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Mayor's proposed 2025 capital budget nears $2.9 billion; finance director explains funding sources and carryover
Summary
Director Chris Long and Chair Bankston presented the mayor's proposed 2025 capital improvements budget, explaining the city's funding structure (25% income‑tax set aside and enterprise revenues), the role of bond sales and the treatment of carryover funds from prior years.
City finance officials presented the mayor's proposed 2025 capital-improvements budget to the Finance and Governance Committee, describing a multiyear funding framework that relies on an income-tax set‑aside, enterprise revenues and bond financing.
Finance Director Chris Long told the committee the budget process compiles departmental capital requests and balances them with capacity determined with the auditor and the mayor's priorities. "We set aside 25¢ or 25% of every dollar, of income tax, specifically into an income tax set aside account," Long said, explaining one of the city's two main capital…
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