Finance committee forwards FY2025 preliminary year‑end memo and plan to allocate surplus to full council

Finance and policy committee members on Aug. 4 reviewed a preliminary year‑end memo showing revenues above budget and expenditures roughly on target and voted to forward staff’s proposed plan for added fund balance to the full council with a recommendation for approval.

Finance Director Holly Abercrombie told the committee that property tax collections were the largest driver of revenue above budget, supplemented by stronger business license receipts and higher permit revenue related to new development and repair work after recent storms. Abercrombie said expenditures finished the fiscal year about 2% under budget. She described the memo as “very preliminary,” noting audit work will begin in September and audited numbers will be available later in the fall.

Committee members asked about the county property reassessment and its likely revenue effect. Abercrombie said reassessments historically net to near zero for the city—millage adjustments tend to offset assessed‑value changes—and that staff expected no material net revenue shift from this year’s reassessment. Committee members discussed options for using the unallocated funds, including maintaining a stronger general fund balance, capital projects, transportation improvements and a full‑facility generator for City Hall.

Committee member Taft Matney moved to forward the unallocated‑funds plan to full council; members voted unanimously to advance the recommendation.

Staff noted the memo had already been amended by a small amount of subsequent receipts and asked council to treat the plan as preliminary until audit closeout. Abercrombie said the city will start the audit process in September and that finalized numbers will be available in November.