San Mateo County ranked 15th in nation for GDP

The report includes the county’s assets and liabilities for fiscal year 2023-24, and indicates that revenue totaled $2.1 billion and expenditures totaled $1.8 billion. The majority of costs — 82% — for the county were dedicated to delivering health, public safety and public assistance services, the report reads. 

Taxes make up a majority of the county’s revenue sources — 37%, most of which is property taxes — and the rest from federal and state grants or charges for services such as Medicare. 

The county’s unemployment rate remains the lowest in the state, at 3.5% as of November 2024, and its median price for a single-family home of around $2 million has remained level for the past three years, the report reads. 

Office vacancy rates rose again, nearing the 11.5% rate from June 2021, after dropping for the past two years. This, along with the flat residential property value, could reduce future property value assessments and subsequent tax revenues. For now, though, property taxes increased by 6.87% in 2023-24. 

Of note, the county’s investment in buildings — such as the South San Francisco Health Campus and the Pescadero Fire Station, as well as other capital improvement projects underway — raised capital assets by $227 million to $1.9 billion. 

As costs for ongoing operations rise, including the cost of construction and labor, funding “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,” the press release reads. 

The Controller’s Office also released a “highlights” report that summarizes the information from the annual comprehensive financial report. Visit smcgov.org/controller for access to both reports.