_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
November 2025
1 City of Santa Clara
Financial Status Report as of November 30, 2025
This report summarizes the City’s financial performance for the month ended November 30, 2025.
Financial analysis for the report is provided for the General Fund, select Special Revenue Funds, Enterprise Operating Funds, Internal Service Funds, and Capital Improvement Funds. Financial information included in this report is unaudited.
Economic Outlook
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 when the December forecast
was produced, 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
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 November 30, 2025
impact of the 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 points to heightened uncertainty entering into 2026 due to the effects of evolving policy decisions. It assumes a slowdown in GDP growth, with 1.2% growth projected for the fourth quarter 2025, and quarterly growth ranging from
0.8% to 1.5% in 2026. “We maintain our expectation of slower growth through late 2025 and early 2026 because of tariffs, even though we slightly upgraded growth in H2 2025. Fiscal policy will deliver mixed effects next year: growth support from accelerated depreciation and tax cuts will be partially offset by reduced green investment and cuts to Medicaid and Supplemental Nutrition Assistance Program (SNAP). The monetary policy outlook will depend heavily on the composition of the Fed under a new chairperson. The mid- term elections at the end of the year could prompt some federal government stimulus to address “affordability” concerns, creating upside risks to growth. Meanwhile, widespread hiring freezes and recent announced layoffs create downside risks to the current low -churn equilibrium in the labor market.”3
In the third quarter 2025 initial estimate, the Gross Domestic Product (GDP) increased at an annual rate of 4.3%, following a GDP increase of 3.8% in the second quarter. The increase in real GDP primarily reflected increases in consumer spending, exports, and government spending. These movements were partly offset by a decrease in investments. In addition, imports, which are a subtraction in the calculation of GDP, decreased less in the third quarter.4
3 https:///www.conference-board.org/research/us-forecast, The Conference Board Economic Forecast for the US Economy, Updated December 12, 2025
4 https://www.bea.gov/news/2025/gross-domestic-product-3rd-quarter-2025-initial-estimate-and-corporate-profits
3 City of Santa Clara
Financial Status Report as of November 30, 2025
On a national level, the unemployment rate increased slightly from 4.4% to 4.6% between September and November 2025. In November, the number of unemployed persons totaled 7.8 million, an increase of approximately 200,000 from September.5
At the state level, the California unemployment rate changed little from 5.6% to 5.5% between September and November 2025. This rate is unchanged from the 5.5% rate in November 2024. Over the past year, California employers have added 32,500 nonfarm jobs.6 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.5% in September 2025, down slightly from a revised 4.7% in August 2025, but above the September 2024 level of 4.2%. Between September 2024 and September 2025, employment in this region decreased by 1,500 jobs, or 0.1%. The largest decreases were in professional and business services (down 8,200 jobs) and manufacturing (down 3,800 jobs). Notable employment increases were in private education and health services (up 7,100 jobs) and leisure and hospitality (up 1,800 jobs).7
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 $360.9 million to reflect carryover encumbrances from fiscal year 2024/25 and various budget amendments approved by the City Council through November 2025.
General Fund revenues are tracking to exceed the budget and expenditures are tracking within estimated levels.
5 https://www.bls.gov/news.release/pdf/empsit.pdf
6 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-november-2025/ 7 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of November 30, 2025
General Fund Revenues
As of November 30, 2025, $99.5 million, or 29.6%, of General Fund revenue (excluding transfers) was received. This relatively low collection level through November 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 $24.6 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
11/30/2025
Percentage
Received
Actual Through
11/30/2024
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax 65,850,000$ 65,850,000$ 18,643,780$ 28.31% 19,387,391$ (743,611)$ -3.84% Property Tax 101,181,000 101,181,000 15,720,830 15.54% 16,778,801 (1,057,971) -6.31% Transient Occupancy Tax 27,500,000 27,500,000 8,864,926 32.24% 7,497,570 1,367,356 18.24% Other Taxes 7,200,000 7,200,000 1,547,752 21.50% 1,708,158 (160,406) -9.39% Total Taxes 201,731,000 201,731,000 44,777,288 22.20% 45,371,920 (594,632) -1.31%
LICENSES & PERMITS
Business Licenses 6,200,000 6,200,000 2,781,438 44.86% 2,970,394 (188,956) -6.36% Building Permits - - 677,874 N/A 591,732 86,142 14.56% Fire Operation Permits 1,998,000 1,998,000 1,340,060 67.07% 954,340 385,720 40.42% Miscellaneous Permits 26,000 26,000 254 0.98% 213,409 (213,155) -99.88% Total Licenses & Permits 8,224,000 8,224,000 4,799,626 58.36% 4,729,875 69,751 1.47% FINES & PENALTIES 1,557,000 1,557,000 1,453,313 93.34% 549,361 903,952 164.55% INTERGOVERNMENTAL 580,000 880,000 537,742 61.11% 512,214 25,528 4.98% CHARGES FOR SERVICES 35,626,474 35,726,474 15,836,835 44.33% 14,687,810 1,149,025 7.82% SILICON VALLEY POWER TRANSFER 37,275,000 37,275,000 15,531,257 41.67% 14,777,125 754,132 5.10%
USE OF MONEY & PROPERTY
Interest 6,247,000 6,247,000 2,608,407 41.75% 925,644 1,682,763 181.79% Rent 13,107,611 13,107,611 5,634,180 42.98% 5,341,057 293,123 5.49% Total Use of Money & Property 19,354,611 19,354,611 8,242,587 42.59% 6,266,701 1,975,886 31.53% MISCELLANEOUS REVENUES 380,000 398,700 96,526 24.21% 305,763 (209,237) -68.43%
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 16,973,212 16,973,212 100.00% 13,895,239 3,077,973 22.15% 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 24,649,335 24,649,335 100.00% 22,087,429 2,561,906 11.60%
STADIUM OPERATION
Charges for Services 24,423,380 24,423,380 7,236,347 29.63% 4,114,224 3,122,123 75.89% Rent and Licensing 6,640,308 6,640,308 1,010,140 15.21% 121,612 888,528 730.63% Total Stadium Operation 31,063,688 31,063,688 8,246,487 26.55% 4,235,836 4,010,651 94.68% TOTAL GENERAL FUND 353,024,567$ 360,859,808$ 124,170,996$ 34.41% 113,524,034$ 10,646,963$ 9.38% (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 November 30, 2025
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.125%, of which the City receives 1.0%. As of November 30, 2025, $18.6 million has been recorded, which is 3.8% lower than prior year collection levels. Given the timing of payments, the sales tax receipts reflect payments for the first quarter of FY 2025/26 (July through September 2025). While collections are down from the prior year, sales tax receipts are expected to exceed the budgeted estimate of $65.9 million given the extremely strong performance in FY 2024/25. Collections may exceed the budget by as much as $6 million to $10 million based on preliminary estimates with the limited data available and projections from the City’s sales tax consultant.
Property Tax: Property tax receipts totaling $15.7 million were received in November 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 November 30, 2025, $8.9 million has been collected, which reflects an 18.2% 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. Annual growth of 2% is needed to meet the budgeted estimate of $27.5 million. Based on the higher prior year collection level and current year receipts, TOT revenue is projected to exceed the budgeted estimate by year-end.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $1.55 million through November, which is below last fiscal year’s collection levels of $1.7 million due to the timing of payments. Receipts reflect franchise tax ($1.0 million) and documentary transfer tax ($0.5 million).
Licenses & Permits: Includes business licenses, fire operation permits, and miscellaneous permits and fees. This category also includes a portion of building permits that are allocated for advanced planning. Licenses and permits revenue collections are tracking above par with receipts totaling $4.8 million, or 58.4% of the $8.2 million budget. This collection level is consistent with the prior year collection levels. Business licenses receipts represent the majority of the collections to date at $2.8 million. Collections in this category are tracking slightly below the prior year level of $3.0 million.
Fines & Penalties: Includes collection charges (late fees), vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through November was $1.5 million, which is above prior year level collections of $0.5 million. The majority of the receipts are comprised of collection charges. Collections in this category will exceed the budget.
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 November 30, 2025, $0.5 million has been collected in this category, which is 5% higher than prior year levels. Motor vehicle fees total $0.2 million, slightly exceeding the budget while
6 City of Santa Clara
Financial Status Report as of November 30, 2025
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 November, collections totaled approximately $15.8 million or 44.3% of the budget. This reflects a 7.8% 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 is reflected in this Monthly Financial Report.
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 $8.2 million are higher than prior year levels in both categories. The increase in rental income reflects higher right-of-way collections and lease revenues. Interest collections came in nearly 182% higher than prior year levels.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through November 2025, collections of $96,526 are tracking at
24.2% of the budget and below the prior year collections of $305,763.
Stadium Operation: Through November 30, 2025, $8.2 million has been collected through charges for services and rent. Of this amount, $3.3 million and $2.2 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 $0.8 million, both from the Stadium Authority. Reimbursements of $0.3 million have been received from the Bay Area Host Committee. Remaining collections of $0.6 million reflected parking permits.
7 City of Santa Clara
Financial Status Report as of November 30, 2025
General Fund Expenditures
As of November 30, 2025, $158.6 million or 44% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $127.4 million, or 38.7% of the budget, which is slightly below par of 41.7%. Transfers of $31.1 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through November.
Adopted Budget
Amended
Budget
Actual Through
11/30/2025
Percentage
Use d
Actual Through
11/30/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 20,501,477$ 19,679,415$ 6,849,386$ 34.80% 7,005,199$ (155,813)$ -2.22% City Council 1,268,362 1,273,274 483,400 37.97% 451,401 31,999 7.09% City Clerk 1,761,474 1,763,949 686,072 38.89% 801,407 (115,335) -14.39% City Manager 5,859,758 6,642,349 2,423,398 36.48% 1,714,688 708,710 41.33% City Attorney 4,619,355 4,760,193 1,632,691 34.30% 1,199,668 433,023 36.10% City Auditor 1,075,554 1,167,005 304,230 26.07% 286,792 17,438 6.08% Human Resources 5,470,869 5,753,467 1,689,197 29.36% 1,563,500 125,697 8.04% Finance 20,897,522 21,598,708 7,732,561 35.80% 8,237,054 (504,493) -6.12% Total General Government 61,454,371 62,638,360 21,800,935 34.80% 21,259,709 541,226 2.55% PUBLIC WORKS 30,216,576 31,440,793 11,405,347 36.28% 10,235,717 1,169,630 11.43% COMMUNITY DEVELOPMENT 6,039,535 6,237,266 2,113,026 33.88% 1,990,015 123,011 6.18% PARKS AND RECREATION 24,548,978 25,373,495 9,813,589 38.68% 8,917,822 895,767 10.04%
PUBLIC SAFETY
Fire 70,335,667 70,804,167 29,615,946 41.83% 28,633,502 982,444 3.43% Police 99,261,544 100,426,131 41,591,435 41.41% 36,648,595 4,942,840 13.49% Total Public Safety 169,597,211 171,230,298 71,207,381 41.59% 65,282,097 5,925,284 9.08% LIBRARY 12,178,570 12,300,254 4,858,160 39.50% 4,863,041 (4,881) -0.10% DEPARTMENTAL TOTAL 304,035,241 309,220,466 121,198,438 39.19% 112,548,401 8,650,037 7.69%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 1,062,675 1,162,675 1,162,675 100.00% 626,778 535,897 85.50% 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 31,149,833 31,149,833 100.00% 18,038,146 13,111,687 72.69% STADIUM OPERATION 20,359,841 20,489,508 6,248,237 30.49% 4,875,121 1,373,116 28.17% TOTAL GENERAL FUND 353,024,567$ 360,859,808$ 158,596,507$ 43.95% 135,461,668$ 23,134,840$ 17.08% 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 November 30, 2025
General Fund Expenditures
Below is an explanation of certain budget to actual expenditure variances by program.
Non-Departmental: Includes expenditures that are not attributable to a single department, but a function of the City in general. Through November, expenditures totaled $6.8 million, or 34.8% of the budget, which is below par of 41.7%. Current year spend is approximately 2.2% lower than prior year levels.
City Attorney: Actual expenditures through November totaled approximately $1.6 million, which is
34.3% of the budget, which is below par. Spending is higher than the total expenditures through the same time last fiscal year by 36% due to higher salaries and benefits costs, partially offset by lower spend in outside legal services.
City Clerk: Through November, actual expenditures were tracking slightly below budget at approximately $0.7 million or 39% of the budget, primarily in the salaries and benefits categories. This expenditure level reflects a 14.4% decrease compared to last fiscal year due to the lower software subscription costs.
City Council: Through November, expenditures of $0.5 million were at 38% of budget, which is slightly below par. Compared to the same period through last fiscal year, this reflects an increase in expenditures, resulting from higher salary and benefits spend. This is partially offset by lower spending for as-needed staff.
City Manager: The actual expenditures through November totaled $2.4 million, or 36.5% of the budget, which is slightly below par for this time of the year. Expenditures are approximately 41.3% higher compared with the spending level through the same period last fiscal year. This is due to higher spend in the salaries and benefits and contractual services categories.
Community Development Department: This department consists of three divisions: Planning, Building, and Housing and Community Services. The Building Division of this department is reflected in the Building Development Services Fund, which falls under the special revenue section of this report.
Through November, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.1 million, or 34% of the budget, which is below par of 41.7%. This expenditure level is 6.2% above the prior year as a result of higher salaries and benefits spend.
Finance Department: Through November, the Department’s expenditures totaled $7.7 million, or
35.8% of the budget, which is below par. This expenditure level was approximately 6.1% lower compared to the same period last year. Higher salaries and benefits spend is offset by lower contractual services costs.
Fire Department: Through November, actual expenditures totaled $29.6 million, or 41.8% of the budget, which is at par. These expenditures are slightly above the spending level through the same period last fiscal year. Overtime expenditures are tracking at 98.5% of the budget, which is well above par for this time of year. Excluding reimbursable mutual aid-related overtime, the departmental overtime
9 City of Santa Clara
Financial Status Report as of November 30, 2025
remains at approximately 91.74% of the budget. While this overtime figure is still above par, it is important to note that overtime is used to backfill for vacant positions and the vacancy savings offset a portion of the overtime costs.
Through November, absences are up 14% (from 34,598 to 39,294 hours) when compared with the prior fiscal year and remain above historical levels. Absences are trending high in the areas of vacation usage, sick leave, and industrial injury time. 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 November, the compensatory time payouts total $964,061, which is above historical levels and 29% above the payouts of $745,854 experienced through November 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 November, actual expenditures totaled approximately $4.9 million, or
39.5% of the budget, which is slightly below par, and consistent with expenditure levels last fiscal year.
Parks and Recreation Department: Through November, actual expenditures totaled $9.8 million, or
38.7% of the budget, which is slightly below par, but 10% higher than prior year actuals of $8.9 million.
This increase reflects higher spend in the salaries and benefits categories as well as utilities and contractual services costs.
Police Department: Expenditures through November are tracking at $41.6 million, or 41.4% of the budget; this is approximately 13.5% higher than prior year spending levels. The increase is mainly due to higher spend in the salaries and benefits and contractual services categories. The Department will continue to monitor expenditures throughout the fiscal year and any necessary budget amendments will be brought forward for City Council consideration.
Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures of $6.2 million through November are tracking at 30.5% of the budget; this expenditure level is 28.2% 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 November include two soccer matches, four concerts, two preseason and five 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 November 30, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of November 30, 2025. The amended budget reflects carryover encumbrances from fiscal year 2024/25 and budget amendments approved by the City Council through November 2025.
Through the end of November, revenues totaled $13.8 million, or 45.4% of the estimate, which is above par of 41.7%, while expenditures totaled approximately $11.0 million, or 27.3%. Revenues in both the Building and Fire Development Services Funds and the Fire CUPA Fund are tracking above par. The Housing Authority Fund is tracking significantly above prior year levels due to additional interest paid on a housing loan. In the Housing Successor Agency Fund, contractual services spend is higher than prior years, while interest collections on housing loans have come in lower than prior years.
Actual Actual $
F
und Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2025 Received 11/30/2024 Prior Year Change Building Development Services Fee
Fund
16,736,000$ 16, 736,000$ 8,584,089$ 51.29% 7,735,865$ 848,224$ 10.96% City Affordable Housing Fund 1,253,326 1,253,326 376,184 30.01% 329,099 47,085 14.31% Fire CUPA Fund 2,019,000 2,019,000 1,337,165 66.23% 0 1,337,165 N/A Fire Development Services Fee
Fund
3,429,000 3,429,000 1, 931,381 56.32% 1,891,344 40,037 2.12% Housing and Urban Development 5,427,794 5,427,794 981,997 18.09% 515,314 466,683 90.56% Housing Authority Fund 281,088 281,088 357,064 127.03% 23,770 333,294 1402.16% Housing Successor Fund 1,302,573 1,302,573 240,068 18.43% 391,167 (151,099) -38.63% TOTAL 30,448,781$ 30,448,781$ 13,807,948$ 45.35% 10,886,559$ 2,921,389$ 26.83% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2025 Use d 11/30/2024 Prior Year Change Building Development Services Fee
Fund
17,307,319$ 18, 457,334$ 6,942,137$ 37.61% 6,071,677$ 870,460$ 14.34% City Affordable Housing Fund 6,984,995 7,292,572 487,012 6.68% 327,610 159,402 48.66% Fire CUPA Fund 1,779,867 1,783,637 522,243 29.28% 0 522,243 N/A Fire Development Services Fee
Fund
3,904,315 3,926,714 1, 421,802 36.21% 1,472,131 (50,329) -3.42% Housing and Urban Development 5,427,794 7,126,175 1,213,756 17.03% 988,524 225,232 22.78% Housing Authority Fund 459,878 501,371 74,610 14.88% 69,620 4,990 7.17% Housing Successor Fund 1,127,973 1,347,976 381,829 28.33% 270,536 111,293 41.14% TOTAL 36,992,141$ 40,435,779$ 11,043,389$ 27.31% 9,200,098$ 1,843,291$ 20.04%
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 November 30, 2025
Internal Service Funds
The table below displays the expenditures in the internal service funds across the City. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through November 2025. As of November 30, 2025, the internal service fund expenditures totaled $19.3 million, or 33% 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 11/30/2025 Use d 11/30/2024 Prior Year Change Communication Acquisitions Fund 1,064,336$ 1,642,638$ 472,864$ 28.79% 309,775$ 163,089$ 52.65% Fleet Maintenance and Operations
Fund
6,757,227 7,116,065 2,600,734 36.55% 2,395,426 205,308 8.57% Information Technology Services
Fund
18,755,875 21,088,465 5,218,379 24.75% 3,814,263 1,404,116 36.81% Public Works Capital Projects
Management Fund
4,991,087 5,863,020 1,860,632 31.74% 1,692,171 168,461 9.96% Special Liability Fund 9,152,000 9,209,062 4,951,639 53.77% 3,756,429 1,195,210 31.82% Unemployment Insurance Fund 100,000 100,000 48,633 48.63% 24,637 23,996 97.40% Vehicle Replacement Fund 3,994,000 6,512,055 673,458 10.34% 1,339,316 (665,858) -49.72% Workers' Compensation Fund 6,858,000 6,858,000 3,426,485 49.96% 3,402,310 24,175 0.71% TOTAL 51,672,525$ 58,389,305$ 19,252,824$ 32.97% 16,734,327$ 2,518,497$ 15.05%
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 November 30, 2025
Governmental Capital Improvement Funds
The table below lists the revenue for selected capital improvement funds. The amended budget reflects current year appropriations, prior year carryover, and budget amendments approved through November 2025. As of November 30, 2025, the capital fund revenue totaled approximately $14.4 million. In the Parks and Recreation Capital Fund, $8.6 million represents MFA collections, $0.9 million represents Quimby Act fees received, with interest earnings accounting for the remaining collections. The revenue collected in the Related Santa Clara Fund represents developer contributions. The revenue shown in the Storm Drain Capital Fund are customer service charges. The amount collected in the Tasman East Specific Infrastructure Fund is interest earnings, while the collections in the Streets and Highways Capital Fund are comprised of interest earnings, grant funding, fees, and VTA Measure B proceeds.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2025 Use d Parks & Recreation 500,000$ 284,469$ 784,469$ 10,406,615$ 1326.58% Related Santa Clara Developer 803,406 - 803,406 235,000 29.25% Storm Drain 1,454,000 3,154,100 4,608,100 662,053 14.37% Streets & Highways 12,980,813 21,158,544 34,139,357 3,047,510 8.93% Tasman East Specific Infrastructure
Improvement Fund
- 3,734,932 3,734,932 97,248 2.60% TOTAL 15,738,219$ 28,332,045$ 44,070,264$ 14,448,426$ 32.78%
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 November 2025. As of November 30, 2025, capital fund expenditures totaled $24.7 million, or 13.6% of the amended budget.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2025. Necessary additional adjustments to the capital carryover amounts were included as part of the Budgetary Year- End Report for FY 2024/25, which was approved by the City Council in December 2025. These actions will be reflected in future monthly financial reports.
13 City of Santa Clara
Financial Status Report as of November 30, 2025
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward B udget 11/30/2025 Use d Fire 528,065$ 1,843,700 2,371,765$ 747,437$ 31.51% General Gov't - Other 2,776,902 13,044,393 15,821,295 416,496 2.63% Library 21,804 650,322 672,126 9,085 1.35% Parks & Recreation 8,182,875 36,311,156 44,494,031 1,541,947 3.47% Public Buildings 547,511 7,897,509 8,445,020 2,692,854 31.89% Related Santa Clara Developer 803,406 263,001 1,066,407 219,685 20.60% Storm Drain 660,357 8,743,063 9,403,420 544,920 5.79% Streets & Highways 22,982,893 72,157,339 95,140,232 17,097,074 17.97% Tasman East Specific Infrastructure
Improvement Fund
1,433,038 2,827,188 4,260,226 1,430,678 33.58% TOTAL 37,936,851$ 143,737,671$ 181,674,522$ 24,700,176$ 13.60% 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 November 30, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of November 30, 2025. Overall, revenues and expenditures are tracking below budgeted levels.
Compared to prior year levels, revenues are tracking lower, whereas expenditures are tracking higher.
Actual Actual $
Fund Adopted Amended T hrough Percentage Through Change From Percent Description Budget Budget 11/30/2025 received 11/30/2024 Prior Year Change Cemetery Fund 600,000$ 600,000$ 289,775$ 48.30% 282,102$ 7,673$ 2.72% Electric Utility Fund 1,128,195,241 1,128,195,241 327,770,723 29.05% 413,634,462 (85,863,739) -20.76% Sewer Utility Fund 52,407,375 52,407,375 21,192,399 40.44% 21,045,043 147,356 0.70% Solid Waste Utility Fund 42,287,613 42,287,613 15,785,693 37.33% 15,028,904 756,789 5.04% Water Recycling Fund 9,651,409 9,651,409 4,243,865 43.97% 4,836,711 (592,846) -12.26% Water Utility Fund 76,402,644 76,402,644 29,723,376 38.90% 28,157,410 1,565,966 5.56% TOTAL REVENUE 1,309,544,282$ 1,309,544,282$ 399,005,831$ 30.47% 482,984,632$ (83,978,801)$ -17.39% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 11/30/2025 Use d 11/30/2024 Prior Year Change Cemetery Fund 1,757,102$ 1,774,177$ 468,592$ 26.41% 496,312$ (27,720)$ -5.59% Electric Utility Fund 712,617,141 723,672,626 278,817,118 38.53% 223,427,201 55,389,917 24.79% Sewer Utility Fund 43,738,253 44,110,349 20,757,521 47.06% 17,965,330 2,792,191 15.54% Solid Waste Utility Fund 42,061,065 46,374,375 14,270,655 30.77% 15,556,606 (1,285,951) -8.27% Water Recycling Fund 10,890,055 10,927,484 2,579,218 23.60% 4,986,756 (2,407,538) -48.28% Water Utility Fund 66,793,248 68,017,282 25,304,482 37.20% 21,354,808 3,949,674 18.50% TOTAL - Operating
Appropriations
877,856,864$ 894,876,293$ 342, 197,586$ 38.24% 283,787,013$ 58,410,573$ 20.58% PRIOR YEAR EXPENSE COMPARISONEXPENDITURES - FISCAL YEAR 2025/26
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2025/26 PRIOR YEAR REVENUE COMPARISON
Revenues in the electric (which also includes the Electric Debt Service Fund), water, sewer (which also includes the Sewer Debt Service Fund) and water recycling funds are primarily from customer service charges. The activity levels for these customer service charges also impact the resource and production costs on the expenditure side for these funds. In the Electric Utility Fund, the significant decrease in revenue is attributable to bond proceeds received last fiscal year. Revenue and spend in the Water Recycling Fund are lower than prior year levels, due to the timing of payments.
15 City of Santa Clara
Financial Status Report as of November 30, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the tables below. Actual revenue through November 30, 2025, totaled $4.5 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $35.5 million, or 4.4% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2024/25 as part of the FY 2025/26 and FY 2026/27 budget adoption process for those projects that were not expected to be completed by June 30, 2025. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures were included in the Budgetary Year-End Report for FY 2024/25, which was approved by the City Council in December 2025. These actions will be reflected in future monthly financial reports.
Actual
Fund Current Year P rior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2025 Use d Electric Utility Fund 25,505,075$ 24,039,903$ 49,544,978$ 1,704,285$ 3.44% Sewer Utility Fund - - - 2,765,728 N/A Solid Waste Utility Fund 258,000 246,500 504,500 2,888 0.57% Street Lighting (1) - - - 6,817 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$ 4,519,478$ 9.03% Actual
Fund Current Year P rior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 11/30/2025 Use d Cemetery Fund -$ 270,489$ 270,489$ -$ 0.00% Convention Center Capital
Fund
- 2, 509,218 2,509,218 - 0.00% Electric Utility Fund 369,266,575 351,029,528 720,296,103 26,011,335 3.61% Sewer Utility Fund 18,147,399 35,573,235 53,720,634 3,274,342 6.10% Solid Waste Utility Fund 812,000 131,477 943,477 412,673 43.74% Street Lighting (1) 125,000 7,161,945 7,286,945 2,791,768 38.31% Water Recycling Fund 50,000 - 50,000 1,486 2.97% Water Utility Fund 8,539,100 7,255,804 15,794,904 2,967,724 18.79%
TOTAL - CIP
Appropriations
396,940,075$ 403, 931,695$ 800,871,770$ 35,459,328$ 4.43%
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 November 30, 2025
Fund Reserves
By policy, City Council established the City’s General Contingency Reserve, under which reserves for Budget Stabilization and Capital Projects were established. • Budget Stabilization Reserve is set aside for weathering economic downturns, emergency financial crisis, or disaster situations. The reserve target is equal to the expenditures of the City’s General Fund operations for three months (90-day or 25% General Fund Adopted Operating Budget).
• Capital Projects Reserve earmarks funds for the Capital Improvement Program.
Other General Reserves and Enterprise Fund Reserves included in this report are highlighted as follows:
• Technology Fee Reserve is set aside to update and/or replace the City’s aging technology and to ensure internal controls are in compliance with current business standard and legal requirements.
• Land Sale Reserve is net proceeds from the sale of City-owned land, with interest earned on these funds available to be appropriated for General Fund operating expenditures. This reserve is available for appropriation by City Council action.
• The Electric Utility Rate Stabilization Reserve and Operations and Maintenance Reserve ensures sufficient operating cash is available to cover day-to-day expenses, address unforeseen cost increases or revenue shortfalls, and ensure debt service coverage. • The Replacement and Improvement Reserve in the Water and Sewer Utility Funds is for future capital improvement.
The table below summarizes select reserve balances.
17 City of Santa Clara
Financial Status Report as of November 30, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
B
udget Stabilization Reserve 79,900,000$
Capital Projects Reserve 8,364,224
Land Sale Reserve 10,343,105
Technology Fee Reserve 2,286,481
Electric Rate Stabilization Fund Reserve 78,000,000$
Electric Operations and Maintenance Reserve 377,000,000 Replacement & Improvement 303,090$
TOTALS 100,893,810$ 455,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
November 30, 2025
Donations to the City of Santa Clara
Donations received by department during the month of November 2025 and for fiscal year 2025/26 are shown in the table below.
Department Nov-25
Fis cal Year
2025/26
Year To Date Designated Use
City Manager's Office - 50 Help Your Neighbor Parks & Recreation - 22,000 Case Management Parks & Recreation 187 1,655 Roberta Jones Jr. Theatre Parks & Recreation 10,175 12,125 Wade Brummal TOTALS 10,362$ 35,830$