_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
October 2025
1 City of Santa Clara
Financial Status Report as of October 31, 2025
This report summarizes the City’s financial performance for the month ended October 31, 2025.
Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, Internal Service Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.
Economic Outlook
The December 2025 UCLA Anderson Forecast continues to point to elevated uncertainty regarding the economic trajectory. “Not only does economic policy continue to fluctuate, as evidenced by shifting tariff schedules, but the longest government shutdown in history means that we have been partially blind to how the economy has been unfolding over the Fall. This lack of real-time data introduces a significant risk factor into current forecasting as we are operating with limited information. 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. Moreover, this presence of such strong, opposing economic forces (massive AI investment and its related wealth effects on one side, and tariff and deportation-induced uncertainty and cost pressures on the other), implies a greater scope for the forecast
to miss in either direction.”
1 While the data on the third quarter 2025
Gross Domestic Product (GDP) was not
available due to the government
shutdown, the UCLA Forecast assumes
robust growth of 3.2% in third quarter of
2025 due to growth in consumption
expenditures and continued investment
in AI infrastructure. However, the
Forecast describes how the strength in
these areas masks underlying weakness
across the economy. “Poorer households
and small businesses are struggling with
higher costs of goods due to factors like
tariffs as they face a volatile and
uncertain economic environment. This
uncertainty, stemming partly from tariff
and immigration policies, hinders small firms’ ability to accurately make future spending commitments, limiting their hiring and investment decisions. Outside of AI-related investments, capital expenditures are on net contracting.”
2 Lower GDP growth is expected in the final quarter of 2025 due to a strain on consumption and business investment outside AI, the price impact from tariffs, and the impact of the
1 UCLA Anderson Forecast for the Nation, Winter 2025 Report: In the Crosswinds of AI and Tariffs 2 UCLA Anderson Forecast for the Nation, Winter 2025 Report: In the Crosswinds of AI and Tariffs Quarterly Real GDP Growth Forecast
(Seasonally Adjusted Annual Rates)
2 City of Santa Clara
Financial Status Report as of October 31, 2025
government shutdown. GDP growth is forecasted to improve in 2026 with continued investment in AI infrastructure spurred on by government fiscal stimulus.
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. “ The US economy enters the final stretch of 2025 amid a mixture of relief and renewed uncertainty. The conclusion of the record 43- day federal government shutdown will restore key government functions and resume the flow of economic data critical to businesses and policymakers. However, it could take days — and in some cases a week or even months — before normal operations resume. While the immediate damage to output appears limited, the shutdown’s ripple effects, including delayed spending, suspended contracts, and data distortions —are expected to weigh on Q4 2025 growth. We estimate the shutdown could shave roughly 0.5pp off of GDP growth in the quarter, but most of it will likely be recovered in the beginning of 2026.”
3 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.4 Official data for the third quarter 2025 was delayed due to the government shutdown.
On a national level, the unemployment rate changed little from 4.3% to 4.4% between August and September 2025. In September, the number of unemployed persons totaled 7.6 million, an increase of approximately 200,000 from August.5
3 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated November 13, 2025
4 https://www.bea.gov/news/2025/gross-domestic-product-2nd-quarter-2025-third-estimate-gdp-industry-corporate-profits 5 https://www.bls.gov/news.release/pdf/empsit.pdf
3 City of Santa Clara
Financial Status Report as of October 31, 2025
At the state level, the California unemployment rate remained unchanged at 5.5% between July and August 2025. This rate is slightly higher compared to the 5.4% rate in August 2024. Over the past year, California employers have added 69,500 nonfarm jobs.6 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).7 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 $359.7 million to reflect carryover encumbrances from fiscal year 2024/25 and various budget amendments approved by the City Council through October 2025.
While it is early in the fiscal year and limited data is available, General Fund revenues and expenditures are tracking within estimated levels.
6 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-august-2025/ 7 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of October 31, 2025
General Fund Revenues
As of October 31, 2025, $67.9 million, or 20.2%, of General Fund revenue (excluding transfers) was received. This relatively low collection level through October 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
10/31/2025
Percentage
Received
Actual Through
10/31/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 65,850,000$ 65,850,000$ 11,777,180$ 17.88% 8,626,310$ 3,150,870$ 36.53% Property Tax 101,181,000 101,181,000 2,855,093 2.82% 3,254,255 (399,162) -12.27% Transient Occupancy Tax 27,500,000 27,500,000 6,473,687 23.54% 6,175,612 298,075 4.83% Other Taxes 7,200,000 7,200,000 970,172 13.47% 943,308 26,864 2.85% Total Taxes 201,731,000 201,731,000 22,076,132 10.94% 18,999,485 3,076,647 16.19%
LICENSES & PERMITS
Business Licenses 6,200,000 6,200,000 2,432,556 39.23% 2,569,390 (136,834) -5.33% Fire Operation Permits 1,998,000 1,998,000 1,244,075 62.27% 771,155 472,920 61.33% Miscellaneous Permits 26,000 26,000 254 0.98% 172,686 (172,432) -99.85% Total Licenses & Permits 8,224,000 8,224,000 3,676,885 44.71% 3,513,231 163,654 4.66% FINES & PENALTIES 1,557,000 1,557,000 1,239,341 79.60% 334,034 905,307 271.02% INTERGOVERNMENTAL 580,000 880,000 537,742 61.11% 433,437 104,305 24.06% CHARGES FOR SERVICES 35,626,474 35,626,474 14,422,123 40.48% 12,069,479 2,352,644 19.49% SILICON VALLEY POWER TRANSFER 37,275,000 37,275,000 12,425,008 33.33% 11,821,700 603,308 5.10%
USE OF MONEY & PROPERTY
Interest 6,247,000 6,247,000 1,685,289 26.98% 579,532 1,105,757 190.80% Rent 13,107,611 13,107,611 4,905,832 37.43% 4,431,745 474,087 10.70% Total Use of Money & Property 19,354,611 19,354,611 6,591,121 34.05% 5,011,277 1,579,844 31.53% MISCELLANEOUS REVENUES 380,000 380,000 87,022 22.90% 289,597 (202,575) -69.95%
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 15,904,422 15,904,422 100.00% 13,895,239 2,009,183 14.46% 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 23,580,545 23,580,545 100.00% 22,087,429 1,493,116 6.76%
STADIUM OPERATION
Charges for Services 24,423,380 24,423,380 5,808,130 23.78% 2,779,771 3,028,359 108.94% Rent and Licensing 6,640,308 6,640,308 1,005,915 15.15% - 1,005,915 N/A Total Stadium Operation 31,063,688 31,063,688 6,814,045 21.94% 2,779,771 4,034,274 145.13% TOTAL GENERAL FUND 353,024,567$ 359,672,318$ 91,449,964$ 25.43% 77,339,440$ 14,110,524$ 18.24% (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 October 31, 2025
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of October 31, 2025, $11.8 million has been recorded, which is 36.5% higher than prior year collection levels. Given the timing of payments, the sales tax receipts reflect advance payments for the months of July and August 2025.
Property Tax: Property tax receipts totaling $2.9 million were received in October 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 $103.4 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 October 31, 2025, $6.5 million has been collected, which reflects a 4.8% increase when compared to the collection level in the prior year. Beginning July 2025, all hotels submit TOT payments monthly rather than a combination of monthly and quarterly payments, which will impact the collection pattern during this fiscal year. .
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $1.0 million through October, which is slightly above last fiscal year’s collection levels. Receipts reflect franchise tax ($0.6 million) and documentary transfer tax ($0.4 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 $3.7 million, or 44.7% of the $8.2 million budget. This collection level is slightly higher than prior year collection levels. Business licenses receipts represent the majority of the collections to date at $2.4 million. Collections in this category are tracking slightly below the prior year level of $2.6 million.
Fines & Penalties: Includes collection charges (late fees), vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through October was $1.2 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 property tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.
Through October 31, 2025, $0.5 million has been collected in this category, which is 24% 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 primarily 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 October 31, 2025
October, collections totaled approximately $14.4 million or 40.5% of the budget. This reflects a 19.5% increase compared to last year’s collections, primarily due to higher receipts in miscellaneous charges for services, engineering fees, and interdepartmental fees. A portion of the higher collections through October was due to a booking error in miscellaneous charges for services that has been corrected and will be reflected in the November Monthly Financial Report. Excluding that error, collections would have been at 36% of the budget through October and 6% above the prior year.
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 $6.6 million are higher than prior year levels in both categories. The increase in rental income reflects higher right-of-way collections and lease payments. Interest collections came in nearly 200% higher than prior year levels.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through October 2025, collections of $87,022 are tracking at 22.9% of the budget and below the prior year collections of $289,597.
Stadium Operation: Through October 31, 2025, $6.8 million has been collected through charges for services and rent. Of this amount, $3.3 million and $1.1 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 $0.7 million, both from the Stadium Authority. Reimbursements of $0.26 million have been received from the Bay Area Host Committee. Remaining collections of $0.5 million reflected parking permits.
7 City of Santa Clara
Financial Status Report as of October 31, 2025
General Fund Expenditures
As of October 31, 2025, $135.7 million or 37.7% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $104.7 million, or 31.8% of the budget, which is slightly below par of 33.3%. Transfers of $31.0 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through October.
Adopted Budget
Amended
Budget
Actual Through
10/31/2025
Percentage
Used
Actual Through
10/31/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 20,501,477$ 18,610,625$ 6,076,671$ 32.65% 5,798,824$ 277,847$ 4.79% City Council 1,268,362 1,273,274 379,701 29.82% 387,669 (7,968) -2.06% City Clerk 1,761,474 1,763,949 577,772 32.75% 699,700 (121,928) -17.43% City Manager 5,859,758 6,642,349 2,040,729 30.72% 1,384,790 655,939 47.37% City Attorney 4,619,355 4,760,193 1,341,093 28.17% 969,506 371,587 38.33% City Auditor 1,075,554 1,167,005 249,601 21.39% 206,421 43,180 20.92% Human Resources 5,470,869 5,734,767 1,432,339 24.98% 1,279,922 152,417 11.91% Finance 20,897,522 21,598,708 6,325,855 29.29% 6,850,307 (524,452) -7.66% Total General Government 61,454,371 61,550,870 18,423,761 29.93% 17,577,139 846,622 4.82% PUBLIC WORKS 30,216,576 31,440,793 9,292,835 29.56% 8,206,089 1,086,746 13.24% COMMUNITY DEVELOPMENT 6,039,535 6,237,266 1,700,064 27.26% 1,633,072 66,992 4.10% PARKS AND RECREATION 24,548,978 25,373,495 8,074,782 31.82% 7,465,008 609,774 8.17%
PUBLIC SAFETY
Fire 70,335,667 70,804,167 24,102,675 34.04% 23,738,480 364,195 1.53% Police 99,261,544 100,426,131 33,966,146 33.82% 30,196,963 3,769,183 12.48% Total Public Safety 169,597,211 171,230,298 58,068,821 33.91% 53,935,443 4,133,378 7.66% LIBRARY 12,178,570 12,300,254 3,970,511 32.28% 4,044,800 (74,289) -1.84% DEPARTMENTAL TOTAL 304,035,241 308,132,976 99,530,774 32.30% 92,861,551 6,669,223 7.18%
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 5,127,042 25.02% 4,247,204 879,838 20.72% TOTAL GENERAL FUND 353,024,567$ 359,672,318$ 135,707,648$ 37.73% 115,146,901$ 20,560,748$ 17.86% 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 October 31, 2025
General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by program.
Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through October, expenditures totaled $6.1 million, or 32.6% of the budget, which is at par of 33.3%. Current year spend is approximately 4.8% higher than prior year levels.
City Attorney: Actual expenditures through October totaled approximately $1.3 million, which is 28.2% of the budget, which is below par. Spending is higher than the total expenditures through the same time last fiscal year by 38.3% due to higher salaries and benefits costs.
City Clerk: Through October, actual expenditures were tracking slightly above budget at approximately $0.6 million or 32.7% of the budget, primarily in the salaries and benefits categories. This expenditure level reflects a 17% decrease compared to last fiscal year due to the lower software subscription costs.
City Council: Through October, expenditures of $0.4 million were at 30% of budget, which is slightly below par. Compared to the same period through last fiscal year, this reflects a slight decrease in expenditures, resulting from lower spending for as-needed staff.
City Manager: The actual expenditures through October totaled $2.0 million, or 30.7% of the budget, which is slightly below par for this time of the year. Expenditures are approximately 47.4% 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 October, departmental expenditures for the Planning and Housing and Community Services divisions totaled $1.7 million, or 27.3% of the budget, which is below par of 33.3%. This expenditure level is 4.1% above the prior year as a result of higher salaries and benefits spend.
Finance Department: Through October, the Department’s expenditures totaled $6.3 million, or 29.3% of the budget, which is below par. This expenditure level was approximately 7.7% lower compared to the same period last year. Higher salaries and benefits spend is offset by lower contractual services costs.
Fire Department: Through October, actual expenditures totaled $24.1 million, or 34% of the budget, which is slightly above par. These expenditures are consistent with the spending level through the same period last fiscal year. Overtime expenditures are tracking at 82.2% of the budget, which is well above par for this time of year. Excluding reimbursable mutual aid-related overtime, the departmental overtime remains at approximately 75.43% 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.
9 City of Santa Clara
Financial Status Report as of October 31, 2025
Through October, absences are up 15% (from 27,576 to 31,619 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. 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 October, the compensatory time payouts total $789,305, which is above historical levels and 32% above the payouts of $597,612 experienced through October 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 October, actual expenditures totaled approximately $3.9 million, or
32.3% of the budget, which is at par, but 1.8% lower than expenditure levels last fiscal year.
Parks and Recreation Department: Through October, actual expenditures totaled $8.1 million, or
31.8% of the budget, which is slightly below par, but 8.2% higher than prior year actuals of $7.5 million.
This increase reflects higher spend in the salaries and benefits categories as well as maintenance, utilities and contractual services costs.
Police Department: Expenditures through October are tracking at $34.0 million, or 33.8% of the budget; this is approximately 12.5% 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 $5.1 million through October are tracking at 25% of the budget; this expenditure level is 20.7% 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 October include two soccer matches, four concerts, two preseason and three 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 October 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of October 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2024/25 and budget amendments approved by the City Council through October 2025.
Through the end of October, revenues totaled $11.6 million, or 38.2% of the estimate, which is above par of 33.3%, while expenditures totaled approximately $9.2 million, or 22.8%. 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 10/31/2025 Received 10/31/2024 Prior Year Change Building Development Services
Fee Fund
16,736,000$ 16,736,000$ 7,219,635$ 43.14% 6,482,617$ 737,018$ 11.37% City Affordable Housing Fund 1,253,326 1,253,326 302,474 24.13% 298,471 4,003 1.34% Fire CUPA Fund 2,019,000 2,019,000 1,177,563 58.32% 0 1,177,563 N/A Fire Development Services Fee
Fund
3,429,000 3,429,000 1,666,064 48.59% 1,640,551 25,513 1.56% Housing and Urban Development 5,427,794 5,427,794 711,269 13.10% 394,194 317,075 80.44% Housing Authority Fund 281,088 281,088 351,393 125.01% 21,792 329,601 1512.49% Housing Successor Fund 1,302,573 1,302,573 214,118 16.44% 376,367 (162,249) -43.11% TOTAL 30,448,781$ 30,448,781$ 11,642,516$ 38.24% 9,213,992$ 2,428,524$ 26.36% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 10/31/2025 Used 10/31/2024 Prior Year Change Building Development Services
Fee Fund
17,307,319$ 18,457,334$ 5,736,636$ 31.08% 5,050,234$ 686,402$ 13.59% City Affordable Housing Fund 6,984,995 7,292,572 375,506 5.15% 279,700 95,806 34.25% Fire CUPA Fund 1,779,867 1,779,867 420,508 23.63% 0 420,508 N/A Fire Development Services Fee
Fund
3,904,315 3,906,214 1,168,203 29.91% 1,218,382 (50,179) -4.12% Housing and Urban Development 5,427,794 7,126,175 1,121,679 15.74% 530,263 591,416 111.53% Housing Authority Fund 459,878 501,371 56,701 11.31% 54,034 2,667 4.94% Housing Successor Fund 1,127,973 1,347,976 321,527 23.85% 249,105 72,422 29.07% TOTAL 36,992,141$ 40,411,509$ 9,200,760$ 22.77% 7,381,718$ 1,819,042$ 24.64%
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 October 31, 2025
Internal Service Funds
The table below displays the expenditures in the internal service funds across the City. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through October 2025. As of October 31, 2025, the internal service fund expenditures totaled $16.2 million, or 27.8% 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. In the Communication Acquisitions Fund, spend reflects replacements and maintenance to the City’s current inventory of radios.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 10/31/2025 Used 10/31/2024 Prior Year Change Communication Acquisitions Fund 1,064,336$ 1,642,638$ 472,864$ 28.79% 309,113$ 163,751$ 52.97% Fleet Maintenance and Operations
Fund
6,757,227 7,116,065 2,098,499 29.49% 1,891,862 206,637 10.92% Information Technology Services
Fund
18,755,875 21,088,465 3,716,601 17.62% 3,595,790 120,811 3.36% Public Works Capital Projects
Management Fund
4,991,087 5,863,020 1,516,813 25.87% 1,399,274 117,539 8.40% Special Liability Fund 9,152,000 9,209,062 4,890,146 53.10% 3,385,046 1,505,100 44.46% Unemployment Insurance Fund 100,000 100,000 48,633 48.63% 24,637 23,996 97.40% Vehicle Replacement Fund 3,994,000 6,412,055 557,644 8.70% 1,240,918 (683,274) -55.06% Workers' Compensation Fund 6,858,000 6,858,000 2,928,633 42.70% 3,099,481 (170,848) -5.51% TOTAL 51,672,525$ 58,289,305$ 16,229,833$ 27.84% 14,946,121$ 1,283,712$ 8.59%
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 October 31, 2025
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through October 2025. As of October 31, 2025, the capital fund revenue totaled approximately $14.1 million. In the Parks and Recreation Capital Fund, $8.6 million represents MFA collections, $0.9 million represents Quimby Act fees received, with interest earnings accounting for the remaining collections. The revenue collected in the Related Santa Clara Fund represents developer contributions. The revenue shown in the Storm Drain Capital Fund are customer service charges. The amount collected in the Tasman East Specific Infrastructure Fund is interest earnings, while the collections in the Streets and Highways Capital Fund are comprised of interest earnings, grant funding, fees, and VTA Measure B proceeds.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 10/31/2025 Used Parks & Recreation 500,000$ 284,469$ 784,469$ 10,223,843$ 1303.28% Related Santa Clara Developer 803,406 - 803,406 235,000 29.25% Storm Drain 1,454,000 3,154,100 4,608,100 533,667 11.58% Streets & Highways 7,413,458 21,158,544 28,572,002 3,029,812 10.60% Tasman East Specific Infrastructure
Improvement Fund
- 3,734,932 3,734,932 83,227 2.23% TOTAL 10,170,864$ 28,332,045$ 38,502,909$ 14,105,549$ 36.64%
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 October 2025. As of October 31, 2025, capital fund expenditures totaled $15.8 million, or 9% of the amended budget, well below par of 33.3%.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2025. Necessary additional adjustments to the capital carryover amounts are included as part of the Budgetary Year-End Report for FY 2024/25, which will be brought forward for City Council approval in December 2025.
13 City of Santa Clara
Financial Status Report as of October 31, 2025
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 10/31/2025 Used Fire 528,065$ 1,843,700 2,371,765$ 675,311$ 28.47% General Gov't - Other 2,776,902 13,044,393 15,821,295 368,415 2.33% Library 21,804 650,322 672,126 7,268 1.08% Parks & Recreation 8,182,875 36,311,156 44,494,031 1,245,261 2.80% Public Buildings 547,511 7,897,509 8,445,020 2,384,405 28.23% Related Santa Clara Developer 803,406 263,001 1,066,407 217,327 20.38% Storm Drain 660,357 8,743,063 9,403,420 434,846 4.62% Streets & Highways 18,415,538 72,157,339 90,572,877 10,479,086 11.57% Tasman East Specific Infrastructure
Improvement Fund
1,433,038 2,827,188 4,260,226 6,046 0.14% TOTAL 33,369,496$ 143,737,671$ 177,107,167$ 15,817,965$ 8.93% 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 October 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of October 31, 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 10/31/2025 received 10/31/2024 Prior Year Change Cemetery Fund 600,000$ 600,000$ 209,567$ 34.93% 189,167$ 20,400$ 10.78% Electric Utility Fund 1,128,195,241 1,128,195,241 252,986,826 22.42% 345,709,470 (92,722,644) -26.82% Sewer Utility Fund 52,407,375 52,407,375 16,378,614 31.25% 15,410,929 967,685 6.28% Solid Waste Utility Fund 42,287,613 42,287,613 12,147,542 28.73% 11,420,020 727,522 6.37% Water Recycling Fund 9,651,409 9,651,409 3,618,870 37.50% 3,445,005 173,865 5.05% Water Utility Fund 76,402,644 76,402,644 23,778,827 31.12% 22,297,940 1,480,887 6.64% TOTAL REVENUE 1,309,544,282$ 1,309,544,282$ 309,120,246$ 23.61% 398,472,531$ (89,352,285)$ -22.42% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 10/31/2025 Used 10/31/2024 Prior Year Change Cemetery Fund 1,757,102$ 1,774,177$ 385,843$ 21.75% 425,214$ (39,371)$ -9.26% Electric Utility Fund 712,617,141 723,672,626 224,061,794 30.96% 179,186,348 44,875,446 25.04% Sewer Utility Fund 43,738,253 44,110,349 12,017,102 27.24% 17,088,240 (5,071,138) -29.68% Solid Waste Utility Fund 42,061,065 46,374,375 12,204,659 26.32% 12,448,844 (244,185) -1.96% Water Recycling Fund 10,890,055 10,927,484 2,441,146 22.34% 2,144,571 296,575 13.83% Water Utility Fund 66,793,248 68,017,282 19,482,027 28.64% 18,252,489 1,229,538 6.74% TOTAL - Operating
Appropriations
877,856,864$ 894,876,293$ 270,592,571$ 30.24% 229,545,706$ 41,046,865$ 17.88%
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2025/26 PRIOR YEAR REVENUE COMPARISON PRIOR YEAR EXPENSE COMPARISONEXPENDITURES - FISCAL YEAR 2025/26
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 resource/production and salaries and benefits categories, while the decrease in revenue is attributable to bond proceeds received last fiscal year. The Cemetery Fund has seen higher activity in the sales category.
15 City of Santa Clara
Financial Status Report as of October 31, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the tables below. Actual revenue through October 31, 2025, totaled $4.3 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. In the Electric Utility Capital Fund, the decrease in revenue collected when compared to September is attributable to a refund made to a developer due to an overpayment. Enterprise capital fund expenses totaled $27.8 million, or 3.5% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2024/25 as part of the FY 2025/26 and FY 2026/27 budget adoption process for those projects that were not expected to be completed by June 30, 2025.
Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures are included in the Budgetary Year-End Report for FY 2024/25, which will be brought forward for City Council approval in December 2025.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 10/31/2025 Used Electric Utility Fund 25,505,075$ 24,039,903$ 49,544,978$ 1,557,963$ 3.14% Sewer Utility Fund - - - 2,724,265 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$ 4,325,417$ 8.64% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 10/31/2025 Used 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 21,547,460 2.99% Sewer Utility Fund 18,147,399 35,573,235 53,720,634 2,302,011 4.29% Solid Waste Utility Fund 812,000 131,477 943,477 409,126 43.36% Street Lighting (1) 125,000 7,161,945 7,286,945 865,818 11.88% Water Recycling Fund 50,000 - 50,000 1,486 2.97% Water Utility Fund 8,539,100 7,255,804 15,794,904 2,639,075 16.71%
TOTAL - CIP
Appropriations
396,940,075$ 403,931,695$ 800,871,770$ 27,764,976$ 3.47%
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 October 31, 2025
Fund Reserves
By policy, City Council established the City’s General Contingency Reserve, under which reserves for Budget Stabilization and Capital Projects were established. • Budget Stabilization Reserve is set aside for weathering economic downturns, emergency financial crisis, or disaster situations. The reserve target is equal to the expenditures of the City’s General Fund operations for three months (90-day or 25% General Fund Adopted Operating Budget).
• Capital Projects Reserve earmarks funds for the Capital Improvement Program.
Other General Reserves and Enterprise Fund Reserves included in this report are highlighted as follows:
• Technology Fee Reserve is set aside to update and/or replace the City’s aging technology and to ensure internal controls are in compliance with current business standard and legal requirements.
• Land Sale Reserve is net proceeds from the sale of City-owned land, with interest earned on these funds available to be appropriated for General Fund operating expenditures. This reserve is available for appropriation by City Council action.
• The Electric Utility Rate Stabilization Reserve and Operations and Maintenance Reserve ensures sufficient operating cash is available to cover day-to-day expenses, address unforeseen cost increases or revenue shortfalls, and ensure debt service coverage. • The Replacement and Improvement Reserve in the Water and Sewer Utility Funds is for future capital improvement.
The table below summarizes select reserve balances.
17 City of Santa Clara
Financial Status Report as of October 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 79,900,000$
Capital Projects Reserve 8,364,224
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 100,962,600$ 455,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
October 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of October 2025 and for fiscal year 2025/26 are shown in the table below.
Department Oct-25
Fiscal Year
2025/26
Year To Date Designated Use
City Manager's Office - 50 Help Your Neighbor Parks & Recreation - 22,000 Case Management Parks & Recreation - 1,467 Roberta Jones Jr. Theatre Parks & Recreation 125 1,950 Wade Brummal TOTALS 125$ 25,467$