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Committee hears FY25 financial update; city still projecting $3 million general-fund deficit
Summary
Finance staff told the Budget and Finance Advisory Committee that April financials show property-tax collections above budget but the city still projects about a $3,000,000 deficit in the general fund as it approaches fiscal year end.
The Budget and Finance Advisory Committee heard an update on fiscal year 2025 finances showing stronger-than-expected property-tax collections but an overall projected general-fund deficit of about $3,000,000.
Miss Holden, finance staff, told the committee that April financial reports were distributed the previous Friday as staff prepares for fiscal year end. "We have collected over our property tax budget," she said, adding that the city remains "projecting to end in a deficit in that general fund of about $3,000,000."
The presentation noted that staff are updating year-end projections and preparing schedules to close the books. Committee members asked no substantive questions about the projections during the item and accepted the update as informational.
The update was delivered early in the meeting as staff prepares year-end adjustments and follow-up analysis ahead of the formal close of the fiscal year.
