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East Lansing forecast shows multi‑million shortfall; council urged to consider revenue or cuts
Summary
City CFO Audrey Kincaid presented a five‑year General Fund forecast showing a projected gap of roughly $3 million in fiscal 2025 and a continuing structural deficit that could exhaust reserves by the end of the decade, prompting council members to request follow‑up analysis and options for cuts or revenue measures.
Audrey Kincaid, East Lansing chief financial officer, told the City Council on Feb. 18 that the city’s five‑year General Fund forecast projects $48,798,501 in revenue for fiscal 2025 against $52,025,840 in expenditures, producing an approximate $3 million gap for the year and growing structural deficits in later years.
Kincaid said the forecast is the city’s budget kickoff document and includes assumptions, risks and conservative revenue estimates. "Property taxes are the single largest source of revenue that we currently have in the general fund," she said, and the forecast incorporates a $1,000,000 annual transfer from the income tax to cover a supplemental pension payment.
The forecast assumes taxable value growth of 4.5% for residential property in 2025 and a modest 0.3% for commercial property in 2025, with more normalized growth in subsequent years, city…
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