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Finance director reports $4.71 million general-fund surplus, outlines $14 million pool renovation funding plan
Summary
Finance Director Raguse told council that the city closed 2024 with a $4,710,000 general-fund surplus and outlined a funding plan for a $14 million Phase 1 pool renovation, including drawing on surplus, reserves and an anticipated debt issuance to cover the remaining gap.
Finance Director Raguse reported to the Brooklyn City Council on Jan. 27, 2025, that the city finished the 2024 fiscal year with a general-fund surplus of $4,710,000 and presented a funding plan for Phase 1 of a planned pool renovation.
Raguse told council that overall 2024 revenues were 108% of the estimate, driven by higher income-tax receipts and charges for services; excluding nonrecurring revenue, overall revenues were approximately 102% of estimates. On commitments, spending was 96% of the amended budget and roughly 99.5% of the initial budget when excluding a one-time transfer to the capital reserve fund for the pool renovation project.
On the pool renovation, Raguse said the city has budgeted $14,000,000 for Phase 1 this year and currently has $7,760,000 set aside, leaving an additional funding need of $6,240,000. Of that amount, Raguse said the administration plans to draw $1,860,000 from the current-year budgeted surplus and $2,290,000 from general-fund reserves, leaving “just under $2,100,000” to be funded through debt issuance. Raguse reported $1,100,000 of nonrecurring revenue received in January and proposed setting aside $955,000 (84% of a portion classified to the general fund) to reduce the anticipated debt issuance to approximately $1,135,000.
Raguse summarized: “We finished with a general fund surplus of $4,710,000.” He also said the city received $2,400,000 in income-tax distributions from RETA, $600,000 more than the prior January, but noted that excluding nonrecurring items January 2025 receipts were $270,000 lower than January 2024.
Council did not take a formal vote on the pool financing plan at the meeting; Raguse asked whether council had any additional comments beyond those discussed in the finance committee. Council members did not record further objections during the meeting.
The finance director said the $4.71 million surplus has been set aside in a capital reserve for the pool Phase 1 project and noted the administration’s intention to be proactive in reducing necessary debt issuance for the project.
Next steps noted in the presentation include formalizing the debt plan and using recorded nonrecurring revenue to offset issuance; Raguse and the administration indicated they will continue discussions with council as recurring revenue forecasts become clearer.
