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BET hears preliminary FY25 closeout; board of education aid, contingency and $10 million state grant discussed
Summary
Finance presented preliminary FY25 closeout scenarios and an MOU‑linked plan to direct one‑time state funds and city reallocations to help the Board of Education and core infrastructure.
Finance staff presented a preliminary FY25 closeout and a multi‑part plan to use one‑time state funds to address school and capital priorities.
Jared (finance) said the FY25 closeout is preliminary and still subject to audit and encumbrance clears. He showed two scenarios: one that assumes the previously budgeted $8 million use of fund balance and one that treats no fund balance use; the latter would leave the city close to break‑even after year‑end adjustments. Staff noted a $3.3 million conveyance tax/developer revenue that was budgeted for FY25 did not close in time and will likely post in early FY26.
The board and staff discussed a $10 million state municipal aid…
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