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City reports $6.5 million surplus, outlines roughly $530 million capital plan
Summary
Director Tenney told council preliminary FY2025 results show $6.5M revenue over expenditures and reserves at 24.1%; staff outlined capital spending of $121.4M in FY2025 and a combined capital plan of about $530M including rolled projects into FY2026.
Director Tenney presented preliminary fiscal year 2025 financial results: the general fund had revenues exceeding expenditures by approximately $6.5 million, and reserves stood at 24.1% of budgeted expenditures, above the city's 20% goal.
Tenney said capital project expenditures during FY2025 totaled $121.4 million and staff expects roughly $231 million to roll into the current CIP, creating an overall capital program approaching $530 million when combined with the adopted FY2026 CIP. He cautioned the council that many projects are committed and that the city will likely take on additional borrowing and SRF loans to fund utilities and capital projects.
Council members asked where the $6.5 million excess came from; Tenney pointed to stronger ad valorem tax receipts (property valuations increased in October) and higher utility and building permit revenues, including permit activity tied to Lee Health and large commercial projects. "The ad valorem taxes came in strong... our tax base actually saw some growth," Tenney said.
Council moved to accept the financial presentation and the motion carried. The council and staff discussed future implications for millage rates and reserves as growth continues.
