Park Ridge budget workshop: staff projects a smaller FY2024 deficit, warns of longer-term structural gap
Finance staff told the council the city expects to end FY2024 with about a $1.7 million deficit and budgeted a $1.3 million shortfall for FY2025, citing bond timing, lower PPRT receipts and uncertain revenues; no levy increase is proposed for 2025.
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Chris, the city’s finance director, presented the proposed FY2025 budget and a retrospective on FY2024, saying the city now expects to end FY2024 with roughly a $1.7 million deficit after moving some capital/bond revenue into 2025. He told the council the administration did not propose any levy increase for 2025 and built conservative revenue assumptions into the plan.
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