Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
City staff report FY25 second‑quarter general fund forecast: revenues near projection, vacancy savings about $5 million
Summary
Budget staff said February figures show revenues close to projections through Dec. 31, 2024, with personal property delinquencies higher than budgeted and roughly $5 million in projected expenditure savings driven by vacancy savings.
Lisa Cipriano, director of budget and evaluation, presented the Fiscal Year 2025 second-quarter general fund forecast to the Newport News City Council Feb. 25, summarizing revenues and expense pressures through Dec. 31, 2024.
Cipriano said the city’s FY25 general fund budget is $624.2 million (as stated in the presentation) and that second-quarter collections — which capture many of the fiscal year’s major revenue drivers — put the city close to its projected revenue total. She said real estate collections were lagging slightly, personal property tax delinquencies were running about $2.7 million higher than anticipated, and collections for sales and meals taxes were above budget assumptions.
Cipri…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
