_____________________________________________________________________
MONTHLY FINANCIAL STATUS REPORT
December 2025
1 City of Santa Clara
Financial Status Report as of December 31, 2025
This report summarizes the City’s financial performance for the month ended December 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 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 December 31, 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.
In the third quarter 2025 updated estimate, the Gross Domestic Product (GDP) increased at an annual rate of 4.4%, following a GDP increase of 3.8% in the second quarter. The increase in real GDP primarily reflected increases in consumer spending, exports, government spending, and investments.
Imports, which are a subtraction in the calculation of GDP, decreased in the third quarter.3
On a national level, the unemployment rate of 4.3% changed little between December 2025 and January 2026. In January, the number of unemployed persons totaled 7.4 million, a slight decrease of approximately 141,000 from December.4
3 https://www.bea.gov/news/2026/gross-domestic-product-3rd-quarter-2025-updated-estimate-gdp-industry-and-corporate 4 https://www.bls.gov/news.release/pdf/empsit.pdf
3 City of Santa Clara
Financial Status Report as of December 31, 2025
At the state level, the California unemployment rate changed little from 5.6% to 5.5% between November and December 2025. This rate is unchanged from the 5.5% rate in December 2024. Over the past year, California employers have lost 11,200 nonfarm jobs.5 The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.0% in December 2025, down slightly from a revised 4.3% in November 2025, and unchanged from the December 2024 level of 4.0%. Between December 2024 and December 2025, employment in this region decreased by 1,700 jobs, or 0.1%. The largest decreases were in professional and business services (down 8,600 jobs) and manufacturing (down 3,500 jobs). Notable employment increases were in private education and health services (up 7,100 jobs) and leisure and hospitality (up 1,900 jobs).6
General Fund
The General Fund is the major operating fund for the City and includes multiple programs, services, and activities for the residents and businesses of the City. The adopted budget for operating revenues and expenditures for fiscal year 2025/26 was $353.0 million. The amended budget for revenues and expenditures was adjusted to $383.7 million to reflect carryover encumbrances from fiscal year 2024/25 and various budget amendments approved by the City Council through December 2025.
General Fund revenues are tracking to exceed the budget and expenditures are tracking within estimated levels.
5 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-december-2025/ 6 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf
4 City of Santa Clara
Financial Status Report as of December 31, 2025
General Fund Revenues
As of December 31, 2025, $134.7 million, or 40%, of General Fund revenue (excluding transfers) was received. Collections are tracking below par through December due to the timing of payments. In some cases, such as property tax, most payments are scheduled to occur later in the fiscal year. Transfers and use of reserves of $46.9 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
12/31/2025
Percentage
Received
Actual Through
12/31/2024
$
Change From
Pr
ior Year
Percentage
Change
TAXES
Sales Tax 65, 850,000$ 65,850,000$ 24,934,153$ 37.87% 24,119,462$ 814,691$ 3.38% Property Tax 101,181,000 101,181,000 29,782,659 29.44% 28,517,469 1,265,190 4.44% Transient Occupancy Tax 27,500,000 27,500,000 11,757,364 42.75% 7,710,140 4,047,224 52.49% Other Taxes 7,200,000 7,200,000 1,775,246 24.66% 1,996,086 (220,840) -11.06% Total Taxes 201,731,000 201,731,000 68,249,422 33.83% 62,343,157 5,906,265 9.47%
LICENSES & PERMITS
Business Licenses 6,200,000 6,200,000 3,344,754 53.95% 3,461,966 (117,212) -3.39% Building Permits - - 845,813 N/A 667,387 178,426 26.74% Fire Operation Permits 1,998,000 1,998,000 1,450,001 72.57% 1,090,586 359,415 32.96% Miscellaneous Permits 26,000 26,000 254 0.98% 244,550 (244,296) -99.90% Total Licenses & Permits 8,224,000 8,224,000 5,640,822 68.59% 5,464,489 176,333 3.23% FINES & PENALTIES 1,557,000 1,557,000 1,644,702 105.63% 747,597 897,105 120.00% INTERGOVERNMENTAL 580,000 1,028,764 563,606 54.78% 781,331 (217,725) -27.87% CHARGES FOR SERVICES 35,626,474 35,726,474 19,115,411 53.50% 17,137,464 1,977,947 11.54% SILICON VALLEY POWER TRANSFER 37,275,000 37,275,000 18,637,506 50.00% 17,732,550 904,956 5.10%
USE OF MONEY & PROPERTY
Interest 6,247,000 6,247,000 3,876,784 62.06% 1,669,078 2,207,706 132.27% Rent 13,107,611 13,536,011 7,108,546 52.52% 6,264,642 843,904 13.47% Total Use of Money & Property 19,354,611 19,783,011 10,985,330 55.53% 7,933,720 3,051,610 38.46% MISCELLANEOUS REVENUES 380,000 398,700 107,326 26.92% 323,813 (216,487) -66.86%
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% 13,906,439 3,066,773 22.05% Operating Transfer In - Fund Balances(1) 5,816,858 28,044,857 28,044,857 100.00% 6,162,369 21,882,488 355.10% Operating Transfer In - Miscellaneous 405,265 401,746 401,746 100.00% 2,201,534 (1,799,788) -81.75% Total Other Financing Sources 17,232,794 46,873,815 46,873,815 100.00% 23,724,342 23,149,473 97.58%
STADIUM OPERATION
Charges for Services 24,423,380 24,497,380 8,442,446 34.46% 5,813,945 2,628,501 45.21% Rent and Licensing 6,640,308 6,640,308 1,260,068 18.98% 170,489 1,089,579 639.09% Total Stadium Operation 31,063,688 31,137,688 9,702,514 31.16% 5,984,434 3,718,080 62.13% TOTAL GENERAL FUND 353,024,567$ 383,735,452$ 181,520,453$ 47.30% 142,172,897$ 39,347,556$ 27.68% (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 December 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 December 31, 2025, $24.9 million has been recorded, which is 3.4% lower than prior year collection levels. Given the timing of payments, the sales tax receipts through December account for actual activity in the first quarter of FY 2025/26 (July through September 2025) totaling $18.4 million and an advance payment for October 2025 totaling $6.2 million. In addition, $0.3 million has been received for the Proposition 172 Public Safety Sales Tax, which is consistent with the prior fiscal year.
In the first quarter of FY 2025/26 (July – September activity) receipts totaled $18.4 million. This collection level was 3.9% below the prior year receipts of $19.2 million for the first quarter of FY 2024/25. This decrease was the result of a 16.0% decrease in the Business-to-Business category. This decline was partially offset by growth in the remaining categories: construction (up 6.7%), food products (up 7.2%), general retail (up 6.2%) and transportation (up 6.5%) categories. The County pool receipts in the first quarter of FY 2025/26 were also up 12.0% over the first quarter of FY 2024/25 based on the City’s strong sales tax performance; these collection represent approximately 20% of the City’s sales tax receipts.
While collections are down from the prior year, receipts continue to track well above historical levels.
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 approximately $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 $29.8 million were received in December 2025. The majority of property tax revenue is collected in the second half of the fiscal year. Based on information from the County of Santa Clara, property tax receipts are projected to end the year at $103.6 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 December 31, 2025, $11.8 million has been collected, which reflects a 52.5% 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. For instance, while not yet reflected in the collection figures, TOT receipts were up 17% through January 2026, which remains very strong growth but below the 52.5% increase through December. Based on the higher prior year collection level, current year receipts, and the expected impact from the Super Bowl and FIFA World Cup events, TOT revenue is projected to exceed the budgeted estimate by year-end by $3 million - $5 million.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $1.8 million through December, which is slightly below last fiscal year’s collection levels of $2.0 million due to the timing of payments. Receipts reflect franchise tax ($1.1 million) and documentary transfer tax ($0.7 million).
6 City of Santa Clara
Financial Status Report as of December 31, 2025
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 $5.6 million, or 68.6% 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 $3.3 million. Collections in this category are tracking slightly below the prior year level of $3.5 million.
Fines & Penalties: Includes collection charges (late fees), vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through December was $1.64 million, which is above the budget of $1.56 million and the prior year level collections of $0.7 million.
The majority of the receipts are comprised of collection charges. The variance from the prior year is primarily due to higher 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 December 31, 2025, $0.6 million has been collected in this category, which is 28% lower than prior year levels. Collections were higher last year due to wildland reimbursements. 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 December, collections totaled approximately $19.1 million or 53.5% of the budget. This reflects an
11.5% increase compared to last year’s collections, primarily due to higher receipts in miscellaneous charges for services, engineering fees, and planning and zoning fees.
Silicon Valley Power Transfer: In accordance with the City’s charter, Silicon Valley Power (SVP) 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. Based on the prior year collections and activity levels in SVP, receipts in this category are expected to exceed the budgeted estimate.
Use of Money & Property: Includes realized investment income and rental income. Collections of $11.0 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 132% higher than prior year levels due, in part, to the timing of payments. Receipts in this category are expected to exceed the budgeted estimate by approximately $3 million based on current collection trends.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through December 2025, collections of $0.1 million are tracking at 27% of the budget and below the prior year collections of $0.3 million.
7 City of Santa Clara
Financial Status Report as of December 31, 2025
Stadium Operation: Through December 31, 2025, $9.7 million has been collected through charges for services and rent. Of this amount, $3.3 million and $2.8 million represents public safety cost reimbursements for non-NFL events and NFL games, respectively. The City also received the ground lease payment of $1.3 million and general and administrative cost reimbursements of $1.0 million, both from the Stadium Authority. Reimbursements of $0.6 million have been received from the Bay Area Host Committee. Remaining collections of $0.7 million reflected parking permits.
8 City of Santa Clara
Financial Status Report as of December 31, 2025
General Fund Expenditures
As of December 31, 2025, $207.5 million or 54.1% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $153.9 million, or 46.6% of the budget, which is slightly below par of 50%. Transfers of $53.6 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through December.
Adopted Budget
Amended
Budget
Actual Through
12/31/2025
Percentage
Used
Actual Through
12/31/2024
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental 20,501,477$ 19,788,144$ 8,057,544$ 40.72% 8,140,060$ (82,516)$ -1.01% City Council 1,268,362 1,273,274 580,781 45.61% 537,978 42,803 7.96% City Clerk 1,761,474 1,763,949 923,228 52.34% 923,222 6 0.00% City Manager 5,859,758 6,942,349 2,940,249 42.35% 2,054,177 886,072 43.14% City Attorney 4,619,355 4,760,193 2,023,509 42.51% 1,443,361 580,148 40.19% City Auditor 1,075,554 1,167,005 399,949 34.27% 379,353 20,596 5.43% Human Resources 5,470,869 5,758,815 1,993,191 34.61% 1,906,800 86,391 4.53% Finance 20,897,522 21,598,708 9,577,282 44.34% 9,962,559 (385,277) -3.87% Total General Government 61,454,371 63,052,437 26,495,733 42.02% 25,347,510 1,148,223 4.53% PUBLIC WORKS 30,216,576 31,460,071 14,137,065 44.94% 12,437,660 1,699,405 13.66% COMMUNITY DEVELOPMENT 6,039,535 6,237,266 2,585,569 41.45% 2,379,157 206,412 8.68% PARKS AND RECREATION 24,548,978 25,373,495 11,972,669 47.19% 10,682,449 1,290,220 12.08%
PUBLIC SAFETY
Fire 70,335,667 70,804,167 35,509,425 50.15% 34,155,652 1,353,773 3.96% Police 99,261,544 100,299,895 50,200,129 50.05% 44,440,608 5,759,521 12.96% Total Public Safety 169,597,211 171,104,062 85,709,554 50.09% 78,596,260 7,113,294 9.05% LIBRARY 12,178,570 12,300,254 5,803,134 47.18% 5,908,177 (105,043) -1.78% DEPARTMENTAL TOTAL 304,035,241 309,527,585 146,703,724 47.40% 135,351,213 11,352,511 8.39%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 1,062,675 1,635,973 1,635,973 100.00% 7,408,161 (5,772,188) -77.92% 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 30,793,808 30,793,808 100.00% 15,855,042 14,938,766 94.22% 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 53,644,358 53,644,358 100.00% 26,469,689 27,174,669 102.66% STADIUM OPERATION 20,359,841 20,563,508 7,201,824 35.02% 5,938,132 1,263,692 21.28% TOTAL GENERAL FUND 353,024,567$ 383,735,452$ 207,549,906$ 54.09% 167,759,034$ 39,790,871$ 23.72% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2025/26 PY EXPENDITURES COMPARISON
9 City of Santa Clara
Financial Status Report as of December 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 December, expenditures totaled $8.1 million, or 40.7% of the budget, which is below par of 50%. Current year spend is consistent with prior year levels.
City Attorney: Actual expenditures through December totaled approximately $2.0 million, which is
42.5% of the budget, which is below par. Spending is higher than the total expenditures through the same time last fiscal year by 40% due to higher salaries and benefits costs, partially offset by lower spend in outside legal services.
City Clerk: Through December, actual expenditures were tracking slightly above budget at approximately $0.9 million or 52.3% of the budget, primarily in the salaries and benefits categories. This spend is consistent with prior year levels.
City Council: Through December, expenditures of $0.6 million were at 45.6% of budget, which is below par. Compared to the same period through last fiscal year, this reflects an increase in expenditures, resulting from higher salary and benefits and conference, training and travel spend. This is partially offset by lower spending for as-needed staff.
City Manager: The actual expenditures through December totaled $2.9 million, or 42.4% of the budget, which is below par for this time of the year. Expenditures are approximately 43.1% 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 December, departmental expenditures for the Planning and Housing and Community Services divisions totaled $2.6 million, or 41.5% of the budget, which is below par of 50%. This expenditure level is 8.7% above the prior year as a result of higher salaries and benefits and contractual services spend.
Finance Department: Through December, the Department’s expenditures totaled $9.6 million, or
44.3% of the budget, which is below par. This expenditure level was approximately 3.9% lower compared to the same period last year. Higher salaries and benefits spend is offset by lower contractual services costs.
Fire Department: Through December, actual expenditures totaled $35.5 million, or 50.2% of the budget, which is at par. These expenditures are 4.0% above the spending level through the same period last fiscal year. Overtime expenditures are tracking at 120.2% 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 113.37% of the budget. While this overtime figure is above par, it is important
10 City of Santa Clara
Financial Status Report as of December 31, 2025
to note that overtime is used to backfill for vacant positions and the vacancy savings offset a portion of the overtime costs.
Through December, absences are up 15% (from 42,344 to 48,519 hours) when compared with the prior fiscal year and remain above historical levels. Absences are trending high in the areas of compensatory time usage, Family and Medical Leave Act (FMLA) leave, 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 December, the compensatory time payouts total $1,144,685, which is above historical levels and 32% above the payouts of $863,390 experienced through December 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 December, actual expenditures totaled approximately $5.8 million, or
47.2% of the budget, which is slightly below par and the prior year expenditure level.
Parks and Recreation Department: Through December, actual expenditures totaled $12.0 million, or
47.2% of the budget, which is slightly below par, but 12% higher than prior year actuals of $10.7 million.
This increase reflects higher spend in the salaries and benefits categories as well as operating supplies and contractual services costs.
Police Department: Expenditures through December are tracking at $50.2 million, or 50% of the budget; this is approximately 13% 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 $7.2 million through December are tracking at 35% of the budget; this expenditure level is 21.3% above the prior fiscal year due to a greater number of non-NFL events held at the Stadium compared to the prior year. Events at the Stadium through December include two soccer matches, four concerts, two preseason and seven 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.
11 City of Santa Clara
Financial Status Report as of December 31, 2025
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of December 31, 2025. The amended budget reflects carryover encumbrances from fiscal year 2024/25 and budget amendments approved by the City Council through December 2025.
Through the end of December, revenues totaled $16.5 million, or 55.3% of the estimate, which is above par of 50%, while expenditures totaled approximately $13.2 million, or 33.7%. 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, while revenue in the City Affordable Housing Fund is tracking below prior year levels.
This is a result of a correction in booking for interest accrued on housing impact fees, which is now recorded in the City Affordable Housing Capital Fund. 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 $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2025 Received 12/31/2024 Prior Year Change Building Development Services
Fee Fund
16,736,000$ 16,736,000$ 10,937,965$ 65.36% 8,742,312$ 2,195,653$ 25.12% City Affordable Housing Fund 1,253,326 502,171 259,099 51.60% 444,574 (185,475) -41.72% Fire CUPA Fund 2,019,000 2,019,000 1,467,794 72.70% 0 1,467,794 N/A Fire Development Services Fee
Fund
3,429,000 3,429,000 2,209,771 64.44% 2,276,438 (66,667) -2.93% Housing and Urban Development 5,427,794 5,561,800 984,456 17.70% 570,398 414,058 72.59% Housing Authority Fund 281,088 281,088 364,241 129.58% 29,294 334,947 1143.40% Housing Successor Fund 1,302,573 1,302,573 277,683 21.32% 443,592 (165,909) -37.40% TOTAL 30,448,781$ 29,831,632$ 16,501,009$ 55.31% 12,506,608$ 3,994,401$ 31.94% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2025 Used 12/31/2024 Prior Year Change Building Development Services
Fee Fund
17,307,319$ 18,457,334$ 8,239,392$ 44.64% 7,210,418$ 1,028,974$ 14.27% City Affordable Housing Fund 6,984,995 7,292,572 563,195 7.72% 382,963 180,232 47.06% Fire CUPA Fund 1,779,867 1,783,637 657,285 36.85% 0 657,285 N/A Fire Development Services Fee
Fund
3,904,315 3,926,714 1,688,155 42.99% 1,760,892 (72,737) -4.13% Housing and Urban Development 5,427,794 5,720,995 1,460,397 25.53% 1,205,730 254,667 21.12% Housing Authority Fund 459,878 501,371 93,815 18.71% 80,293 13,522 16.84% Housing Successor Fund 1,127,973 1,347,976 448,294 33.26% 337,313 110,981 32.90% TOTAL 36,992,141$ 39,030,599$ 13,150,533$ 33.69% 10,977,609$ 2,172,924$ 19.79%
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
12 City of Santa Clara
Financial Status Report as of December 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 December 2025. As of December 31, 2025, the internal service fund expenditures totaled $23.8 million, or 35.3% of the amended budget. The expenditure fluctuations in the Vehicle Replacement Fund are due to the timing of vehicle purchases throughout the year. The significant decrease in spend in the Communication Acquisitions Fund is a result of the replacement of public safety radios that occurred last fiscal year. In the Information Technology Services Fund is attributable to higher spend in the contractual services category.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2025 Used 12/31/2024 Prior Year Change Communication Acquisitions Fund 1,064,336$ 1,642,638$ 473,203$ 28.81% 5,920,301$ (5,447,098)$ -92.01% Fleet Maintenance and Operations
Fund
6,757,227 7,417,317 3,165,789 42.68% 2,991,528 174,261 5.83% Information Technology Services
Fund
18,755,875 23,478,149 6,766,807 28.82% 4,846,577 1,920,230 39.62% Public Works Capital Projects
Management Fund
4,991,087 5,863,020 2,367,791 40.39% 2,016,624 351,167 17.41% Special Liability Fund 9,152,000 9,209,062 5,100,216 55.38% 4,535,506 564,710 12.45% Unemployment Insurance Fund 100,000 100,000 48,633 48.63% 55,682 (7,049) -12.66% Vehicle Replacement Fund 3,994,000 11,017,019 1,049,282 9.52% 1,926,783 (877,501) -45.54% Workers' Compensation Fund 6,858,000 8,858,000 4,874,820 55.03% 3,610,623 1,264,197 35.01% TOTAL 51,672,525$ 67,585,205$ 23,846,541$ 35.28% 25,903,624$ (2,057,083)$ -7.94%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2025/26 PRIOR YEAR EXPENDITURE COMPARISON
13 City of Santa Clara
Financial Status Report as of December 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 December 2025. As of December 31, 2025, the capital fund revenue totaled approximately $17.1 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. In the Tasman East Specific Infrastructure Fund, $2.0 million reflects impact fee collections, with interest earnings as the remaining collections.
The collections in the Streets and Highways Capital Fund are comprised of interest earnings, grant funding, fees, and VTA Measure B proceeds.
Actual
Fund Current Year Prior Year T otal Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2025 Used City Affordable Housing Capital Fund 211,155$ -$ 211,155$ 211,155$ 100.00% Parks & Recreation 10,197,016 - 10,197,016 10,676,807 104.71% Public Buildings 110,027 - 110,027 - 0.00% Related Santa Clara Developer 932,667 290,000 1,222,667 235,000 19.22% Storm Drain 1,623,993 2,984,107 4,608,100 791,679 17.18% Streets & Highways 15,652,769 19,942,011 35,594,780 3,118,774 8.76% Tasman East Specific Infrastructure
Improvement Fund
217,682 3,517,250 3,734,932 2,100,167 56.23% TOTAL 28,945,309$ 26,733,368$ 55,678,677$ 17,133,582$ 30.77%
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 December 2025. As of December 31, 2025, capital fund expenditures totaled $28.3 million, or 12% of the amended budget.
As part of the adoption of the FY 2025/26 and FY 2026/27 biennial operating budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2025. Necessary additional adjustments to the capital carryover amounts were included as part of the Budgetary Year- End Report for FY 2024/25, which was approved by the City Council in December 2025.
14 City of Santa Clara
Financial Status Report as of December 31, 2025
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2025 Used City Affordable Housing Capital Fund 4,944,484$ -$ 4,944,484$ -$ 0.00% Fire 500,866 1,854,028 2,354,894 750,596 31.87% General Gov't - Other 4,437,516 12,674,976 17,112,492 549,028 3.21% Library 24,642 653,161 677,803 10,902 1.61% Parks & Recreation 5,717,816 40,887,990 46,605,806 1,970,609 4.23% Public Buildings 43,412,209 9,327,180 52,739,389 3,369,737 6.39% Related Santa Clara Developer 723,037 343,370 1,066,407 238,283 22.34% Storm Drain 911,490 8,707,187 9,618,677 650,817 6.77% Streets & Highways 20,063,576 76,260,521 96,324,097 19,339,336 20.08% Tasman East Specific Infrastructure
Improvement Fund
1,434,465 2, 828,615 4,263,080 1,437,486 33.72% TOTAL 82,170,101$ 153,537,028$ 235,707,129$ 28,316,794$ 12.01% EXPENDITURES - FISCAL YEAR 2025/26
CITY OF SANTA CLARA
SUMMARY OF EXPENDITURES
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
15 City of Santa Clara
Financial Status Report as of December 31, 2025
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of December 31, 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 Through Percentage Through Change From Percent Description Budget Budget 12/31/2025 received 12/31/2024 Prior Year Change Cemetery Fund 600,000$ 600,000$ 339,047$ 56.51% 318,008$ 21,039$ 6.62% Electric Utility Fund 1,128,195,241 1,128,195,241 407,695,691 36.14% 490,727,966 (83,032,275) -16.92% Sewer Utility Fund 52,407,375 52,407,375 26,070,505 49.75% 25,331,409 739,096 2.92% Solid Waste Utility Fund 42,287,613 42,287,613 19,349,505 45.76% 18,406,241 943,264 5.12% Water Recycling Fund 9,651,409 9,651,409 4,934,185 51.12% 5,756,937 (822,752) -14.29% Water Utility Fund 76,402,644 76,402,644 35,137,895 45.99% 32,973,364 2,164,531 6.56% TOTAL REVENUE 1,309,544,282$ 1,309,544,282$ 493,526,828$ 37.69% 573,513,925$ (79,987,097)$ -13.95% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 12/31/2025 Used 12/31/2024 Prior Year Change Cemetery Fund 1,757,102$ 1,774,177$ 560,453$ 31.59% 573,056$ (12,603)$ -2.20% Electric Utility Fund 712,617,141 723,672,626 330,716,646 45.70% 279,312,796 51,403,850 18.40% Sewer Utility Fund 43,738,253 44,110,349 21,841,465 49.52% 18,791,266 3,050,199 16.23% Solid Waste Utility Fund 42,061,065 46,374,375 18,835,417 40.62% 18,313,636 521,781 2.85% Water Recycling Fund 10,890,055 14,745,574 5,680,827 38.53% 5,103,452 577,375 11.31% Water Utility Fund 66,793,248 68,017,282 30,053,141 44.18% 28,980,234 1,072,907 3.70% TOTAL - Operating
Appropriations
877,856,864$ 898,694,383$ 407,687,949$ 45.36% 351,074,440$ 56,613,509$ 16.13%
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 Electric Utility Fund, the significant decrease in revenue is attributable to bond proceeds received last fiscal year. Revenue in the Water Recycling Fund is lower than prior year levels due to a reimbursement received last fiscal year.
16 City of Santa Clara
Financial Status Report as of December 31, 2025
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the tables below. Actual revenue through December 31, 2025, totaled $6.0 million, consisting primarily of developer contributions in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $46.9 million, or 5.5% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2024/25 as part of the FY 2025/26 and FY 2026/27 budget adoption process for those projects that were not expected to be completed by June 30, 2025. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures were included in the Budgetary Year-End Report for FY 2024/25, which was approved by the City Council in December 2025. These actions are reflected in the table below.
Actual
Fund Current Year Pr ior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2025 Used Electric Utility Fund 27,041,043$ 13,091,676$ 40,132,719$ 2,395,456$ 5.97% Sewer Utility Fund - - - 3,600,465 N/A Solid Waste Utility Fund 260,653 243,847 504,500 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 27,301,696$ 13, 335,523$ 40,637,219$ 6,045,386$ 14.88% Actual
Fund Current Year Prior Year T otal Amended Through Percentage Description Appropriation Carryforward Budget 12/31/2025 Used Cemetery Fund 10$ 270,479$ 270,489$ -$ 0.00% Convention Center Capital
Fund
1,590,412 2,556,629 4,147,041 - 0.00% Electric Utility Fund 351,921,281 378,643,486 730,564,767 34,984,740 4.79% Sewer Utility Fund 47,606,403 37,208,230 84,814,633 3,422,688 4.04% Solid Waste Utility Fund 821,876 141,354 963,230 506,634 52.60% Street Lighting (1) 5,837,301 12, 872,569 18,709,870 4,824,849 25.79% Water Recycling Fund (338,786) 388, 786 50,000 1,486 2.97% Water Utility Fund 15,033,219 6,891,151 21,924,370 3,177,443 14.49%
TOTAL - CIP
Appropriations
422,471,716$ 438,972,684$ 861,444,400$ 46,917,840$ 5.45%
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
17 City of Santa Clara
Financial Status Report as of December 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.
18 City of Santa Clara
Financial Status Report as of December 31, 2025
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve 81,000,000$
Capital Projects Reserve 21,383,432
Land Sale Reserve 20,825,559
Technology Fee Reserve 2,827,685
Electric Rate Stabilization Fund Reserve 78,000,000$
Electric Operations and Maintenance Reserve 377,000,000 Replacement & Improvement 303,090$
TOTALS 126,036,676$ 455,000,000$ 303,090$
CITY OF SANTA CLARA
RESERVE BALANCES
December 31, 2025
Donations to the City of Santa Clara
Donations received by department during the month of December 2025 and for fiscal year 2025/26 are shown in the table below.
Department Dec-25
Fiscal Year
2025/26
Year To Date Designated Use
City Manager's Office 50 100 Help Your Neighbor Parks & Recreation - 22,000 Case Management Parks & Recreation 992 2,647 Roberta Jones Jr. Theatre Parks & Recreation - 12,125 Wade Brummal TOTALS 1,042$ 36,872$