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Sales tax growth helps pension payments; city plans $32.3M TSF withdrawal as other revenues rise modestly
Summary
Budget analysts told the Common Council committee that sales tax growth and modest state revenue increases helped reduce the fiscal gap but that state pension rules and an actuarial catch-up pushed pension costs higher.
Budget analysts presented the revenue side of the proposed 2026 plan and explained how new and existing revenue streams interact with state rules governing pension funding.
Nathaniel Hack of the Budget Management Division summarized the city’s revenue outlook for general city purposes, saying the administration expects total revenues available to the general city purposes budget to increase modestly in 2026 but remain below inflation-adjusted levels from earlier years. Hack said that while total sales tax collections have risen — to about $206,000,000 projected in 2026 — a larger share of that money is now required for pension costs under state law changes…
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