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Escondido posts modest FY 2024‑25 general fund surplus, council approves $3.8M in budget adjustments including Measure I allocations
Summary
Finance director reported an $819,940 operating surplus for FY2024‑25, noted higher overtime and unbudgeted operating costs in several departments, and the council approved staff’s recommended budget adjustments and Measure I operating budget items by a 5‑0 vote.
Finance Director Christina Holmes presented the City of Escondido’s fiscal year 2024‑25 financial status report Oct. 15 and asked the council to approve a set of budget adjustments for the current fiscal year.
Holmes reported that the general fund closed FY 2024‑25 with an operating revenue surplus of $819,940. Revenue increases included $1.1 million more in base sales tax (driven by auto sales and county pool receipts), $4.3 million higher property‑tax receipts compared with the prior year, and permit and license revenues up roughly $2.9 million, partly reflecting a full‑cost recovery fee model adopted during the year. Investment income declined compared with the pandemic period as one‑time American Rescue Plan Act…
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