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Midyear review: Burlington's revenues and expenditures track below budget; gross receipts lag
Summary
The Board of Finance received a midyear FY25 budget-to-actual report through Dec. 31, 2024. Revenues and expenditures both trailed budget by roughly $4 million; gross-receipts taxes are the largest revenue shortfall, and the city projects a modest surplus.
City finance staff presented a midyear FY25 budget-to-actuals review to the Board of Finance on Feb. 18 covering activity through Dec. 31, 2024.
The presentation showed both revenues and expenditures tracking about $4 million below budget; current projections pointed to a near breakeven position or a modest surplus of roughly $200,000, staff said. The report highlighted five major revenue streams—property taxes, PILOTs, fees for…
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