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Finance director warns of tightening budget as 2025 revenues soften
Summary
Finance Director Archer told the City Council the city’s midyear financial snapshot shows revenues modestly below 2024 levels, some sector-specific weakness and continued inflationary pressure on capital projects, but reserves remain above policy targets.
Finance Director Archer told the City Council on Aug. 12 that the city’s midyear financial report shows modest revenue declines compared with 2024 and that expenditures remain largely in line with the adopted budget, though some areas warrant close monitoring. “Concerned that we might be facing a cliff,” Archer said, adding that revenues are “only down slightly” but that the picture is tightening for the second half of the year.
The report showed a general-fund reserve at about 46% of operating expenditures, which Archer described as meeting the city’s fund-balance policy for the current year. He cautioned the council that the analysis is a snapshot for 2025 and that the city’s reserve policy evaluates the…
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