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San Rafael first‑quarter budget report shows modest variances; Fitch upgrades city—s rating
Summary
Staff reported a routine first‑quarter budget update through Sept. 30 and said they will ask Council to authorize about $1 million in carryover of prior‑year unencumbered appropriations; Fitch upgraded the city—s credit rating, which should lower future borrowing costs.
Finance staff presented the city’s first‑quarter budget report for the period ending Sept. 30, highlighting routine revenues and expenditures and new efforts to improve capital‑project reporting by project rather than by departmental subsystems.
Staff said the adopted FY2024‑25 budget included carryover of encumbered contracts ($9…
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