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12. YEAR-END UPDATE FOR FISCAL YEAR 2024-2025 This report provides the City Council with an update of the Fiscal Year 2024-2025 preliminary operating results based on actual year-end revenues and expenditures. General Fund operating revenues are approximately $3 million higher than the amended budget, whereas General Fund expenditures are approximately $2.6 million lower than the amended budget. Therefore, instead of ending the year with a $1.3 million deficit, the year ended with a $4.4 million surplus. The General Fund reserves, excluding impact of the Navy North Hangar Fire Incident, are expected to be at $35 million as of June 30, 2025 (or 38% of the General Fund's total recurring operating expenditure). This reserve level exceeds the City Council's target reserve policy of 20%.

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OTHER BUSINESS/CITY MANAGER AND CITY ATTORNEY

CITY MANAGER ALDO E. SCHINDLER

CITY ATTORNEY DAVID E. KENDIG

MAYOR, MAYOR PRO TEM AND COUNCIL MEMBER COMMENTS AND REPORTS

COUNCIL MEMBER FINK

COUNCIL MEMBER SCHNELL

COUNCIL MEMBER GALLAGHER

MAYOR PRO TEM NIELSEN

MAYOR LUMBARD

ADJOURNMENT - The next meeting is scheduled on Tuesday, November 4, 2025, for the Closed Session Meeting at 4:30 p.m. and the Regular Business Meeting at 5:00 p.m.