City releases March general fund report; midyear budget reconciliation and June work session planned

City finance staff presented the general fund finance report for March 2025 and said the administration will bring a series of midyear budget amendments to the council in the coming weeks.

The finance presenter (identified in the transcript as the city’s finance representative) told the council the administration is conducting a midyear reconciliation and will email a breakdown explaining any proposed amendments before they reach the agenda. The presenter also said staff will request a brief June work session to discuss budget points for the 2026 budget.

The report included several figures read aloud. The presenter stated the general fund reserve balance as $58,000,006.26 and the general fund operating balance as $116,639,242. He said year-to-date expenditures to date were about $161,000,004 and that the year-to-date budget was about $189,000,009. The presenter described encumbrances and an available year-to-date budget; the transcript contained minor transcription artifacts in some numeric lines. The presenter characterized the general fund’s performance thus far in the fiscal year as “exceptional” and said staff did not anticipate trend changes for the remainder of the year.

The presenter also explained that revenue classifications have changed since late 2023 after the city moved certain investments from treasury funds to money market accounts; that reclassification will show higher miscellaneous revenue (dividends and interest) in current reporting. He said an $8 million line is now trending toward roughly $11 million in total revenue through the year and that staff will reclassify those revenues in the next report.

Council members asked no clarifying substantive questions during the presentation; the presenter offered to answer questions by email and indicated the upcoming budget amendments would include explanatory notes.