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City presents FY2026 proposed budget; staff recommends use of reserves and transfers to balance gap
Summary
City staff presented a high-level overview of the proposed FY2026 operating budget, outlining revenue assumptions (flat mill levy, sales tax growth) and options to close an estimated gap, including reserve draws, transfers from internal service funds, fee adjustments and potential future revenue measures.
City staff on July 15 presented a high-level overview of the proposed FY2026 operating budget and described assumptions and options the governing body can use to close a projected shortfall.
Josh McInarney, budget and finance division director, said staff assumed a flat mill levy of 36.956 and projected property-tax revenue using a 96% collection rate. Sales-tax assumptions use 2024 collections with a 2.25% compounded growth projection; staff said a 3.25% assumption would materially increase revenue.…
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