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Victoria council approves 2025 year‑end transfers, assigns fund balances and authorizes interfund loan
Summary
The Victoria City Council on voice votes approved multiple year‑end financial adjustments: transfers to the revenue stabilization and downtown redevelopment funds, several fund‑balance assignments (including $60,000 for compensated absences), and a temporary interfund loan to clear a TIF deficit for year‑end reporting.
The Victoria City Council voted unanimously to approve a series of 2025 year‑end financial moves that staff said reflect higher than expected revenues and some expenditure savings.
Tricia Pollock, assistant city manager and finance director, told the council the city realized unplanned savings — including $242,000 from staff vacancies and roughly $208,000 from unfilled police shifts — and stronger investment earnings. “These are required by law to adopt and maintain a balanced budget,” Pollock said, explaining the need to formally assign and transfer balances for future appropriations.
Staff recommended multiple assigned fund balances: a risk management reserve to cover legal fees and liability and workers’ compensation renewals; $60,000 for compensated absences to cover potential PTO payouts; $40,000 for employee benefit contingencies; and smaller assignments to support planning and infrastructure studies (a $30,000 community development assignment, $25,000 for a small‑area plan, and $10,000 as the city’s match for a Red Fox Drive alignment study). Pollock also noted a $50,000 carryforward for comprehensive‑plan work tied to parks planning.
Council voted to transfer $264,253 from the general fund to the downtown redevelopment fund to pay for removal of dirt associated with the Downtown West Phase 1 project ($169,000) and to fund $95,253 in city‑funded improvements to the central green area, consistent with staff recommendations. Per council policy, $183,284 in excess building permit revenue was moved into the revenue stabilization fund to be used for building‑related activity only.
The council also approved a temporary interfund loan to clear year‑end deficits in one TIF district (TIF 1‑9) in the amount staff listed as $3,373.97 so the comprehensive financial report could close correctly; staff said the loan is expected to be reversed in 2026 once the fund generates revenue. The motions were made and adopted by voice vote.
Council members asked clarifying questions about specific line items and one councilor thanked staff for assigning resources to trail and boardwalk safety and the proposed pilot root barrier work. The council did not debate the merits of the allocations beyond clarification and adopted the resolutions as presented.
