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Midyear review: Palos Verdes Estates projects smaller-than-expected fund shortfall and recommends targeted amendments
Summary
Staff reported that fiscal-year 2025–26 midyear numbers show a modestly improved beginning fund balance and recommended targeted budget amendments, including reclassification of legal settlements and an approximately $150,158 augmentation for weed-abatement timing; council received and filed the report and approved listed amendments.
Palos Verdes Estates — City finance staff told the council Feb. 10 that the midyear review for fiscal 2025–26 shows the city is projecting a manageable deficit but with a higher-than-expected beginning fund balance. Staff reported an improved beginning general-fund balance of $24.9 million (an increase of about $1.1 million from prior estimates) and projected a year-end fund balance…
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