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Half Moon Bay staff report third‑quarter finances; city projects smaller deficit, reserves at $8.6 million
Summary
City staff presented the fiscal year third‑quarter financial report showing transient occupancy tax trending above last year, projected reserves of $8.6 million (37% of target), an unassigned balance near $900,000 and a reduced structural deficit compared with the prior year; council accepted the report.
City staff presented the fiscal third‑quarter financial report for the year ending March 31, 2025, on May 20 and the City Council accepted the report.
Staff reported that transient occupancy tax (TOT) — the city’s largest operating revenue source — was trending above last year’s collections for recent months and that the city now estimates FY 2024–25 TOT to finish between $8.3 million and $8.7 million. The city’s fiscal presentation noted TOT historically comprises about 40% of the general fund and…
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