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Finance officer reports healthy reserves despite some liability overruns in nine-month FY25 update
Summary
Sharon Wiggins, the city's finance officer, told the committee the city's financial position is stronger than a year ago, with reserves and favorable health insurance trends; she noted a general liability (CGL) account roughly $100,000 over budget and that some revenues lag year-over-year due to billing timing.
Sharon Wiggins, the city's finance officer, presented the city's unaudited monthly financial report for the first nine months of fiscal year 2025 and the committee voted to accept the report.
Wiggins said the unobligated balance percentage after nine months should be 25 percent and that, "All departments are within 10% of this benchmark with the exception of the Department of Public Works." She reported the overall obligated percentage after nine months is 26.81 compared with 23.93 a year ago, saying, "So we are…
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