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Board of Estimates approves $4.6 billion FY26 ordinance of estimates; backfills income tax shortfall with fund balance
Summary
On May 7 the Board of Estimates approved the BOE recommendations for the FY26 ordinance of estimates: $4.6 billion total budget, $2.6 billion general fund, with $54 million of fund balance used to backfill grant and one‑time needs; comptroller and council president abstained on the BOE vote.
The Board of Estimates on May 7 approved the BOE recommendations for the fiscal 2026 ordinance of estimates, advancing a $4.6 billion city budget to the City Council. Laura Larson, the city’s budget director, told the board the BOE-recommended total is $4.6 billion, a year-over-year increase of about $420.3 million, and a $2.6 billion general fund that is up roughly $256 million from FY25.
Larson said BBMR is recommending a $5.9 million reduction to the income tax revenue projection for FY26 and is “keeping the income tax rate flat at 3.2%.” She attributed the downward update to revised statewide economic projections from the state comptroller’s office and recommended backfilling the revenue shortfall with unassigned fund balance rather than making further reductions to ongoing general fund services.
BBMR’s recommended changes…
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