Finance staff present differing FY25 fund-balance projections; report shows investment gains, swap losses and disaster reimbursements

Chair Sally Alcorn called the Budget and Fiscal Affairs Committee to order on Feb. 3 and heard quarterly financial reports that showed differing year-end general fund projections and updates on investments, swaps and disaster reimbursement activity.

The controller's office, represented by Deputy Controller Vernon Lewis, presented a projection of a $348,900,000 ending fund balance for fiscal year 2025, about $17.6 million lower than the finance department's projection. Lewis said the difference is "due to the raw revenue projection than that of the finance department." Lewis also reported that the city's general investment pool held approximately $5.4 billion as of Dec. 31, 2024 and was yielding 3.815 percent for the quarter, up from 3.738 percent the prior quarter. He said two small tax-compliance pools total about $16 million and that a detailed listing of securities is included in the investment report.

Finance staff delivering the 6+6…