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Mission Viejo council approves midyear budget tweaks, keeps reserves near 49% target
Summary
City staff presented midyear adjustments that increase FY24-25 revenue projections by about $647,000 and appropriations by roughly $577,566, leaving projected discretionary reserves near the council’s 49% target; council adopted the midyear resolution.
Administrative Services Director Ellis Chang presented the city’s midyear budget adjustments for FY 2024–25, reporting approximately $647,000 in revenue increases and $577,566 in appropriation increases. Chang said the adjustments include $250,000 in increased licenses and permits (driven by the city-side fiber project), a $75,000 increase in rents and concessions, and various appropriation changes including nearly $249,000 for infrastructure maintenance and $60,000 for street-lighting electricity costs.
Chang told the council projected discretionary reserves for June 30, 2025, would be about $38,000,000—about 48.8%—near the council’s 49% target. The council moved and adopted the recommended midyear budget resolution after brief discussion. Staff said exhibits in the staff report (A, B and C) include line-item explanations and several revenue and appropriation adjustments across funds.
