Taxable sales are on the rise in San Mateo County, while office vacancy remains high, home prices slip and the median family income rises to $179,788, according to County Controller Juan Raigoza’s annual comprehensive financial report released Thursday.
The report, intended to give a snapshot of the county’s finances, reveals that taxable sales increased by 8.9% from the year prior to $23.9 billion, office vacancies fell to 8.5% but increased to 8.9% for the quarter ending September, the median single-family home price slipped 4.9% to $1.95 million in June 2023 from $2.05 million in June 2022. The biggest number is that median family income rose 14.3% to $179,788 in 2022, when the latest data is available, from $157,287 in 2021, according to the report.
The report also states that San Francisco International Airport increased its passengers served 35% to 47.1 million for the year ending June 2023, up from 34.9 million in the year prior. And the county’s unemployment rate was 3.2%, the lowest among California’s 58 counties.
The report shows that while the county’s residential and commercial property prices are fluctuating, other factors affecting the county’s economy are doing well. Tax revenue grew to $1.1 billion, an increase of about $183 million compared to the year prior, with an increase of $16 million in sales and use taxes, $4 million increase in vehicle rental business licenses, $6 million decrease in property transfer taxes and a $169 million increase due to vehicle license fees and general property tax revenue.
The report is also intended to provide a snapshot of the financial health of the county’s government as of June 2023, the end of the fiscal year. The county’s general fund revenue totaled $1.9 billion, while expenses totaled $1.4 billion. The county’s governmentwide liabilities increased by $565 million to $2.2 billion, while assets increased by $563 million to $5.7 billion. Net pension liabilities increased to $693 million, while other post-employment liabilities increased to $68 million. Three core services to residents comprised 81% of total expenditures: 42% for health (includes San Mateo Medical Center), 24% for public safety, and 15% for public assistance, according to the report.
According to the report, increasing costs for ongoing operations, funding for unfunded pension liabilities and significant investments in major capital projects will continue to require disciplined budget planning to protect the county’s long-term financial health and its ability to provide essential services to residents. Capital assets, primarily related to investments in buildings, increased by $259 million to $1.7 billion during fiscal year 2022-23. The county has several major capital projects under construction including the South San Francisco Health Campus, Cordilleras Mental Health Facility, County Office Building 3, Health System Center Campus upgrade, and the Navigation Center, among others.
These capital projects are necessary to replace aging buildings or meet new infrastructure needs and will result in substantial one-time construction costs and on-going operational and maintenance expenditures. The current fiscal year 2023-24 budget includes $893 million for capital projects. The county’s strong credit/bond rating allows it to obtain financing for capital projects at relatively low interest rates, according to the report.
Both the complete Annual Comprehensive Financial Report and Financial Highlights report are available at https://smcgov.org/controller.
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