Foster City City Council Adopts FY 2017/2018 Annual Budget

The annual budget, as adopted and approved by your City Council on June 19, 2017, is built upon Citywide Organizational Goals and Department Strategic Plans that support the City Council's vision for our community that includes:

• Fiscally sound municipal governance 
• Vibrant strong neighborhoods 
• Commitment to public safety
• Economic development 
• Environmental stewardship 
• Active regional partnerships
• High quality services for all citizens

The highlights of the annual budget as adopted by City Council for FY 2017/2018 include:

1. Meeting the City Council's policy of maintaining a General Fund Reserve of $20.65 million (50% of FY 2017/2018 operating expenditures) and projecting a balance of $17.65 million of Unrestricted Fund Balance (excess of Reserves) at the end of FY 2017/2018).
2. Adoption of new wastewater rates to support financing for the replacement of the aging Wastewater Treatment Plant (jointly owned with the City of San Mateo) to meet regulatory requirements and future usage demands.
3. Adding a Senior Community Services Officer in the Police Department to help the Department bolster field operations capabilities and ensure service levels for the Foster City community.
4. A $1.9 million transfer from the General Fund to the City Capital Improvements Program that will pay for important City Public Works projects, including parks improvements for resurfacing 8 tennis courts and 6 basketball courts, walkway replacement at Edgewater Park, and playground equipment replacements in Gull Park and Marlin Park.
5. Establishing a $2.06 million Employee Home Loan and Rental Assistance Program to incentivize staff to live in or near Foster City for 1) emergency response; 2) attract and retain a committed workforce; and 3) enhance the work/life balance by reduced commute time.
6. Adding a part-time Sustainability Intern in the City Manager's Office to assist in the implementation of the Sustainable Foster City Plan (economic development, environmental sustainability, social engagement).

The City of Foster City/Estero Municipal Improvement District have been well managed and are in sound financial condition. I want to take the opportunity to thank all of our City employees for their active participation in, and valuable contributions to, the development of the Budget. As a City team focused on providing exceptional services to the community, our employees remain the City’s most critical resource. I believe the Budget will provide us the resources necessary to maintain vital City services and move forward with a strategy to ensure a positive sustainable future for the community of Foster City. I would also like to thank the City Council for their policy vision in adopting the annual budget as it will ensure an outstanding quality of life for the residents of this great city.