Jan. 6, 2025

For Immediate Release

Redwood City– Delivering three primary services to residents — health, public safety and public assistance — made up the vast majority of the County’s expenses in the last fiscal year, according to the Annual Comprehensive Financial Report recently released by Controller Juan Raigoza.

While the County’s budget forecasts expected revenues and allocates funds, the ACFR shows revenues received, expenses incurred and the County’s assets and liabilities for the fiscal year ending June 30, 2024.

The report includes the County’s government-wide financial statements, fund financial statements (including the County’s General Fund), management’s discussion and analysis and notes. The General Fund is used to finance and budget most of the County’s operations.

Some financial highlights in this year’s report include:

• The cost of delivering three core services to residents comprised 82 percent of total expenditures: 40 percent for health (includes the San Mateo Medical Center and clinics), 24 percent for public safety and 18 percent for public assistance services.
• General Fund revenues totaled $2.1 billion, while expenditures totaled $1.8 billion.
• Net pension liabilities increased to $823 million.
• Expenditures of Measure K funds (the voter-approved half-cent countywide sales tax) totaled $124 million, including $50 million for housing and homelessness, $14 million for youth and education, and $19 million for mental and other health initiatives.
• Total taxes received (property, sales, transient occupancy, etc.) were $1.1 billion, similar to last year.
• The County received $41 million from the state for its share of the Vehicle License Fee (VLF) shortfall generated in fiscal year 2022-23 – its share of the countywide shortfall for fiscal year 2023-24 is $68 million, which has not yet been paid by the state.
• Three core revenue sources comprised 90 percent of total government-wide revenues: 37 percent from taxes (mostly property taxes), 26.5 percent from operating grants and contributions (mostly federal and state grants), and a similar 26.5 percent from charges for services (largely Medicare, Medi-Cal and other insurance payments for health services).

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