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Commission warned CVT fund faces multi‑year shortfall; $2.5 million reserve could be drawn down by year four
Summary
Michelle, a city staff presenter, told the commission that current projections would require drawing on the CVT fund reserve and that reserves could be depleted by year four if spending and revenue assumptions do not change.
Michelle (city staff) presented a five‑year solvency projection for the CVT fund and said the fund balance would be drawn down if current revenue and spending patterns continue.
Michelle told the commission that staff’s five‑year projection showed approximately $3.5 million in projected Comcast franchise fee revenue and about $6.1 million in projected operating costs for WITN over five years, leaving an estimated shortfall of roughly $2.4 million. She said the commission’s available CBT fund balance was about $2.5 million as of the city’s FY24 annual comprehensive financial report and that, “based upon the rate if we keep our expenditures the same, that $2.5 million is…
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