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Seaside reports balanced Q1 results but flags fund balance drawdown and pension risks
Summary
Finance director Jessie Riley told the council the city is on track for the adopted FY 2024–25 revenue forecast but continues to draw down unassigned fund balance for capital projects; city projects modest operating surplus but notes pension and construction-cost headwinds.
Jessie Riley, Seaside’s finance director, presented the city’s condensed first-quarter financial report and told the City Council that revenues are tracking close to the adopted FY 2024–25 budget but the city continues to draw down unassigned fund balance to finance capital work.
Riley said the adopted operating budget projects $48.2 million in both revenues and expenditures and a small planned operating surplus of $21,000. The city’s reserves were stated as $14.5 million and the beginning fund balance for the fiscal year was $42.2 million. The adopted budget included use of $4.3 million in unassigned fund balance for capital improvements and $2.3 million for street operations. Q1 general fund revenues totaled about $8.3 million…
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