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Cupertino accepts midyear financial report after updates to 10-year forecast; council approves transfers to capital reserve
Summary
The Cupertino City Council accepted the midyear financial report for fiscal 2024-25 on March 4 and approved midyear budget adjustments that include transfers into the city's capital reserve and other one-time moves intended to stabilize the 10-year forecast.
The Cupertino City Council accepted the city manager's midyear financial report for fiscal 2024-25 on March 4 and approved a set of midyear budget adjustments that move general-fund reserves and restore some capital transfers.
What changed since adoption: Staff presented an updated 10-year forecast showing that actions taken over the past two years and new revenue and expenditure adjustments reduced an earlier projected year-10 structural deficit. Director Christina Alfaro said the forecast moved from a roughly $7.2 million deficit in year 10 to a modest surplus after revenue adjustments and expenditure reductions.
Key numbers and actions presented: - Estimated general-fund revenues for the year remained at about $122.1…
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