Gilroy's General Fund Forecast Better Than Expected

Gilroy CA

18 March, 2022

10:52 AM

Description

GILROY, CA — The city of Gilroy's long-term general fund forecast is better than expected, according to a mid-year budget update to be presented at a council meeting Monday. Gilroy was projected to have a negative operating margin from the 2023-24 fiscal year onwards during the last general fund forecast update, but the current forecast indicates a net positive operating margin. Gilroy had an operating margin of $4.7 million in the 2020-21 fiscal year, and a projected margin of $1.8 million in the 2021-22 fiscal year. That dips to $600,000 the following year. But city staff warned that despite the "welcoming outlook," concern created by "recent developments in the economy and around the world" could put the city back in the black. "Staff continues to monitor the economic conditions and will return to Council should adjustments be warranted," the report states. Click here to view the report. The meeting begins at 6 p.m. Monday at the council chambers. Click here to view the agenda.