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Belvedere receives midyear budget update; council approves $20,000 CIP amendment
Summary
City finance staff reported a stronger-than-budgeted beginning fund balance and recommended a $20,000 amendment to the Capital Improvement Fund for lane design and engineering; council approved the amendment and accepted the midyear report.
The City Council received its midyear budget review for fiscal year 2024–25 on Feb. 10 and approved a proposed $20,000 amendment to the Capital Improvement Fund to cover additional design and engineering work for lane projects.
Finance staff reported the General Fund began the year with a higher balance than budgeted ($6.53 million actual vs. $5.66 million budgeted). The finance committee recommended allocating $550,000 of the unassigned balance to a critical infrastructure reserve to help fund a multi-year Beach Road stabilization project. Revenues were tracking above expectations (about 58–59% of budget through Dec. 31), while expenditures…
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