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Five-year financial update shows revenue hit and a projected strain on Fire/EMS fund; council weighs priorities and possible ballot measures
Summary
City finance staff presented revisions to the 2025–29 five-year plan reflecting reduced income tax revenue after a major employer left and planned capital purchases; the combined Fire/EMS fund could run short in the next several years without changes, prompting council discussion of priorities and potential revenue options.
Jeff, the city finance director, told council that the city's five-year plan was revised to reflect a roughly 3.7% reduction in estimated 2025 income-tax receipts compared with 2024 actual collections after the loss of a major employer, along with higher capital and personnel costs.
"We reduced the income tax estimate for 2025 by approximately 3.7% over the 2024 actual," Jeff said, and added that growth was held at an assumed 2.5% per year thereafter. He said staff increased the 2025 budget to reflect property purchases, design costs for Hines Hill Bridge, cleanup costs at the former YDC property, and higher estimated construction costs for the Public Works facility debt service.
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