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San Rafael finance subcommittee previews midyear budget: revenues near budget, reserves emphasized
Summary
City staff told the Finance Subcommittee that midyear results show revenues roughly $1.5 million above budget and projected salary savings near $1.5 million, creating a projected $2.5–3 million favorable year‑end fund balance; staff urged treating interest gains as one‑time and preserving reserves to cover labor and long‑term risks.
City staff previewed the midyear budget update for the San Rafael Finance Subcommittee and reported that general‑fund revenues and expenditures are tracking close to the adopted budget, with some one‑time positive variances that staff recommended treating cautiously.
Director Maggio and finance staff said the city closed the December accounting period and is preparing preliminary projections for presentation to council on Feb. 18. Staff said revenues are generally on budget and currently project about $1.5 million in additional revenue versus the adopted budget; property tax and sales tax are tracking near…
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