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Carmel council reviews FY 2025–26 budget workshop; staff recommends use of $5M fund balance and 50% reserve policy
Summary
At a May 21 workshop, Carmel-by-the-Sea finance staff presented the recommended FY 2025–26 budget, proposing a $31.9 million operating plan, nearly $8 million of new CIP and the use of about $5 million in fund balance, and recommending a 50% reserve target and a guideline to hold operating spending to 90% of revenue.
The Carmel-by-the-Sea City Council received the Finance Department’s recommended FY 2025–26 budget at a May 21 workshop, including revenue forecasts, proposed operating spending and a $7.99 million list of new capital improvement projects (CIP).
Jamie (finance director) told the council the city’s top three revenue sources — sales tax (Bradley-Burns and Measure C), property tax and transient occupancy tax (TOT) — make up about 82% of general revenue. Staff’s baseline forecasts assume 2.5% property‑tax growth, 1.72% sales‑tax growth and a 2% TOT decline. Based on department requests and subsequent adjustments, staff presented an operating budget of about $31.9 million and a proposed use of roughly $5.0 million of general‑fund balance to cover the…
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