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Fortuna finance director reports mid‑year budget improvement; projects modest surplus for FY24‑25
Summary
Finance Director Aaron Felmy told the City Council that the general fund ended FY23‑24 with an $11,391 surplus and that mid‑year projections for FY24‑25 now show an estimated $30,515 surplus. Staff did not recommend amending the adopted budget at mid‑year and outlined next steps for the FY25‑26 budget calendar.
Finance Director Aaron Felmy presented the City of Fortuna’s mid‑year budget review for fiscal year 2024–25 on Feb. 24, reporting that the general fund closed fiscal year 2023–24 with a net surplus of $11,391 and that mid‑year projections for the current year now show an estimated $30,515 surplus rather than the previously adopted $90,533 deficit.
Felmy said the FY23‑24 surplus was driven primarily by a roughly $350,000 increase in investment income compared with the prior year, while one‑time COVID-era American Rescue Plan Act funds that had provided roughly $1…
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