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Council hears FY27 budget projections and flags local-option tax uncertainty; target guidance set near inflation
Summary
Finance staff presented FY27 current-services projections that showed a potential funding gap and a scenario requiring up to a 5.5% tax increase; after discussion the council directed staff to aim closer to inflation (council consensus ~3.4%) and to provide more detailed local-option tax and revenue sensitivity analyses.
City Finance staff presented unaudited FY27 current-services projections on Sept. 15 that show a funding gap under a baseline assumption and multiple revenue scenarios tied to local-option sales tax receipts. Finance Director Martha Machar and Deputy Finance Director Rich Donahue outlined wage and benefit pressures, utility and capital costs, and five ongoing but currently unfunded initiatives: a city sidewalk and shared-use-path condition assessment, an economic development plan (and a potential implementation position), the Parks and Open Space Master Plan implementation, Act 250/Tier 1A administration and enforcement, and parking & open-space management in the city center.
Staff walked through revenue scenarios using FY25…
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