Ross Council accepts 2024–25 year‑end financial report; transfers to CalPERS and capital funds approved

The Ross Town Council on Oct. 9 approved acceptance of the fiscal year 2024–25 year‑end financial report and a set of proposed transfers that staff said were enabled by a favorable year‑end result.

Krista (finance staff) presented the report, saying operating revenues were “just under a million dollars over budget” while expenses were “about half a million dollars under budget,” producing “a $1,400,000 positive variance.” Krista added that the council-directed actions included a proposed $200,000 discretionary contribution to CalPERS to reduce unfunded pension liability and a transfer of just under $500,000 to the facilities and equipment fund.

Krista told the council that the capital projects fund — the town’s reserve for larger facility projects including the civic center modernization — is expected to hold nearly $12 million by the end of the fiscal year. The report also noted property tax revenue exceeded budget by about $135,000 and interest income rose as the town’s capital fund balance grew. Planning and building revenues have softened, with building permit revenue down roughly 30% year‑over‑year, while recreation revenue continues to recover following the COVID shutdown.

Council member Salter asked whether planning revenues signaled building activity; staff responded that planning revenue is down slightly but that accessory dwelling unit (ADU) permitting continues. Public comment on the item was not raised. The motion to approve item 9d passed on roll call 4‑0 (Eric McMillan — Yes; Council member Salter — Aye; Council member Dowling — Yes; Mayor Pro Tem Robbins — Yes).

Ending

Staff will implement the transfers described in the report as part of the town’s annual budget and accounting processes.