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Murrieta finance reports $8.5M surplus for FY24–25; council approves carryovers
Summary
Finance staff told council that FY24–25 revenues exceeded expenditures by $8.5 million; the council accepted the year-end report and approved CIP and operating purchase order carryovers (approximately $7.3M CIP and $932K operating) by unanimous vote.
The City’s finance team presented the fiscal year 2024–25 year‑end budget update and recommended carryovers for purchase orders into FY25–26. Finance Director Javier Carcamo said the city closed the year with revenues exceeding expenditures by approximately $8.5 million and that the General Fund and Measure T both contributed to improved unassigned fund balances.
Key figures presented by staff included $81 million in final General Fund revenues, approximately $72.5 million in General Fund expenditures, a net positive contribution to unassigned fund balance of about $6.5 million for the General Fund and $6.0 million for Measure T, and a combined citywide result of about $16.9 million in revenues over expenditures across funds. Staff requested $7.3 million in CIP purchase order carryovers and $932,000 in operating PO rollovers.
Jennifer Terry (finance manager) and Tanner Benson (financial analyst) detailed that much of the positive variance resulted from higher interest earnings, some one-time accounting adjustments (GASB mark-to-market), and personnel vacancy savings. The council discussed the carryover mechanics and whether unspent budgeted items should be earmarked for future projects.
Council accepted the year-end report and approved the requested carryovers and adjustments; the motion carried unanimously.
