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Belmont presents FY2025‑26 budget introduction; general fund gap tied to unresolved VLF reimbursement
Summary
Finance staff introduced the proposed FY2025‑26 budget and five‑year capital improvement plan. The city projects a $1.4 million general fund gap for next year that would be closed if the state reimburses an outstanding vehicle license fee (VLF) shortfall; the VLF remains unresolved in the state May revise and presents a multi‑year fiscal risk.
City finance staff presented the proposed fiscal year 2025‑26 operating budget and five‑year capital improvement plan at the May 27 Belmont City Council meeting, outlining a proposed $66.1 million city operating budget and a $13.5 million capital program for FY2025‑26.
Finance staff told the council the proposed general fund resources total $32.9 million while proposed general fund expenditures are $34.3 million, creating a $1.4 million shortfall that would require a draw on reserves if unaddressed. Staff emphasized the shortfall is partly contingent on a recurring state reimbursement…
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