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Lakewood posts healthy general‑fund balance in 2024; council reviews carryforward requests and mid‑biennium items
Summary
City staff told the council the 2024 year‑end general fund balance stands well above the council’s 12% reserve policy and reviewed proposed 2025 carryforward budget adjustments that include a $250,000 per‑year estimate for public defender costs and a $2 million carryforward for economic development opportunity funds.
City finance staff presented the 2024 year‑end financial report on April 21 and reviewed proposed carryforward budget adjustments for 2025, telling the council the general fund ended 2024 with reserves above the council’s 12% contingency target.
Deputy City Manager K. Krause summarized the highlights, directing council members to a packet summary that focuses on the general and street fund. She said the general fund’s ending balance equaled about 25.1% of operating revenues, well above the council’s 12% policy. Krause reported mixed revenue results: modest decreases in property…
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