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Council reviews budget outlook as sales-tax growth slows and TIF work continues
Summary
City staff presented draft budget projections showing roughly $5.05–$5.06 million in sales-tax revenue, a roughly $186,000 general-fund gap versus expenditures and roughly $12 million in fund balance, while discussing ongoing TIF agreements and a proposed roundabout reimbursement tied to future TIF receipts.
City staff presented a draft budget update at the council meeting, saying the city expects about $5.05 to $5.06 million in sales-tax revenue for the year and noting an approximately $186,000 shortfall in general-fund revenue versus expenditures.
The discussion matters because sales tax is the city’s primary operating revenue and staff said a sustained downturn could force spending cuts or draw on reserves. Staff reported an about $12 million fund balance and said roughly $3 million has been earmarked for Ironwood and another $3 million for Aspen projects, with additional planned transfers for city-hall and…
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