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Santa Maria posts year‑end surplus but city faces structural deficit; staff to return with action items
Summary
Finance director reported the city closed fiscal year 2024–25 with higher revenues and lower expenditures than budgeted, avoiding previously planned reserve draws, but staff warned of a $16–24M structural gap ahead and will return Jan. 20 with action items and a Q1 update.
The Santa Maria City Council received the fiscal year 2024–25 fourth‑quarter financial report on Nov. 18, when Director of Finance Rebecca Campbell said the city closed the year with stronger than‑expected results but remains constrained by a structural deficit.
Campbell told the council that revenues came in higher than budgeted ($98,400,000) while expenditures came in lower ($103,200,000), producing favorable year‑end results that allowed the city to avoid drawing from previously planned reserves. She said revenues exceeded budget by about $4.8 million and…
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