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San Mateo adopts FY 2025–26 budget, sets $25 million seed for capital reserve
Summary
Council adopted the city’s Fiscal Year 2025–26 operating budget and five-year capital improvement plan and approved a $25 million initial contribution to a new capital investment reserve after revisions that reduced the projected shortfall.
San Mateo — The City Council adopted the Fiscal Year 2025–26 operating budget, five-year capital improvement program and a $25 million initial contribution to a new capital investment reserve on June 16.
Finance Director Karen Huang told the council that two developments improved the city’s near-term fiscal outlook since an April presentation. First, state action on the budget made it likely San Mateo would receive a 100% vehicle license fee (VLF) backfill…
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