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Milpitas adopts FY25–26 midyear budget amendments; general fund remains neutral
Summary
City Council approved FY25–26 midyear adjustments totaling $26.2 million across funds while keeping the general fund impact at $0; major drivers include reimbursements, OPEB payments, enterprise fund increases for water and sewer, and a $14.1 million redevelopment debt service obligation.
Milpitas — On Feb. 3 the Milpitas City Council adopted midyear budget amendments for fiscal year 2025–26 that adjust citywide appropriations by about $26.2 million while maintaining a neutral impact on the general fund.
Finance Director Lou Ferassi told the council the $26.2 million in midyear adjustments are covered primarily by reimbursements and fund‑balance draws in self‑supporting enterprise funds. "The total citywide midyear budget adjustments across all funds amounts to 26,200,000.0," Ferassi said during the presentation.
Major components: Staff described three general‑fund‑related adjustments totaling $3.7 million that are fully…
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