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Seal Beach projects balanced FY25‑26 budget but warns of mid‑term deficits; Measure GG reduces near‑term gap
Summary
Finance director presented a five‑year forecast showing property tax as the largest revenue source, sales tax volatility, rising pension and benefits costs, and a forecasted deficit in year three even after Measure GG revenue.
The Seal Beach finance director told council on May 8 that the city is presenting a balanced FY25‑26 budget and a five‑year forecast that still shows structural pressure from rising fixed costs, including pensions and health benefits.
Property tax is the city’s largest and most stable general fund revenue source, the presentation said, accounting for roughly the mid‑30 percent range of general fund revenue and showing average growth in recent years. Finance staff cited a median housing price for Seal Beach of about $1.6 million and said annual property‑tax growth has moderated from the recent high but remains the most stable revenue stream.
Sales tax is the second largest general fund revenue…
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