Newark posts $3.9 million general‑fund surplus in unaudited year‑end review

The City of Newark closed fiscal year 2024–25 with an unaudited $3.89 million general‑fund surplus, Finance Director Kristen Lee told the City Council on Sept. 23. Lee said revenues exceeded projections, led by higher sales tax and transient‑occupancy (hotel) tax receipts, and that personnel and project savings also contributed to the positive result. The council voted unanimously to accept the year‑end review and proposed budget adjustments.

Lee said the city’s general‑fund revenues grew year over year, with notable line‑item increases including sales tax (a large fourth‑quarter bump) and transient‑occupancy tax after voters approved Measure LL to raise the hotel tax rate. She described a $3.89 million net operating surplus after required transfers and designations and said the results are unaudited figures. “This outcome reflects…