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Stockton council approves FY24–25 third‑quarter update and carries $12.23 million into next year
Summary
Council accepted the fiscal year 2024–25 third‑quarter status report, projected year‑end variances and authorized carrying $12,233,179 in appropriations into FY25–26 to complete previously started projects; vote was unanimous.
The Stockton City Council on Dec. 9 accepted an unaudited third‑quarter financial update for fiscal year 2024–25 and authorized carrying forward $12,233,179 in appropriations to complete previously identified projects.
Interim Budget Officer Brandon Sepulveda told the council that general‑fund revenues through March 31 were $206.1 million (64% of a $319.8 million budget) and that year‑end revenue projections are $332.5 million (about $12.7 million over budget), driven largely by investment proceeds and property taxes. General‑fund expenditures year‑to‑date were $223.5 million (50% of a $390 million budget); the city projects ending the year about $11 million under budget.
Staff recommended two technical adjustments for enterprise funds and asked the council to authorize continued appropriations totaling up to $12,233,179 for projects that were started or encumbered in 2024–25 so departments can finish work in 2025–26. The council voted 7–0 to accept the report and approve the carryovers.
City staff said the figures are unaudited and will be finalized in the fourth‑quarter presentation; the city manager and finance staff noted vacancy savings and one‑time revenue timing as contributors to current variances and said some projects will not return to council because funds were previously obligated.
