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Finance director warns expenditure growth outpacing revenues; projects $5.4M gap in FY2025–26
Summary
Melissa Cabrera, director of finance, told the council on Jan. 10 that while nominal general fund revenues rose from about $74.4 million in 2021 to $84.0 million in 2024, inflation‑adjusted revenue is down roughly $11 million over the same period.
Melissa Cabrera, director of finance, told the council on Jan. 10 that while nominal general fund revenues rose from about $74.4 million in 2021 to $84.0 million in 2024, inflation‑adjusted revenue is down roughly $11 million (about 14.5 percent) over the same period.
Cabrera said the city’s top three general fund revenue sources—pilots, sales tax and franchise fees—make up about 65 percent of general fund receipts and that sales tax is susceptible to economic cycles. “We have a negative economic growth rate of 1% over the past 12 months compared to a 2.6% increase in CPI,” she said, citing a $15.3 million decline in brick‑and‑mortar retail sales since October 2023 and a $2.4 billion local…
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