South Lake Tahoe finance director outlines stable reserves but warns of future pressure
Loading...
Summary
Finance Director Olga Chamereva told the council the city closed FY2025 with stronger-than-expected reserves and proposed midyear allocations totaling roughly $4.1M; long-term projections show modest deficits beginning FY2027 without continued use of ballot measures and close budget management.
Finance Director Olga Chamereva presented the fiscal year 2025–26 midyear budget review and a five‑year financial plan at the council meeting.
Chamereva said the city ended FY2025 with about $6.6 million in undesignated excess reserves and approximately $5.5 million available after accounting for carry‑forwards and previously approved uses. Staff proposed allocating $4.1 million in midyear adjustments that would leave roughly $1.5 million in available funds and projected reserves of about $800,000 after required reserve adjustments for the coming year.
Key recommended expenditures included personnel adjustments (about $520,000, including two police officers for a boat patrol program and an increase in CalPERS liabilities), operational needs (~$1.4M), and capital projects (~$3.7M) focused on roads, drainage, El Dorado Beach and facility upgrades. The presentation also noted that TOT (hotel tax) is down about 5.6% year to date but remains projected to come in near budget.
Chamereva and councilmembers stressed the importance of the 25% reserve policy, continuing Measure S and Measure P support for certain services, and careful monitoring of state fiscal conditions that could affect city revenues.
What the council did: After questions and clarification, the council passed a resolution approving the midyear budget adjustments, amendments to permanent staffing allocations and related salary table adjustments.
