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Finance committee advances midyear budget adjustments including $2.3M appropriation to preserve state incentive eligibility
Summary
Finance staff presented midyear projections and the committee recommended a midyear appropriation that includes a $2.3 million appropriation from fund balance to maximize eligibility for the state expenditure restraint incentive; committee also approved transfers to cover several agency deficits, and a subsidy increase for Metro Transit.
City finance staff presented the 2025 midyear budget projection to the Finance Committee on July 28 and the committee recommended adoption of a midyear appropriation resolution that makes multiple technical adjustments and interfund transfers. Christine (finance/budget staff) said general fund revenues were projected about $9.7 million above budget and agency expenditures about $7.9 million below budget for a combined projected surplus near $17.5 million, driven largely by investment gains and timing differences on contracts and compensated absence escrow activity.
The midyear appropriation resolution the committee advanced would appropriate $2.3 million from general fund balance. Finance staff explained that amount brings the city up to the maximum allowable for the state expenditure restraint incentive program (a state payment added in the current state budget); appropriating now preserves…
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