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Committee approves midyear appropriation adjustments, moves $2.3 million from fund balance to cover shortfalls
Summary
Finance staff presented midyear projections showing a projected general‑fund surplus but agency deficits in specific areas; the committee approved a midyear resolution that appropriates $2.3 million from fund balance to cover selected deficits and carry forward encumbrances.
The Finance Committee on July 28 recommended adoption of the midyear appropriation resolution after staff presented updated revenue and expenditure projections and agency highlights.
Budget staff said the general fund is projecting revenues about $9.7 million over budget and expenditures about $7.9 million under budget, producing a projected surplus of roughly $17.5 million at midyear. Much of the revenue variance reflects mark‑to‑market investment adjustments and higher interest; ambulance charges were cited as projecting $1.7 million above budget. Staff noted citywide vacancy rates (for the first five months) at about 6.5%.
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