/g25/g23/g15/g19/g21/g22/g7/g3/g3/g3 /g21/g15/g22/g21/g26/g15/g22/g21/g24/g7/g3/g3/g3 /g21/g15/g20/g27/g24/g15/g21/g25/g27/g7/g3/g3/g3/g3 /g20/g15/g28/g27/g27/g15/g24/g28/g23/g7/g3/g3/g3/g3 /g20/g15/g28/g24/g24/g15/g19/g19/g27/g7/g3/g3/g3/g3 /g20/g15/g27/g22/g19/g15/g19/g27/g25/g7/g3/g3/g3/g3 /g20/g15/g25/g27/g26/g15/g19/g19/g26/g7/g3/g3/g3/g3 /g20/g15/g25/g24/g19/g15/g22/g23/g23/g7/g3/g3/g3/g3 /g20/g15/g24/g19/g25/g15/g21/g24/g28/g7/g3/g3/g3/g3 /g49/g82/g87/g72/g29
/g11/g20/g12/g3/g53/g72/g86/g87/g68/g87/g72/g71/g3/g76/g81/g3/g21/g19/g21/g24 /g54/g82/g88/g85/g70/g72/g29/g3/g3/g41/g76/g81/g68/g81/g70/g72/g3/g50/g73/g73/g76/g70/g72/g15/g3/g38/g76/g87/g92/g3/g82/g73/g3/g54/g68/g81/g87/g68/g3/g38/g79/g68/g85/g68/g17/g3/g3/g3 /g55/g82 /g87/g68/g79/g3/g42/g82 /g89/g72/g85/g81/g80/g72/g81/g87/g68/g79/g3/g36/g70/g87/g76/g89/g76/g87/g76/g72/g86 /g3 /g49/g72/g87/g3/g51 /g82 /g86 /g76/g87/g76/g82 /g81/g29 /g55/g82 /g87/g68/g79/g3/g37/g88/g86 /g76/g81/g72/g86 /g86 /g3/g16/g3/g55/g92/g83/g72/g3/g36/g70/g87/g76/g89/g76/g87/g76/g72/g86 /g49/g72/g87/g3/g51 /g82 /g86 /g76/g87/g76/g82 /g81
/g55/g82 /g87/g68/g79/g3/g51 /g85/g76/g80/g68/g85/g92/g3/g42/g82 /g89/g72/g85/g81/g80/g72/g81/g87 /g49/g72/g87/g3/g51 /g82 /g86 /g76/g87/g76/g82 /g81
/g3
/g20/g17/g3/g3/g49/g72/g87/g3/g51/g82/g86/g76/g87/g76/g82/g81/g3/g69/g92/g3/g38/g82/g80/g83/g82/g81/g72/g81/g87/g3/g177/g3/g47/g68/g86/g87/g3/g55/g72/g81/g3/g41/g76/g86/g70/g68/g79/g3/g60/g72/g68/g85/g86/g3
217
2. Changes in Net Position – Last Ten Fiscal Years
Table 2
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Expens es :
Go vernmental Activities :
General Administration 35,444 $ 33,144 $ 32,353 $ 37,676 $ 33,671 $ 26,436 $ 30,328 $ 25,467 $ 20,636 $ 22,692 $ City Clerk 1,556 1,209 1,329 1,171 1,414 1,292 1,263 864 1,020 309 City Attorney 2,500 2,319 2,529 2,079 1,890 1,945 1,700 1,000 860 270 Human Resources 2,496 1,890 2,039 2,136 1,616 2,751 2,011 1,886 1,675 748 Finance 10,814 8,824 10,031 10,325 10,188 10,497 7,111 6,253 5,323 1,633 Public Works 47,495 46,164 44,839 38,837 41,951 46,176 45,725 38,276 34,314 30,365 Parks and Recreation 27,504 27,659 25,907 20,520 20,266 27,491 23,285 21,369 18,616 17,106 Public Safety:
Police 101,025 97,507 88,389 71,575 87,563 89,477 72,449 76,742 63,612 58,599 Fire 84,243 79,840 73,154 58,117 71,025 67,767 58,120 55,372 43,384 37,120 Planning and Inspection 20,009 18,724 19,218 15,487 15,537 16,281 12,879 10,614 9,162 7,855 Library 13,757 13,056 12,766 10,925 10,864 13,773 12,687 12,302 10,553 10,718 Interest on long term debt 382 546 349 408 487 560 630 695 749 803 To tal Go vernmental Activities Expens es (Net) 347,225 330,882 312,903 269,256 296,472 304,446 268,188 250,840 209,904 188,218 Bus ines s -Type Activities :
Utilities:
Electric 642,856 584,073 658,600 552,552 454,503 453,112 408,812 437,419 402,977 386,239 Water 63,997 58,039 49,010 45,578 45,353 43,196 46,067 41,777 35,649 32,254 Sewer 55,321 36,162 86,208 30,523 30,103 28,614 29,462 25,689 23,047 19,081 Water Recycling 10,058 8,995 6,605 5,700 5,844 6,344 5,909 4,972 4,858 2,672 Solid Waste 39,695 37,809 34,196 32,997 29,769 25,567 25,393 23,363 26,621 20,142 Cemetery 1,224 1,228 1,395 1,350 1,359 1,659 1,257 1,174 820 781 Sports and Open Space Authority 11 10 10 9 8 10 9 10 53 102 Santa Clara Golf and Tennis Club - - - - - 1,675 2,837 2,951 2,772 2,777 Santa Clara Convention Center 17,367 18,926 16,530 11,829 4,667 16,738 12,967 8,423 8,478 9,075 Santa Clara Stadium Authority 79,643 91,047 61,818 65,308 41,181 79,539 103,899 111,210 105,593 147,435 To tal Bus ines s -Type Activities Expens es 910,172 836,289 745,846 612,787 656,454 636,612 656,988 610,868 620,558 557,995 To tal P rimary Expens es 1,257,397 $ 1,167,171 $ 1,015,102 $ 909,259 $ 960,900 $ 904,800 $ 907,828 $ 820,772 $ 808,776 $ 731,637 $ Source: Finance Office, City of Santa Clara
CITY OF SANTA CLARA
CHANGES IN NET P OSITION
Las t Ten Fis cal Years
(Accrual Bas is o f Acco unting)
(In Tho us ands )
218
Table 2
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
P ro gram Revenues :
Go vernmental Activities :
Charges for Services:
General Administration 18,456 $ 21,733 $ 14,252 $ 9,592 $ 3,475 $ 8,837 $ 7,904 $ 398 $ 1,651 $ 1,247 $ Parks and Recreation 3,949 3,589 3,225 2,049 891 1,495 3,431 3,126 3,169 3,114 Planning and Inspection 20,094 18,953 21,755 21,274 16,470 15,564 19,048 12,837 13,658 15,065 Other Programs 22,148 19,205 17,368 15,282 12,604 15,057 17,476 21,303 19,658 23,022 Operating Grants and Contributions 20,979 23,117 6,651 34,060 17,053 9,455 8,457 7,172 4,723 5,809 Capital Gains and Contributions 20,535 11,267 8,534 6,072 11,598 29,619 23,634 20,273 14,280 12,100 To tal Go vernmental Activities P ro gram Revenues 106,161 97,864 71,785 88,329 62,091 80,027 79,950 65,109 57,139 60,357 Bus ines s -Type Activities :
Utilities:
Electric 866,392 784,316 751,409 611,549 526,710 507,494 460,263 475,434 459,849 412,441 Water 66,475 57,514 50,519 51,606 52,530 51,373 47,017 46,685 39,953 31,955 Sewer 57,414 48,791 57,998 116,443 16,587 71,041 44,763 50,942 43,176 41,659 Water Recycling 9,950 8,797 6,395 6,072 6,182 6,304 6,299 5,479 4,834 3,841 Solid Waste 40,950 39,287 35,944 34,851 26,603 26,645 25,983 23,544 22,585 21,854 Cemetery 1,010 775 932 1,024 844 585 634 666 799 693 Sports and Open Space Authority - - - - - - - - 58 72 Santa Clara Golf and Tennis Club - - - - - 674 2,001 1,991 1,780 1,666 Santa Clara Convention Center 18,284 19,671 17,429 8,527 1,221 14,252 12,734 9,061 9,581 7,399 Santa Clara Stadium Authority
(1) 86,747 107,695 74,438 59,528 38,682 87,976 112,550 112,039 110,059 146,619 To tal Bus ines s -Type Activities P ro gram Revenues 1,147,222 1,066,846 995,064 889,600 669,359 766,344 712,244 725,841 692,674 668,199 To tal P rimary Go vernment P ro gram Revenues 1,253,383 1,164,710 1,066,849 977,929 731,450 846,371 792,194 790,950 749,813 728,556 Net (Expens e) Revenues :
Governmental Activities (241,064) (233,018) (241,118) (180,927) (234,381) (224,419) (188,238) (185,731) (152,765) (127,861) Business-Type Activities 237,050 230,557 80,691 143,754 56,572 109,890 75,632 68,853 81,806 47,641 To tal P rimary Go vernment Net (Expens e) Revenues (4,014) $ (2,461) $ (160,426) $ (37,173) $ (177,809) $ (114,529) $ (112,606) $ (116,878) $ (70,959) $ (80,220) $ Note:
(1) Restated in 2025.
Source: Finance Office, City of Santa Clara
(In Tho us ands )
(co ntinued)
CITY OF SANTA CLARA
CHANGES IN NET P OSITION
Las t Ten Fis cal Years
(Accrual Bas is o f Acco unting)
219
CHANGES IN NET P OSITION
Las t Ten Fis cal Years
(Accrual Bas is o f Acco unting)
Table 2
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
General Revenue and o ther changes in Net P o s itio n Go vernmental Activities :
Taxes:
Sales 79,352 $ 61,776 $ 64,498 $ 56,902 $ 56,178 $ 55,270 $ 65,036 $ 56,320 $ 55,751 $ 57,797 $ Ad Valorem Property 95,319 90,176 84,047 74,188 68,358 65,132 58,502 54,965 50,943 45,627 Transient occupancy 26,993 22,347 18,989 10,812 2,949 15,994 23,229 20,580 20,484 20,557 Other 7,407 7,116 6,738 7,317 6,019 5,967 5,955 6,392 5,671 5,510 Internal Governmental, unrestricted:
Motor Vehicle in-lieu - - - - - - - - 55 49 Contribution in-lieu of taxes 38,882 33,144 29,584 27,259 24,548 22,710 21,304 21,986 21,117 19,057 Investment earnings 26,226 17,939 13,299 5,709 6,451 8,700 6,990 4,600 3,466 2,178 Net increase (decrease) in the fair value of invest ments 7,433 9,969 (5,788) (13,688) (5,207) 6,531 8,082 (2,452) (3,217) 1,049 Equity in income (losses) of joint ventures - - - - - 95 28 25 49 44 Rents and royalties 23,092 9,754 10,030 7,205 9,852 9,032 9,762 10,494 11,410 13,642 Other 25,547 12,125 43,058 58,511 24,590 22,513 30,257 16,243 39,956 8,551 Special item - - - - - - - - - (24,451) Transfer 5,051 2,524 4,964 (5,747) (5,765) 1,895 743 1,457 (3,563) 31,186 To tal Go vernment General Revenue and Special Item 335,302 266,870 269,419 228,468 187,973 213,839 229,888 190,610 202,122 180,796 Bus ines s -Type Activities :
(1)
Investment earnings 57,817 35,799 28,656 11,587 13,569 16,709 16,618 15,755 13,031 16,894 Net increase (decrease) in the fair value of invest ments 16,751 11,712 (3,863) (26,594) (6,246) 10,798 9,921 (3,584) (3,672) 1,218 Equity in gains of joint venture 3,613 18,556 8,533 14,639 - - - - - - Gain (loss) on retirement of assets 7 1 - - 1,678 - - - - 29,751 Transfer (5,051) (2,524) (4,964) 5,747 5,765 (1,895) (743) (1,457) 3,563 (31,186) To tal Bus ines s -Type General Revenue 73,137 63,544 28,362 5,379 14,766 25,612 25,796 10,714 12,922 16,677 To tal P rimary Go vernment General Revenue 408,439 330,414 297,781 233,847 202,739 239,451 255,684 201,324 215,044 197,473 Change in Net P o s itio n - Go vernmental Activities 94,238 33,852 28,301 47,541 (46,408) (10,580) 41,650 4,879 49,357 52,935 Change in Net P o s itio n - Bus ines s -Type Activities 310,187 294,101 109,053 149,133 71,338 135,502 101,428 79,567 94,728 64,318 Change in Net P o s itio n - To tal P rimary Go vernment 404,425 327,953 137,355 196,674 24,930 124,922 143,078 84,446 144,085 117,253 Net P o s itio n - Beginning o f Year 2,664,023 2,327,325 2,185,268 1,988,594 1,955,007 1,830,085 1,687,007 1,650,344 1,506,259 1,389,006 Change o f Acco unting P o licy 25,183 - - - - - - - - - GASB75 Implementatio n - - - - - - - (47,783) - - GASB84 Implementatio n - - - - 8,657 - - - - - GASB87 Implementatio n 8,745 4,702 - - - - - - - GASB101 Implementatio n (9,790) - - - - - - - - - Net P o s itio n - End o f Year - To tal P rimary Go vernme nt 3,083,841 $ 2,664,023 $ 2,327,325 $ 2,185,268 $ 1,988,594 $ 1,955,007 $ 1,830,085 $ 1,687,007 $ 1,650,344 $ 1,506,259 $ (1) Equity in income (losses) of joint ventures wer e included in the Electric and Sewer Business-Type Activities beginning in fiscal year 2016.
Source: Finance Office, City of Santa Clara
(co ntinued)
(In Tho us ands )
CITY OF SANTA CLARA
220
Table 3
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
General Fund:
Nonspendable 8,296 $ 5,880 $ 3,396 $ 7,244 $ 13,767 $ 24,260 $ 24,421 $ 25,002 $ 13,837 $ 13,517 $ Restricted 39,817 31,841 24,689 23,291 25,943 28,507 17,652 13,585 7,083 11,865 Committed 12,776 18,577 18,575 23,985 40,280 36,978 30,902 41,914 58,580 64,111 Assigned 16,980 15,756 13,863 9,844 7,131 5,861 7,879 7,473 4,639 4,875 Unassigned 163,215 109,265 92,793 76,751 90,681 122,969 147,739 107,801 107,404 103,430 To tal General Fund 241,084 181,319 153,316 141,115 177,802 218,575 228,593 195,775 191,543 197,798 All o ther Go vernmental Funds :
Restricted 146,815 135,624 137,384 110,448 88,486 89,256 86,802 91,290 89,818 67,612 Committed 101,968 83,629 78,205 73,821 50,558 44,757 45,345 40,473 44,936 38,953 To tal All Other Go vernmental Funds 248,783 219,253 215,589 184,269 139,044 134,013 132,147 131,763 134,754 106,565 To tal Go vernmental Funds 489,867 $ 400,572 $ 368,905 $ 325,384 $ 316,846 $ 352,588 $ 360,740 $ 327,538 $ 326,297 $ 304,363 $
CITY OF SANTA CLARA
FUND BALANCES - GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)
3. Fund Balances – Governmental Funds – Last Ten Fiscal Years
221
Table 4
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
REVENUES:
Taxes:
Sales 79,352 $ 61,776 $ 64,498 $ 56,902 $ 56,178 $ 55,270 $ 65,036 $ 56,321 $ 55,750 $ 57,796 $ Ad valorem property 95,932 90,710 84,599 74,630 68,773 65,498 58,502 54,965 50,943 45,627 Transient occupancy 26,993 22,347 18,989 10,812 2,949 15,994 23,229 20,580 20,484 20,557 Other 7,407 7,116 6,738 7,317 5,824 5,967 5,955 6,392 5,671 5,510 Licenses, permits, fees and penalties 21,677 20,151 18,390 16,182 12,568 11,476 16,478 8,665 10,536 11,530 Intergovernmental 31,951 30,730 13,299 39,929 22,589 19,905 29,685 13,920 15,269 8,570 Charges for services 60,728 59,312 51,976 47,194 38,171 44,029 49,067 45,237 42,941 46,938 Contribution in-lieu of taxes 38,882 33,143 29,584 27,259 24,548 22,710 21,304 21,986 21,117 19,057 Interest and rents 50,183 30,430 26,065 13,220 16,161 17,673 16,927 15,223 14,636 15,617 Net increase (decrease) in the fair value of invest ments 7,433 9,969 (5,788) (13,688) (5,207) 6,531 8,082 (2,452) (3,217) 1,049 Other 18,948 8,860 56,381 42,033 17,161 17,955 15,021 11,957 32,209 9,578 TOTAL REVENUES 439,486 $ 374,544 $ 364,731 $ 321,790 $ 259,715 $ 283,008 $ 309,286 $ 252,794 $ 266,339 $ 241,829 $ Source: Finance Office, City of Santa Clara.
CITY OF SANTA CLARA
(In Thousands)
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
4. Changes in Fund Balances – Governmental Funds – Last Ten Fiscal Years
222
Table 4
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
EXP ENDITURES
Current:
General Administration 36,793 $ 41,322 $ 36,303 $ 42,252 $ 37,273 $ 28,927 $ 36,093 $ 28,997 $ 24,265 $ 23,743 $ City Clerk 2,155 1,747 1,793 1,618 1,697 1,429 1,440 1,361 1,594 1,007 City Attorney 3,129 2,835 3,062 2,681 2,330 2,154 2,006 1,690 1,658 1,500 Human Resources 4,381 3,521 3,698 3,837 3,201 3,876 3,151 3,175 2,993 2,616 Finance 21,223 18,081 18,111 16,576 15,852 14,924 11,697 10,484 9,725 9,319 Public Works 34,117 31,700 30,175 28,158 28,443 28,186 31,595 25,595 24,018 20,088 Parks and Recreation 23,300 23,218 22,511 19,890 17,822 22,551 20,026 18,882 17,364 16,162 Public Safety:
Police 91,973 84,981 81,136 77,590 74,918 74,168 62,799 67,841 62,290 61,015 Fire 79,018 72,078 68,137 62,203 59,799 56,421 50,975 49,043 42,550 39,129 Planning and Inspection 20,390 18,879 19,106 16,174 14,712 13,534 11,521 9,896 9,156 8,231 Library 12,010 10,759 10,732 10,011 8,879 10,392 10,234 10,426 9,113 9,479 Capital Outlay 21,760 31,100 34,798 19,261 30,514 24,021 30,382 19,933 29,329 13,434 Debt Service:
Principal payments 2,711 2,238 2,077 2,009 1,930 1,859 1,786 1,731 1,674 1,620 Interest and fiscal fees 475 622 504 498 572 644 712 767 825 879 Bond issuance cost - - - - - - - 7 2 1 TOTAL EXP ENDITURES 353,435 343,081 332,143 302,758 297,942 283,086 274,417 249,828 236,556 208,223
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXP ENDITURES 86,051 31,463 32,588 19,032 (38,227) (78) 34,869 2,966 29,783 33,606 OTHER FINANCING SOURCES (USES):
SBITA liabilities issued 586 2,078 8,202 - - - - - - - Lease liabilities issued - - - 18 - - - - - - Transfers in 45,749 33,747 27,001 56,105 49,402 29,003 43,334 21,381 44,983 58,473 Transfers out (43,092) (35,620) (24,270) (66,617) (55,575) (37,076) (45,001) (23,106) (52,832) (27,581) TOTAL OTHER FINANCING SOURCES (USES) 3,243 205 10,933 (10,494) (6,173) (8,073) (1,667) (1,725) (7,849) 30,892
NET CHANGE IN FUND BALANCES
BEFORE SP ECIAL ITEM 89,294 $ 31,668 $ 43,521 $ 8,538 $ (44,400) $ (8,151) $ 33,202 $ 1,241 $ 21,934 $ 64,498 $
SP ECIAL ITEM-ASSET TRANSFERRED
TO LIABILITIES ASSUMED BY SUCCESSOR
AGENCY - - - - - - - - - (842)
NET CHANGE IN FUND BALANCES AFTER
SP ECIAL ITEM 89,294 $ 31,668 $ 43,521 $ 8,538 $ (44,400) $ (8,151) $ 33,202 $ 1,241 $ 21,934 $ 63,656 $ DEBT SERVICE AS A P ERCENTAGE OF 3,186 2,860 2,581 2,507 2,502 2,503 2,498 2,505 2,501 2,500 NON-CAP ITAL EXP ENDITURES 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Source: Finance Office, City of Santa Clara.
CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS
(continued)
CITY OF SANTA CLARA
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
(In Thousands)
223
Table 5
Ratio of Net
Fiscal Year Net Local State Net Net Total Assessed Valua tion % Growth Total Direct Ending Secured Assessed Unsecured Assessed Assessed To To tal Assessed of Assessed Tax June 30 Roll (1)
Valuation Roll Valuation Valuation Valuation Valuation R ate 2015 / 16 27,659,960 $ 4,183 $ 5,157,346 $ 32,821,489 $ 32,927,777 $ 99.68% 14.56% 1.16% 2016 / 17 30,672,596 4,183 5,856,885 36,533,664 36,638,297 99.71% 11.31% 1.15% 2017 / 18 33,449,607 3,896 6,553,560 40,007,063 40,109,539 99.74% 9.51% 1.16% 2018 / 19 36,596,483 354 7,266,592 43,863,429 43,964,914 99.77% 9.64% 1.13% 2019 / 20 38,502,828 870 7,629,244 46,132,942 46,232,453 99.78% 5.17% 1.20% 2020 / 21 42,047,766 870 7,972,493 50,021,129 50,118,954 99.80% 8.43% 1.18% 2021 / 22 44,162,052 870 8,007,077 52,170,000 52,264,729 99.82% 4.30% 1.19% 2022 / 23 48,144,003 870 8,688,804 56,833,678 56,926,788 99.84% 8.94% 1.17% 2023 / 24 52,144,207 1,074 8,829,840 60,975,121 61,070,198 99.84% 7.29% 1.17% 2024 / 25 56,416,225 1,074 9,026,763 65,444,063 65,538,325 99.86% 7.33% 1.16% Note:
(1) Net of Home Owner Property Tax Relief.
Source: County of Santa Clara, Department of Finance
CITY OF SANTA CLARA
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Last Ten Fiscal Years
(In Thousands)
5. Assessed and Estimated Actual Value of Taxable Property – Last Ten Fiscal Years
224
CITY OF SANTA CLARA
PROPERTY TAX RATES
(Per $100 Assessed Valuation)
Direct and Overlapping Governments
Last Ten Fiscal Years
Table 6
Fiscal Santa
Year Ending Clara School Special
June 30 County Districts Districts Total
2015 / 16 1.0388% 0.1174% 0.0057% 1.1619%
2016 / 17 1.0388% 0.1014% 0.0086% 1.1488%
2017 / 18 1.0388% 0.1028% 0.0062% 1.1478%
2018 / 19 1.0388% 0.0905% 0.0042% 1.1335%
2019 / 20 1.0388% 0.1472% 0.0041% 1.1901%
2020 / 21 1.0388% 0.1356% 0.0037% 1.1781%
2021 / 22 1.0388% 0.1318% 0.0051% 1.1757%
2022 / 23 1.0388% 0.1150% 0.0044% 1.1582%
2023 / 24 1.0388% 0.1147% 0.0041% 1.1576%
2024 / 25 1.0388% 0.1085% 0.0041% 1.1514%
Tax rate limit: A state constitutional amendment (Proposition 13) commencing with fiscal 1979 provided that the tax rate was limited to 1% of full cash value, levied only by the County and shared with all other jurisdictions. All jurisdictions may levy a tax rate for voter approved deb t.
Due date for current taxes: First installment - November 1; second installment - February 1.
Penalties for delinquency: 10% and 1.5% of tax per month after date taxes become delinquent.
Collected by government unit: County of Santa Clara.
Basis upon which collections are distributed: Taxing jurisdictions assessed valuations and tax rates for voter approved debt to taxing jurisdictions, Co unty rate (1% of full cash value) shared by all jurisdictions.
Compensation paid to collecting government unit for fiscal year 2024-25 is $620,821 Note: Tax rates stated are the rates applicable to the tax rate area 7-000 as typical tax rate area within the City. Rates are based on $100 assessed valuation.
Source: County of Santa Clara, Department of Finance
6. Property Tax Rates Direct and Overlapping Governments – Last Ten Fiscal Years
225
Table 7
Percentage of Percentage of
Assessed Total Assessed Assessed Total Assessed
Taxpayers Valuation Valuation Valuation Valuation
Intel Corporation 2,627,434 $ 4.01% 1,459,395 $ 4.43% Nvidia Corporation (formerly Nvidia Land Development LLC) 2,022,776 3.09% 337,283 1.02% Santa Clara Square Office IIA LLC 1,604,502 2.45% - - Vantage Data Centers LLC 1,221,334 1.86% - - Microsoft Corporation 1,178,702 1.80% 281,487 0.85% SI LLC 1,102,719 1.68% 811,564 2.46% Forty Niners SC Stadium Company LLC 824,299 1.26% 1,454,707 4.42% Apple Inc 815,653 1.24% - - Santa Clara Phase III EFH LLC 741,721 1.13% - - Coresite Real Estate 680,669 1.04% - - Xeres Ventures LLC - - 433,206 1.32% The Irvine Company - - 401,956 1.22% Oracle America Inc (formerly Sun Microsystems) - - 312,326 0.95% M West Propco LLC - - 283,068 0.86% PR 3975 Freedom Circle - - 280,750 0.85% Top Ten Total 12,819,809 $ 19.56% 6,055,742 $ 18.38% City Total 65,538,325 $ 32,927,777 $
Sources: Santa Clara County Assessor 2024-25 and 2015-16 Combined Tax Rolls through HdL Coren & Cone. 2024-25 2015-16
CITY OF SANTA CLARA
PRINCIPAL PROPERTY TAX PAYERS
2024-25 AND 2015-16 COMPARISON FOR GENERAL FUND
(In Thousands)
7. Principal Property Tax Payers 2024-25 and 2015-16 Comparison for General Fund
226
CITY OF SANTA CLARA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(In Thousands)
Table 8
Fiscal Year Percentage of Delinquent Percentage of
Ending Gross Current Tax Current Levy Tax Total Total Levy June 30 Tax Levy Collections Collected Collected Collect ions Collected 2015 / 16 24,745 $ 24,745 $ 100.00% - $ 24,745 $ 100.00% 2016 / 17 27,738 27,738 100.00% - 27,738 100.00% 2017 / 18 30,304 30,304 100.00% - 30,304 100.00% 2018 / 19 33,959 33,959 100.00% - 33,959 100.00% 2019 / 20 37,006 37,006 100.00% - 37,006 100.00% 2020 / 21 40,228 40,228 100.00% - 40,228 100.00% 2021 / 22 42,290 42,290 100.00% - 42,290 100.00% 2022 / 23 54,031 54,031 100.00% - 54,031 100.00% 2023 / 24 58,163 58,163 100.00% - 58,163 100.00% 2024 / 25 62,064 62,064 100.00% - 62,064 100.00% Sources: City of Santa Clara and County of Santa Clara, Department of Finance
8. Property Tax Levies and Collections – Last Ten Fiscal Years
227
Table 9
This list is in alphabetical order and represents s ales from July 2024 to June 2025 The Top 25 Sales / Use Tax contributors generate 49 .6% of Santa Clara's total sales and use tax revenu e AG Electronic Materials NVIDIA Corporation
Applied Materials Oracle America
Arista Networks Porsche Stevens Creek
Bell Electrical Supply Rotten Robbie Service Station s
Costco Wholesale Shockwave Medical
Financial Services Vehicle Trust Stevens Creek Auto Imports Frontier Ford Stevens Creek BMW
Home Depot Stevens Creek Hyundai
Ingrasys Technology USA Vantage Data Centers Procure ment Lasertec U.S.A Wiwynn International
Lenovo Global Technology World Wide Technology
Levi's Stadium ZT Systems
Lexus of Stevens Creek
Sources: From Muni Services Sales Tax Digest Summary.
CITY OF SANTA CLARA
PRINCIPAL SALE/USE TAX CONTRIBUTORS
June 30, 2025
9. Principal Sale/Use Tax Contributors
228
Table 10
Fiscal Year
Ending
June 30 Residential Commercial Industrial Other Total
2015 / 16 27,789 $ 15,409 $ 321,491 $ 7,112 $ 371,801 $ 2016 / 17 28,007 15,855 341,865 4,682 390,410 2017 / 18 29,082 15,774 355,279 3,562 403,698 2018 / 19 29,734 15,378 359,407 2,428 406,947 2019 / 20 31,867 15,472 383,704 2,815 433,858 2020 / 21 35,440 16,489 399,940 1,394 453,264 2021 / 22 33,275 16,395 448,257 4,447 502,373 2022 / 23 38,021 17,991 500,189 2,964 559,165 2023 / 24 41,676 22,584 584,360 7,527 656,147 2024 / 25 47,179 26,684 660,654 7,771 742,288 Sources: City of Santa Clara
CITY OF SANTA CLARA
Electric Utility Charge For Services by Source
Last Ten Fiscal Years
(In Thousands)
10. Electric Utility Charge for Services by Source
229
Table 11
Total
Primary
Government Population
Debt per
Capita
Total
Personal
Income ($000)
Debt/
Income
Ratio
Fiscal Year
Ending
June 30
Certificates
of
Participation
Lease
Liabilities
SBITA
Liabilities
Revenue
Bonds/ Loan
Lease
Liabilities
SBITA
Liabilities
Revenue
Bonds
2015 / 16 22,905 $ $ - $ - 229,719 $ $ - $ - 464,720 $ 717,344 $ 123,752 $ 5,797 $ 5,194,006 $ 13.81% 2016 / 17 21,177 - - 220,800 - - 429,773 671,750 123,983 5,418 5,454,137 12.32% 2017 / 18 19,392 - - 208,117 - - 394,827 622,336 129,604 4,802 6,064,143 10.26% 2018 / 19 17,551 - - 189,158 - - 340,217 546,926 128,717 4,249 6,121,909 8.93% 2019 / 20 15,638 - - 196,012 - - 325,265 536,915 129,104 4,159 6,180,008 8.69% 2020 / 21 13,654 676 - 184,933 2,917 - 296,796 498,976 130,746 3,816 6,596,037 7.56% 2021 / 22 11,594 464 2,397 170,413 2,287 1,437 280,314 468,906 130,127 3,603 7,540,481 6.12% 2022 / 23 10,560 252 8,918 155,302 1,633 2,718 245,275 424,658 132,476 3,206 8,953,977 4.74% 2023 / 24 9,476 39 9,204 154,567 951 2,976 228,668 405,881 132,048 3,074 9,985,016 4.06% 2024 / 25 8,337 1,514 7,566 266,670 241 2,495 219,609 506,432 134,587 3,763 10,972,709 4.62% Sources: Finance Office, City of Santa Clara and MuniServices LLC.
CITY OF SANTA CLARA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(In Thousands)
Governmental Activities Business Activities
Santa Clara
Stadium
Authority
11. Ratios of Outstanding Debt by Type – Last Ten Fiscal Years
230
Fiscal Year
Ending June 30 Population
Total Assessed
Valuation
2015 / 16 123.8 32,927,777 $
2016 / 17 123.9 36,638,297
2017 / 18 129.6 40,109,539
2018 / 19 128.7 43,964,914
2019 / 20 129.1 46,232,453
2020 / 21 130.7 50,118,954
2021 / 22 130.1 52,264,729
2022 / 23 132.5 56,926,788
2023 / 24 132.0 61,070,198
2024 / 25 134.6 65,538,325
Sources: State of California, Department of Finance
County of Santa Clara, Department of Finance
CITY OF SANTA CLARA
POPULATION AND ASSESSED VALUATION
Last Ten Fiscal Years
(In Thousands)
Table 12
12. Population and Assessed Valuation – Last Ten Fiscal Years
231
Table 13
% Applicable Debt
Direct Debt:
2013 Refunding Certificates of Participation 100% 7,970,000 $ Total Gross Direct Debt 7,970,000
Unamortized Premium/Discount 100% 366,503
Lease Liabilities 1,514,009
SBITA liabilities 7,565,921
Total Net Direct Debt 17,416,433
Overlapping Debt:
Santa Clara County General Fund Obligations 94,461,705
Santa Clara County Pension Fund Obligations 29,932,630
Santa Clara Valley Water District Benefit Assessmen t District 2,350,096 Santa Clara County Board of Education Certificates of Participation 1,137,584 San Jose-Evergreen Community College District OPEB Obligations 23,288 West Valley-Mission Community College District Gene ral Fund Obligations 785,232 Foothill-DeAnza Community College District 7,178,815
San Jose-Evergreen Community College District 470,352
West Valley Community College District 196,699,058
Fremont Union High School District 19,428,548
Campbell Union High School District General Fund Ob ligations 273,250 Campbell Union School District 11,202,845
Campbell Union High School District 6,953,775
Campbell Union School District General Fund Obligat ions 39,792 El Camino Hospital District 1,778,203
San Jose Unified School District 561,053
Cupertino Union School District 14,859,747
Santa Clara Unified School District 632,541,564
San Jose Unified School District General Fund Obligations 2,292 Santa Clara County 114,763,188
Cupertino Union School District General Fund Obliga tions 2,026,956 Santa Clara Unified School District Certificates of Participation 7,168,895 Total Overlapping Debt 1,144,638,868
Total Gross Direct and Overlapping Bonded Debt (1) 1,162,055,301 Direct Unamortized Premium/Discount
TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT 1,162,055,301 $ 2024 / 25 Assessed Value 65,538,324,753 $
Ratios to Assessed Valuation:
Direct Debt 17,416,433 $ 0.027%
Total Gross Debt 1.773%
Total Net Debt 1.773%
Note: (1) Excludes tax and revenue anticipation no tes, revenue, mortgage revenue and tax allocation b onds.
Source: California Municipal Statistics, Inc.
CITY OF SANTA CLARA
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT June 30, 2025
Description
232
13. Computation of Direct and Overlapping Bonded Debt
Table 14
Fiscal Year Net
Ending Assessed Debt Limit- 15% of Debt Applicable
June 30 Valuation Assessed Valuation (1)
to Limit Legal Debt Margin
2015 / 16 32,821,489 $ 4,923,223 $ $ - 4,923,223 $ 2016 / 17 36,533,664 5,480,050 - 5,480,050 2017 / 18 40,007,063 6,001,059 - 6,001,059 2018 / 19 43,863,429 6,579,514 - 6,579,514 2019 / 20 46,132,942 6,919,941 - 6,919,941 2020 / 21 50,021,129 7,503,169 - 7,503,169 2021 / 22 52,170,000 7,825,500 - 7,825,500 2022 / 23 56,833,678 8,525,052 - 8,525,052 2023 / 24 60,975,121 9,146,268 - 9,146,268 2024 / 25 65,444,063 9,816,609 - 9,816,609 Note:
Sources: County of Santa Clara, Department of Finance and City of Santa Clara
CITY OF SANTA CLARA
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
(In Thousands)
(1) Section 1309 of the City Charter of the City states: "Bonded Debt Limit. The bonded indebtedness of the City may not in the aggregate exceed the sum of fifteen percent (15%) of the total assessed valuation of property within the City, exclusive of revenue bonds or any indebtedness that has been or may hereafter be incurred for the purposes of acquiring, constructing, extending, or maintaining municipally owned utilities for which purposes a further indebtedness may be incurred by the issuance of bonds, subject only to the provisions of the State Constitution and this Charter."
14. Legal Debt Margin Information – Last Ten Fiscal Years
233
Table 15
Fiscal Year
Ending June 30
Gross
Revenue
Less
Operating
Expense
Net Revenue
Available For
Debt Service Principal Interest
Letter Of
Credit
Fees Total Coverage (1)
2015 / 16 359,084 $ 316,578 $ 42,506 $ 8,958 $ 8,348 $ 358 $ 17,664 $ 2.41 2016 / 17 352,828 317,237 35,591 7,640 8,434 335 16,409 2.17 2017 / 18 383,662 346,825 36,837 11,416 6,594 302 18,312 2.01 2018 / 19 414,975 331,141 83,834 11,897 11,565 607 24,069 3.48 2019 / 20 445,142 368,162 76,980 11,700 6,787 316 18,803 4.09 2020 / 21 465,675 407,627 58,048 9,580 3,862 349 13,791 4.21 2021 / 22 550,445 493,302 57,143 13,005 3,232 8 16,245 3.52 2022 / 23 635,066 602,370 32,696 13,580 2,696 15 16,291 2.01 2023 / 24 635,038 518,547 116,491 15,140 2,254 6 17,400 6.69 2024 / 25 860,791 570,619 290,172 15,460 5,767 581 21,808 13.31 Notes:
Source: City of Santa Clara
CITY OF SANTA CLARA
Last Ten Fiscal Years
(In Thousands)
(1) The required coverage is 1.00.
PLEDGED REVENUE COVERAGE
ELECTRIC REVENUE BOND
15. Pledged Revenue Coverage Electric Revenue Bond – Last Ten Fiscal Years
234
Table 16
Per
Capita Public County City
Personal Buying Median School Unemployment Unemployment Year Population Income Income Age Enrollment Rate Rate
($000)
2015 / 16 123,752 5,194,006 $ 41,971 $ 34.3 15,388 4.2% 3.7% 2016 / 17 123,983 5,454,137 43,991 34.3 15,409 3.8% 3.4% 2017 / 18 129,604 6,064,143 46,790 34.3 15,509 2.9% 2.7% 2018 / 19 128,717 6,121,909 47,561 33.9 15,387 2.1% 1.9% 2019 / 20 129,104 6,180,008 47,868 34.2 15,306 11.0% 9.0% 2020 / 21 130,746 6,596,037 50,449 33.9 14,808 7.0% 5.9% 2021 / 22 130,127 7,540,481 57,947 34.0 14,028 1.8% 1.6% 2022 / 23 132,476 8,953,977 67,589 34.5 13,919 3.2% 2.9% 2023 / 24 132,048 9,985,016 75,617 34.8 14,236 3.4% 3.2% 2024 / 25 134,587 10,972,709 81,529 34.4 14,448 3.8% 3.3% Sources: MuniServices, LLC \ Avenu Insights & Analytics (1) Population data by the California Department of Finance Projections. (2) The California Department of Finance demographics estimates now incorporate 2010 Census counts as a benchmark. (3) Unemployment and Total Employment Data are provided by the EDD's Bureau of Labor Statistics Department. (4) Student Enrollment reflects the total number of students enrolled in the Santa Clara Unified School District.
Other school districts within the City are not accounted for in this report.
CITY OF SANTA CLARA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Calendar Years
16. Demographic and Economic Statistics – Last Ten Calendar Years
235
Table 17
Percentage of Percentage of
Number of Total City Number of Total City
Company Employees Employment Employees Employment
Applied Materials, Inc. 8,500 21.1% 8,500 22.1% Intel Corporation 7,801 19.3% 7,801 20.3% Advanced Micro Devices Inc. 3,000 7.4%
Nvidia 2,700 6.7%
Kaiser Foundation Health Plan 2,600 6.4%
California's Great America 2,500 6.2% 2,500 6.5% Dell 2,088 5.2%
Santa Clara University 2,000 5.0% 1,200 3.1% City of Santa Clara 1,200 3.0% 1,759 4.6% Macy's 1,200 3.0% 1,200 3.1%
Avaya Inc. - - 2,000 5.2%
EMC Corporation - - 1,338 3.5%
Catalyst Semiconductor Inc - - 1,100 2.9% Lsa Global - - 1,001 2.6%
Total Top Ten 33,589 83.3% 28,399 73.9% All Others 6,786 16.7% 10,022 26.1%
Total Employment 40,375 100% 38,421 100% Sources : Fiscal year 2025: Reference Solutions database, Infogroup, Inc., Papillion, Nebraska Sources: Fiscal year 2016: ReferenceUSA database, infogroup, Inc., Papillion, Nebraska
CITY OF SANTA CLARA
PRINCIPAL EMPLOYERS
Current Year and Ten Years Ago
2025 2016
17. Principal Employers – Current Year and Ten Years Ago
236
Table 18
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
City Council 10.00 10.00 9.00 9.00 9.00 10.00 10.00 11.00 10.00 9.00 City Clerk 7.00 7.00 7.00 6.00 7.00 5.00 6.00 7.00 7.00 5.00 City Attorney 8.00 7.00 8.00 8.00 8.00 7.00 7.00 6.00 6.00 6.00 City Auditor 2.00 2.00 3.00 3.00 3.00 3.00 - - - - City Manager 19.00 11.30 19.00 19.00 13.00 13.00 13.00 14.00 13.00 16.00 Information Technology 7.00 6.00 6.00 6.00 7.00 7.00 7.00 7.00 7.00 5.00 Human Resources 15.00 15.00 15.00 14.00 15.75 15.75 15.00 15.00 15.00 14.50 Finance 71.50 70.75 69.75 68.75 69.75 61.75 61.00 61.00 61.75 60.25 Parks & Recreation 77.75 77.75 77.75 77.75 82.75 82.75 80.75 80.75 79.00 82.75 Library 42.75 42.75 42.50 42.50 46.75 46.75 46.75 45.50 45.50 47.00 Community Development 79.00 75.00 73.00 72.00 68.75 66.00 65.00 64.00 56.00 42.00 Engineering 41.25 36.25 40.25 39.25 42.25 39.25 39.92 40.92 39.25 38.25 Building Maintenance 13.00 13.00 13.00 13.00 13.00 13.00 13.23 13.23 12.90 10.90 Street 55.55 55.60 55.60 55.50 60.60 60.60 58.60 58.60 59.60 65.35 Automotive Services 14.70 14.65 14.65 14.75 15.65 15.65 15.75 15.75 15.75 15.00 Police 231.00 231.00 231.00 221.00 239.00 239.00 239.00 239.00 231.00 222.00 Fire 173.50 173.50 155.50 154.50 168.25 167.25 167.25 167.50 166.50 179.50 Non-Departmental 19.00 5.70 - - 11.00 9.00 4.00 - - - Electric Utility 223.00 222.00 214.00 198.00 198.00 197.00 189.00 186.00 179.00 166.00 Water Utility 49.85 50.55 50.55 50.55 50.80 50.80 50.35 50.85 52.70 50.10 Sewer Utility 23.15 22.45 22.45 22.45 22.20 22.20 22.65 22.15 21.30 19.90 TOTAL 1,183.00 1,149.25 1,127.00 1,095.00 1,151.00 1,131.75 1,111.25 1,105.25 1,078.25 1,054.50 Source: City of Santa Clara Annual Budget
CITY OF SANTA CLARA
FULL-TIME EQUIVALENT BUDGETED CITY EMPLOYEES BY PROGRAM/FUNCTION Last Ten Fiscal Years
Fiscal Year Ending June 30
18. Full-Time Equivalent Budgeted City Employees by Program/Function – Last Ten Fiscal Years
237
Table 19
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Culture and Recreation:
Number of library items circulated 1,862,771 2,060,38 9 2,152,877 1,268,965 736,301 1,598,171 2,509,201 2,612,102 2,700,315 2,479,126 Fire Protection:
Number of calls answered 11,086 10,949 10,688 10,391 8,853 9,339 9,456 8,849 8,850 8,933 Number of inspections conducted 4,332 8,801 N/A 10,143 4,004 4,303 6,404 8,470 9,696 8,260 Police Protection:
Number of calls for service
(1)
49,871 47,828 43,306 61,421 67,211 63,860 58,912 53,865 50,429 51,853 Electric System:
Maximum annual demand (MW) 713.5 669.2 693.9 649.4 590.6 579.3 587.8 586.6 568.1 526.4 Total annual energy (Mwh) 4,956,957 4,657,586 4,568,293 4,361,658 3,956,474 3,773,864 3,693,251 3,733,800 3,628,200 3,488,004 Sewer System:
Number of service connections 27,522 25,312 26,105 25,682 25,948 25,359 25,481 26,236 26,162 25,744 Peak flow (5-day average, WPCP)
(MG) 110 110 110 110 110 110 110 110 110 110 Maximum daily capacity of
treatment plant (WPCP) (MGD) 167 167 167 167 167 167 167 167 167 167 Peak flow (5-day average, City)
(MGD) 16 16 16 16 16 16 16 16 16 16 Water System:
Number of service accounts 27,971 24,903 25,894 25,371 25,592 24,904 25,293 25,670 25,714 25,716 Daily Average consumption (MG) 14 15 14 13 16 16 16 15 15 15 Maximum daily capacity of plant:
Potable Water (MGD) 80 80 80 80 80 80 80 80 80 96 Recycled Water (MGD) 15 15 15 15 15 15 15 15 30 14 Note: (1) Data Based on Calendar Year
Source: City of Santa Clara
CITY OF SANTA CLARA
OPERATING INDICATORS BY FUNCTION/ACTIVITY
Last Ten Fiscal Years
Fiscal Year Ending June 30
19. Operating Indicators by Function/Activity – Last Ten Fiscal Years
238
CITY OF SANTA CLARA
Table 20
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Culture and Recreation:
Number of community centers 4 4 4 4 4 4 4 4 4 4 Number of parks 53 44 44 44 44 44 39 39 35 34 Park acreage 375 353 353 367 367 353 254 311 330 274 Number of golf courses - - - - - - 1 1 1 1 Number of swimming pools 11 11 11 11 11 11 11 11 11 5 Number of tennis courts 28 28 27 27 27 27 28 28 28 28 Number of lawn bowling greens 1 1 1 1 1 1 1 1 1 1 Number of lighted soccer fields 7 7 7 7 7 7 3 3 3 3 Number of lighted softball fields 4 4 4 4 4 4 7 7 7 7 Number of neighborhood park buildings 11 11 10 10 10 10 8 8 8 8 Number of gymnastic centers 1 1 1 1 1 1 1 1 1 1 Number of skate parks 1 1 1 1 1 1 1 1 1 1 Number of community theaters 1 1 1 1 1 1 1 1 1 1 Number of libraries 3 3 3 3 3 3 3 3 3 3 Cemetery 2 2 2 2 2 2 2 2 2 2 Fire Protection:
Number of stations 9 9 10 10 9 10 10 10 10 10 Police Protection:
Number of stations 2 1 1 1 1 2 2 2 2 2 Electric System:
Number of meters 62,081 60,795 59,297 59,227 58,230 57,066 55,971 55,139 54,942 53,824 Miles of high voltage lines 637 631 631 622 618 616 613 612 608 605 Number of substations 33 29 31 29 29 29 28 27 27 27 Sewerage and Storm Drain System:
Miles of sanitary sewers 288 288 288 288 288 288 288 288 288 288 Number of sanitary sewer pump stations 6 6 6 6 6 6 6 6 6 6 Miles of storm sewers 194 194 194 194 196 195 195 195 195 195 Number of treatment plants 1 1 1 1 1 1 Tertiary 1 Tertiary 1 Tertiary 1 Tertiary 1 Tertiary Number of storm drain pump stations 22 22 22 22 22 22 22 22 22 22 Water System:
Miles of water mains 306 306 306 306 306 306 335 335 335 310 Number of fire hydrants 3,648 3,648 3,437 3,437 3,248 3,429 3,404 3,382 3,501 3,383 Miles of recycled watermains 34 34 34 34 34 34 33 33 33 33 Streets:
Miles of Streets 252 252 252 252 252 252 252 252 252 252 Number of Street Lights 8,437 8,431 8,431 8,429 8,404 8,235 8,187 8,118 8,112 8,103 Number of Traffic Signals 161 160 157 186 183 182 207 207 207 206 Source: City of Santa Clara
CAPITAL ASSETS STATISTICS BY FUNCTION
Last Ten Fiscal Years
Fiscal Year Ending June 30
20. Capital Assets Statistics by Function – Last Ten Fiscal Years
239
Table 21
INSURANCE ANNUAL TERM EXPIRATION
TYPE OF POLICY COMPANY LIMITS (1)
PREMIUM YEARS DATE (2)
Liability
Comprehensive General Self-insured (Since 1987) $3 million n/a - Ongoing Excess Liability PRISM $50 million $2,898,340 1 7/1/2025 and various other carriers
Workers' Compensation Self-insured (since 1973) $750 thousand n/a - Ongoing Excess Workers' PRISM Statutory $1,481,262 1 7/1/2025 Compensation and various other carriers
Property Coverage
All Risks, including flood, Alliant Property Insurance
excluding earthquake Program (APIP) $1 billion $2,061,403 1 7/1/2025 Various excess carriers
Boiler and Machinery Alliant Property Insurance $100 million $16,326 1 7/1/2025 Program (APIP)
Various excess carriers
Financial Loss Bonds
Crime Coverage Bond PRISM $25 million $16,257 1 6/30/2025 Notes:
(1) Limits are per occurrence
(2) All policies have been renewed
Source: City of Santa Clara
CITY OF SANTA CLARA
STATEMENT OF INSURANCE COVERAGE
June 30, 2025
21. Statement of Insurance Coverage
240
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241
SUCCESSOR AGENCY CITY OF SANTA CLARA
STATISTICAL SECTION
This part of the City of Santa Clara’s Annual Compr ehensive Report provides detailed information to be tter understand the data presented within the financial statements, note disclosures, and required suppleme ntary information.
TABLES
REVENUE CAPACITY 1 - 3
Contains information to help the reader assess the Successor Agency’s most significant local revenue source, the property tax.
DEBT CAPACITY 4
Presents information to assess the affordability of the Successor Agency’s current levels of outstanding debts.
Successor Agency
242
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243
` `
Table 1
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Real Property Value 6,876,668 $ 6,573,299 $ 5,996,569 $ 5,790,301 $ 5,708,617 $ 5,372,322 $ 6,024,538 $ 6,136,642 $ 5,710,559 $ 4,474,495 $ Other Property Value 34,081 32,851 26,855 33,102 28,733 25,324 22,913 25,857 27,877 796,082 Total Project Value 6,910,749 6,606,150 6,023,424 5,823,403 5,737,350 5,397,646 6,047,451 6,162,499 5,738,436 5,270,577 Less Base Value (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) (8,838) 49,632 49,322 Increment Over Base Value 6,901,911 6,597,312 6,014,586 5,814,565 5,728,512 5,388,808 6,038,613 6,153,661 5,788,068 5,319,899 Redevelopment Property
Tax Trust Fund (RPTFF)
(1) - - - - - - - - - 5,697 Total Tax Revenue - $ - $ - $ - $ - $ - $ - $ - $ - $ 5,697 $ Notes:
Source: City of Santa Clara / Santa Clara County Au ditor
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH P ROJECT AREA
HISTORICAL TAX INCREMENT
Las t Ten Fis cal Years
(In Tho us ands )
(1) With the State dissolving all RDAs on 02/01/201 2, the structure of Tax Increment Revenue has chang ed. Starting in fiscal year 2012-13, the County's p roperty tax distribution to the Successor Agency was changed to the Redevelopment Property Ta x Trust Fund (RPTTF). The RPTTF reported in this t able is the amount calculated by the County Auditor -Controller. Under the provisions of the laws dissolving the Redevelopment Agency, the S uccessor Agency only receives the funds necessary t o fulfill its approved obligations.
1. Historical Tax Increment – Last Ten Fiscal Years
244
Table 2
ASSESSED ASSESSED
PROPERTY PROPERTY PERCENT
ASSESSEE USE VALUATION OF TOTAL
1 Forty Niners SC Stadium Company LLC Commercial Office Building 824,299,415 $ 11.93% 2 SI LLC Commercial Office Building 619,524,374 8.96% 3 Exchange Santa Clara Commercial Office Building 322,524,000 4.67% 4 Innovation Commons Owner LLC Commercial Office Building 295,835,617 4.28% 5 Apple Inc Commercial Office Building 255,240,714 3.69% 6 The Irvine Company Commercial Office Building 245,272,689 3.55% 7 PC Santa Clara Gateway 2 LLC Commercial Office Building 226,609,725 3.28% 8 SCT Owner LLC Commercial Office Building 209,792,223 3.04% 9 STC Venture LLC Commercial Office Building 192,645,216 2.79% 10 PRII Towers at Great America Owner LLC Commercial Office Building 186,969,014 2.71% TOTAL 3,378,712,987 $ 48.90%
TOTAL AGENCY ASSESSED VALUE 6,910,749,141 $
Source: HDL Coren & Cone
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
TEN LARGEST ASSESSEES - TAXABLE VALUE
June 30, 2025
2. Ten Largest Assessees – Taxable Value
245
Table 3
HEARING APPLICANT'S
TAX ROLL ASSESSED APPEAL DATE OPINION
NUMBER ASSESSEE VALUATION/ORIGINAL S/U
(1)
NUMBER DEADLINE STATUS VALUATION LAND USE
984-92-103 FORTY NINERS 554,267,314 $ S 17.0232 140,000,000 $ Commerical 984-92-104 FORTY NINERS 554,267,314 S 17.0233 140,000,000 Commerical 984-92-104 FORTY NINERS 548,980,708 S 16.0256 100,000,000 Commerical 984-92-103 FORTY NINERS 548,980,708 S 16.0257 100,000,000 Commerical 104-42-019 EXCHANGE SANTA CLARA INNOVATION PARTNERS 297,866,520 s 24.3895 2 Commerical 104-42-019 EXCHANGE SANTA CLARA INNOVATION PARTNERS 292,026,000 s 23.5354 200,000 Commerical 984-92-104 FORTY NINERS 283,101,065 S 24.3693 177,787,000 Commerical 984-92-103 FORTY NINERS 283,101,065 S 24.3692 177,787,000 Commerical 984-92-103 FORTY NINERS 277,550,065 S 23.5336 186,205,658 Commerical 984-92-104 FORTY NINERS 277,550,065 S 23.5337 186,205,658 Commerical 984-92-104 FORTY NINERS 272,107,908 S 22.3647 192,212,293 Commerical 984-92-103 FORTY NINERS 272,107,908 S 22.3646 192,212,293 Commerical 984-92-104 FORTY NINERS 266,772,459 S 21.1325 142,675,827 Commerical 984-92-103 FORTY NINERS 266,772,459 S 21.1324 142,675,827 Commerical 984-92-104 FORTY NINERS 264,037,037 S 20.3937 229,166,000 Commerical 984-92-103 FORTY NINERS 264,037,037 S 20.3938 229,166,000 Commerical 984-92-103 FORTY NINERS 258,859,841 S 19.1380 244,237,500 Commerical 984-92-104 FORTY NINERS 258,859,841 S 19.1381 244,237,500 Commerical 984-92-103 FORTY NINERS 253,784,158 S 18.1918 250,500,000 Commerical 104-52-027 STC VENTURE LLC 192,645,216 S 24.4703 96,322,608 Commerical 6,487,674,688 $ 3,171,591,166 $
Note:
(1) S=secured roll, U=unsecured roll
Source: Santa Clara County Assessor's Office
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
ASSESSMENT APPEAL ACTIVITY OF TOP 20 ASSESSEES
2024-25 Impacts
3. Assessment Appeal Activity of Top 20 Assessees
246
Table 4
2024-25 Assessed Valuation: 6,910,749,141 $
Base Year Valuation: (8,837,956)
Incremental Valuation: 6,901,911,185 $
Total Debt Project Area’s Share of
6/30/2025 % Debt 6/30/25
OVERLAPPING TAX AND ASSESSMENT DEBT :
Santa Clara County 1,217,905,000 $ 0.994% 12,105,976 $ West Valley-Mission Community College District 631,255,000 3.449% 21,771,985 Santa Clara Unified School District 958,135,000 7.492% 71,783,474 El Camino Hospital District 98,789,066 0.008% 7,903 Santa Clara Valley Water District Benefit Assessmen t District 24,940,000 0.994% 247,904 TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 105,917,242 $ OVERLAPPING GENERAL FUND DEBT :
Santa Clara County General Fund Obligations 1,002,458,930 $ 0.994% 9,964,442 $ Santa Clara County Pension Obligations 317,654,990 0.994% 3,157,491 Santa Clara County Board of Education Certificates of Participation 12,072,417 0.994% 120,000 West Valley-Mission Community College District Gene ral Fund Obligations 2,520,000 3.449% 86,915 Santa Clara Unified School District Certificates of Participation 10,859,000 7.492% 813,556 City of Santa Clara General Fund Obligations 7,970,000 10.545% 840,437 Santa Clara County Vector Control District Certific ates of Participation - TOTAL OVERLAPPING GENERAL FUND DEBT 14,982,841 $
Less: Santa Clara County supported obligations (24,055) COMBINED TOTAL DIRECT AND OVERLAPPING DEBT 120,900,083 $ (2) TOTAL NET DIRECT AND OVERLAPPING BONDED DEBT 120,876,028 $ (1) Percentage of overlapping agency's assessed val uation located within boundaries of the project are a (2) Excludes tax and revenue anticipation notes, en terprise revenue, mortgage revenue and non-bonded c apital lease obligations Ratios to 2024-25 Assessed Valuation :
Combined Total Direct and Overlapping Debt 1.75%
Net Combined Total Direct and Overlapping Debt 1.75%
Source: California Municipal Statistics, Inc.
SUCCESSOR AGENCY OF THE CITY OF SANTA CLARA
BAYSHORE NORTH PROJECT AREA
COMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT
June 30, 2025
4. Computation of Direct and Overlapping Bonded Debt
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