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Rancho Palos Verdes reviews FY 2024–25 closeout, approves carryovers for ongoing projects
Summary
City Manager Aram Ranjan said the council reviewed the draft year-end financial closeout for FY 2024–25 and approved carrying over previously authorized funds into the current fiscal year so ongoing capital projects and services can continue.
The Rancho Palos Verdes City Council reviewed the draft year-end financial closeout for fiscal year 2024–25 and approved carrying over previously authorized funds into the current fiscal year for projects still underway, City Manager Aram Ranjan said.
Ranjan said the carryovers help ensure financial transparency, accountability and continuity for important city services and capital projects. The update did not list specific projects or dollar amounts tied to individual carryovers.
The council's action is a routine fiscal closeout step that moves previously authorized but unspent project funds into the active fiscal year so work can continue without interruption.
