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2019 sales‑tax referendum fund shrinking to $7.5M projection; council told flexibility is limited
Summary
Finance officials told the Budget Committee that the sales‑tax referendum fund established in 2019 is dwindling and projected to end FY26 with roughly $7.5 million because recent salary recoveries and one‑time project costs have outpaced receipts.
Walter Person, the city’s chief financial officer, gave a detailed review of the 2019 sales‑tax referendum fund and told the Budget Committee that the fund’s balance has fallen as salary recoveries and one‑time project costs have exceeded receipts. The referendum, passed in 2019, established a one‑half‑percent sales‑tax increase whose proceeds are restricted for restoring and maintaining health benefits for public safety employees, restoring pension benefits and, after those needs, for street maintenance and pre‑kindergarten education. Person said, “The referendum calls that all funds must be spent for the purposes designated above.”
Person showed historical…
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