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Controller reports midyear finances: AAA ratings held, general fund balances dipping and public safety overages noted
Summary
City Controller George Hargrove reported the June 30, 2025 second-quarter financial update: the city maintained AAA bond ratings, property tax receipts ran about $19 million below budget due to non-collectibles, police and fire are projected roughly $16 million over budget (majority in police), and general fund balances are forecast to decline though remain above the 17% policy minimum.
City Controller George Hargrove presented the 2025 second-quarter financial status for select city funds, describing midyear trends, risks, and fund-level performance.
Hargrove said the city has maintained AAA bond ratings from the three major rating agencies and that total cash and investments remain broadly stable. He said property tax collections are running roughly $19 million under budget primarily because of non-collectible amounts and that federal grant timing and changes remain an ongoing monitoring item.
On the expenditure side, Hargrove said the police and fire departments are projected to be about $16 million over budget, with roughly 75% of that in the police department, largely driven by overtime and double-time costs. "One of our major highlights is I'm happy to report we've continued our AAA bond rating for all three major rating agencies," Hargrove said. He added that the General Fund is projected to end 2025 with a fund balance that remains above the 17% minimum policy after planned uses.
During Q&A Council Member Cashman asked staff to follow up with more detail on drivers of underperformance in franchise fees, the downtown assets fund timing and the rise in non-collectible property taxes; Hargrove agreed to provide more detailed breakdowns and historical context for those items.
The committee received and filed the second-quarter report and asked the administration to provide the requested follow-up memos ahead of budget markups.
