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Preliminary year‑end results show general fund deficit; staff urges audit‑final numbers before reserve policy changes
Summary
Finance staff presented preliminary (unaudited) December 2025 financials showing a preliminary general fund deficit of about $8.4M (better than the budgeted $11.5M shortfall), a roughly $50M reduction in cash year‑over‑year and pressure on the CIP fund. Staff recommended using audited July figures and clearer encumbrance disclosures before adopting any broad reserve‑policy change.
Finance staff presented preliminary, unaudited year‑end financials for fiscal 2025 and urged caution before making policy changes based on draft numbers.
CFO Hitesh Desai said preliminary general fund results show revenues of about $141 million and expenses of about $150 million, producing a net preliminary deficit of roughly $8.4 million — an improvement versus the $11.5 million budgeted shortfall. Desai and other finance staff emphasized that key receipts (notably…
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