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Foster City has a more optimistic financial outlook, with recent estimates coming in $10 million higher than original projections from last fiscal year, as well as a slightly improved five-year forecast.
The previous third quarter projection for the fiscal year 2023-24 — which ended in June — showed a nearly $4 million deficit, down from $6 million at the beginning of the year, but several changes have led to a less daunting fiscal standing.
“For this year, we had that $10 million flip, so we went from a projected $6 million deficit last fiscal year that just ended to putting $4 million back,” City Manager Stefan Chatwin said. “And every year that we are doing a new five-year projection … it shows that it’s improving year after year.”
Currently, the city dedicates about $6 million each year to its capital improvement funds — which go toward infrastructure projects, ranging from traffic safety improvements to park updates — but that could be adjusted based on other financial priorities as well.
“[Capital improvement projects] funding is another one where there are some vulnerabilities. We are taking a lot of money every year and putting it in CIP. Should we be looking at other alternatives?” Chatwin said. “How do we afford the aging infrastructure replacements?”
Discussions on budgetary concerns are not unique to Foster City, as many other jurisdictions have also felt more fiscal pressure recently as well. Part of that was related to the state’s withholding of a vehicle license fee-related revenue stream, which has since been recovered to cities but its reimbursement is unpredictable every year.
“We should be finding a way to legislate VLF,” Councilmember Jon Froomin said. “This is just too volatile, and we are seeing how important it is … $5 to $7 million is not a drop in the bucket in the budget.”
The city is also one of several to add a business license tax to the November ballot, which would also help narrow the deficit if passed. And the city’s recreation center has also stirred more conversation as of late, given the high price tag. Estimates hovered around $65 million, although some of the recent bids showed the total cost could be slightly less.
Some councilmembers, including Mayor Patrick Sullivan and Councilmember Sam Hindi, floated the idea of a voter-supported bond measure to help fund the project in a recent council meeting, rather than relying on the city’s Capital Asset Acquisition and Replacement Fund and general fund reserves, though the idea has been tabled at least for this election.
“Most cities are deficit cities right now,” Chatwin said. “They are dipping into the reserves to balance the budgets.”
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Kerrymcardle said:
Finally! Thank you, Daily Journal, for all the great coverage.
Dirk van Ulden said:
Dirk van Ulden said:
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(1) comment
More reason to not vote for any taxes or assessments to add to the coffers of Foster City, or any other city. These cities will only squander your money on raises or paying ever increasing pensions and benefits. BTW, does anyone know if Foster City has taken care of their geese poop problem?
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