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Finance staff says sales‑tax growth flips projected deficit to a $3.3M surplus; available fund balance about $8.3M
Summary
City finance staff reported that revenues through January exceeded budgetary expectations, reversing a projected deficit into a roughly $3.3 million surplus and a projected $21.7 million ending fund balance for FY25–26; after reserves and restrictions staff estimated $8.3 million available for council consideration.
Carolina, a finance staff member presenting the fiscal‑year 2025–26 budget update, told the council that the city’s revenues have outperformed conservative projections through January, driven primarily by stronger sales tax and business activity. She said revenues are presently running about 113% of the budgeted forecast, producing an expected surplus of approximately $3.3 million and a projected ending general fund balance of $21.7 million (that figure includes restrictions and set‑asides).
Staff described the composition of the windfall: steady retail growth and business‑to‑business sales were the largest contributors; one‑time elements such as art…
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