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Las Vegas releases $2.3 billion tentative FY2026 budget; council approves amid settlement and PERS pressures
Summary
City leaders presented a tentative fiscal 2026 budget totaling about $2.3 billion and the council approved the plan. Officials said the budget addresses a large settlement, higher retirement (PERS) costs and softer consolidated-tax receipts while maintaining public safety funding as the top priority.
The City Council on Wednesday approved a tentative fiscal year 2026 budget that the city manager described as conservative and built to absorb a large settlement payment and higher retirement costs while keeping public safety the top expenditure priority.
City Manager Mike Janssen opened the budget presentation, telling the council the plan responds to three primary fiscal pressures: the Badlands settlement, higher Public Employees' Retirement System contributions, and a softened consolidated tax (CTAX) forecast tied to visitation and economic factors. "Public safety remains the number 1 priority in this budget," Janssen said, noting police and fire together account for the single largest shares of spending.
The tentative budget document presented to the council includes: - Total budget (all funds): about $2.3 billion. - A plan to issue CTAX-backed bonds and use LVCVA-restricted park bond capacity to restore delayed capital projects. - A projected general fund shortfall in the FY26 tentative year tied mainly to the settlement funding; an unrestricted fund balance projection of roughly 21.5 percent after budgeted transfers and a $30 million anticipated bond issuance to shore up reserves.
Susan Helsley, the city chief financial officer, said year-end FY25 estimates show revenues exceeding budget by roughly $14.4 million but also identified offsets including a consolidated tax estimate about $7 million below budget. The FY26 revenue outlook includes an assumed 1% CTAX increase and a property-tax increase estimate consistent with assessed value increases; the presentation also showed $30 million in planned bond proceeds for the general fund.
Budget discussions covered vacancy management, targeted decrements (5–10 percent) in departmental operating budgets, and a voluntary separation program expected to yield savings. City staff emphasized that no uniformed police or firefighter positions would be eliminated in the current plan and that hiring remains active.
Deputy City Manager Steve Ford and staff outlined capital priorities by ward and confirmed the city will continue to prioritize public-safety infrastructure and restore select delayed capital projects if bond proceeds materialize.
Mayor Pro Tem and others asked staff for follow-up briefings on the crisis response and 988 system and on aligning higher-education partners for a coordinated medical/mental health workforce strategy. City managers said meetings on those topics are planned.
After the presentation and council questions, the council voted to approve the tentative FY26 budget and forward it to required hearings and final adoption procedures.
