The City Council will hold a special meeting at 6:00 p.m. on Tuesday, June 25 for the purpose of approving the City's fiscal year 2024-25 budget.                         

The following information appears in the budget approval staff report:

"Over the past several years, the City of Sausalito has returned to its basics as it works to overcome the disruption of the global pandemic. However, fiscal year 2024 brought the challenge of losing our insurance coverage from Bay Cities Joint Powers Insurance Authority. This has created a strain on the general fund, and for the fiscal year 2024-2025, the general fund is estimated to show a deficit of $1,017,684.

"As previously discussed at prior council meetings, increased costs relating to Pension UAL [unfunded accrued liability] payments, doubling of insurance premiums, and a slowdown in sales tax revenue have created the perfect storm for the City.

"As noted in the previous meeting, the general fund has over $10M of reserves and fund balance in excess of reserves as of the last annual audit. With fiscal year 2024 projected to end with a surplus, this excess over reserves will grow before fiscal year 2025. This enables the City to sustain service levels in the short term as management looks for ways to reduce costs and increase revenue."

Please consult the meeting agenda for additional budget items and documents related to the City's reserve policy, insurance coverage, investment policy, and 2025 GANN Limit.

The video recording of the budget review from the June 18 City Council meeting also provides context for the budget discussions on June 25.

VIEW THE AGENDA FOR THE JUNE 25 SPECIAL MEETING