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Belvedere finance committee unanimously recommends council accept midyear budget review
Summary
The committee voted to recommend that the City Council accept the FY 2025–26 midyear general fund review after staff reported a $7.41 million beginning balance, revenues at 63% of budget and projected reserves meeting policy after a $1.03 million carryover.
The City of Belvedere Finance Committee voted unanimously on Jan. 22 to recommend that the City Council accept the fiscal year 2025–26 midyear budget review for the general fund.
Helga Kotter, director of administrative services, told the committee: "The actual beginning fund balance on 07/01/2025 was 7,410,000, which is an increase of 1,270,000 over the adopted budget amount of 6,140,000." Kotter said revenues are tracking at about 63% of budget through Dec. 31 and that expenditures across core departments are about 44% of annual budget at midyear.
Kotter said staff intentionally did not assume immediate revenue gains from new user fees in year one and will incorporate any adjustments in year two of the forecast. After incorporating a $1,030,000 allocation from the FY 2024–25 unassigned fund balance, she said the revised projected general fund reserve balance was $4,900,000, which "continues to meet the city's reserve policy goal."
Chair McCaskill moved the committee recommendation; the motion was seconded and passed on a roll-call vote. The committee recorded affirmative votes and forwarded the midyear review to the full council for action.
The report also flagged capital spending patterns and several large projects planned for spring; staff will return with updated analyses and any recommended adjustments as the fiscal year progresses.
