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Council adopts amended 2025 budget after finance staff reports $1.7 million favorable revenue variance
Summary
City finance staff told the council general fund revenues outperformed the adopted 2025 budget (about $11.29M actual vs. $9.6M budget), driven by higher building-permit receipts and interest earnings; the council approved the amended 2025 budget and carryforward/assignments as presented.
New Richmond finance staff presented and the City Council adopted an amended 2025 budget that reflects stronger‑than‑expected revenues and several one‑time receipts.
According to the presentation (recorded in the meeting as delivered by Rayanne), the city’s general fund revenues for 2025 totaled about $11,293,629 compared with a budgeted figure of just over $9.6 million, producing a favorable variance of roughly $1.7 million. Major drivers included approximately $581,000 in additional building‑permit receipts (a near 96% increase from 2024), $289,173 in additional interest earnings, a $150,000 development‑fee receipt tied to an unmet development…
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