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Council Receives FY24–25 Midyear Financial Report; Staff Recommends Final Biennial Acceptance
Summary
Finance Director Sergio Aguilar reported a positive midyear fiscal position with about $9.56M unassigned after transfers, healthy reserves (cited ~$226M in general‑fund reserves), Measure Z balances and some program variances; staff recommended the council receive the FY24–25 final report and proceed with the budget projections.
Finance Director Sergio Aguilar presented the City’s midyear financial review for the FY24–25/25–26 biennium and recommended the council receive the FY24–25 final report and approve staff funding recommendations.
Aguilar said the city finished the fiscal year with unassigned net resources of approximately $9.56 million after required transfers and with consolidated reserves that the presentation identified at about $226 million in general‑fund reserves and other contingency balances. He noted categories where revenues exceeded projections (property taxes and some fees) and other categories that lagged expectations, and he described an estimated Measure Z balance and transfers planned for the coming budget cycle.
Councilmembers asked clarifying questions about supplier/vendor totals, audit processes and potential risk areas; one public commenter challenged figures and alleged inflated vendor payments, which staff addressed by noting audit processes and that auditors investigate irregularities. Councilmembers praised staff work and a member moved to accept the staff recommendations to receive the FY24–25 report as the final midyear document.
The motion to receive the report was made and the council proceeded to subsequent agenda items. Staff said the unassigned funds will be proposed as part of the upcoming biennial budget process and that follow‑up detail would be provided to the council.
