Evanston's Finance and Budget Committee has laid the groundwork for addressing significant financial challenges as it approaches the upcoming budget season. During the meeting on September 9, 2025, committee members discussed the need for a comprehensive plan to manage a projected budget deficit of $10 million for the next fiscal year, which could grow if no action is taken.

The committee reached a consensus to forward a funding proposal to the city council, emphasizing the importance of fleshing out details such as eligibility requirements and implementation processes before any formal action is taken. This proposal is seen as a positive step, but it requires further development to ensure it meets the community's needs.

In addition to the funding discussions, the committee reviewed the implications of a potential $20 million bond issue. Financial advisors indicated that interest rates have risen since earlier projections, prompting a recommendation to delay any bond issuance until early 2026, when rates may be more favorable. The current cash flow situation is delicate, with delays in property tax revenue contributing to a negative cash balance in the Capital Improvement Program (CIP) fund.

The committee also highlighted the importance of addressing rising costs, including salary increases and public safety pension contributions, which are straining the budget. With revenues remaining flat since 2022, the committee is tasked with identifying potential options to balance the budget while maintaining essential services.

As the meeting concluded, committee chair Sherry expressed gratitude for her time on the committee, noting the progress made in financial policies and the importance of continued efforts to ensure the city's fiscal health. The committee plans to revisit the budget discussions in future meetings, aiming to navigate the challenges ahead effectively.