AGENDA REPORT
Meeting Date: November 12, 2025
Item Number:
To: Honorable Mayor & City Council
From: Jeff S. Muir, Director of Finance
Tatiana Szerwinski, Assistant Director of Finance
Brandy Gros, Budget Manager
Subject: UPDATE ON FISCAL YEAR 2024-25 UNAUDITED GENERAL
FUND AND ENTERPRISE FUND FINANCIAL RESULTS,
RECOMMENDATION FOR ALLOCATION OF GENERAL FUND
RESERVE BALANCE, UPDATE TO GENERAL FUND
FORECAST, AND FIRST QUARTER GENERAL FUND RESULTS
FOR FISCAL YEAR 2025-26
Attachments: None
RECOMMENDATION
This financial report is intended for City Council’s information.
Staff recommends that the City Council approve the recommended allocation of the fiscal year 2024-25 General Fund available balance, including allocating $13.5 million to the Budget Stabilization Reserve to address future projected deficits and earmarking $12.5 million and $0.5 million to Committed Fund Balance for one-time public benefits contributions and the October 7th memorial, respectively. Council may choose to approve staff’s recommendations as presented or provide alternate direction on the allocation of these funds.
Meeting Date: November 12, 2025
INTRODUCTION
This item will provide an update of the City’s fiscal year 2024-25 unaudited General Fund results compared to the most recent interim year forecast previously presented1. Staff recommends that City Council approve the proposed allocation of the General Fund reserve balance. Also provided are fiscal year 2024-25 unaudited results for the City’s Enterprise Funds, an update to the ten year General Fund forecast, and a brief synopsis of General Fund first quarter results for fiscal year 2025-26 in comparison to the first quarter of last fiscal year.
DISCUSSION
Fiscal Year 2024-25 Unaudited General Fund Financial Results The most recent General Fund financial forecast for fiscal year 2024-25 was presented in June 2025 as part of the Fiscal Year (FY) 2025-26 Adopted Operating Budget. The General Fund forecast reiterated looming fiscal concerns, highlighting three consecutive years of significant forecasted deficits. That forecast, based on information available at that time, projected a fiscal year 2024-25 surplus of $1.5 million. With fiscal year 2024-25 now complete, staff has prepared the following summary table that compares current unaudited actuals with what was forecasted.
Before consideration of public benefit contributions, General Fund revenue was approximately $11.5 million (more than the forecasted amount and total expenditures were approximately $1.0 million lower than forecasted. While the fiscal year 2024-25 General Fund surplus exceeded the forecast by $12.5 million, the underlying revenue and expenditure variances (3.4% and -0.3%, respectively) represent a relatively small percentage difference, underscoring the overall accuracy of the City’s financial projections.
1 See the General Fund Forecast section of the FY 2025-26 Adopted Operating Budget, presented to Council in June 2025, which included FY 2024-25 Projected results. (https://www.beverlyhills.org/DocumentCenter/View/11153/FY-2025-2026-Budget-PDF) FY 2024-25
Forecast
as of
June 2025
Actuals
Variance
from
Forecast
%
Variance
Total Revenue[1] (including Transfers In) $ 338.3 $ 349.8 $ 11.5 3.4% Total Expenditures (including Transfers Out) 336.8 335.8 (1.0) -0.3% Surplus / (Deficit) before Public Benefit
Contributions 1.5 14.0 12.5
One-Time Public Benefit Contributions 12.5 12.5 0.0 0.0% Total Surplus / (Deficit) $ 14.0 $ 26.5 $ 12.5
[1] Total Revenue excludes one-time public benefit contriibutions, accounted for below the line.
General Fund
($ Millions)
Meeting Date: November 12, 2025
For additional perspective, detailed actual results for fiscal years 2022-23 and 2023-24 are included below along with a comparison of the June 2025 forecast to unaudited actuals for fiscal year 2024-25.
REVENUE
Property Tax $ 101,777 $ 100,890 $ 104,776 $ 107,513 $ 2,737 2.6% Sales Tax 43,344 41,433 47,399 47,216 (183) -0.4%
Transient Occupancy Tax (TOT) 51,822 47,981 47,390 48,688 1,298 2.7% Business Tax 58,101 61,206 62,600 62,560 (40) -0.1%
"Big Four" Tax Subtotal 255,043 251,510 262,165 265,977 3,812 1.5% Other Taxes 1,177 1,735 1,385 1,887 502 36.3%
Intergovernmental Revenue 1,075 1,515 895 2,124 1,229 137.3% Licenses and Permits 19,247 18,733 21,083 23,444 2,361 11.2% One-Time Major Development Projects Revenue 2,813 5,980 8,519 9,443 924 10.8% Fines and Penalties 6,781 6,540 5,796 5,831 35 0.6%
Use of Money and Property 5,462 7,759 9,612 11,718 2,106 21.9% Service Fees and Charges 12,579 13,733 14,668 14,124 (544) -3.7% Miscellaneous Revenue 11,473 11,832 11,136 12,280 1,144 10.3% Transfers In 6 6 3,006 3,006 0 0.0%
Other Revenue Subtotal 60,613 67,834 76,101 83,858 7,757 10.2% Total Revenue [1] 315,657 319,344 338,266 349,834 11,569 3.4%
EXPENDITURES
Salaries and Benefits 132,520 143,587 148,562 148,738 176 0.1% Materials and Supplies 2,732 2,418 2,619 2,621 2 0.1%
Contractual Services 26,302 28,386 35,172 34,213 (959) -2.7% Tourism and Marketing (from TOT) 5,562 6,475 9,400 9,585 185 2.0% BHUSD Joint Powers Agreement 11,696 13,700 14,100 14,100 0 0.0% Private Security 6,484 6,042 6,170 6,493 323 5.2%
Supportive Housing / Unhoused Assistance 546 2,651 1,881 1,563 (318) -16.9% Internal Service Fund Charges 66,556 73,106 80,320 80,319 (1) 0.0% Other Charges 10,678 6,003 6,665 6,299 (366) -5.5%
Transfer to Pension Trust 10,000 10,000 10,000 10,000 0 0.0% Transfer for Real Property Acquisition 7,995 8,419 0 0 0 0.0% Transfers Out 26,818 38,431 21,892 21,892 0 0.0%
Total Expenditures 307,890 339,218 336,781 335,823 (958) -0.3% Net Surplus/(Deficit) before Public Benefit
Contributions $ 7,767 $ (19,875) $ 1,485 $ 14,011 $ 12,526 One-Time Public Benefit Contributions 1,500 10,000 12,500 12,500 0 0.0% Total Surplus/(Deficit) $ 9,267 $ (9,875) $ 13,985 $ 26,511 $ 12,526 Actuals
NOTE: The Section 115 Pension Trust is included in the General Fund for purposes of financial reporting in the Annual Comprehensive Financial Report. The results above exclude the Section 115 Pension Trust, as well as certain accounting/accrual entries in order to assist with comparison. Immaterial differences may exist when adding rounded figures above.
General Fund
($ Thousands)
FY 2022-23
Actuals
FY 2023-24
Actuals
FY 2024-25
Variance
from
Forecast
% Variance Forecast
as of
June 2025
[1] Total Revenue excludes one-time public benefit contributions, accounted for below the line and separate from ongoing revenues and expenditures.
Meeting Date: November 12, 2025
The major revenue variances between the June forecast and unaudited actual results for fiscal year 2024-25 are as follows:
• Overall, “Big Four” tax revenues were $266.0 million, up $3.8 million (1.5%) from the total forecasted amount.
o Property Tax totaled $107.5 million, exceeding the June forecast by $2.7 million (2.6%). This positive variance is largely attributable to the timing of collections and higher than expected supplemental apportionments.
Specifically, $1.3 million of revenue originally forecasted to be recognized in fiscal year 2025-26 was instead received in fiscal year 2024-25. This earlier recognition was due to the absence of anticipated delays related to the Governor's Executive Order suspending penalties, costs, and interest on late payments for properties affected by the Eaton and Palisades fires.
Additionally, the City received $1.4 million in supplemental property tax apportionments, reflecting stronger than expected activity in property sales and reassessments.
o Actual Sales Tax remittances from the State were $47.2 million, which was only $0.2 million (0.4%) less than forecasted.
o Transient Occupancy Tax (TOT) was $48.7 million, or $1.3 million (2.7%) above the June forecast. The forecast had been adjusted downward earlier in the year in response to markedly lower than expected hotel occupancy in February and March, which reflected a significant slowdown in leisure and business travel during what is typically a high-demand period. Industry feedback at the time suggested that continued inflationary pressures and a softening in international tourism contributed to the decline. While TOT performance rebounded somewhat in the final quarter of the fiscal year, year-over-year receipts for that period were still down, just not at the rate seen in February and March. This resulted in actual collections modestly exceeding the revised projection.
o Business Tax reached a record high for the second consecutive year, totaling $62.6 million in fiscal year 2024-25, nearly equivalent to the June forecast.
• Remaining General Fund revenue categories (excluding one-time public benefit contributions) totaled $83.9 million, $7.8 million (10.2%) more than the forecast of $76.1 million. Notable variances from the forecast are primarily in the following categories:
o Other Taxes totaled $1.9 million, outperforming the forecast by $0.5 million (36.3%), primarily due to stronger than expected property transfer tax revenue.
o Intergovernmental Revenue totaled $2.1 million and surpassed the forecast by $1.2 million (137.3%) largely related to increased reimbursements from fire strike team mutual aid and an unanticipated $0.7 million allocation from the Westside Cities Council of Governments (COG) Homeless Services Local Solutions fund, offsetting City expenses for permanent supportive housing and motel accommodations.
o Licenses and Permits reached $23.4 million, outpacing projections by $2.4 million (11.2%), driven by an unexpected surge in building permit applications. Notably, plan check fees of $0.9 million were collected for a seven-story mixed-use development.
Meeting Date: November 12, 2025
o One-Time Major Development Projects Revenue2 generated $9.4 million, exceeding the forecast by $0.9 million (10.8%). This amount includes $7.3 million in large-scale development permit revenue and $2.1 million in Environmental Mitigation and Sustainability (EMS) fees. The favorable variance is primarily attributed to an additional $0.7 million in plan review fees for mechanical, electrical, and plumbing (MEP) systems associated with One Beverly Hills, as well as higher than anticipated EMS fees from the Rosewood Residences development, driven by more unit sales and higher sales values than projected for fiscal year 2024-25. o Use of Money and Property totaled $11.7 million, exceeding the forecast by $2.1 million (21.9%). The majority of this variance resulted from stronger than projected investment earnings, as actual portfolio performance outpaced the more conservative interest income assumptions forecasted. o Miscellaneous Revenue totaled $12.3 million, coming in $1.1 million (10.3%) above the forecast. The variance was primarily driven by higher than expected reimbursements from Metro and $0.4 million in prior donations received from the Community Charitable Foundation.
Expenditures were largely consistent with the forecast, resulting in a variance of only $1.0 million or 0.3% in aggregate. The most significant variances between the last forecast and unaudited actual results are as follows:
o Contractual Services totaled $34.2 million and were $1.0 million (2.7%) less than forecasted primarily related to lower than anticipated spending on reimbursable as-needed engineering services and independent compliance monitoring for the MTA Purple Line Extension Project. o Expenditures related to Supportive Housing / Unhoused Assistance came in $0.3 million (16.9%) below the forecast, largely due to lower costs for scattered site housing wraparound services. While the June forecast included the full fiscal year 2024-25 contracted amount with Step Up on Second of $1.3 million, actual spending totaled $0.9 million, as not all units were filled during the fiscal year. Other costs within the Supportive Housing / Unhoused Assistance category remained close to forecast.
One-Time Public Benefit Contributions matched the amount forecasted at $12.5 million and are presented separate from ongoing revenue and expenditure totals.
The fiscal year 2024-25 year-end results reflect a stronger General Fund performance than anticipated in the June 2025 forecast, with the final surplus coming in $12.5 million higher than forecasted. This variance is mainly the result of revenue growth, particularly in development activity, property taxes, and investment earnings. In keeping with the City’s fiscal policies, staff is presenting recommendations below for allocating the surplus, ensuring that one-time resources are prioritized for one-time uses such as capital investment, reserve contributions, or other strategic initiatives. 2One-Time Major Development Projects Revenue is derived by disaggregating it from various revenue categories including Licenses and Permits, Service Fees and Charges, and Miscellaneous Revenue.
Meeting Date: November 12, 2025
Public Benefit Contribution Tracking
To provide a running history of public benefit contributions received and anticipated, a summary is provided below. This overview will help transparently illustrate how these funds have been utilized and what future resources are forthcoming to support key community priorities and enhance the City's financial resilience.
Allocation of Fiscal Year 2024-25 General Fund Reserve Balance Based on unaudited financial results for fiscal year 2024-25, the City had a total General Fund balance of $275.1 million as of June 30, 2025, the components of which are reflected below.
FY 2020-21 $ - $ 1,000,000 $ - $ 1,000,000
FY 2021-22 5,000,000 - 5,000,000 -
FY 2022-23 - 1,500,000 1,500,000 -
FY 2023-24 10,000,000 - - 10,000,000
FY 2024-251
10,000,000 2,500,000 12,500,000 -
FY 2025-26 10,000,000 - - -
FY 2026-27 15,000,000 - - -
FY 2027-28 15,000,000 - - -
FY 2028-29 15,000,000 - - -
FY 2029-30 20,000,000 - - -
Total $ 100,000,000 $ 5,000,000 $ 19,000,000 $ 11,000,000 [1] Recommended earmark for Council consideration
PUBLIC BENEFIT CONTRIBUTIONS
Fiscal Year One BH Rosewood
Residences
Committed
Fund Balance
Utilized for
Expenditures
General Fund Reserves (Fund Balance)
($ Millions)
FY 2023-24
Audited
Actuals
FY 2024-25
Unaudited
Actuals
FY 2024-25
Unaudited Actuals
with Proposed
FY 2025-26
Allocations
Change
from Prior
Year
Economic/Contingency Reserve (minimum 40%)
Contingency Reserve (minimum 25%) $ 68.7 $ 71.8 $ 71.8 $ 3.1 Economic Reserve (minimum 15%) 41.2 43.1 43.1 1.9
Total Economic/Contingency Reserve 109.9 114.9 114.9 5.0 Budget Stabilization Reserve 13.0 13.0 26.5 13.5
Committed Fund Balance (Council earmarks)
Street Tree Removal & Replacement 1.1 1.1 1.1 -
One-time Public Benefit Contributions 6.5 6.5 19.0 12.5 One-time Capital Improvement Plan Contributions 26.1 26.1 26.1 - October 7th Memorial Funding - - 0.5 0.5
Total Committed Fund Balance 33.7 33.7 46.7 13.0
Nonspendable (long-term receivables/advances to other funds) 3.3 2.2 2.2 (1.1) Restricted (Pension trust) 25.5 30.4 30.4 4.9
Restricted (Metro Projects) 4.8 6.1 6.1 1.3
Encumbrances/Carryovers 7.9 6.2 6.2 (1.7)
Total Other Reserves 41.5 44.9 44.9 3.4
Unassigned 36.6 68.6 42.1 5.5
Total Fund Balance $ 234.7 $ 275.1 $ 275.1 $ 40.4
NOTE: Immaterial differences may exist due to rounding.
Meeting Date: November 12, 2025
The Economic/Contingency Reserve, as required by the City’s financial policies, must be maintained at no less than 40% of General Fund operating expenditures and may not be reduced without formal City Council approval. Based on the fiscal year 2024-25 unaudited results and higher operating expenditure levels, the Economic/Contingency Reserve will be increased by $5.0 million, bringing the balance to $114.9 million to remain in compliance with policy.
Reserves for carryovers into the current year will be reduced to $6.2 million, reflecting funding for outstanding encumbrances and contractual obligations carried forward into fiscal year 2025-26. This amount will vary from year-to-year.
In addition to the required reserve adjustments, staff recommends earmarking fiscal year 2024-25 one-time public benefit contributions of $12.5 million from the Rosewood Residences and One Beverly Hills development projects for future public benefit purposes.
These funds would be added to the existing Committed Fund Balance and may be allocated by Council at a future date.
Staff further recommends earmarking $0.5 million within the Committed Fund Balance for partial funding toward the development of the October 7th Memorial. There has been broad Council support for contributing City funds toward this project. Establishing this earmark would set aside a dedicated funding source to support the planning and initial development phases of the memorial project, consistent with the direction provided by Council at the November 7, 2024 Study Session.
The City also maintains a Budget Stabilization Reserve of $13.0 million, previously established by Council, to provide a source of one-time funds for use during fiscal uncertainty or unforeseen events. The updated financial forecast, as detailed further below, has improved fairly significantly. However, there are still some projected deficits between fiscal year 2026-27 and fiscal year 2028-29. Staff recommends that City Council consider allocating the remainder of the fiscal year 2024-25 General Fund surplus ($13.5 million) to the Budget Stabilization Reserve to fully (or partially) offset the forecasted deficits, or to respond to unforeseen fiscal challenges.
The City continues to maintain a healthy unassigned fund balance which enhances the City’s resilience in the face of economic volatility, while supporting long-term structural stability.
Ten Year General Fund Forecast Through Fiscal Year 2034-35 In line with the City’s commitment to long-term financial planning and transparency, staff has prepared an updated ten-year General Fund forecast reflecting the final results of fiscal year 2024-25 and incorporating refined assumptions for select revenue categories.
This forecast builds on the version presented in June 2025 (as part of the fiscal year 2025- 26 adopted operating budget) and continues to provide a strategic outlook on the City's fiscal position through fiscal year 2034-35.
While most baseline assumptions remain unchanged, the updated forecast reflects a notable shift in the City’s near-term financial outlook compared to the version presented in June 2025. The combination of a significantly higher-than-anticipated General Fund surplus in fiscal year 2024-25 and revised projections of one-time revenue from the One Beverly Hills (One BH) development has materially improved the General Fund’s forecasted position over the next several years.
Meeting Date: November 12, 2025
Based on current estimates, the combined surpluses from fiscal year 2024-25 and the estimate for fiscal year 2025-26 may be sufficient to offset the General Fund deficits originally forecasted for the subsequent three years (fiscal year 2026-27 through fiscal year 2028-29), provided current projections materialize as anticipated. This represents a major departure from the prior forecast, which projected consecutive multi-million dollar deficits and prompted internal efforts to identify cost-saving measures.
However, this improvement is largely driven by one-time, volatile revenue sources tied to major development activity. This underscores the City’s ongoing reliance on temporary revenues and reinforces the need for future financial planning efforts to prioritize longerterm structural balance, focus on strategic use of one-time resources, and proactively monitor risks tied to development timing and valuation changes.
As the One Beverly Hills (One BH) project has advanced in the planning and construction process, the City has received more detailed information from the developer, allowing for a significant refinement of revenue projections for fiscal year 2025-26 through fiscal year 2027-28. The updated forecast is driven by a combination of factors:
• $4.7 million in plan check fees originally anticipated to be paid in fiscal year 2024- 25 was instead collected in the first quarter of fiscal year 2025-26; • A condensed construction timeline recently submitted by the developer of the One BH project has increased and accelerated the anticipated level of building and MEP (mechanical, electrical, and plumbing) permit activity, resulting in increased projected revenue.
It is important to note that the June 2025 forecast for One-Time Major Development Projects Revenue did not include an estimate for MEP plan check and permit revenue, as staff had not received a confirmed project timeline from the developer at that time. The inclusion of MEP revenue in the updated forecast reflects more current assumptions based on revised project schedules; • Revised project valuations and broader scope reflected in new applications have increased projected plan check and permit revenue.
In addition to this substantial revision of one-time major development projects revenue, the forecast includes several other targeted adjustments reflecting new information:
• Property Tax: Current year property tax revenue has been revised downward by $1.3 million to reflect the fiscal year 2024-25 recognition of revenue previously forecasted for fiscal year 2025-26. This amount was related to anticipated deferrals for properties impacted by the Eaton and Palisades fires, which did not materialize.
Subsequent property tax revenue projections have been increased by $1.8 million annually beginning in fiscal year 2026-27 due to a higher actuarial estimate of the annual property tax override required to fund eligible public safety pension obligations.
Meeting Date: November 12, 2025
• Transient Occupancy Tax (TOT): Forecasted TOT revenue for fiscal year 2025-26 has been reduced from the amount included in the adopted budget based on recent reporting from local hoteliers showing several months of lower collections compared to the same periods in the prior year. The downward revision, particularly in the early years of the forecast timeline, reflect a more conservative outlook given continued uncertainty around business travel, international tourism, and overall hotel demand. While a partial recovery is anticipated over the longer term, the updated forecast recognizes that near-term growth may be slower than previously expected. Because each year in the ten year forecast builds on the prior year, projected TOT revenues for each year in the current forecast are lower than those in the previous forecast. While slight increases were made to annual inflation assumptions to reflect higher escalation needs from a reduced base, these adjustment only partially offset the long-term impact of the lowered fiscal year 2025-26 forecast.
As a result of this adjustment, and consistent with Council policy that allocates oneseventh of TOT revenue to Tourism and Marketing, projected expenditures in that program area have also been reduced in line with the revised revenue estimates. • Licenses and Permits: Forecasted revenue for fiscal year 2025-26 has been increased based on updated information regarding planned submittals and permit activity from smaller-scale development projects. These adjustments reflect more current and refined expectations for upcoming activity in the next fiscal year. In addition, the forecast for subsequent years has also been adjusted upward, reflecting emerging trends for revenue from development activity in this category. • Salaries and Benefits: The forecast has been updated to reflect recent labor agreements and current assumptions for pending negotiations. With the establishment of a new four-year agreement with the Police Management Association (PMA), and in recognition that future agreements for the other two safety groups may follow a similar contract term, cost-of-living adjustment (COLA) assumptions have been refined to maintain consistency in long-term planning. This revision increases the blended COLA rate applied in fiscal year 2028–29 from
3.0% in the June forecast to 3.8%, resulting in an estimated ongoing cost increase of approximately $1.2 million to $1.4 million annually through fiscal year 2034–35.
Meeting Date: November 12, 2025
Forecast and Assumptions
The ten-year forecast uses inflationary assumptions for revenue and expenditure growth based on historical data, economic indicators, and expert projections. While these percentages provide a baseline, actual year-to-year changes may differ due to adjustments for known and unknown anomalies or unique factors affecting specific line items. The chart below illustrates the base inflationary assumptions applied to various revenue and expenditure categories in the current forecast.
The ten-year forecast generally assumes the status quo with respect to current services provided, positions/full-time equivalents (FTEs) authorized (except for eight sworn Police Department positions added into the forecast for the purpose of staffing the Metro Station 2 detail starting in fiscal year 2026-27), and policy decisions to-date. It is important to note that any additional midyear appropriations, future budget enhancements, and/or results of labor negotiations above and beyond current assumptions would require an update to the projections shown below.
Category FY 2026-27
Forecast
FY 2027-28
Forecast
FY 2028-29
Forecast
FY 2029-30
Forecast
FY2030-31
through
FY 2034-35
Forecast
Revenue
Property Tax (Assessed Value) 3.2% 3.6% 3.6% 3.6% 3.6%
Sales Tax 2.5% 2.5% 2.5% 2.5% 2.5%
Transient Occupancy Tax (TOT) 5.0% 6.0% 7.0% 5.0% 3.0%
Business Tax 2.0% 2.0% 2.0% 2.0% 2.0%
Other Taxes 2.0% 2.0% 2.0% 2.0% 2.0%
Intergovernmental Revenue 2.0% 2.0% 2.0% 2.0% 2.0%
Licenses and Permits 2.0% 2.0% 2.0% 2.0% 2.0%
Fines and Penalties 1.0% 1.0% 1.0% 1.0% 1.0%
Use of Money and Property 0.0% 0.0% 0.0% 0.0% 0.0%
Service Fees and Charges 2.0% 2.0% 2.0% 2.0% 2.0%
Miscellaneous Revenue 0.0% 0.0% 0.0% 0.0% 0.0%
Expenditures
Salaries and Benefits 3.8% 3.8% 3.8% 3.0% 3.0%
Materials and Supplies 3.0% 2.0% 2.0% 2.0% 2.0%
Contractual Services 2.0% 2.0% 2.0% 2.0% 2.0%
Other Charges 2.0% 2.0% 2.0% 2.0% 2.0%
Transfer to Pension Trust 0.0% 0.0% 0.0% 0.0% 0.0%
Meeting Date: November 12, 2025
FY 2025-26 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 FY 2030-31 FY 2031-32 FY 2032-33 FY 2033-34 FY 2034-35 Adopted Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Revenue
Property Tax $ 114,063 $ 113,714 $ 116,634 $ 120,012 $ 123,513 $ 130,549 $ 137,902 $ 142,112 $ 146,474 $ 150,993 $ 155,675 Sales Tax 45,551 45,551 46,707 47,875 49,072 50,299 51,556 52,845 54,166 55,520 56,908 Transient Occupancy Tax (TOT)1
46,364 43,556 45,096 48,477 54,052 60,162 61,967 63,826 65,741 67,713 69,744 Business Tax 64,165 64,165 65,448 66,757 68,092 69,454 70,843 72,260 73,705 75,179 76,683 Other Taxes 1,212 1,212 1,236 1,261 1,286 1,312 1,338 1,365 1,392 1,420 1,448 Intergovernmental Revenue 438 438 447 456 465 474 483 493 503 513 523 Licenses and Permits2
18,556 23,363 21,171 21,594 22,026 22,467 22,916 23,374 23,841 24,318 24,804 One-Time Major Development Projects Revenue 13,416 20,100 12,864 4,361 9,691 9,691 9,691 9,691 9,691 9,691 9,691 Fines and Penalties 5,242 5,242 5,294 5,847 5,905 5,964 6,024 6,084 6,145 6,206 6,268 Use of Money and Property 10,687 10,687 10,687 10,687 10,687 10,687 10,687 10,687 10,687 10,687 10,687 Service Fees and Charges 11,926 11,926 12,165 12,408 12,656 12,909 13,167 13,430 13,699 13,973 14,252 Miscellaneous Revenue3
9,361 9,361 3,672 2,764 3,050 4,379 5,710 5,790 5,873 5,958 6,046 Transfers In 6 6 6 6 6 6 6 6 6 6 6
Total Revenue 340,987 349,320 341,427 342,505 360,501 378,353 392,290 401,963 411,923 422,177 432,735 Expenditures
Salaries and Benefits 160,960 160,960 168,566 175,557 182,849 187,880 192,935 196,496 201,216 204,707 209,340 Materials and Supplies 2,838 2,838 2,870 2,927 2,986 3,046 3,107 3,169 3,232 3,297 3,363 Contractual Services4
30,496 30,496 25,496 25,680 25,174 25,677 26,191 26,715 27,249 27,794 28,350 Tourism and Marketing (from TOT) 6,623 6,623 6,442 6,925 7,722 8,595 8,852 9,118 9,392 9,673 9,963 BHUSD Joint Powers Agreement 14,500 14,500 14,790 15,086 15,388 15,696 16,010 16,330 16,657 16,990 17,330 Private Security 5,660 5,660 5,773 5,888 6,006 6,126 6,249 6,374 6,501 6,631 6,764 Supportive Housing / Unhoused Assistance 1,664 1,664 1,700 1,737 1,775 1,813 1,853 1,893 1,935 1,974 2,013 Internal Service Fund Charges 77,380 77,380 81,983 84,650 86,126 89,062 92,563 96,283 100,170 104,231 108,640 Other Charges5
7,523 7,523 6,633 6,766 6,901 7,039 7,180 7,324 7,470 7,619 7,771 Transfer to Pension Trust 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Transfers Out 21,396 21,396 21,392 20,396 17,895 19,187 19,689 20,188 21,188 21,189 21,547 Total Expenditures 339,041 339,041 345,646 355,612 362,822 374,121 384,629 393,890 405,009 414,106 425,081 Net Surplus / (Deficit) 1,946 10,280 (4,218) (13,107) (2,321) 4,232 7,661 8,073 6,914 8,071 7,654 Public Benefit Contribution Utilization6
0 0 0 0 0 0 0 0 0 0 0
Total Surplus / (Deficit) $ 1,946 $ 10,280 $ (4,218) $ (13,107) $ (2,321) $ 4,232 $ 7,661 $ 8,073 $ 6,914 $ 8,071 $ 7,654 1TOT assumptions include an estimated two-year partial closure period for the Beverly Hilton Hotel for refurbishment from January 2026 through December 2027. 2Licenses and Permits excludes one-time revenue from major development projects. 4The FY 2026-27 decrease in Contractual Services reflects the winding down of construction for the Metro Purple Line Extension project and the associated decrease in engineering and compliance monitoring services for the Metro project. 5The volatility in Other Charges reflects the erratic nature of required debt service payments.
General Fund
($ Thousands)
Category
6Reflects only those public benefit contributions that are recommended to be applied against current expenditures and excludes public benefit contributions expected to be earmarked for future public benefit over fiscal years 2024-25 through 2029-30.
3The FY 2026-27 decrease in Miscellaneous Revenue reflects the winding down of construction for the Metro Purple Line Extension project and the associated decrease in Metro reimbursement revenue. The FY 2028-29 through FY 2030-31 increases in Miscellaneous Revenue reflect increased municipal surcharge revenue related to the anticipated opening of the One BH development.
Meeting Date: November 12, 2025
Other Considerations
As part of the formation of Community Facilities District No. 2025-1 (One Beverly Hills), the City has executed a funding agreement with the project's developers, BH Luxury Residences LLC and OWR Hotel Owner LLC. This agreement secures a one-time payment of $15 million to the City, which is contingent upon the future issuance and sale of bonds by the District. Upon the successful sale of the bonds, the first $15 million in proceeds, after deducting formation and issuance costs, will be deposited into a "City Only Facilities Account". These one-time funds will be available exclusively to the City for any lawful capital expenditure permitted under state law. They are not restricted for use within the project area and are excluded from the baseline forecast.
Additionally, the developer agreed to a 1% increase to the Environmental Mitigation and Sustainability (EMS) fees assessed on the second and subsequent sales of future condominium unit sales on the development site that will create an additional long-term revenue stream, which will be memorialized in an upcoming amendment to the development agreement. These additional one-time EMS fees are not expected to begin within the timeframe of the current ten year forecast.
Caution Regarding Forecast Volatility
While the current revenue forecast is based on the best available information, staff strongly cautions that actual outcomes, particularly those related to major development projects, could vary significantly. The updated projections rely heavily on the developer’s self-reported timeline, which may change due to external or internal factors, including construction delays, market conditions, or changes to project scope.
Additionally, major development revenue forecasts are inherently subject to high variability, with wide potential ranges in actual revenues depending on when and how projects proceed. Given the size and complexity of the One BH project in particular, small changes to the construction schedule, permitting process, or development agreement could result in significant revenue shifts between fiscal years, or lower actual revenue than currently forecasted.
More broadly, the ten year forecast should be viewed as a planning tool rather than a precise prediction of future outcomes. Given the magnitude of the City’s budget, even small percentage variances in revenue or expenditure growth can translate into multimillion dollar impacts over the forecast horizon. Although the City’s near-term outlook has improved, these figures are sensitive to modest deviations in underlying assumptions, including changes in the local and national economy, the real estate market, inflation trends, and labor costs.
In particular, future labor agreements could result in cost-of-living adjustments (COLAs) that exceed current projections, and long-term salary and benefit growth could surpass existing assumptions depending on market conditions and inflationary pressures. In addition, external economic and policy factors, such as shifts in federal fiscal or monetary policy, may influence the broader economic environment in ways that are difficult to anticipate.
Meeting Date: November 12, 2025
The City also faces several potential financial contingencies that could materially affect future projections, including the outcome of pending litigation, the cost of potential land acquisitions, and other significant capital or operational needs that may arise. While these matters are not quantified in the forecast due to their uncertainty, they represent important considerations as the City plans for future fiscal sustainability.
Meeting Date: November 12, 2025
Fiscal Year 2024-25 Unaudited Enterprise Fund Financial Results The City's Enterprise Funds represent self-supporting business-type activities, operating much like private sector entities. These funds, which include utilities as well as parking operations, are designed to be financially independent, with revenues generated from user fees intended to cover their operational costs and capital investments. The chart below provides the financial results for fiscal year 2024-25 and the resulting impact on fund balance.
BEGINNING FUND BALANCE $ 172,679 $ 133,732 $ 15,612 $ 110,840 $ 18,394
REVENUE
Operating Revenue 38,558 16,860 23,436 12,104 1,697
Investment Income 2,937 2,568 326 2,579 270
Lease Revenue 2,943 18,514 0 0 0
Other Revenue 813 2,058 0 3 87
Transfers In from the General Fund 1,158 0 0 0 5,000
Total Revenue 46,409 40,001 23,762 14,686 7,054
EXPENSES
Salaries and Benefits 7,707 4,427 3,710 1,758 1,929
Materials and Supplies 1,410 37 50 72 5
Contractual Services 1,413 5,681 14,209 3,165 91
Water Purchases 12,573 0 0 0 0
Internal Service Fund Charges 6,647 8,788 6,428 2,320 2,579 Debt Service 825 0 0 0 0
Other Charges 3,831 9,981 235 144 81
Capital Projects 10,485 2,672 1,410 1,411 2,004
Transfers Out 0 3,000 60 0 0
Total Expenses 44,892 34,586 26,102 8,869 6,688
Total Surplus/(Deficit) $ 1,518 $ 5,415 $ (2,340) $ 5,816 $ 365 Non-Budgetary Accounting Entries[1] 9,564 5,520 1,507 (1,243) (2) ENDING FUND BALANCE $ 183,761 $ 144,667 $ 14,780 $ 115,413 $ 18,758 Less: Fixed Assets and
Non-Current Assets/Liabilities (109,625) (87,954) (2,468) (48,965) (13,091) Less: Encumbered Carryovers (6,911) (600) (782) (8,265) (740) Cash Reserve Balance @ 6/30/25[2] 67,225 56,113 11,530 58,183 4,927 50% Target Reserve Level 17,203 14,457 12,316 3,729 2,342 Above/(Below) Target Reserve 50,022 41,656 (786) 54,453 2,585 Reserve Level Attained[2] 195.4% 194.1% 46.8% 780.1% 105.2% Unencumbered CIP Carryovers 53,548 30,968 1,218 20,431 1,541 Net Reserve Balance[3] $ 13,677 $ 25,145 $ 10,312 $ 37,752 $ 3,386 [3] Reserve balance, net of all carryover appropriations (encumbered and unencumbered).
NOTE: Immaterial differences may exist when adding rounded figures above. [1] Non-Budgetary Accounting Entries represent certain non-cash accounting/accrual entries required by the Governmental Accounting Standards Board (GASB) such as capitalization of fixed assets and depreciation.
Reporting these entries below the line allows for a clearer representation of the City's actual fiscal performance and aligns more closely with budgetary practices and operational financial management. [2] Year-end cash reserve balances presented above are net of encumbered carryforwards. Enterprise Funds typically carry forward significant unencumbered appropriations for planned capital projects not yet tied to a contract.
Because these appropriated funds are available for reallocation to reserves or other purposes based on financial needs or Council direction, they are factored into the Reserve Level Attained and presented below the line.
Enterprise Funds
($ Thousands)
Water
Funds
Parking
Funds
Solid Waste
Fund
Wastewater
Funds
Stormwater
Funds
Meeting Date: November 12, 2025
Water Funds
The Water Funds, as reflected above, include the Water Enterprise Fund, the Water Capacity Fee Fund, and the Water Supply Fee Fund. Water service charges for fiscal year 2024-25 yielded $38.6 million and total revenue amounted to $46.4 million. Total fiscal year 2024-25 expenses were approximately $44.9 million, with $12.6 million expended on water purchased from Metropolitan Water District and $10.5 million invested towards capital projects. Setting aside non-budgetary accounting entries, Water Fund revenue exceeded expenses for fiscal year 2024-25 by $1.5 million, thereby increasing reserves.
The City’s financial policies set a target level for Enterprise Fund cash reserves at 50% of annual operating expenses. As of June 30, 2025, the Water Fund reserve balance was $67.2 million (195.4%) before consideration of unencumbered CIP carryovers.
Parking Funds
The Parking Funds, as reflected above, include the Parking Enterprise Fund and the Parking Authority Fund. Parking service charges for fiscal year 2024-25 yielded $16.9 million and commercial leasing revenue amounted to $18.5 million. Total fiscal year 2024- 25 revenue was approximately $40.0 million and total expenses amounted to $34.6 million, including $2.7 million in capital spending and a $3.0 million transfer to the General Fund. This transfer, approved by Council at the November 19, 2024 Study Session, returned a portion of prior-year General Fund subsidies made during the pandemic to stabilize parking operations. After accounting for these expenses, the Parking Funds generated a net surplus of $5.4 million for the year.
As part of the City Council's fiscal year 2025-26 priorities, the Public Works Department initiated efforts on work plan WP3.1.5, a study to evaluate off-street and on-street parking rates for City-owned parking structures and meters. An RFP for consulting services to conduct the rate study has been released and staff is evaluating proposals. The study is intended to help inform recommendations for potential rate adjustments that align with market conditions and ensure the long-term financial sustainability of the Parking Funds.
Solid Waste Fund
The Solid Waste Enterprise Fund generated $23.4 million in service charges from residential and commercial refuse collection as well as alley maintenance, resulting in total revenue of $23.8 million. However, over the past three years, there has been a sharp (though anticipated) increase in the cost of commercial and residential solid waste collection and processing services incurred by the City primarily due to the rising cost of labor and regulatory compliance, as well as the need for infrastructure development. For fiscal year 2024-25, contractual services totaled $14.2 million, total expenses were $26.1 million, and the Solid Waste Enterprise Fund operated at a net loss of $2.3 million for the year.
The year-end reserve balance was $11.5 million, or 46.8% of operating expenses, slightly below the 50% target. When solid waste rates were last adopted on January 12, 2021, City Council approved a temporary drawdown of reserves below the 50% target level to delay the first rate implementation, with anticipated recovery by fiscal year 2025-26.
Meeting Date: November 12, 2025
The Solid Waste Fund remains financially stable under the phased rate structure adopted following the comprehensive rate study completed in fiscal year 2020-21. Fiscal year 2024-25 marked the fourth year of the planned rate increases. Revenues are tracking close to projections, supported by the scheduled rate adjustment that took effect in July 2024. Nonetheless, cost pressures, particularly related to organics diversion, compliance reporting, and market volatility in material processing, remain areas of concern. Staff is closely monitoring the financial impact of ongoing operations, and a cost of service rate study is underway to ensure that adequate revenue is generated to support the Solid Waste Enterprise.
Wastewater Funds
The Wastewater Funds, as reflected above, include the Wastewater Enterprise Fund and the Wastewater Capacity Fee Fund. Wastewater service charges for fiscal year 2024-25 yielded $12.1 million and total revenue amounted to $14.7 million. Total fiscal year 2024- 25 expenses were $8.9 million, including $2.9 million for the City’s allocable share of the administration of the Hyperion Treatment Plant and $1.4 million invested towards capital projects. Fiscal year 2024-25 operations resulted in $5.8 million of revenue in excess of expenses and a $58.2 million cash reserve balance, substantially in excess of the minimum required.
Due to healthy reserves, wastewater rate adjustments adopted by Council on March 11, 2024 were intended to be revenue neutral with planned use of reserves to fund capital expenses over the five-year planning period. The new rate structure introduces a phasedin, volumetric wastewater charge for residential customers, moving away from the previous flat-rate system. This change aligns charges more closely with actual usage, promoting fairness and efficiency in billing.
Stormwater Funds
The Stormwater Funds, as reflected above, include the Stormwater Enterprise Fund, the Stormwater Measure W – Regional Program Fund, and the Stormwater Department of Water Resources Prop 1 Fund. Total revenue for fiscal year 2024-25 was $7.1 million, including $1.7 million from user charges and a $5.0 million General Fund subsidy established during the annual budget process. Total expenditures were $6.7 million, primarily for Ballona Creek MS4 compliance project costs and other operating expenses, including personnel and internal service fund charges. The Stormwater Funds ended the fiscal year with a modest surplus of $0.4 million.
Due to its unique financial structure, staff considers the Stormwater Funds exempt from the City's Enterprise Fund reserve policy. Unlike other enterprise funds, the Stormwater Fund is unable to achieve full cost recovery through user fees because of regulatory limitations. As a result, continued and significant General Fund support remains essential to sustaining core stormwater operations and ensuring compliance with state and federal water quality mandates.
Meeting Date: November 12, 2025
Fiscal Year 2025-26 General Fund First Quarter (Q1) Update The table below summarizes the fiscal year 2025-26 General Fund Adopted Budget and first quarter results and includes prior year first quarter results for comparison purposes.
While first quarter results reflect a large deficit, this is due to the cyclical nature and timing of major revenue cash flows and will improve significantly over the next two quarters, as the majority of property and business tax receipts are received. Compared to fiscal year 2024-25 first quarter results, the fiscal year 2025-26 first quarter operating deficit is $8.3 million lower than the prior year, driven largely by significant increases in one-time major development project revenue.
REVENUE
Property Tax $ 114,063 $ 4,663 $ 4,580 $ 84 1.8%
Sales Tax 45,551 11,465 9,638 1,827 19.0%
Transient Occupancy Tax (TOT) 46,364 12,146 13,171 (1,025) -7.8% Business Tax 64,165 593 894 (301) -33.6%
"Big Four" Tax Subtotal 270,143 28,867 28,282 585 2.1%
Other Taxes 1,212 773 372 401 107.8%
Intergovernmental Revenue 438 625 543 82 15.0%
Licenses and Permits 18,556 5,510 5,491 19 0.3%
One-Time Major Development Projects Revenue 13,416 8,746 2,180 6,566 301.2% Fines and Penalties 5,242 1,723 1,511 212 14.0%
Use of Money and Property 10,687 2,649 2,871 (223) -7.8% Service Fees and Charges 11,926 4,521 4,668 (147) -3.1% Miscellaneous Revenue 9,360 2,836 3,163 (326) -10.3%
Transfers In 6 2 2 0 0.0%
Total Revenue [1] 340,985 56,251 49,083 7,168 14.6%
EXPENDITURES
Salaries and Benefits 160,960 33,761 34,008 (246) -0.7% Materials and Supplies 2,838 686 709 (22) -3.2%
Contractual Services 30,497 4,213 5,547 (1,334) -24.1%
Tourism and Marketing (from TOT) 6,623 3,029 2,332 697 29.9% BHUSD Joint Powers Agreement 14,500 3,625 3,525 100 2.8% Private Security 5,660 1,672 1,509 164 10.9%
Supportive Housing / Unhoused Assistance 1,664 1,049 1,059 (10) -1.0% Internal Service Fund Charges 77,380 19,345 20,080 (735) -3.7% Other Charges 7,523 1,924 1,503 421 28.0%
Transfer to Pension Trust 10,000 2,500 2,500 0 0.0%
Transfers Out 21,396 5,349 5,473 (124) -2.3%
Total Expenditures 339,040 77,154 78,244 (1,090) -1.4%
Net Surplus/(Deficit) before Public Benefit
Contributions $ 1,945 $ (20,903) $ (29,161) $ 8,258 -28.3% One-Time Public Benefit Contributions 10,000 10,000 10,000 0 0.0% Total Surplus/(Deficit) $ 11,945 $ (10,903) $ (19,161) $ 8,258 -43.1% NOTE: The Section 115 Pension Trust is included in the General Fund for purposes of financial reporting in the Annual Comprehensive Financial Report. The results above exclude the Section 115 Pension Trust, as well as certain accounting/accrual entries in order to assist with comparison. Immaterial differences may exist when adding rounded figures above.
General Fund
($ Thousands)
FY 2025-26
Adopted
Budget
FY 2025-26
July - Sept
Actuals
FY 2024-25
July - Sept
Actuals
Variance
from
Prior Year
%
Variance
[1] Total Revenue excludes one-time public benefit contributions, accounted for below the line and separate from ongoing revenues and expenditures.
Meeting Date: November 12, 2025
High-level revenue variances between Q1 2025-26 and Q1 2024-25 are as follows:
• “Big Four” tax revenue is up $0.6 million (2.1%) from the same period last fiscal year, driven by an increase in Sales Tax receipts, partially offset by a decline in Transient Occupancy Tax (TOT).
o Sales Tax revenue increased by $1.8 million (19.0%) in the first quarter of fiscal year 2025-26 compared to the same period in fiscal year 2024-25.
This growth appears to reflect a continued rebound in taxable sales activity among high-end retailers and automotive businesses, suggesting improved consumer confidence and spending. Additionally, year-over-year comparisons benefited from certain timing-related payment adjustments that had temporarily reduced cash receipts in the prior fiscal year and weaker economic activity tied to regional inflationary pressures at that time.
Overall, Sales Tax performance for the first quarter was generally in line with the City’s forecast.
o Transient Occupancy Tax (TOT) revenue declined by $1.0 million (7.8%) compared to the same quarter last year. While TOT collections exceeded revised projections at fiscal year 2024-25 year-end, they were still down on a year-over-year basis, a trend that has carried into the first quarter of fiscal year 2025-26.
• Other Taxes increased by $0.4 million (107.8%) compared to Q1 fiscal year 2024- 25 primarily due to a significant increase in Property Transfer Tax, which nearly doubled, reflecting a rise in high-value real estate transactions during the quarter. • Intergovernmental Revenue rose by $0.1 million (15.0%) quarter-over-quarter.
While FEMA COVID reimbursements declined by $0.3 million and no UASI funds were received this quarter, the increase was driven by a $0.3 million allocation from the Westside Cities COG to support homelessness programs and a $0.1 million recovery of public safety-related state-mandated cost reimbursements. • One-time Major Development Projects Revenue tripled compared to this time last year, increasing by $6.6 million (301.2%). This reflects continued progress on the One Beverly Hills project, for which an updated development timeline was recently submitted with an increased project valuation, resulting in higher associated permit and plan check revenues.
• Fines and Penalties were up $0.2 million (14.0%) in the first quarter of the current year primarily in the area of parking ordinance violations. • Miscellaneous Revenue decreased by $0.3 million (10.3%) compared to the same quarter last year, primarily due to modest decreases in Metro reimbursement revenue and municipal surcharge revenue, which is derived from hotel room charges and therefore reflects the same market factors contributing to the decline in Transient Occupancy Tax (TOT).
High-level expenditure variances between Q1 2025-26 and Q1 2024-25 are as follows:
• Contractual Services were $1.3 million (24.1%) lower than the same period last fiscal year predominantly due to a timing difference in the annual payment for the Axon master agreement for Police equipment ($0.8 million), which occurred in the first quarter in fiscal year 2024-25, and a $0.5 million decrease in reimbursable Metro-related expenditures.
• Tourism and Marketing from TOT was $0.7 million higher than the same period last fiscal year predominantly due to timing differences in the distributions to the Beverly Hills partner agencies.
• Private Security costs were $0.2 million (10.9%) higher in the first quarter compared to the prior year, largely due to the timing payments.
Meeting Date: November 12, 2025
• Other Charges increased by $0.4 million (28.0%) compared to the same period last year, primarily due to rising utility costs. Electricity and gas charges have continued to escalate annually, driven by higher regional utility rates.
One-time public benefit contributions remain flat at $10.0 million from the One BH development project, collected in the first quarter of each of the past two fiscal years.
Overall, variances between the first quarter of the current fiscal year compared to the prior year are explainable and generally within expectations. The fact that expenditures greatly outpace revenues for the first quarter is a typical pattern each fiscal year, as property tax is mostly received from December through June and business tax is primarily received in January.
Staff intends to bring a formal mid-year review of the current fiscal year to the City Council in late winter, which will include updated revenue and expenditure forecasts.
FISCAL IMPACT
This financial update to the City Council is informational and has no specific fiscal impact.
The updated forecast reflects a notable shift in the City’s near-term financial outlook relative to the forecast presented in June 2025. The combination of a significantly higher than anticipated General Fund surplus in fiscal year 2024-25 and a revised projection of one-time revenue from the One Beverly Hills development in fiscal year 2025-26 through fiscal year 2027-28 has materially improved the General Fund’s forecasted position over the next several years.
Based on current estimates, the combined surpluses from fiscal year 2024-25 and fiscal year 2025-26 are now projected to be sufficient to offset the General Fund deficits originally forecasted for the subsequent three years (fiscal year 2026-27 through fiscal year 2028-29). This represents a major departure from the prior forecast, which projected consecutive multi-million dollar deficits and prompted internal efforts to identify cost-saving measures and informed the City’s fiscally cautious stance.
While this updated outlook is encouraging, staff strongly cautions that a substantial portion of the revised revenue is based on volatile and difficult-to-predict factors, including developer-provided construction timelines, assumptions about permit submittals, and current project valuations. Any shifts in development activity, delays in application timing, or potential changes to the development agreement that may be subject to future discussions could materially impact the actual revenue ultimately collected. Furthermore, the forecast’s long-term stability is sensitive to other significant factors, including the results of future labor negotiations, persistent inflationary pressures, and unquantified financial contingencies. These contingencies include, but are not limited to, the outcome of pending litigation, the cost of potential land acquisitions, and other significant capital or operational needs that may arise.
Meeting Date: November 12, 2025
Accordingly, although the improved forecast reduces the urgency of immediate fiscal mitigation measures, the City must continue to exercise restraint, maintain prudent reserve policies, and avoid making ongoing spending commitments based on one-time revenues that may not materialize as projected. Staff will continue to monitor these developments closely and will return to Council with updated information as warranted.
Tatiana Szerwinski
Assistant Director of Finance
Jeff S. Muir
Director of Finance
Approved By Approved By