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City presents mid‑biennium budget update; staff recommend transfers to stabilization fund and fee adjustments
Summary
Finance staff briefed council on mid‑biennium adjustments including a recommended $500,000 transfer to the budget stabilization fund, opioid settlement spending, capital scheduling changes, a state‑reimbursable land purchase for Shop 1 and modest permit fee adjustments to improve cost recovery; council held questions but took no votes.
City finance staff presented a mid‑biennium budget update at the Oct. 14 council meeting that included recommended transfers to the budget stabilization fund, planned opioid settlement spending and itemized capital project scheduling and cost adjustments; no council action was requested at the study session.
Deputy Finance Director Andrew Wan Chong and Finance Director Kwan Wong described three categories of mid‑biennium updates: General Fund operating adjustments, capital program adjustments and proposed 2026 rates and fees. Staff recommended transferring an extra $500,000 to the budget stabilization fund (on top of an existing $250,000 annual transfer) when the general‑fund balance exceeds the city’s 90‑day threshold. The transfer…
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