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Santa Rosa third-quarter review forecasts roughly $13.3 million deficit; sales tax shortfall singled out
Summary
City finance staff told the Long Term Financial Policy and Audit Subcommittee on April 22 that weaker-than-expected sales tax receipts and rising public-safety personnel costs will leave the fiscal 2024–25 general fund with a projected shortfall of about $3.7 million in revenue and an overall deficit near $13.3 million.
On April 22, the Santa Rosa City Long Term Financial Policy and Audit Subcommittee heard the fiscal year 2024–25 third-quarter general fund review and year-end forecast from city finance staff. The presentation projected the city would fall short of its adopted revenue budget by about $3.7 million and finish the fiscal year with a deficit roughly $13.3 million.
Veronica, a finance staff member who presented the review, said the shortfall is driven mainly by weaker sales-tax receipts and higher-than-expected salary and overtime costs in public safety. “We are not going to hit our revenue budget this year,” Veronica said. “We’re gonna come in short by about $3,700,000.” The city’s sales-tax consultant projects year-end sales-tax receipts of $68,480,000, about $7.4 million below the adopted budget, the presentation said.
The presentation walked the committee through year-to-date revenue and expenditure…
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