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City reports $62.2 million FY25 gap; prior‑year savings and department strategies will be used to shape cuts and revenue options
Summary
City finance staff told the council the mid‑year general‑fund gap for FY25 is $62.2 million driven by structural revenue/expense shifts and a steep cut in state HAP allocations; staff proposed applying $23.5 million in prior‑year gains and asked departments to return reduction strategies and revenue options ahead of a balanced budget proposal.
City finance staff presented a mid‑year update showing a projected fiscal‑year 2025 general‑fund gap of roughly $62.2 million and outlined steps to close that shortfall as the council begins its budget process.
Finance Director Pete Coleto said the city closed FY24 with positive results, including approximately $23.5 million in available prior‑year gains that arose partly from realized investment gains as long‑maturing assets matured and were reinvested. "About $12.7 million is from restoring unrealized treasury losses that matured and were reinvested," Coleto said, and staff recommended applying those prior‑year…
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