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11/8/2025 <br />3 <br />Overview of Fiscal Year 2025 Unaudited <br />Financial Results (cont.) <br />•Enterprise Funds <br />•Water Fund reserve level improved as a result of the rate increase approved <br />by the Council in 2023 <br />•Sewer Fund reserve meets the reserve target <br />•Storm Drain and Cemetery Funds continue to receive subsidies from the <br />General Fund <br />•Funding gaps in program areas that need General Fund support <br />•Stormwater System <br />•Repair and Replacement <br />•Workers’ Compensation <br />5 <br />General Fund Revenues – Highlights <br />•Property Tax: Lower revenue due to a cooler real estate market; only 2.6% year- <br />over-year growth <br />•Business License Tax:Increased revenue due to new licenses and greater <br />gross receipts <br />•Development Revenue: One-time revenue due to large development projects <br />•Other Revenues:Recognized $12.8M in Costco capital contribution, offset by <br />expenditures; also recorded long-term liability <br />6 <br />5 <br />6 <br />Page 372 of 399