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City reports $5.8 million revenue surplus; plans to appropriate funds to cover school deficit
Summary
City finance staff told the joint Board of Finance/City Council meeting that fiscal 2025 ended with higher-than-expected revenues driven by tax collections, audits and investment income; city leaders said they will appropriate revenues to reduce a board of education shortfall that a separate audit showed was predictable.
City finance staff reported Tuesday that fiscal 2025 closed with roughly $5.8 million more in revenue than budgeted and that the Board of Finance will consider appropriating part of those funds to cover a Board of Education deficit. Diane, a city finance staff member, told the joint meeting the city collected stronger-than-expected revenues across multiple lines and is largely closed out for the fiscal year. “We’re pretty much closed out as far as the expenditures are concerned and the revenues — everything’s posted,” she said. The surplus breakout included roughly $769,000 from a three-year property-tax audit initiative, more than $2 million in supplemental building-permit revenue, and about $3.05 million in…
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