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Council approves Q3 budget adjustments after staff outlines projected deficits and reserves
Summary
Finance staff briefed the council on Q3 FY24–25 results showing a projected general‑fund deficit of about $1.5 million and an ending reserve of roughly 47.2%; the council approved recommended budget adjustments and accepted the treasurer's Q3 investment report.
Finance staff presented the third‑quarter fiscal update for FY24–25 and five‑year projections on May 6. The report, based on preliminary results through March 31, 2025, projected a general‑fund deficit of approximately $1.5 million for the current year and an ending reserve of about 47.2 percent. Staff noted capital projects drive some deficits and that the wastewater and water funds reflect capital expenditures funded from reserves; certain labor negotiations were not yet reflected in projections.
Staff also described expected new sales tax receipts (a quarterly slice projected at $663,000 in the fourth quarter), public benefit fee revenue of about $1.1 million and proposed minor budget amendments. After questions and brief public comment (none in‑chamber), the council approved the recommended budget adjustments by roll call vote. Staff will continue monitoring revenues and present preliminary year‑end results in September 2025.
