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Finance director: third-quarter forecast shows roughly $1.9 million net surplus after $10 million settlement
Summary
The finance director reported an $11 million revenue boost largely tied to a $10 million freighter settlement, offset by $9.1 million in expenditure pressures, leaving a projected $1.9 million net surplus and roughly 75 days of reserves; staff flagged building-permit value declines and public-safety overtime concerns.
The finance director presented the city’s third-quarter general fund forecast through September and said the city currently projects a net surplus of approximately $1.9 million for the year.
John Regini (Finance director) told the committee the revenue side is expected to show about $10.995 million in surplus largely driven by a $10 million freighter settlement; on the expenditure…
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