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11/8/2025 <br />2 <br />City Fiscal Policies and Practices <br />•Utilize conservative budgeting practices to prevent unexpected financial <br />shortfalls <br />•Use available resources to: <br />Strengthen reserves <br />Fund capital projects/repair and replacement projects <br />Pay down unfunded pension and retiree medical liabilities <br />Fund one-time projects to advance Council and community strategic goals <br />•Build financial resilience for long-term sustainability <br />3 <br />Overview of Fiscal Year 2025 Unaudited <br />Financial Results <br />•General Fund <br />•Property tax is lower than budgeted, offset by increases in sales tax and <br />business license tax <br />•Development activities are higher than expected, resulting in one-time <br />revenue <br />•Revenues, expenditures, and long-term loans payable associated with the <br />Costco project are recognized <br />•Implementation of Governmental Accounting Standards Board (GASB) 101, <br />pertaining to compensated absences, increased staffing costs <br />•There is sufficient revenue to cover the contribution to the Capital <br />Improvement Program <br />4 <br />3 <br />4 <br />Page 371 of 399