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Midyear review: property tax gains, internal-service fund increases highlighted for council
Summary
Finance staff told the Budget and Finance Commission that stronger-than-expected assessed value growth could add about $1.2 million to the general fund and recommended no new programmed uses pending uncertainties including a $4.2 million unfunded liability due in 2025-26.
Stephanie Mayer of the Finance Department presented the city's midyear financial review and departmental reports for the fiscal year through Dec. 31, 2024, to the Budget and Finance Commission on Feb. 13.
Mayer told commissioners that property tax revenue and property tax in lieu of Vehicle License Fee (VLF) were stronger than projected, citing assessed-value growth of about 5.42% that supports an approximately $1.2 million recommended increase to the general fund revenue budget. She said other tax sources were expected to remain roughly flat for the fiscal year and noted that transient occupancy tax receipts were expected to…
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