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Finance staff brief council on FY25 closeout and Q1 FY26 results; council approves routine first‑quarter budget augmentations
Summary
City finance staff reported a FY25 general fund closeout with an ending fund balance of about 12.2% and described revenue timing and consolidated tax shortfalls. Council approved the first‑quarter budget augmentations—largely purchase‑order carryforwards and grant adjustments—by unanimous vote.
Vicki Van Buren, director of finance, briefed the council on fiscal year 2025 closeout figures and first‑quarter results for fiscal year 2026.
Van Buren said departments implemented hiring slowdowns and identified at least 2% savings during FY25 to offset revenue shortfalls in consolidated tax and franchise fee receipts. After routine year‑end accounting entries and adjustments, staff reported that FY25 sources of…
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