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City manager presents FY2024–25 first‑quarter financial report; revenues near budgeted expectations
Summary
City staff reported the city’s first‑quarter fiscal position: property taxes and overall revenues near budgeted levels, sales tax flat year‑over‑year, and ongoing pressures from personnel costs; staff will return with updated projections after the second quarter.
City Manager and budget staff presented the fiscal year 2024–25 first‑quarter financial report, covering revenues and expenditures for September through November. Staff reported total general fund revenues of about $91.3 million (roughly 15.2% of the annual budget) and projected no material surplus or deficit at year end based on current trends.
Key takeaways: - Property tax revenue was strong and higher than last year, reflecting valuation growth; staff noted part of the increase also reflects lower debt issuance this…
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