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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 million) and one budget augmentation; they will recommend Council authorize a limited set of prior‑year unencumbered carryovers (staff estimated about $1 million, still subject to final reconciliation) for specific purposes such as vehicle or ambulance purchases that were budgeted in the prior fiscal year but not encumbered before year‑end.
The subcommittee discussed more granular project reporting in the finance system and staff said they are working to show expenditures by project so Council and the public can review year‑to‑date spending against project budgets rather than only by department.
Separately, staff reported the city’s credit rating was upgraded by Fitch (from AA to AA+ as described in the meeting). Staff noted the upgrade is forward‑looking and will reduce the city’s future borrowing costs; there is no retroactive financial effect on existing debt.
The first‑quarter package and the recommended limited carryover authorization will be presented to the City Council at the upcoming meeting.
