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MONTHLY FINANCIAL STATUS REPORT
August 2026
1 City of Santa Clara
Financial Status Report as of August 31, 2026
This report summarizes the City’s financial performance for the month ended August 31, 2026.
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 Fall 2026 UCLA Anderson Forecast describes a U.S. economy that “has largely weathered a series of disruptions, with economic growth remaining resilient, even as inflation and interest rates have risen and labor markets nationally and
in California remain weak.
The outlook has shifted considerably
over the course of the year. In March,
the Forecast expected tax cuts and
rapidly expanding investment in artificial
intelligence to help reaccelerate the
U.S. economy in 2026. Three months
later, the war in Iran and resulting oil
shock had replaced tariffs as the leading
threat to that expansion.
The contrasting signals are particularly
pronounced in California. The state’s
economy grew at an annual rate of
3.7% in the first quarter of 2026,
compared with 2.1% nationally, with
only Washington state growing faster.
Yet California’s unemployment rate
stood at 5.1% in August, the highest of any state. The “employment recession” identified by the Forecast six months ago has continued, even though California has outperformed the nation in the production of goods and services.
Nationally, the Forecast expects growth to remain above 2% for the remainder of 2026 and near 2% in 2027 and 2028, supported in part by continued investment in AI infrastructure and the wealth effects associated with rising technology equity valuations. Inflation, meanwhile, is expected to move higher again this winter, keeping interest rates elevated and prompting the Federal Reserve to raise rates accordingly.”1 The Forecast also points to an elevated level of uncertainty with potential upward or downward shifts in the forecast. There are negative risks associated with potential changes in AI equity valuations, the conflict with Iran, and oil prices as well as positive risks associated with potential AIdriven productivity gains and a swifter resolution of the conflict with Iran. 1 https://www.anderson.ucla.edu/news-and-events/ucla-anderson-forecast-sees-resilient-growth-despite-inflation-weak-labormarkets; UCLA Anderson Forecast for the Nation and California, Fall 2026 Report Quarterly Real GDP Growth Forecast
(Seasonally Adjusted Annual Rates)
2 City of Santa Clara
Financial Status Report as of August 31, 2026
In the second quarter 2026 second estimate, the Gross Domestic Product (GDP) increased at an annual rate of 1.5%, following a GDP increase of 2.1% in the first quarter. The increase in real GDP primarily an increase in consumer spending, exports and investments. These movements were partly offset by decreases in government spending. Imports, which are a subtraction to the calculation of GDP, increased.2
On a national level, the unemployment rate was unchanged at 4.1% between July and August 2026. In August, the number of unemployed increased slightly from 6.9 million in July 2026 to 7.0 million in August 2026.
3 At the state level, the California unemployment rate remained unchanged at 5.1% between July and August 2026. This rate is lower compared to the 5.5% rate in August 2025. Over the past year, California employers have added 138,500 nonfarm jobs (0.77 percent increase). 4 2 https://www.bea.gov/news/2026/gdp-second-estimate-and-corporate-profits-2nd-quarter-2026 3 https://www.bls.gov/news.release/pdf/empsit.pdf 4 https://edd.ca.gov/en/about_edd/news_releases_and_announcements/unemployment-august-2026/ 3 City of Santa Clara
Financial Status Report as of August 31, 2026
The unadjusted unemployment rate in the San José-Sunnyvale-Santa Clara Metropolitan Statistical Area (MSA) was 4.3% in August 2026, up slightly from a revised 4.1% in July 2026, but below the August 2025 level of 4.7%. Between August 2025 and August 2026, employment in this region increased by 20,400 jobs, or 1.7%. The largest increases were in private education and health services (up 13,200 jobs), construction (up 4,200 jobs), and leisure and hospitality (up 2,200 jobs).5 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 2026/27 was $388.4 million. The amended budget for revenues and expenditures was adjusted to $396.9 million to reflect carryover encumbrances from fiscal year 2025/26 and various budget amendments approved by the City Council through August 2026.
While it is very early in the fiscal year and limited data is available, General Fund revenues and expenditures are tracking within estimated levels.
5 https://labormarketinfo.edd.ca.gov/file/lfmonth/sjos$pds.pdf 4 City of Santa Clara
Financial Status Report as of August 31, 2026
General Fund Revenues
As of August 31, 2026, $23.6 million of General Fund revenue (excluding transfers) was received. This figure incorporates the negative amount reflected in the table below, which represent accruals of revenue to the previous year. In some categories, the revenues received in July and August account for activity that occurred in FY 2025/26 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 $36.3 million have occurred as budgeted.
Adopted Budget
Amended
Budget
Actual Through
8/31/2026
Percentage
Received
Actual Through
8/31/2025
$
Change From
Prior Year
Percentage
Change
TAXES
Sales Tax $ 75,850,000 $ 75,850,000 $ - 0.00% $ - $ - N/A Property Tax 107,797,000 107,797,000 - 0.00% 40,400 (40,400) -100.00% Transient Occupancy Tax 30,680,000 30,680,000 2,478,125 8.08% 1,835,710 642,415 35.00% Other Taxes 7,400,000 7,400,000 330,844 4.47% 243,406 87,438 35.92% Total Taxes 221,727,000 221,727,000 2,808,969 1.27% 2,119,516 689,453 32.53%
LICENSES & PERMITS
Business Licenses 6,150,000 6,150,000 1,412,617 22.97% 1,445,756 (33,139) -2.29% Building Permits - - 282,934 N/A 271,129 11,805 4.35%
Fire Operation Permits 2,058,000 2,058,000 1,902,160 92.43% 596,264 1,305,896 219.01% Miscellaneous Permits 45,000 45,000 106,998 237.77% 242,139 (135,141) -55.81% Total Licenses & Permits 8,253,000 8,253,000 3,704,709 44.89% 2,555,288 1,149,421 44.98% FINES & PENALTIES 2,307,000 2,307,000 416,194 18.04% 737,912 (321,718) -43.60% INTERGOVERNMENTAL 760,000 760,000 322,114 42.38% 253 321,861 127217.79% CHARGES FOR SERVICES 36,599,039 36,599,039 4,767,454 13.03% 8,003,906 (3,236,453) -40.44% SILICON VALLEY POWER TRANSFER 42,930,000 42,930,000 7,155,010 16.67% 6,212,510 942,500 15.17%
USE OF MONEY & PROPERTY
Interest 11,571,000 11,571,000 (1,014,510) -8.77% (856,771) (157,739) 18.41% Rent 14,832,451 14,832,451 3,714,270 25.04% 2,638,243 1,076,027 40.79% Total Use of Money & Property 26,403,451 26,403,451 2,699,760 10.23% 1,781,472 918,288 51.55% MISCELLANEOUS REVENUES 380,000 380,000 (3,008) -0.79% 56,038 (59,046) -105.37%
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 18,446,588 26,971,897 26,971,897 100.00% 15,886,222 11,085,675 69.78% Operating Transfer In - Fund Balances(1) 7,089,154 7,089,154 7,089,154 100.00% 5,816,858 1,272,296 21.87% Operating Transfer In - Miscellaneous 777,828 777,828 777,828 100.00% 405,265 372,563 91.93% Total Other Financing Sources 27,767,570 36,292,879 36,292,879 100.00% 23,562,345 12,730,534 54.03%
STADIUM OPERATION
Charges for Services 13,606,283 13,606,283 1,612,682 11.85% 1,760,609 (147,927) -8.40% Rent and Licensing 7,690,963 7,690,963 106,998 1.39% 1,000,000 (893,002) -89.30% Total Stadium Operation 21,297,246 21,297,246 1,719,680 8.07% 2,760,609 (1,040,929) -37.71% TOTAL GENERAL FUND $ 388,424,306 $ 396,949,615 $ 59,883,761 15.09% $ 47,789,849 $ 12,093,911 25.31% (1) The Operating Transfer In - Fund Balances includes the carryover encumbrances of open purchase orders as of June 30, 2026.
Function
CITY OF SANTA CLARA
GENERAL FUND
REVENUE OVERVIEW AND COMPARISON BY TYPE
FISCAL YEAR 2026/27 PY REVENUE COMPARISON
5 City of Santa Clara
Financial Status Report as of August 31, 2026
General Fund Revenues
Sales Tax: The City of Santa Clara sales tax rate is 9.75%, of which the City receives 1.0%. As of August 31, 2026, no sales tax has been recorded. Given the timing of payments, the sales tax payments received in August accounted for activity in the prior fiscal year and those funds were accrued to last year.
Property Tax: No property tax receipts were received in August 2026. The majority of property tax revenue is collected in the second half of the fiscal year. The City has not yet received preliminary estimates from the County of Santa Clara regarding the anticipated property tax revenue for the City of Santa Clara.
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 August 31, 2026, approximately $2.5 million has been collected, up from $1.8 million received through the same period last fiscal year. Due to the timing of payments, this represents activity for July.
Other Taxes: Includes franchise tax and documentary transfer tax. The City has collected $0.3 million through August, which is 36% higher than last fiscal year’s collection levels. Receipts through August reflect franchise tax collections of $0.1 million and documentary transfer tax collections of $0.2 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 44.9% of the $8.3 million budget. This collection level is also above the prior year collection level of $2.6 million. This is primarily due to higher collections under the fire operation permits category.
This is a result of the change in billing cycles for fire permits, where the City now bills for all permits on July 1. It is anticipated that the majority of the revenue for existing permits to be received in the first quarter of the fiscal year.
Fines & Penalties: Includes vehicle, parking, court fines, and miscellaneous penalty fines. The revenue collected in this category through August was $0.4 million, which is below prior year collections of $0.7 million. This decrease is primarily reflected under the municipal fines and collection charges categories.
Intergovernmental: Includes motor vehicle fees, state homeowner tax relief, state mandated reimbursement and redistribution of land sale proceeds and ground leases from the Successor Agency.
Through August 31, 2026, $0.3 million has been collected in this category, well above the prior year collection level of $253. This high collection level is primarily attributable to SB90 reimbursements for the Police Department.
Charges for Services: Includes various plan check and zoning-related fees, engineering fees, administrative fees, and community service revenue from various recreational activities. Through August, collections totaled approximately $4.8 million or 13% of the budget. This reflects a 40% decrease compared to last year’s collections, primarily lower in the miscellaneous charges for services, 6 City of Santa Clara
Financial Status Report as of August 31, 2026
engineering fees, planning and zoning fees, and emergency medical services (EMS) transport categories. These decreases are partially offset with higher collections in the technology fee category.
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 in the rent category are higher than prior year levels, specifically for right-of-way revenues. The negative amount under the interest category reflects an accrual to the prior year.
Miscellaneous Revenues: Includes developer fees, donations, damage recovery, sale of surplus, and one-time miscellaneous revenues. Through August 31, 2026, no revenue has been recorded in this category. The negative amount reflects accruals to the prior year.
Stadium Operation: Through August 2026, $1.7 million has been collected through charges for services and rent.
7 City of Santa Clara
Financial Status Report as of August 31, 2026
General Fund Expenditures
As of August 31, 2026, $107.2 million or 27% of the General Fund operating budget had been expended, which is higher than prior year expenditure levels. Excluding transfers, expenditures totaled $57.1 million, or 16.5% of the budget, which is at par of 16.7% of the budget. Transfers of $50.0 million have occurred as budgeted. Overall, expenditures in the General Fund are within budgeted levels through August.
Adopted Budget
Amended
Budget
Actual Through
8/31/2026
Percentage
Used
Actual Through
8/31/2025
$
Change From
Prior Year
Percentage
Change
GENERAL GOVERNMENT
Non-Departmental $ 22,352,629 $ 23,465,831 $ 4,366,366 18.61% $ 4,737,558 $ (371,192) -7.84% City Council 1,279,327 1,279,327 216,953 16.96% 196,773 20,180 10.26% City Clerk 2,388,984 2,529,100 369,149 14.60% 280,374 88,775 31.66% City Manager 7,007,724 7,468,771 934,749 12.52% 883,434 51,315 5.81% City Attorney 4,715,564 4,998,962 745,851 14.92% 573,378 172,473 30.08% City Auditor 1,099,342 1,259,443 147,033 11.67% 119,149 27,884 23.40% Human Resources 6,602,108 6,795,731 815,439 12.00% 691,064 124,375 18.00% Finance 20,835,070 21,615,528 2,518,067 11.65% 3,217,345 (699,278) -21.73% Total General Government 66,280,748 69,412,693 10,113,607 14.57% 10,699,075 (585,468) -5.47% PUBLIC WORKS 30,667,362 31,703,861 4,759,470 15.01% 4,695,964 63,506 1.35% COMMUNITY DEVELOPMENT 6,338,943 6,636,545 970,175 14.62% 856,944 113,231 13.21% PARKS AND RECREATION 25,923,944 27,844,970 4,413,137 15.85% 4,123,209 289,928 7.03%
PUBLIC SAFETY
Fire 80,527,946 81,521,591 13,985,836 17.16% 12,151,071 1,834,765 15.10% Police 106,094,094 106,560,836 17,610,077 16.53% 16,820,121 789,956 4.70% Total Public Safety 186,622,040 188,082,427 31,595,913 16.80% 28,971,192 2,624,721 9.06% LIBRARY 12,569,996 12,647,977 2,341,224 18.51% 2,072,909 268,315 12.94% DEPARTMENTAL TOTAL 328,403,033 336,328,473 54,193,526 16.11% 51,419,293 2,774,233 5.40%
OTHER FINANCING USES
Operating Transfer Out - Miscellaneous 4,001,805 4,001,805 4,001,805 100.00% 1,062,675 2,939,130 276.58% Operating Transfer Out - Debt Services 1,400,579 1,400,579 1,400,579 100.00% 1,406,979 (6,400) -0.45% Operating Transfer Out - Maintenance Dtrct 1,306,026 1,306,026 1,306,026 100.00% 1,079,493 226,533 20.99% Operating Transfer Out - Cemetery 976,306 976,306 976,306 100.00% 1,078,109 (101,803) -9.44% Operating Transfer Out - CIP 22,718,062 23,138,410 23,138,410 100.00% 6,772,581 16,365,829 241.65% Operating Transfer Out - Reserves 19,223,426 19,223,426 19,223,426 100.00% 17,649,996 1,573,430 8.91% Total Other Financing Uses 49,626,204 50,046,552 50,046,552 100.00% 29,049,833 20,996,719 72.28% STADIUM OPERATION 10,395,069 10,574,589 2,948,757 27.89% 2,553,646 395,111 15.47% TOTAL GENERAL FUND $ 388,424,306 $ 396,949,615 $ 107,188,835 27.00% $ 83,022,772 $ 24,166,063 29.11% Function
CITY OF SANTA CLARA
GENERAL FUND
EXPENDITURES OVERVIEW AND COMPARISON BY FUNCTION
FISCAL YEAR 2026/27 PY EXPENDITURES COMPARISON
8 City of Santa Clara
Financial Status Report as of August 31, 2026
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 August, expenditures totaled $4.4 million, or 18.6% of the budget. These expenditures are above the par level of 16.7% and higher than prior year levels due to higher salaries and benefits costs and advertising and community promotion spend.
City Attorney: Actual expenditures through August totaled approximately $0.7 million, which is 14.9% of the budget, which is slightly below par. Spending is higher than the total expenditures through the same time last fiscal year by 30.1% due to higher salaries and benefits and outside legal counsel charges.
City Clerk: Through August, actual expenditures were tracking below budget at $0.4 million or approximately 14.6% of the budget. This expenditure level reflects a 31.7% increase compared to last fiscal year due to higher software renewal and subscription costs.
City Council: Through August, expenditures of $0.2 million were at 17% of budget, which is slightly above par. Compared to the same period through last fiscal year, this reflects an increase in expenditures, resulting from high spend under the operating supplies category.
City Manager: The actual expenditures through August totaled $0.9 million, or 12.5% of the budget, which is below par for this time of the year. Expenditures are approximately 5.8% higher compared with the spending level through the same period last fiscal year. This is due to higher spend in the salaries and benefits 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 August, departmental expenditures for the Planning and Housing and Community Services divisions totaled $1.0 million, or 14.6% of the budget, which is below par of 16.7%. This expenditure level is 13.2% above the prior year as a result of higher salaries and benefits and contractual services spend.
Finance Department: Through August, the Department’s expenditures totaled $2.5 million, or 11.6% of the budget, which is below par. This expenditure level was approximately 21.7% lower compared to the same period last year, primarily due to lower salaries and benefits costs. This decrease is partially offset by higher software subscription and contractual services costs.
Fire Department: Through August, actual expenditures totaled $14.0 million, or 17.2% of the budget, which is slightly above par. These expenditures are 15.1% above the prior fiscal year due to higher spend in the salaries and benefits, contractual services and subscription costs categories. Overtime expenditures of $1.9 million are tracking at 56.6% of the budget, which is well above par for this time of year. Excluding reimbursable mutual aid-related overtime, which was only $305,458 in August, the 9 City of Santa Clara
Financial Status Report as of August 31, 2026
departmental overtime remains at approximately 47% 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 August, absences are down 2% (from 16,891 to 16,605 hours) when compared with the prior fiscal year and remain above historical levels. Absences are trending high in the areas of compensation time usage, family sick leave, disability leave, and industrial injury time.
Due to recent Unit 1 MOU changes, Unit 1 employees can no longer elect compensatory time off (CTO) in lieu of overtime pay when backfilling shift absences, nor can they cash out CTO hours earned through overtime. Previously, Unit 1 employees could elect to receive CTO and later cash out those earned hours. Under the new MOU changes, overtime worked for backfilling shift absences must now be paid as overtime, resulting in higher overtime hours and expenditures compared with the prior fiscal year. Conversely, CTO cash-out expenditures for Unit 1 employees will no longer occur.
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 August, actual expenditures totaled $2.3 million, or 18.5% of the budget, which is slightly above par, and 13% higher than expenditure levels last fiscal year. The increase in spending is mainly attributable to higher salaries and benefits costs, and operating supplies and printing, binding and books costs.
Parks and Recreation Department: Through August, actual expenditures totaled $4.4 million, or
15.9% of the budget, which is slightly below par, but slightly higher than prior year actuals of $4.1 million. This increase reflects higher spend for operating and miscellaneous supplies and maintenance costs.
Police Department: Expenditures through August are tracking at expected levels at $17.6 million, or
16.5% of the budget; this is approximately 4.7% higher prior year spending. The increase is mainly due to higher spend in the salaries and benefits and contractual services categories.
Stadium Operation: Stadium operating expenditures are incurred first and billed on a reimbursement basis creating a timing difference in revenue recognition. Stadium expenditures totaled $2.9 million through August, which is higher than prior year levels. Events at the Stadium during August included one AC/DC concert, two Karol G concerts and two User and Chris Brown concerts; these costs are fully reimbursed by the Stadium Manager and the Stadium Authority. 10 City of Santa Clara
Financial Status Report as of August 31, 2026
Special Revenue Funds
The table below is a summary of revenues and expenditures of select Special Revenue Funds as of August 31, 2026. The amended budget reflects carryover encumbrances from fiscal year 2025/26 and budget amendments approved by the City Council through August 2026.
Revenues totaled approximately $7.3 million, while expenditures totaled approximately $4.0 million through the end of August. Revenues are tracking above par at 25.5%, while expenditures are tracking below par at approximately 10.6%. In the Fire CUPA Fund, revenues are tracking significantly higher than prior year levels. Similar to the fire operation permits collected in the General Fund, this is a result of the updated billing cycle. The Fire Department bills all existing permits on July 1st and it is anticipated that the majority of the revenue for existing permits to be received in the first quarter of the fiscal year.
Activity in the Housing Successor Agency Fund are lower than prior year levels.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2026 Received 8/31/2025 Prior Year Change Building Development Services
Fee Fund
$17,330,000 $ 17,330,000 $ 3,853,583 22.24% $ 3,118,553 $ 735,030 23.57% City Affordable Housing Fund 1,265,252 1,265,252 132,396 10.46% 131,217 1,179 0.90% Fire CUPA Fund 2,110,120 2,110,120 2,224,386 105.42% 126,651 2,097,735 1656.31% Fire Development Services Fee
Fund
3,956,750 3,956,750 769,122 19.44% 749,973 19,149 2.55% Housing and Urban Development 2,291,000 2,291,000 238,918 10.43% 613,315 (374,397) -61.04% Housing Authority Fund 286,710 286,710 10,297 3.59% 8,946 1,351 15.10% Housing Successor Fund 1,317,124 1,317,124 52,790 4.01% 152,178 (99,388) -65.31% TOTAL $28,556,956 $ 28,556,956 $ 7,281,492 25.50% $ 4,900,833 $ 2,380,659 48.58% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2026 Used 8/31/2025 Prior Year Change Building Development Services
Fee Fund
$18,234,088 $ 19,182,629 $ 2,513,262 13.10% $ 2,892,752 $ (379,490) -13.12% City Affordable Housing Fund 6,964,140 7,390,701 193,615 2.62% 236,512 (42,897) -18.14% Fire CUPA Fund 2,083,179 2,115,179 334,082 15.79% 181,975 152,107 83.59% Fire Development Services Fee
Fund
4,296,410 4,322,410 616,286 14.26% 604,178 12,108 2.00% Housing and Urban Development 2,291,000 2,958,101 236,279 7.99% 718,517 (482,238) -67.12% Housing Authority Fund 474,542 516,035 21,694 4.20% 29,582 (7,888) -26.66% Housing Successor Fund 1,164,746 1,164,799 75,082 6.45% 194,838 (119,756) -61.46% TOTAL $35,508,105 $ 37,649,854 $ 3,990,300 10.60% $ 4,858,354 $ (868,054) -17.87%
PRIOR YEAR EXPENDITURE COMPARISON
CITY OF SANTA CLARA
SPECIAL REVENUE FUNDS
REVENUE AND EXPENDITURES - OVERVIEW AND COMPARISON BY FUND REVENUE - FISCAL YEAR 2026/27 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2026/27
11 City of Santa Clara
Financial Status Report as of August 31, 2026
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 August 2026. As of August 31, 2026, the internal service fund expenditures totaled $12.4 million, or 19.6% of the amended budget. The spend in the Information Technology (IT) Services and Vehicle Replacement Funds are significantly higher when compared to prior year levels due to the timing of contractual services and vehicle replacement payments. In the Special Liability Fund, expenses related to larger claims have been incurred, and a budget amendment is included as part of this report to account for these higher claims. Maintenance and replacement costs for radios are recorded in the Communication Acquisitions Fund; as of August, no costs have been incurred. The Unemployment Insurance Fund expenditures are above the prior year due to the timing of the first quarterly payment.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2026 Used 8/31/2025 Prior Year Change Communication Acquisitions Fund $ 1,068,501 $ 1,488,778 $ - 0.00% $ 130,274 $ (130,274) -100.00% Fleet Maintenance and Operations
Fund
7,261,619 7,622,715 1,152,404 15.12% 1,067,035 85,369 8.00% Information Technology Services
Fund
21,474,316 25,796,156 3,183,106 12.34% 1,381,006 1,802,100 130.49% Public Works Capital Projects
Management Fund
3,593,216 4,484,349 709,188 15.81% 694,109 15,079 2.17% Special Liability Fund 8,529,000 8,579,420 4,080,487 47.56% 4,712,989 (632,502) -13.42% Unemployment Insurance Fund 168,000 168,000 35,109 20.90% 0 35,109 N/A Vehicle Replacement Fund 2,151,000 7,706,369 1,081,154 14.03% 434,796 646,358 148.66% Workers' Compensation Fund 7,260,000 7,260,000 2,128,216 29.31% 2,114,868 13,348 0.63% TOTAL $51,505,652 $ 63,105,787 $ 12,369,664 19.60% $ 10,535,077 $ 1,834,587 17.41%
CITY OF SANTA CLARA
INTERNAL SERVICE FUNDS
EXPENDITURES - OVERVIEW AND COMPARISON BY FUND
EXPENDITURES - FISCAL YEAR 2026/27 PRIOR YEAR EXPENDITURE COMPARISON 12 City of Santa Clara
Financial Status Report as of August 31, 2026
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 August 2026. As of August 31, 2026, the capital fund revenue totaled approximately $0.8 million. The collections in the Parks and Recreation Capital Fund, Streets and Highways Capital Fund, and Tasman East Specific Infrastructure Fund reflect interest earnings. The revenue collected in the Related Santa Clara Fund represent developer contributions. The revenue shown in the Storm Drain Capital Fund reflect customer service charges.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2026 Used Parks & Recreation $ - $ 756,622 $ 756,622 $ 402,238 53.16% Related Santa Clara Developer 744,929 - 744,929 50,000 6.71% Storm Drain 1,454,000 2,993,167 4,447,167 248,602 5.59% Streets & Highways 7,504,238 29,836,371 37,340,609 19,669 0.05% Tasman East Specific Infrastructure
Improvement Fund
200,000 1,761,385 1,961,385 42,059 2.14%
TOTAL $ 9,903,167 $ 35,347,545 $ 45,250,712 $ 762,568 1.69%
CITY OF SANTA CLARA
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUE - FISCAL YEAR 2026/27
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 August 2026. As of August 31, 2026, capital fund expenditures totaled nearly $6.0 million, or 2.0% of the amended budget.
As part of the adoption of the FY 2026/27 and FY 2027/28 capital budget, capital funds were carried over for projects that were not anticipated to be completed by June 30, 2026. Necessary additional adjustments to the capital carryover amounts will be included as part of the Budgetary Year-End Report for FY 2025/26, anticipated to be brought forward for City Council approval in December 2026. 13 City of Santa Clara
Financial Status Report as of August 31, 2026
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2026 Used City Affordable Housing Capital Fund $ - $ 4,944,484 $ 4,944,484 $ - 0.00% Fire 31,000 1,334,224 1,365,224 126,395 9.26%
General Gov't - Other 4,176,000 15,517,835 19,693,835 241,938 1.23% Library - 753,014 753,014 - 0.00%
Parks & Recreation 5,492,788 50,982,690 56,475,478 214,003 0.38% Measure I GO Bond Projects - 88,773,675 88,773,675 2,593,531 2.92% Public Buildings 1,317,500 25,828,343 27,145,843 205,974 0.76% Related Santa Clara Developer 744,929 189,594 934,523 47,962 5.13% Storm Drain 5,519,000 8,544,344 14,063,344 62,736 0.45% Streets & Highways 22,067,707 68,419,353 90,487,060 2,527,262 2.79% Tasman East Specific Infrastructure
Improvement Fund
29,865 2,818,949 2,848,814 2,423 0.09%
TOTAL $ 39,378,789 $ 268,106,505 $ 307,485,294 $ 6,022,224 1.96% EXPENDITURES - FISCAL YEAR 2026/27
CITY OF SANTA CLARA
SUMMARY OF EXPENDITURES
GOVERNMENTAL CAPITAL IMPROVEMENT FUNDS
14 City of Santa Clara
Financial Status Report as of August 31, 2026
Enterprise Funds
The table below is a summary of revenues and expenses for the Enterprise Operating Funds as of August 31, 2026. Overall, revenues and expenditures are tracking below budgeted levels. Revenues are tracking low primarily due to accruals to the prior fiscal year.
Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2026 received 8/31/2025 Prior Year Change Cemetery Fund $ 612,000 $ 612,000 $ 154,020 25.17% $ 102,310 $ 51,710 50.54% Electric Utility Fund 1,000,943,752 1,000,943,752 98,877,481 9.88% 88,675,000 10,202,481 11.51% Sewer Utility Fund 73,914,893 73,914,893 6,982,055 9.45% 6,260,081 721,974 11.53% Solid Waste Utility Fund 44,629,712 44,629,712 5,466,987 12.25% 5,024,907 442,080 8.80% Water Recycling Fund 11,615,151 11,615,151 1,684,510 14.50% 1,536,857 147,653 9.61% Water Utility Fund 86,234,703 86,234,703 11,189,554 12.98% 9,753,338 1,436,216 14.73% TOTAL REVENUE $ 1,217,950,211 $ 1,217,950,211 $ 124,354,607 10.21% $ 111,352,493 $ 13,002,114 11.68% Actual Actual $
Fund Adopted Amended Through Percentage Through Change From Percent Description Budget Budget 8/31/2026 Used 8/31/2025 Prior Year Change Cemetery Fund $ 1,673,539 $ 1,740,376 $ 325,698 18.71% $ 200,178 $ 125,520 62.70% Electric Utility Fund 805,818,347 830,923,580 110,458,417 13.29% 110,632,290 (173,873) -0.16% Sewer Utility Fund 47,017,456 47,468,189 10,502,515 22.13% 10,191,475 311,040 3.05% Solid Waste Utility Fund 45,024,117 48,167,323 6,586,413 13.67% 5,613,481 972,932 17.33% Water Recycling Fund 12,001,002 12,051,300 299,815 2.49% 2,180,932 (1,881,117) -86.25% Water Utility Fund 74,307,232 75,593,372 5,446,305 7.20% 7,135,003 (1,688,698) -23.67% TOTAL - Operating
Appropriations
$ 985,841,693 $ 1,015,944,140 $ 133,619,163 13.15% $ 135,953,359 $ (2,334,196) -1.72%
CITY OF SANTA CLARA
ENTERPRISE OPERATING FUNDS
REVENUE AND EXPENSES - OVERVIEW AND COMPARISON BY FUND
REVENUE - FISCAL YEAR 2026/27 PRIOR YEAR REVENUE COMPARISON EXPENDITURES - FISCAL YEAR 2026/27 PRIOR YEAR EXPENSE COMPARISON Revenues are tracking above prior year levels, while expenditures are tracking slightly below prior year levels.
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 increase in revenue is attributable to higher collections for customer service energy charges. The decreases in the Water Recycling Fund and Water Utility Fund spend is due to the timing of the resource and production costs, which have not yet been recorded in the current year. In the Cemetery Fund, higher sales have been recorded in addition to salaries and benefits spend when compared to prior years.
15 City of Santa Clara
Financial Status Report as of August 31, 2026
A summary of revenue and expenses in the Enterprise Capital Improvement Funds is detailed in the table below. Actual revenue through August 31, 2026, totaled $22.4 million, consisting primarily of load development fees in the Electric Utility Fund and sewer fees in the Sewer Utility Fund. Enterprise capital fund expenses totaled $29.5 million, or 3% of the amended budget. Similar to the general government capital funds, capital funds were carried over from FY 2025/26 as part of the FY 2026/27 and FY 2027/28 budget adoption process for those projects that were not expected to be completed by June 30, 2026. Additional necessary adjustments to the capital carryover amounts based on actual year-end expenditures will be brought forward for City Council approval in December 2026, as part of the budgetary year-end report for FY 2025/26.
Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2026 Used Electric Utility Fund $ 59,665,750 $ 29,138,238 $ 88,803,988 $ 22,333,912 25.15% Sewer Utility Fund 300,000 - 300,000 25,880 8.63%
Solid Waste Utility Fund 247,500 - 247,500 1,717 0.69%
TOTAL - Revenue $ 60,213,250 $ 29,138,238 $ 89,351,488 $ 22,361,509 25.03% Actual
Fund Current Year Prior Year Total Amended Through Percentage Description Appropriation Carryforward Budget 8/31/2026 Used Cemetery Fund $ - $ 270,489 $ 270,489 $ - 0.00%
Convention Center Capital
Fund
- 275,332 275,332 - 0.00%
Electric Utility Fund 223,142,750 625,482,719 848,625,469 23,684,643 2.79% Sewer Utility Fund 30,330,379 57,442,015 87,772,394 4,066,577 4.63% Solid Waste Utility Fund 1,234,160 164,438 1,398,598 116,102 8.30% Street Lighting (1) 7,647,000 4,803,058 12,450,058 688,625 5.53% Water Recycling Fund 50,000 168,637 218,637 10,910 4.99% Water Utility Fund 5,525,000 10,156,835 15,681,835 959,961 6.12%
TOTAL - CIP
Appropriations
$ 267,929,288 $ 698,763,524 $ 966,692,812 $ 29,526,818 3.05%
CITY OF SANTA CLARA
ENTERPRISE CAPITAL IMPROVEMENT FUNDS
SUMMARY OF EXPENDITURES
EXPENSES - FISCAL YEAR 2026/27
CITY OF SANTA CLARA
ENTERPRISE CAPITAL IMPROVEMENT FUNDS
REVENUE - OVERVIEW AND COMPARISON BY SELECTED FUND
REVENUE - FISCAL YEAR 2026/27
(1) Street Lighting fund is part of Electric Capital Improvement Funds 16 City of Santa Clara
Financial Status Report as of August 31, 2026
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 the Operations and Maintenance Reserve ensure 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 August 31, 2026
DETAIL OF SELECTED FUND RESERVE BALANCES:
GENERAL
FUND ELECTRIC WATER
Budget Stabilization Reserve $ 83,967,116
Capital Projects Reserve 12,031,732
Land Sale Reserve 18,561,159
Technology Fee Reserve 2,442,629
Electric Rate Stabilization Fund Reserve $ 89,000,000
Electric Operations and Maintenance Reserve 375,000,000 Replacement & Improvement $ 303,090
TOTALS $ 117,002,636 $ 464,000,000 $ 303,090
CITY OF SANTA CLARA
RESERVE BALANCES
August 31, 2026
Donations to the City of Santa Clara
Donations received by department during the month of August 2026 and for fiscal year 2026/27 are shown in the table below.
Department Aug-26
Fiscal Year
2026/27
Year To Date Designated Use
City Manager's Office $ 100 $ 100 Help Your Neighbor
Parks & Recreation 325 400 Roberta Jones Jr. Theatre
Parks & Recreation 575 18,875 Wade Brummal
TOTALS $ 1,000 $ 19,375