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City presents FY2026 budget preview, flags sharp drop in replacement-tax revenue
Summary
Finance director Scott told the City Council that personal property replacement tax receipts have fallen sharply from 2023 peaks and that the city is projecting lower revenues and making expenditure and capital timing adjustments for FY2025 and FY2026.
The City of Bloomington Finance Director Scott told the City Council on the evening the city is projecting a significant falloff in personal property replacement tax (PPRT) receipts and is adjusting both projections and planned capital spending for fiscal 2025 and fiscal 2026.
Scott said the city budgeted $4.2 million for PPRT in FY2025 but is now projecting roughly $2.7 million for the year after a series of downward revisions in state-distributed estimates, and staff are proposing a preliminary FY2026 PPRT projection of $2.5 million. "We started the year with a budget of $4,200,000 and we're projecting now based on the IML information that we received 2,700,000," Scott said during his presentation.
The projection lands amid…
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