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City treasurer reports first-quarter finances; council receives and files report amid questions about cannabis tax revenue
Summary
The city treasurer reported October 31, 2025 cash & investments of $13.78 million and first‑quarter revenues of $916,866 (with cannabis business tax cited as the largest source). Council moved to receive and file the treasurer and quarterly reports after limited public questions about how cannabis revenue is applied.
City Treasurer Liz presented the City of Laguna Woods’ financial snapshot as of Oct. 31, 2025: total cash and investments were $13,778,610; General Fund operating cash and investments were $5,995,281 and general fund reserves totaled $4,651,600. Special revenue funds showed an ending balance of $3,100,000.
Liz reviewed transactions and activity in October 2025, including a $750,000 transfer from a LAFE account for cash flow, and reported the city purchased two certificates of deposit (CDs) at $245,000 each (12‑month at 3.9% and 60‑month at 3.75%). For the first fiscal quarter (through Sept. 30, 2025) revenues were $916,866 (about 10% of the annual budgeted revenue expected by that point) with the three largest revenue sources cited as cannabis business taxes ($280,886), development processing fees ($226,001.75), and sales tax ($164,001.74).
Public question and council context: during public comment Vicky Johnson asked whether cannabis revenue could be earmarked for programs such as Senior Mobility; staff explained the city’s general fund pools revenues and then funds priorities, noting transfers out to the Senior Mobility Program have been possible in part because of cannabis business tax revenue.
Council action: after questions and council remarks the council moved to "receive and file" the treasurer’s report and the quarterly financial report; the motion passed unanimously.
Next steps and clarifications: staff noted additional detail is available in the quarterly financial packet. The council and staff also discussed property tax forecasting and the city’s use of a third‑party property tax forecasting service to inform budget assumptions.
