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City presents FY2026 general‑fund forecast showing $7 million gap; council begins budget goal setting
Summary
City finance staff presented a general‑fund forecast for fiscal 2026 that identifies a $7 million shortfall under current assumptions. Staff outlined revenue and expense drivers, and council scheduled follow‑up budget goal‑setting and department reviews.
City finance staff briefed the council on the FY2026 general‑fund forecast during the May 1 meeting and identified a projected budget gap of about $7 million under current revenue and expense assumptions.
The forecast incorporates a range of assumptions: modest property‑value growth (0.5% existing values and 2% new values yielding a combined 2.5% revenue change under staff assumptions), no sales‑tax growth for FY2026, renegotiated industrial‑district payments that staff project will increase industrial‑district revenue materially, and no additional transfers from the general fund to street funds beyond the baseline. Staff also assumed…
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