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Council accepts FY25–26 midyear budget report, notes stronger-than-expected revenue and planned reserve allocations
Summary
Finance staff reported a stronger-than-expected beginning general-fund balance and recommended allocations to critical infrastructure reserves; council accepted the midyear review and the finance committee will continue work on pension-funding strategy.
Finance staff presented the midyear review for fiscal year 2025–26, reporting an actual beginning general-fund balance of $7.41 million versus the budgeted $6.14 million and noting that revenues are running ahead of expectations at about 65% of budget while total expenditures are slightly below expectations at about 48%.
Staff outlined previously approved allocations of $1.03 million of unassigned funds to the critical infrastructure reserve (to seed the Beach Road stabilization project), storm-drain and retaining-wall assessments, police upgrades and an anticipated BCDC shoreline cleanup close-out. "The budgeted beginning general fund balance was 6,140,000. However, the actual fund balance at June 2025 was 7,410,000," the finance presenter said when summarizing the midyear position.
The presentation highlighted the Beach Road stabilization project as the largest capital item for the year and noted that some capital work is seasonally scheduled for spring and summer. Staff said pension and OPEB liabilities remain the city’s largest long-term liabilities and that the finance committee will review pension-funding strategy ahead of the December 2026 check-in. After brief questions from council about reserves and pension strategy, the council unanimously received the midyear budget review.
