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Dixon reports $1.5M surplus, adopts mid‑year budget adjustments
Summary
City finance presenter reported a $1,500,000 favorable variance for FY2023–24 (including a $500,000 ARPA timing difference), higher investment earnings and salary savings; council unanimously approved the recommended budget adjustments and will receive the auditor’s final presentation in January.
City staff presented preliminary results for fiscal year 2023–24 and the first quarter of 2024–25 and the council approved recommended mid‑year budget adjustments on Nov. 19.
The presenter summarized the headline variances: "we did see a $1,500,000 surplus in the budget over what we had projected would occur," and attributed components of that amount to revenues and timing differences. She said about $900,000 of the variance came from revenues, including a $500,000 timing difference tied to ARPA funding that posted in FY23–24 rather than FY24–25. The presenter also reported roughly $4,000,000 in higher-than-expected investment earnings and about $500,000 in salary savings connected to the unfunded PERS liability.
Staff outlined projections under the adopted adjustments: an estimated 59% reserve level without adjustments and a projected 44.5% reserve with the proposed changes. The new local sales-tax measure was included at $700,000 in partial-year receipts (the full-year projection is $3.1 million when the measure is fully in effect). Staff noted expected deficits in enterprise funds tied to capital projects (approximately $700,000 over revenues in the wastewater fund for FY23–24 and budgeted deficits for FY24–25).
Council members asked how the new sales-tax receipts would be tracked; staff said the city can assign a project code and that consultant estimates separate the new measure from the Bradley‑Burns sales tax. After discussion the council voted unanimously to approve the budget adjustments. The city’s audit partner will present final audit results at the first meeting in January and the mid‑year review is scheduled for March.
