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The committee approved a favorable recommendation for an easement benefiting Center Square LLC and heard that the City’s Fiscal Year 2025 general fund deficit was approximately $19.2 million. The Treasurer also reported that debt-reserve funds had been largely exhausted, with $150,000 remaining.
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The easement would allow green space described as functioning like a rain garden near 1233 Broadway. City officials attributed the fiscal deficit largely to unrealized grant revenue, delayed invoices, overestimated revenues, and unachieved salary savings. The Treasurer said depletion of the debt reserve could increase future borrowing costs, depending on the City’s overall finances; the State Comptroller was considering whether to audit or evaluate the budget, but no final decision was reported.
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