City staff projects $12 million revenue uptick, outlines $344 million preliminary operating budget City staff told the Newport Beach City Council on Jan. 31 that revenues for the coming fiscal year are projected to be $12,000,000 (3.5%) higher, driven largely by property-tax growth, while preliminary operating expenditures are expected to rise about $8,000,000. Staff presented a $344,000,000 starting operating budget and a multi-year pension payoff plan.

Newport Beach’s finance team anticipates a $12 million revenue boost for the upcoming year, but with rising expenditure pressures, will the budget be enough to meet the city's needs?

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Investment staff reports strong private‑markets distributions and 4.1% Q3 gain for the fund Presenters told trustees that private‑markets realizations drove above‑average returns in Q2 and Q3: private equity distributions spiked (post‑Q2 realization returns returned nearly $8M), and the total retirement plan returned 4.1% in Q3, adding roughly $230M in market gains.

Private equity distributions soared to nearly $8 million, driving a remarkable 4.1% gain for the retirement fund in Q3!

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Gilroy receives preliminary FY25 year‑end report; council approves Section 115 trust contributions and budget amendments The council received the preliminary fiscal year 2025 year‑end financial report, approved Section 115 pension/OPEB trust contributions per policy and adopted several budget amendments for FY26, including grant reappropriations; the council also reviewed revenue shortfalls in transient occupancy and sales taxes.

Gilroy's Finance Director reveals a $1.3 million year-end savings while the council greenlights major budget amendments and trust contributions for pensions!

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