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Gilroy receives preliminary FY25 year‑end report; council approves Section 115 trust contributions and budget amendments
Summary
The council received the preliminary fiscal year 2025 year‑end financial report, approved Section 115 pension/OPEB trust contributions per policy and adopted several budget amendments for FY26, including grant reappropriations; the council also reviewed revenue shortfalls in transient occupancy and sales taxes.
Finance Director Herjia Tsang presented the preliminary fiscal year 2025 year‑end financial report on Oct. 20 and the council approved staff recommendations to deposit year‑end savings into Section 115 trusts for pension and OPEB and to adopt a set of budget amendments for FY26.
Key figures and takeaways
- General fund revenues for FY25 were about $69.5 million against a budget of $69.9 million (99% of budget). - General fund expenditures (including encumbrances) were about $75.1 million versus a $76.4 million budget (98% spent); the net at‑year savings was approximately $1.3 million. - Per council policy, staff proposed placing 25% of general fund year‑end budgetary savings into the pension Section 115 trust and 25% into the OPEB trust. Council…
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