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Gilroy staff presents midyear budget update; general fund forecast shows narrowing operating margin
Summary
City finance staff presented a midyear FY 2024–25 update and a five‑year general fund forecast showing a manageable but narrowing operating margin and projected structural pressures beginning in FY26; council received the report and staff identified reserves, pension liabilities and revenue assumptions to inform budget development.
City staff presented the midyear fiscal year 2024–25 budget update and the general fund five‑year forecast, outlining revenue assumptions, expenditure drivers and long‑term liabilities.
Finance Director Herjil Seng told the council the city ended FY24 with approximately $36 million in general fund balance and currently projects to end FY25 with about $27.4 million, representing roughly 35% in excess of the adopted reserve policy. The city’s largest general fund expenses are personnel costs (about 65% of the general fund) driven largely by police and fire public safety staffing.
Seng said sales tax — the…
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