Fiscal Impact Analysis (Implementation Item I.2).pdfADVISORS IN:
REAL ESTATE
AFFORDABLE HOUSING
ECONOMIC DEVELOPMENT
SAN FRANCISCO
A. JERRY KEYSER
TIMOTHY C. KELLY
DEBBIE M. KERN
DAVID DOEZEMA
LOS ANGELES
KATHLEEN H. HEAD
JAMES A. RABE
GREGORY D. Soo -Hoo
KEVIN E. ENGSTROM
JULIE L. RoMEY
SAN DIEGO
PAUL C. MARRA
KEYSER MARSTON ASSOCIATES..
ADVISORS IN PUBLIC/PRIVATE REAL ESTATE DEVELOPMENT
MEMORANDUM
To: Reed Moulds
Sand Hill Property Company
From: Debbie Kern, Vice President
Date: September 21, 2018
Subject: Fiscal Impact Analysis of the Vallco Town Center SB 35 Project
In accordance with your request for an evaluation of the fiscal impacts of converting the
existing Vallco Mall to residential and other uses, as required by General Plan Policy L4-
8.1, Keyser Marston Associates, Inc. (KMA) has evaluated the fiscal impacts that would
be generated by the redevelopment of Vallco with the land use plan contained in the
Vallco Town Center SB 35 Project. The analysis is presented in the attached set of
tables. As shown in Table 2, the net fiscal benefits of the SB 35 program significantly
exceed the benefits generated by the existing Vallco Shopping Mall in FY 2015/16.
Redeveloping the Mall with the SB 35 Vallco Town Center program will generate:
1. An annual fiscal surplus of $4.1 million to the City's General Fund, which
exceeds the estimated surplus generated by the Vallco Mall in 2015 by $3.1
million per year.
2. $15.9 million of new construction -related tax revenue to the City's General Fund,
which only occurs if the Mall is redeveloped with the SD 35 program.
3. $40.2 million of net new annual property tax revenues to local jurisdictions as a
result of the Vallco Town Center SB 35 project, including:
■ $16.6 million of additional annual property tax revenues to elementary and
high school districts;
■ $5.5 million of additional annual property tax revenues to Santa Clara County;
and
■ $6.1 million of additional annual property tax revenues to the Central Fire
Protection District.
2040 BANCROFT WAY, SUITE 302 , BERKELEY, CALIFORNIA 94704 . PHONE: 415 398 3050 , FAX: 415 397 5065
001-007; jf
WWW.KEYSERMARSTON.COM 19057.001
To: Reed Moulds September 21, 2018
Subject: Fiscal Impacts of Vallco Town Center SB 35 Project Page 2
The tables are as follows:
Table 1: Vallco Town Center SB 35 Land Use Program
Table 2: Summary of Estimated Fiscal Impacts to the City of Cupertino General Fund
Table 3: Population, Household, Employment and Resident Equivalent Estimates
Table 4: Annual General Fund Property Tax, Property Tax In -Lieu of Motor Vehicle
License Fees, and Property Transfer Tax Revenues
Table 5: Annual General Fund Sales and Use Tax Revenues
Table 6: Annual Franchise, Utility User Taxes, and Fines and Forfeitures and other
Fees
Table 7: Annual Business License Tax Revenues
Table 8: One-time General Fund Revenue from Construction
Table 9: Annual Property Tax Revenue Accruing to other Jurisdictions
Table 10: Annual Incremental City of Cupertino General Fund Service Costs
Table 11: City of Cupertino General Fund Revenue Source Assumptions FY 2017/18
Table 12: City of Cupertino General Fund Service Cost Assumptions
Table 13: Buildout and Net New Assessed Property Value
Table 14: FY 2014/15 Vallco Shopping Mall Assessed Property Value
Table 15: Detail on FY 2014/15 Vallco Shopping Mall Assessed Secured Property
Value
Table 16: Detail on FY 2014/15 Vallco Shopping Mall Assessed Unsecured Property
Value
Table 17: Property Tax Allocation Factors
Table 18: Household Income of Vallco Town Center Project Residents
Table 19: City of Cupertino Demographics, 2017
Table 20: Vallco Shopping Mall Employment, 2014
Table 21: Summary of City of Cupertino General Fund Revenue Budget, FY 2017/18
Table 22: Summary of City of Cupertino General Fund Expenditures Budget, FY
2017/18
001-007; jf
19057.001
Table 1
Vallco Town Center SB 35 Land Use Program
Vallco SB 35 Development Program
Cupertino, CA
9/21/2018
Non -Residential
Retail
Restaurants
Shops
Office
Total Non Residential
Sq. Ft.
@ 40% 160,000
@ 60% 240,000
400,000
1,810,000
2,210,000
' Distribution of market rate units between for -sale units and for -rent units is an estimate.
2 Distribution of retail space between restaurants and shops is an estimate.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Vallco
Land Use
Redevelopment
Avg. Unit Size net
Residential Units
Num. Units
SO
% of Units
For Sale: Market Rate'
580
1,761
24%
For Rent: Market Rate'
621
1,137
26%
BMR Studio Rentals - VL Income
269
398
11%
BMR 1 Bedroom Rentals - VL Income
92
542
4%
BMR Studio Rentals - Low Income
625
398
26%
BMR 1 Bedroom Rentals - Low Income
215
542
9%
Total Rental Apartments
1,822
674
76%
For Sale
580
1,761
24%
Total Units
2,402
937
Non -Residential
Retail
Restaurants
Shops
Office
Total Non Residential
Sq. Ft.
@ 40% 160,000
@ 60% 240,000
400,000
1,810,000
2,210,000
' Distribution of market rate units between for -sale units and for -rent units is an estimate.
2 Distribution of retail space between restaurants and shops is an estimate.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Table 2
Summary of Estimated Annual Fiscal Impacts to the City of Cupertino General Fund
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Summary of Net New Condition in Total Impact
Net General Fund Impact Annual Impact 2015/16 Upon Buildout
% Total % Total % Total
Annual Direct General Fund Revenues
Total Construction Impacts $15,879,000 100.0% $0 0.0% $15,879,000 100.0%
' Excludes costs of maintaining new infrastructure, pending information from the applicant.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Table
Sales and Use Tax
5
$1,648,000
26.8%
$976,000
86.4%
$2,624,000
36.1%
Property Taxes
4
$2,328,000
37.9%
$113,000
10.0%
$2,441,000
33.6%
Property Tax In -Lieu of MVLF
4
$1,322,000
21.5%
$0
0.0%
$1,322,000
18.2%
Utility User Tax
6
$359,000
5.8%
$16,000
1.4%
$375,000
5.2%
Franchise Fees
6
$341,000
5.6%
$15,000
1.3%
$356,000
4.9%
Business License Tax
7
$17,000
0.3%
$7,000
0.6%
$24,000
0.3%
Fines, Forfeitures and Other Fees
6
$69,000
1.1%
$3,000
0.3%
$72,000
1.0%
Property Transfer Tax
4
$60,000
1.0%
$0
0.0%
$60,000
0.8%
Total Direct GF Revenues
$6,144,000
100.0%
$1,130,000
100.0%
$7,274,000
100.0%
Annual General Fund Expenditures
Table
Public Works'
10
$1,372,000
40.4%
$62,000
40.5%
$1,434,000
40.4%
Law Enforcement
10
$782,000
23.0%
$35,000
22.9%
$817,000
23.0%
Transfers Out
10
$618,000
18.2%
$28,000
18.3%
$646,000
18.2%
Recreation Services
10
$375,000
11.0%
$17,000
11.1%
$392,000
11.0%
Administration
10
$139,000
4.1%
$6,000
3.9%
$145,000
4.1%
Administrative Services
10
$87,000
2.6%
$4,000
2.6%
$91,000
2.6%
Councils and Commissions
10
$24,000
0.7%
$1,000
0.7%
$25,000
0.7%
Public Affairs
10
-$1,000
0.0%
$0
0.0%
-$1,000
0.0%
Community Development
10
$0
0.0%
$0
0.0%
$0
0.0%
Total GF Expenditures
100.0%
$3,396,000
$153,000
100.0%
$3,549,000
100.0%
Net Annual Direct GF Revenue
$2,748,000
$977,000
$3,725,000
Additional Annual Indirect
Net New
Condition In
Total Impact
General Fund Revenues
Annual Impact
2015/16
Upon Buildout
Table
Sales Tax: Resident Spending
8
$318,000
83.5%
$0
0.0%
$318,000
82.6%
Sales Tax: Retail Employee Spending
8
$1,000
0.3%
$4,000
100.0%
$5,000
1.3%
Sales Tax: Office Employee Spending
8
$62,000
16.3%
$0
0.0%
$62,000
16.1%
Total Indirect GF Revenues
$381,000
100.0%
$4,000
100.0%
$385,000
100.0%
$981,000
Net Annual Dir. and Indir. GF Rev.
$3,129,000
$4,110,000
One -Time General Fund Revenues
Net New One
Time
Condition
In
Total Impact
from Construction
Construction Revenue
2015/16
Upon Buildout
Table
Use Tax/ Constr. Materials
8
$6,511,000
41.0%
$0
0.0%
$6,511,000
41.0%
Construction Tax
8
$8,891,000
56.0%
$0
0.0%
$8,891,000
56.0%
Property Transfer Tax (mkt. for -sale units
8
$477,000
3.0%
$0
0.0%
$477,000
3.0%
Total Construction Impacts $15,879,000 100.0% $0 0.0% $15,879,000 100.0%
' Excludes costs of maintaining new infrastructure, pending information from the applicant.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Table 3
Population, Household, Employment, and Resident Equivalent Estimates
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Vallco
Demographic Measure Redevelopment
Population
Studios
One Bedrooms
Two Bedrooms
Three Bedrooms
Four Bedrooms
Co -Housing - 5 Beds
6 Bedrooms
Total Population
Employment Upon Buildout
Retail
Restaurants
Shops
Office
Total Employment
Less (Existing Employment)4
Net New Employment
Gross Resident Equivalents
Residents
Emplyment
Gross Resident Equivalents
Less Existing Resident Equivalents
Net New Resident Equivalents
Net New Households
per HH' Units
1.00
1057
2.3%
vacant 2
2.00
555
2.3%
vacant 2
3.00
265
2.3%
vacant 2
4.00
262
2.3%
vacant 2
5.00
203
2.3%
vacant 2
5.00
50
2.3%
vacant 2
6.00
10
2.3%
vacant 2
2.22
2402
2.3%
vacant 2
200 sf / emp13
350 sf / emp13
200 sf / emp13
0.33 per emp
0.33 per emp
5,212 residents
Reflects assumed household size equal to the number of bedrooms plus one.
2 Source: ESRI Total Residential Population
3 KMA estimate.
4 Table 20
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
5% vacant3
5% vacant3
5% vacant3
2.22 per HH
1,033
1,084
777
1,024
992
244
59
5,212
760
651
1,411
8,417
9,828
(1,109)
8,719
5,212
3,276
8,488
-370
8,119
2,347
Table 4
Annual General Fund Property Tax, Property Tax In -Lieu of Motor Vehicle License Fees, and Property Transfer Tax Revenues
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Summary of Net New Condition in Total Impact
Net General Fund Impact Annual Impact 2015/16 Upon Buildout
Property Taxes
Table
0
$868,173,000
Property Transfer Tax Rate Per $1,000 of AV
Assessed Value
13,14
$4,017,401,125
$195,426,475
$4,212,827,600
Base Ad Valorem Property Tax - % of AV
11
1.00%
1.00%
1.00%
City GF Share of Ad Valorem Property Tax
11
5.80%
5.80%
5.80%
Annual Property Tax to General Fund
$2,328,475
$113,269
$2,441,744
Property Tax In Lieu of MVLF
Growth in Assessed Value $4,017,401,125
Growth in VLF Revenue per $1,000 increase in
AV 11 $0.33
Annual Property Tax in lieu of MVLF Revenue $1,322,267
Property Transfer Taxes
Assessed Value of Market Rate For Sale Units
13 $868,173,000
0
$868,173,000
Property Transfer Tax Rate Per $1,000 of AV
11 $0.55
$0.55
$0.55
Estimated Turnover Rate
11 $0.13
$0.13
$0.13
Annual Property Transfer Taxes
$59,686,894
$0
$59,686,894
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 4 5 6; 9/21/2018
Table 6
Annual Franchise, Utility User Taxes, and Fines and Forfeitures and Other Fees
Vallco SB 35 Development Program
Cupertino, CA
Net New Condition in Total Impact
Annual Impact 2015/16 Upon Buildout
Table
Number of Residents 3 5,212 0 5,212
Number of Resident Equivalents 3,20 8,119 370 8,488
Franchise Fees
Per Resident Equivalent 11 $42.01 $42.01
Total $341,023 $15,528 $356,551
Utility User Tax
Per Resident Equivalent
11
$44.22
$44.22
Total
$358,972
$16,345
$375,317
Fines, Forfeitures, and Other Fees
Per Resident - Animal Licenses
11
$0.37
$0.37
Per Resident Equivalent
11
$8.29
$8.29
Animal Licenses
$1,947
$0
$1,947
Other
$67,307
$3,065
$70,372
Total
$69,255
$3,065
$72,319
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 4 5 6; 9/21/2018
Table 5
Annual City General Fund Sales and Use Tax Revenues
Vallco SB 35 Development Program
Cupertino, CA
Net New Condition in Total Impact
Annual Impact 2015/16 Upon Buildout
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 4 5 6; 9/21/2018
Table
On -Site Taxable Sales
Per sf
Retail/Restaurant Taxable Sales
1,11
$475
$190,000,000
Office Taxable Sales
1,11
$40
$72,400,000
Total
$262,400,000
City Sales Tax Rate
11
0.01
Annual Direct City Sales/Use Tax Revenue
11
$1,648,415
Table 11
$975,585
$2,624,000
Indirect/Off-site Taxable Sales
Per hhld/Emp.
Per hhld/Emp.
Residents
3,11
$31,777,905
$13,541
$0
$13,541
$31,777,905
Retail Employees
3,11
$100,304
$332
$368,312
$332
$468,616
Office Employees
3,11
$6,167,878
$733
$ -
$733
$6,167,878
Total
$38,046,087
$368,312
$38,414,399
City Sales Tax Rate
11
0.01
0.01
Annual Indirect City Sales/Use Tax Revenue
$380,461
$3,683
$384,144
Total Annual City Sales/Use Tax Revenue
$2,028,876
$979,268
$3,008,144
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 4 5 6; 9/21/2018
Table 7
Annual Business License Tax Revenues
Vallco SB 35 Development Program
Cupertino, CA
9/21/2018
Business Fee
$1,128
Tenants in 2014/15
$5,183
PSF Fee
Entertainment/
Department
Other Retail/
Fitness
Stores
Restaurants
Measure
$7,000
Number of Businesses'
4
4
47
Total Sq Ft2
208,000
496,000
194,000
2015 Occupancy (Estimated )3
100%
77%
77%
Number of Businesses Adjusted
4
3
36
Occupied Sq Ft
208,000
379,807
148,553
Net Occupied Sq Ft
208,000
379,807
148,553
Per Active Business4
52,000
124,000
4,000
Business License Tax
Fee Rates 6
Base Fee Per Business $282 $144 $144
Additional Fee $0.000 $0.000 $0.000
Estimated License Fees
Business Fee
$1,128
$441
$5,183
PSF Fee
$0
$0
$0
$1,128
$441
$5,183
Estimated Existing Business License Tax Contribution
$7,000
Buildout
Retail
Office
Residential
Measure
Square Feet
400,000
1,810,000
Units
1,822
Vacancy Rate
5%
5%
Avg. Size of Tenant
8,163
300,000
Est. Number of Businesses
47
6
Business License Tax
Fee Rates 6
Base Fee Per Business
$144
$144
$187
Per every unit more than 4
$12.95
Estimated License Fees
Business Fee
$6,768
$825
$187
Additional Fee
$23,543
Future, Upon Buildout
$6,768
$825
$23,730
Net New
$16,730
Source: County Assessor Office, Vallco Shopping Center website, Cupertino Municipal Code
' Reported on Vallco Shopping Center website.
2 Based on reported square feet for entertainment and department store uses. Remaining
retail/restaurant uses implied from total existing square footage.
3 Entertainment uses assumed to be fully occupied. Remaining occupancy rates adjusted to reflect
average occupancy rate of 82% reported for 2009-2014.
4Assumes reduction in occupancy results in a proportional reduction in number of businesses.
5 KMA assumption. Business tax applied to usable building area.
6 Chapter 5.04 of Cupertino Municipal Code. See Table 11.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 7; KF
Table 8
One-time General Fund Revenue from Construction
Vallco SB 35 Developmentn Program
Cupertino, CA
Estimated Materials Cost Subject to Use Tax'
City Use Tax Revenue from Construction 1.00% tax
Construction Tax
Residential $747.88 per du 2
Commercial $3.21 persf2
Total
One time Property Transfer Tax (Market Rate Ownership Units)
Total One -Time General Fund Revenues from Construction
' Table 11.
2 Table 1 and 11.
3 Table 11 and 13.
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 8; 9/21/2018
$651,065,000
$6,510,650
$1,796,408
$7,094,100
$8,890,508
$477,495 3
$15,878,653
Table 9
Annual Property Tax Revenue Accruing to Other Jurisdictions
Vallco SB 35 Development Program
Cupertino, CA
9/21/2018
Existing
Net Impact Condition Gross Impact
Annual Property Taxes' Plan Area Plan Area Plan Area
Annual Property Tax (1%) to All Jurisdictions $40,174,011 $1,954,265 $42,128,276
Proprerty Tax to Districts Covered in the Analysis
City of Cupertino Property Tax $2,328,475 $113,269 $2,441,744
Cupertino Union Elementatry2 $9,924,391 $482,772 $10,407,163
Fremont Union High $6,702,235 $326,030 $7,028,265
Net Taxes to Other Jurisdiction S3
Central Fire Protection District
Santa Clara County
Educational Revenue Augmentation Fund
Foothill-DeAnza Community College
County School Service
Santa Clara County Library
Midpeninsula Regional Open Space District
Santa Clara Valley Water District North Central Zone
Santa Clara County Importation Water-Misc. District
Bay Area Air Quality Management District
Santa Clara Valley Water District North Central Zone
Santa Clara Valley Water District West Zone 4
Total
$18,955,101 $922,071 $19,877,172
$6,110,018
$297,222
$6,407,239
$5,490,942
$267,107
$5,758,049
$3,404,616
$165,618
$3,570,233
$2,558,506
$124,459
$2,682,964
$1,248,350
$60,726
$1,309,076
$1,029,459
$50,078
$1,079,537
$625,497
$30,427
$655,925
$364,291
$17,721
$382,012
$196,378
$9,553
$205,931
$74,313
$3,615
$77,928
$65,922
$3,207
$69,129
$50,619
$2,462
$53,081
$21,218,910 $1,032,194 $22,251,104
' Based on Plan Area assessed value, Table 13.
2 CUSD is a 'revenue limit" district; additional property taxes will not impact total operating budget.
3 See Table 17 for property tax allocation factors.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 9; KF
Table 10
Annual Incremental City of Cupertino General Fund Service Costs
In Comparison With Service Costs of Existing Vallco Mall
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Vallco Existing
General Fund Redevelopment Vallco Mall
net new existing
net new/existing residents5,212 0
net new/existing employees ' 8,719 1,109
net new/existing resident equivs ' 8,118 366
adjusted resident equivs 8,118 366
Estimating Factors 2
2017
Council and Commissions
Administration
Law Enforcement
Public Affairs
Administrative Services
Recreation Services
Community Development
Public Works 3
Transfers Out
Total General Fund Expenditures
' See Table 3.
2 See Table 12.
3 Excludes costs of maintaining new infrastructure.
$2.93
/res eq
$23,770
$1,072
$17.12
/res eq
$138,960
$6,264
$96.33
/res eq
$782,034
$35,253
-$0.10
/res eq
-$794
-$36
$10.77
/res eq
$87,468
$3,943
$46.15
/res eq
$374,644
$16,889
$0.00
/res eq
$0
$0
$169.06
/res eq
$1,372,449
$61,869
$76.15
/res eq
$618,192
$27,868
$3,396,724
$153,121
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 10; KF
Table 11
City of Cupertino General Fund Revenue Source Assumptions 2017/18
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Direct General Fund Revenues
Property Tax 1.00% property tax assessment'
5.80% City share of property tax allocation post-ERAF 2
Property Tax In -Lieu of MVLF $3,135,617 property tax based revenues 2004-05 3,4
$9,526,841,379 2004-05 gross AV 3,4
$0.33 per $1,000 in AV growth
Sales Tax 1.00% of taxable saless
I. Retail/Restaurant Space $500 taxable sales PSF 6
5% vacancy 7
$475 net taxable sales PSF
II. Office Space $40 taxable sales PSF9
III. Existing Sales Tax Revenue $975,585 Existing Taxable Sales at Vallco Mall 12
Utility Users Tax $3,200,000 citywide revenues in FY 2017/18 13
72,372 resident equivalents 14
$44.22 per resident equivalent
Franchise Fees
Property Transfer Tax
Charges for Services
$3,040,000 citywide revenues in FY 2017/181s
72,372 resident equivalents 7
$42.01 per resident equivalent
$0.55 City transfer tax rate per $1,000 AV 15
12.5% estimated annual ownership residential turnover 7
0% estimated annual commercial turnover 7
$0 citywide revenues in FY 2017/1813
72,372 resident equivalents 14
$0.00 per resident equivalent
Fines and Forfeitures $600,000 citywide revenues in FY 2017/1813
72,372 resident equivalents 14
$8.29 per resident equivalent
Gas Tax $0 citywide revenues in FY 2017/1813
64,234 residents 14
$0.00 per resident
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 11; KF
Table 11
City of Cupertino General Fund Revenue Source Assumptions 2017/18
Vallco SB 35 Development Program
Cupertino, CA
Other License Fees (Animal License)
Indirect General Fund Revenues
Sales Tax from Indirect Sales
I. Resident Retail Spending
II. Retail/Other Employee Spending
including Building Services
$24,000 citywide revenues in FY 2015/1613
64,234 residents 14
$0.37 per resident
1 % of taxable sales5
9/21/2018
$140,900 estimated household income 21
21 % income spent on taxable sales 22
50% Cupertino caputure rate 23
10% Cupertino spending within the project 7
$13,541 annual other Cupertino spending per household
$678 annual spending per employee 24
70% Cupertino capture 23
30% employee Cupertino spending within the project 7
$332 annual other Cupertino spending per employee
III. Office Employee Retail Spending $1,495 annual spending per employee 24
70% Cupertino capture 23
30% employee Cupertino spending within the project 7
$733 annual other Cupertino spending per employee
One -Time General Fund Impacts During Construction
Construction Tax Revenue
I. Residential
It. Office and Retail
Construction Use Tax Revenues
I. Vallco
Property Transfer Tax
$747.88 per unit 26
$3.21 per sf 26
1 % City Use Tax Rate 5
$2,170,217,942 Estimated hard costs 27
60% Estimated materials cost 7
50% Estimated share with Cupertino as point of sale 28
$651,065,000 Estimated Materials Purchases Subject to Use Tax
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 11; KF
$0.55 City transfer tax rate per $1,000 AV 15
Table 11
City of Cupertino General Fund Revenue Source Assumptions 2017/18
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
1 As established by Proposition 13 (1978), excluding voter-approvated debt rates.
2 Property Tax Allocation Factor for Tax Rate Area 013-301, FY 2015/16. Santa Clara County Controller -Treasurer. See Table A-17.
3 Per SB 1096, growth of property tax in lieu of VLF is proportional to growth in AV since 2004/05. Before 2004/05, VLF was distributed i
proportion to population.
4 VLF distribution in 2004/05 per the California State Controller's Office.
5 The City of Cupertino receives 1 % of the total 8.75% sales tax collected on taxable sales, per the City of Cupertino Adopted Budget Fis
Year 2015-16.
6 Based on taxable sales for Valley Fair Shopping Mall ($506 per square foot), Santana Row ($467 per square foot), and Stanford Shopf
Center ($464 per square foot), derived from City of Palo Alto Sales Tax Digest Q4 2014, City of Palo Alto Office of the City Auditor, Jun
2015.
7 KMA assumption.
8 Based on average revenue per screen and share of total revenue attributable to concessions as reported in 2014 10-k financial reports
Cinemark and AMC Entertainment.
9 Per Elections Code 9212 Report on Initiative Amending Cupertino's General Plan, prepared by Seifel Consultling (2016), taxable B -to -E
sales range from $37 to $53 per square foot in Cupertino (excluding Apple). KMA's analysis of State Board of Equalization data sugges
that the countywide average is lower, at approximately $30 per square foot.
10 Based on reported sales performance of cafe at Bay Club. Assumes sales would be similar at a smaller fitness facility.
11 California State BOE and HVS Hotel Market Update (2015). Reduced by 25% to account for limited commercial offer at property.
12 City of Cupertino sales tax data.
13 See Table 21.
14 See Table 19.
15 Chapter 3.04 of City of Cupertino Municipal Code.
16 Chapter 5.04 of Cupertino Municipal Code.
17 Assumes 180,000 sf entertainment uses will consist of three existing entertainment tenants.
21 Table 18
22 Retail expenditure potential as percentage of aggregate income, reported by ESRI Business Analyst in its Retail MarketPlace Profile
(2015) for Cupertino. Figure excludes non -store retail and auto dealerships.
23 KMA conservatively assumes City will capture 70% of resident/employee expenditure potential. Based on a retail leakage analysis usin
2013 BOE sales tax data, Cupertino exhibits a surplus in all retail categories except for Miscellaneous Retail.
24 Based on weekly employee restaurant spending in the vicinity of the workplace, as reported in the ICSC report, "Office Worker Retail
Spending in a Digital Age" (2012), for suburban workers, assuming 50 weeks at work per year. It has been assumed that retail and
building services employees will spend in the same range as clerical office workers. Figures adjusted to 2015 using national CPI.
26 Section 3.32.030 of Cupertino Municipal Code.
27 Cost estimate based on unit cost estimates prepared by Economic and Planning Systems.
28 For purposes of this analysis it has been assumed that 50% of materials costs will generate "use tax" revenue to the City of Cupertino I
general and sub -contractors designating the job site in Cupertino as the "point of sale" for the materials.
29 Marshall and Swift construction costs (2015) for full service hotel.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 11; KF
Table 12
City of Cupertino General Fund Service Cost Assumptions
Vallco SB 35 Development Program
Cupertino, CA
General Fund
City Council and Commissions $847,628 Net Expenses in 2017/18'
25% Percent Variable Costs 2
72,372 Resident Equivalents 3
$2.93 Per Resident Equivalent
Administration 4 $4,955,173 Net Expenses in 2017/18'
25% Percent Variable Costs 2
72,372 Resident Equivalents 3
$17.12 Per Resident Equivalent
Law Enforcement $317,889 Average Cost Per Deputy 20125
10,000 Employees Per Deputy
0.33 Employee -Resident Equivalent Factor
3,300 Resident Equivalents Per Deputy
$96.33 Per Resident Equivalent
Public Affairs ($28,300) Net Expenses in 2017/18'
25% Percent Variable Costs 2
72,372 Resident Equivalents 3
-$0.10 Per Resident Equivalent
Administrative Services $3,119,008 Net Expenses in 2017/18'
25% Percent Variable Costs 2
72,372 Resident Equivalents 3
$10.77 Per Resident Equivalent
Recreation Service $5,138,221 Net Expenses in 2017/18'
65% Percent Variable Costs 2
72,372 Resident Equivalents3
$46.15 Per Resident Equivalent
Community Development -$3,387,502 Net Expenses in 2017/18'
0% Percent Variable Costs 6
72,372 Resident Equivalents3
$0.00 Per Resident Equivalent
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 12; KF
9/21/2018
Table 12
City of Cupertino General Fund Service Cost Assumptions
Vallco SB 35 Development Program
Cupertino, CA
General Fund (continued)
Public Works $18,823,076 Net Expenses in 2017/18'
65% Percent Variable Costs 2
72,372 Resident Equivalents 3
$169.06 Per Resident Equivalent
Maintenance of New Infra. data unavailable
Transfers Out 7 $8,478,473 Net Expenses in 2017/18'
65% Percent Variable Costs 2
72,372 Resident Equivalents 3
$76.15 Per Resident Equivalent
9/21/2018
See Table 22.
2 A portion of each General Fund expense category is fixed, and does not vary regardless of the amount of
development. The estimated percent of variable costs is based on the experiences of other cities.
3 See Table 19.
4 Includes City Manager, City Clerk and City Attorney.
5 Santa Clara County estimate used in 2013 Economic Impact Study of Apple Campus 2 prepared by KMA, escalated at
2% per year.
s It is the goal of the Community Development Department to cover service costs with fees, per the City of Cupertino
Finance Department. Limited net expenditures are assumed to be fixed costs.
Ongoing General Fund transfers to funds that provide City services, including stormwater program, pavement
maintenance, compensated absence and retiree health.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 12; KF
Table 13
Buildout and Net New Assessed Property Value
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Vallco
Secured Values Redevelopment
Residential
#units
unit value, inc. land '
For -Sale Market Rate
580
$1,496,850
$868,173,000
For- Rent Market Rate
621
$943,716
$586,047,776
BMR Studio Rentals - VL Income
269
$0
$0
BMR 1 Bedroom Rentals - VL Income
92
$0
$0
BMR Studio Rentals - Low Income
625
$88,290
$55,181,389
BMR 1 Bedroom Rentals - Low Income
215
$120,234
$25,850,401
$1,509,402,000
Non -Residential
SF
value, inc. land'
Retail
400,000
$903 psf
$361,000,000
Office
1,810,000
$1,236 psf
$2,236,725,600
$2,597,725,600
Total Secured Assessed Value
$4,107,127,600
Less (Existing AV) 2
($157,742,000)
Net New Secured Assessed Value
$3,949,385,600
Unsecured Values
unsecured AV
Retail Stores
$30 psf
$7,200,000
Restaurants
$50 psf
$8,000,000
Office
$50 psf
$90,500,000
Total Unsecured Assessed Value
$105,700,000
Less (Existing AV) 2
($37,684,518)
Net New Unsecured Assessed Value
$68,015,482
Total Assessed Value
Total Assessed Value $4,212,827,600
Net New Assessed Value
Residential
Commercial
$4,017,401,082
$1,509,402,000
$2,507,999,082
' Valuation estimates reflect per square foot valuation estimates prepared by City of Cupertino's consultant (EPS), adjusted for size of
residential units.
2 Table 14.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 13; KF
Table 14
FY 2014/15 Vallco Shopping Mall Assessed Property Value
Vallco SB 35 Development Program
Cupertino, CA
Vallco SB 35 Development Program
Existing Facilities
FY 2014-2015
Secured
APN' Owner/Use Taxable Value
I. Town Center/Community Park Project
316-20-080
Sears Roebuck And Co
316-20-081
Sears Roebuck And Co
316-20-082
Sears Roebuck And Co
316-20-094
JC Penney Properties Inc
316-20-095
JC Penney Properties Inc
316-20-099
Vallco Shopping Mall LLC
316-20-100
Vallco Shopping Mall LLC
316-20-101
Vallco Shopping Mall LLC
316-20-103
(Lease Parcel Only) AMC
316-20-104
Vallco Shopping Mall LLC
316-20-105
Vallco Shopping Mall LLC
316-20-106
Vallco Shopping Mall LLC
316-20-107
Vallco Shopping Mall LLC
Total, Town Center/Comm. Park
$29,071,525
$16,557,577
$1,284,910
$14,451,745
$6,215,185
$3,151,816
$18,260,478
$10,684,900
$17,903,198
$3,184,565
$6,918,162
$7,397,697
$22,660,199
Unsecured
Taxable Value
$17,278,899
$6,854
$3,259,332
$331,073
$10,324,872
$5,059,280
$143,259
$10,250
$1,270,699
9/21/2018
Combined
Taxable Value
$46,350,424
$16,557,577
$1,291,764
$17,711,077
$6,215,185
$3,482,889
$28,585,350
$15,744,180
$17,903,198
$3,327,824
$6,918,162
$7,407,947
$23,930,898
$157,741,957 $37,684,518 $195,426,475
IV. Total Baseline Included $157,741,957 $37,684,518 $195,426,475
Source: RealQuest, County Assessor Office
APNs and acreages reflect current data from the County Assessor's office and reflect the property for purposes of calculating
assessed value.
2 See Table 15 for detail.
3Includes retail tenants. In certain cases, the designated APN does not reflect the exact location of retail tenants within the
project. For example, the situs of unsecured property owned by AMC is assigned to APN 316-20-100
4 Block 13 (containing previously approved hotel project) excluded from fiscal impact anlaysis.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 14; KF
Table 15
Detail on FY 2014/15 Vallco Shopping Mall Assessed Secured Property Value
Vallco SB 35 Development Program
Cupertino, CA
Existing Facilities
FY 2014/15
APN1 Owner/Use
I. Town Center/ Community Park Project
316-20-080
Sears Roebuck And Co
316-20-081
Sears Roebuck And Co
316-20-082
Sears Roebuck And Co
316-20-094
JC Penney Properties Inc
316-20-095
JC Penney Properties Inc
316-20-099
Vallco Shopping Mall LLC
316-20-100
Vallco Shopping Mall LLC
316-20-101
Vallco Shopping Mall LLC
316-20-103
(Lease Parcel Only) AMC
316-20-104
Vallco Shopping Mall LLC
316-20-105
Vallco Shopping Mall LLC
316-20-106
Vallco Shopping Mall LLC
316-20-107
Vallco Shopping Mall LLC
Total, Town Center/Comm. Park
9/21/2018
IV. Total Baseline (Included) $95,817,405 $155,570,138 $157,741,957
Source: RealQuest
'APNs and acreages reflect current data from the County Assessor's office and reflect the property for purposes of calculating assessed value. The acreages do not coincide
precisely with the site area that the City will be using for purposes of calculating density. The City's calculation of site acreage is 51.424 acres, which includes portions of the
perimeter road.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 15; KF
Secured Tax
Value
Land SF
Building SF
Land
Improvement
Total
Taxable
540,580
264,629
$2,456,116
$24,443,590
$26,899,706
$29,071,525
190,793
95,613
$9,572,021
$6,985,556
$16,557,577
$16,557,577
0
15,556
$147,820
$1,137,090
$1,284,910
$1,284,910
434,293
202,360
$3,698,818
$10,752,927
$14,451,745
$14,451,745
118,048
0
$6,215,185
$0
$6,215,185
$6,215,185
39,204
10,330
$2,064,076
$1,087,740
$3,151,816
$3,151,816
146,797
88,869
$7,724,230
$10,536,248
$18,260,478
$18,260,478
199,529
176,962
$843,297
$9,841,603
$10,684,900
$10,684,900
0
81,065
$1,419,644
$16,483,554
$17,903,198
$17,903,198
47,045
8,960
$2,476,954
$707,611
$3,184,565
$3,184,565
29,621
49,553
$1,552,637
$5,365,525
$6,918,162
$6,918,162
140,699
0
$7,397,697
$0
$7,397,697
$7,397,697
287,383
208,778
$14,184,238
$8,475,961
$22,660,199
$22,660,199
2,173,992
1,202,675
$59,752,733
$95,817,405
$155,570,138
$157,741,957
49.9
Acres
IV. Total Baseline (Included) $95,817,405 $155,570,138 $157,741,957
Source: RealQuest
'APNs and acreages reflect current data from the County Assessor's office and reflect the property for purposes of calculating assessed value. The acreages do not coincide
precisely with the site area that the City will be using for purposes of calculating density. The City's calculation of site acreage is 51.424 acres, which includes portions of the
perimeter road.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 15; KF
Table 16
Detail on FY 2014/15 Vallco Shopping Mall Assessed Unsecured Property Value
Vallco SB 35 Development Program
Cupertino, CA
9/21/2018
Existing Facilities
FY 14/15 and 15/16
Sample
Estimated
Unsecured Values
Unsecured Values
PSF
Size
Sq Ft
FY 15/16
FY 14/15
FY 15/16
FY 14/15
Select Retail Tenants'
Entertainment
4
208,000
$20,039,224
$21,879,430
$96
$105
Retail Stores
7
506,898
$6,428,592
$7,210,214
$13
$14
In-line retail2
4
11,350
$409,202
$385,427
$36
$34
Department Store
3
495,548
$6,019,390
$6,824,787
$12
$14
Restaurant
8
65,297
$5,099,250
$5,584,832
$78
$86
Total Sample
26
780,195
$31,567,066
$34,674,476
$40
$44
Total Existing Project
1,202,675
$32,666,586
$37,684,518
$27
$31
Source: County Assessor Office, news reports, retailer websites.
' KMA categorized a sample
of contributors to unsecured AV and relied on news reports and retailer
websites to determine their
square footage.
2 In-line retailer category includes four formula
retailers. Square
footage based
on average store sizes.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 16; KF
Table 17
Property Tax Allocation Factors
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
FY 2015/2016
Jursidiction
Santa Clara County
Santa Clara County Library
Pre ERAF and TEA
Allocation Factor
0.23950633
0.04304213
Post ERAF and
TEA Allocation
Factor
0.13667897
0.02562499
City of Cupertino
0.02236005
0.05795973
Cupertino Union Elementatry
0.24703511
0.24703511
Fremont Union High
0.16683011
0.16683011
Foothill-DeAnza Community College
0.06368559
0.06368559
County School Service
0.03107356
0.03107356
Central Fire Protection District
0.15091263
0.15208881
Midpeninsula Regional Open Space District
0.01556970
0.01556970
Santa Clara Valley Water District North Central Zone
0.00966858
0.00906782
Santa Clara Valley Water District North Central Zone
0.00178511
0.00164091
Bay Area Air Quality Management District
0.00184979
0.00184979
Santa Clara County Importation Water-Misc. District
0.00531209
0.00488819
Santa Clara Valley Water District West Zone 4
0.00136921
0.00125999
Total
1.00000000
0.91525328
Source: Santa Clara County Controller -Treasurer
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 17; KF
Table 18
Household Income of Vallco Town Center Project Residents
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Housing Units
Units'
Avg. Rent/
HH Income 3
For Sale: Market Rate1
567
$1,496,850
$257,133
For Rent: Market Rate1
607
$4,719
$188,742
BMR Units
1,173
$1,503
$60,120
Weighted Average
2,347
$140,900
Unit count reduced by vacancy
2 Affordable rents provided by Sand Hill Properties. Reflect 30% of HCD income limits by affordability level, adjusted
for household size, and including utilities. Market rate rents reflect rents provided by City's consultant, Economic
and Planning Systems.
3 Assumes 30% of income spent on housing.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 18; F
Table 19
City of Cupertino Demographics, 2017
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Demographic Measure 2017
Population' 64,234
Employment'
24,415
Day and Nighttime Population 2 88,649
Resident Equivalents 0.33 per employee 72,372
Source: ESRI Total Residential Population forecasts for 2017.
2 Total population plus total employment.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 19; KF
Table 20
Vallco Shopping Mall Employment, 2014
Vallco SB 35 Development Program
Cupertino, CA
9/21/2018
Vallco
Demographics in 2014
Mall
I. Existing Retail Employment (Base for Per Capita Revenue Estimates)
Entertainment/Fitness 208,000 sf'
0% vacant5
1,000
sf/emp16
208
Restaurants 80,000 sf2
23% vacant5
200
sf/emp16
306
Department Stores 496,000 sf3
23% vacant5
1,100
sf/empl'
345
In -Line Shops 114,000 sf2
23% vacant5
350
sf/emp16
249
Total Retail SF 898,000 se
18% vacant
1,109
II. Existing Resident Equivalents
Resident Equivalents 1,109 emp 0.33 per empl 366
Based on square footage of movie theater, gym, ice rink, and bowling alley.
2 KMA assumption based on total size of project.
3 Square footage of Macy's, JC Penney, and Sears.
4 Santa Clara County property assessor data, excluding parking.
5 Entertainment/fitness uses assumed to be fully occupied. Remaining occupancy rates adjusted to reflect
average occupancy rate of 82% reported for 2009-2014.
6 KMA estimate of employment density based on past experience.
Based on employment density of Macy's and Sears at time of closure as reported in state layoff notices.
Adjusted upward by 20% to account for employees not reflected in layoff notice.
Keyser Marston Associates, Inc.
C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 20; 9/21/2018
Table 21
Summary of City of Cupertino General Fund Revenue Budget, FY 2017/18'
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Revenue
Included in the Analysis
Taxes
Property Tax (incl. In -Lieu of MVLF Z)
Sales and Use Tax
Utility Users Tax
Franchise Fees
Other Taxes (bus. Iic., prop. transf., cxn.)
Intergovernmental
Gas Tax
Animal License Fees
Fines and Forfeitures
Total Revenue Included
Deducted from Service Costs
Licenses and Permits -
Insp. & Building Permits
Additional Developer Deposits (410.401)
Miscellaneous Revenue
To Community Development
To Recreation
Other Financing Sources
FY 2017-18
Budqet Basis of KMA Proiections
$20,757,000 assessed value, City sh. of 1 % tax
$22,790,000 est. project sales, empl. and resid. spending
$3,200,000 resident equivalents
$3,040,000 resident equivalents
$2,850,000 rates from Municipal Code applied to program
$52,637,000
$0 per resident
$24,000 per resident
$24,000
$600,000 resident equivalents
$53,261,000
$2,121,000 deduct from Community Development
$0 deduct from Community Development
Z Zzjz-l'uuu
$80,699 deduct from Community Development
$3,801 deduct from Recreation
$84,500
Transfer In
$2,000,000
Refundable Deposit Revenue
$210,000
deduct from Community Development
Other Sources
$0
deduct from Recreation
$2,210,000
Charges for Services - Planning, Eng., and Enterprise
Zoning and Planning Fees
$3,795,000
deduct from Community Development
Engineering Fees
$300,000
deduct from Public Works
Enterprise Service Fees
$734,750
deduct from Recreation
General Service Fees
$1,700
$4,831,450
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 21; KF
Table 21
Summary of City of Cupertino General Fund Revenue Budget, FY 2017/18'
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
Revenue
Other Service Charges
Other Charges - Community Development
Other Charges - Recreation
Other Charges - Public Affairs
Other Charges - Administration
Other Charges - Administrative Services
Other Charges - Council and Commission
Intergovernmental - COPS Grant
Use of Money and Property - Facility Rentals
Recreation Facility Rentals
Public Works Facility Rentals
Total Deducted from Service Costs
Excluded from the Analvsis
Intergovernmental
440-401 - Intergovernmental
Other Intergovernmental
Transient Occupancy Tax
Use of Money and Property
420-401 - Use of Money
Miscellaneous
Admin Fee (480.405)
Total Excluded
Total General Fund Revenue
FY 2017-18
Budqet Basis of KMA Proiections
$4,700,095
deduct from Community Development
$2,241,108
deduct from Recreation
$100,735
deduct from Public Affairs
$512,724
deduct from Administration
$875,176
deduct from Administrative Services
$76,609
deduct from Council and Commission
$8,506,447
$100,000 deduct from Law Enforcement
$1,507,090 deduct from Recreation
$140,700 deduct from Public Works
$1,647,790
$19,501,187
$0 independent of project
$384,000
$6,708,000 independent of project
$0 independent of project
$141,460
$7,233,460
$79,995,647
Source: City of Cupertino Adopted Budget Fiscal Year 2015-16, City of Cupertino Financial Data Transparency Portal.
1 For funding City departmental services.
2 Per Cupertino's 2013/2014 Comprehensive Annual Financial Report, Property Tax was $9.17 million and Property Tax In -Lieu of
Motor Vehicle Fees was $5.29 million.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; Tbl 21; KF
Table 22
Summary of City of Cupertino General Fund Expenditures Budget, FY 2017/18'
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
FY 2017/18
Expenditure Category
Budget
Council and Commissions
$2,743,041
City Council
$538,784
Commissions
$385,453
(Less) Other Service Charges
$924,237
(Less) Other Service Charges
($76,609)
$847,628
Administration
City Attorney
$2,039,588
City Manager
$2,743,041
City Clerk
$685,268
$5,467,897
(Less) Other Service Charges
($512,724)
$4,955,173
Law Enforcement $12,344,307
(Less) Intergovernmental - COPS Grant ($100,000)
$12,244,307
Public Affairs
Public Affairs $72,435
Government Channel $0
$72,435
(Less) Other Service Charges ($100,735)
($28,300)
Administrative Services
Human Resources $1,855,265
Finance $1,348,409
Adm Svcs Administration $790,510
$3,994,184
(Less) Other Service Charges ($875,176)
$3,119,008
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Table 22
Summary of City of Cupertino General Fund Expenditures Budget, FY 2017/18
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
FY 2017/18
Expenditure Category
Budget
Recreation and Community Services
$0
Facilities and Community Events
$3,030,792
Senior Programs
$3,007,191
Parks and Rec Admin
$1,127,798
Youth and Teen Programs
$1,219,650
Community Services
$1,074,492
Sports and Fitness
$165,047
Public Works
$9,624,971
(Less) Miscellaneous Revenue ($3,801)
(Less) Enterprise Service Fees ($734,750)
(Less) Other Financing Sources $0
(Less) Other Service Charges ($2,241,108)
(Less) Recreation Facility Rentals ($1,507,090)
($4,486,750)
$5,138,221
Community Development
Building $3,450,556
Planning $3,891,943
Planning & Community Development $154,300
Housing Services $22,494
$7,519,292
(Less) Licenses and Permits - Inspection and Building Permits
($2,121,000)
(Less) Licenses and Permits - Additional Developer Permits
$0
(Less) Refundable Deposit Revenue
($210,000)
(Less) Zoning and Planning Fees
($3,795,000)
(Less) Miscellaneous Revenue
($80,699)
(Less) Other Service Charges
($4,700,095)
($10,906,794)
($3,387,502)
Public Works
Grounds and Fleet
$4,166,680
Facilities
$3,327,067
Trees and Right of Way
$3,146,213
Developmental Services
$2,972,145
Transportation
$1,839,518
Service Center
$1,804,912
Streets
$1,240,526
Administration
$766,715
$19,263,776
(Less) Public Works Facility Rentals
($140,700)
(Less) Engineering Fees
($300,000)
($440,700)
$18,823,076
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF
Table 22
Summary of City of Cupertino General Fund Expenditures Budget, FY 2017/18
Vallco SB 35 Development Program
Cupertino, CA 9/21/2018
FY 2017/18
Expenditure Category
Budget
Transfers Out 2
Stormwater Program/ Non -Point Source
$175,863
Pavement Maintenance
$4,100,050
Recreation Enterprise Funds
$2,233,858
Compensated Absence
$601,341
Retiree Health
$1,367,360
$8,478,473
Total Expenditures $67,689,572
Expenditures Net of Off -Setting Revenues $50,190,085
Transfer Expenditures Excluded
Annual Debt Payment $6,079,758
Other Financing Uses $10,000
$6,089,758
Source: City of Cupertino Adopted Budget Fiscal Year 2015-16, City of Cupertino Financial Data
Transparency Portal.
Cost recovery items (negative amounts) are from revenue items listed in Table 21.
2 Ongoing General Fund transfers to funds that provide City services.
Prepared by: Keyser Marston Associates, Inc.
Filename: C:\Users\kfeeney\Desktop\SB 35-09 07 21; KF