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Lakeville reports stronger-than-expected 2025 revenues; fund balance up about $2.2 million
Summary
Finance staff told the council 2025 revenues were roughly $840,000 over budget and expenditures were under budget, producing about a $2.2 million positive change in the general-fund balance; franchise-fee receipts are on track to support planned fire-station debt.
City finance staff presented a preliminary 2025 general-fund financial report at the March 16 council meeting, saying revenues finished roughly $840,000 over budget while overall expenditures were about 3.5% under the amended budget. The result, after transfers including a prior-year public-safety transfer used for land purchases, was an approximately $2.2 million positive change in the general fund.
The report said public-safety and public-works expenditures were under budget for the year due largely to staffing vacancies and timing of retirements. Staff noted the city is reserving funds to address a future SAFER grant cliff and set aside money for the 2050 comprehensive plan. The report projected a year-end fund balance equal to roughly 52% of next year27s budgeted expenditures, slightly above policy targets.
Councilmembers questioned franchise-fee performance and capital-outlay variances. Staff stated franchise-fee receipts were on track to support planned debt issuances for the next-phase fire-station program and that year-to-date figures and final-quarter adjustments will be reviewed as the city moves toward its 2026 budget process.
Council accepted the report and asked staff to provide follow-up detail on capital outlay variances and franchise-fee breakouts by residential, commercial and industrial accounts.
