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Imperial City reports unaudited FY2025 operating surplus, finance director says
Summary
Finance Director Victor Manriquez told the council the unaudited Q4 fiscal-year 2025 operating budget closed with about a $730,000 surplus and total revenues exceeded expenditures by roughly $2.7 million, mostly due to a property‑tax accounting correction; detailed line‑item figures will appear on the next council agenda.
Victor Manriquez, the city’s finance director, told the Imperial City Council during a Nov. public meeting that the city’s unaudited fiscal‑year 2025 operating budget closed with a modest surplus.
"For the fiscal year '25, the operating budget ended up at plus, 730,000, and this actual revenue has exceeded the expenditures by 2,700,000.0," Manriquez said as he reviewed the quarter‑four report, which covers July 1 through June 30.
Manriquez said the headline numbers were affected by a property‑tax accounting correction that shifted revenue into the general fund after it had previously been recorded elsewhere. "There was a largely property tax accounting correction... it was money that... should have been in general fund, but it was deposited somewhere else. So we made that correction last year," he said.
He reported the general fund reserves ended the year near $6.6–$6.9 million, roughly four months of operating expenditures, and that the city remains fiscally consistent with the adopted budget. Manriquez also reviewed enterprise funds: the water fund showed about $109,000 in positive cash flow for the quarter, while wastewater was roughly break‑even. He said the city expended about $17.9 million of a $31 million CIP budget for 2024–25 and that CIP spending accounted for much of the reduction in enterprise reserves.
Manriquez said the city earned about $2.5 million in interest income across all funds for the fiscal year and that staff will post full Q4 detail line‑items at the next council meeting. He described the figures as unaudited and said the city has received a draft of the 2024 audit for review.
The presentation concluded without formal action; council members asked clarifying questions about access to detailed reports, CIP funding sources and future budget monitoring. Manriquez said staff will present the full line‑item Q4 report and answer additional questions at the next agenda item.
Next steps: staff will publish the detailed Q4 budget packet and return with the draft audit for council consideration.
