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Pacific Grove council receives midyear budget update; introduces ordinance to amend FY25‑26 budget
Summary
Staff reported midyear changes that raise revenues by roughly $700,000 (including a $500,000 TOT update tied to the Kimpton Hotel) and add $294,000 in expenditures, narrowing but not eliminating a projected ~$1.5 million operating deficit; council voted to introduce and hold first reading of a budget amendment ordinance.
Pacific Grove city staff presented a midyear financial update March 4 and the council introduced an ordinance to amend the fiscal year 2025‑26 operating and capital budgets.
Assistant Director Jessica summarized the city’s revised projections: the original FY25‑26 budget projected about $32.7 million in revenues and $33.8 million in expenditures, producing an operating deficit near $1.9 million. Staff recommended recognizing approximately $700,000 in additional revenues — roughly $200,000 from higher property‑tax projections and about $500,000 from increased…
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