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Finance staff previews budget shortfall and recommends delaying bond sale; Q1 bond issuance penciled in
Summary
City finance staff warned the committee the city faces a budget deficit in the coming year and advised postponing a general‑obligation bond sale until interest rates improve. Staff said the CIP fund is negative in cash and that the city’s excess reserves depend in part on one‑time revenues from recent permit and stadium projects.
City finance staff told the Finance & Budget Committee that the city faces a baseline general‑fund deficit if no changes are made and recommended delaying a planned general‑obligation bond sale until market rates are more favorable.
Finance director Hitesh Clayton briefed the committee on cash and capital‑project timing. Clayton reported the capital‑improvement program (CIP) cash position is negative (roughly $4.5 million) because property‑tax receipts have not yet arrived and the city has advanced some CIP payments from the general fund. He said the city’s…
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