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Rancho Santa Margarita staff report midyear surplus, warn of lower sales-tax receipts
Summary
City staff told the Rancho Santa Margarita City Council the midyear FY 2024–25 update projects a modest general-fund surplus driven by strong investment income and property-tax growth, but staff warned sales-tax receipts are tracking below prior estimates and will be monitored.
City staff presented a midyear update on the fiscal year 2024–25 general fund on the Rancho Santa Margarita City Council agenda, reporting a projected surplus and cautioning about weakening sales-tax trends.
At the council meeting, finance staff said revenues were running above budget in some categories and that the city’s investment portfolio had produced stronger-than-expected earnings. “Based on this analysis, the city revenues are projected to be above budget by approximately $313,000,” the presenter said. Staff also reported a projected general-fund surplus of $250,494 for the fiscal year.
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