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Albany midyear budget review: city projects smaller deficit after one-time costs
Summary
Finance Director Raina Schwartz told the Albany City Council during a Feb. 18 presentation that revenues are roughly on track for FY2025 but one‑time costs — including a $1.5 million settlement in litigation with the Lions Club and large pension and insurance payments due early in the year — have pushed first‑half spending higher.
Finance Director Raina Schwartz presented the city’s FY2025 midyear budget review on Feb. 18, telling the Albany City Council the city is in “cautiously optimistic” shape but has seen a handful of early, large payments that make the first half of the fiscal year look heavier than usual.
“The good news, bottom line is that things are going fine. We’re in slightly better shape than we thought we would be when the budget was adopted,” Schwartz said, summarizing the midyear analysis.
The midyear review matters because the council adopted a two-year budgeting process this year and the city has a 25% general-fund reserve policy. Schwartz told the council that while ongoing revenues and expenses are broadly tracking to plan, several timed, large payments — principally CalPERS pension unfunded actuarial liability (UAL) payments and annual insurance premiums due early in the fiscal year — make first‑half spending appear elevated. The city also recorded a one-time increase tied to a lawsuit settlement with the Lions…
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