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City presents FY 2026 general-fund forecast showing $7 million gap; council to set budget goals next week
Summary
Finance staff briefed council on the FY 2026 general-fund forecast showing an expected $7 million shortfall between revenues and the 20% reserve requirement; Council scheduled goal-setting for next week and directed staff to pursue department efficiencies and potential revenue adjustments.
City finance staff presented a financial forecast for the FY 2026 general fund that shows an anticipated gap of roughly $7 million between projected revenues and the 20% reserve requirement.
Amy (last name not provided), director of budget and performance (presentation delivered by finance staff), told the council the forecast assumes 0.5% growth in existing property valuations and 2% growth from new property values for an overall 2.5% property-tax revenue increase in FY 2026. Staff also noted prior policy changes — a larger homestead exemption and related adjustments adopted in FY 2025 — reduced property-tax revenue by approximately $12 million compared with prior…
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