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San Diego reports improved FY24 finances but reserves remain below policy target
Summary
City finance staff reported unaudited FY24 results showing a $22.6 million improvement vs. projections and $105 million in excess equity, while council members and the IBA raised concerns about overtime overages and reserve targets ahead of FY26 budget planning.
City finance staff told the San Diego City Council on Oct. 28 that unaudited fiscal year 2024 results improved modestly from mid‑year expectations but left the general fund with a negative net projected activity and reserves below policy targets.
Chris Purcell, financial operations manager, said revenues were about $4.6 million above third-quarter projections while expenditures were roughly $18 million lower, yielding a combined variance of $22.6 million or roughly 0.5 percent. Purcell said the general fund is now projected to end the fiscal year with a negative net projected activity of $23.8 million, an improvement from an earlier projection of $46.4 million.
"Based on these unaudited actuals, it…
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