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City releases unaudited FY25 results showing improved position but exhaustion of one-time reserves
Summary
Department of Finance told the City Council that unaudited FY25 results improved relative to third-quarter projections by about $10.1 million, avoiding a draw on the stability reserve while exhausting $105 million in excess equity; the independent budget analyst warned one-time funds are nearing exhaustion and future mitigation will be harder.
The Department of Finance told the San Diego City Council on Oct. 27 that unaudited fiscal year 2025 results improved relative to the third-quarter projections by roughly $10.1 million, limiting the need to tap the general fund stability reserve.
Ben Battaglia, assistant director in the Department of Finance, said revenues were about $6.2 million above the third-quarter projection and expenditures came in about $3.9 million below projection, producing the net improvement. He said the city still expects to exhaust about $105 million in excess equity that had been carried from prior years, leaving the general fund without that one-time cushion heading into FY26.
“Based on these unaudited actuals, it is now anticipated…
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