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Midyear review: one-time permit revenue masks structural deficit; staff projects smaller-than-budget deficit
Summary
City staff reported midyear general fund performance skewed by one-time permit revenues from large projects; without those receipts the general fund shows a structural deficit and staff projects a smaller-than-budgeted year-end deficit and a fund balance between $42M–$47M.
Finance staff presented the midyear financial review using June financials and said the general fund was running ahead of budget largely because of one-time permit revenue tied to large development projects.
Clayton (finance staff) said general fund revenue through June was about 54% of budget while expenses were 49%, producing a temporary net surplus of roughly $3 million. He cautioned that $6 million of unbudgeted revenue tied to permits for major projects (Jacobs Center and Kellogg building projects) was distorting the…
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