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Tracy Finance Committee Reviews Five‑Year Forecast; Staff Recommends $17.5M in One‑Time Fiscal Sustainability Payments
Summary
Finance director presented a five‑year general fund forecast (FY25–30) showing short‑term surpluses, potential sales‑tax declines in FY29–30 tied to e‑commerce allocation changes, and staff recommended continuing one‑time prepayments (~$17.5M) for CalPERS, retiree medical, and deferred maintenance; committee approved the report.
The Tracy finance committee on Oct. 22 reviewed a five‑year forecast for the general fund and heard staff recommend about $17.5 million in one‑time fiscal sustainability actions for FY25‑26, including prefunding CalPERS liabilities, prefunding retiree medical, and funding deferred maintenance for streets and parks.
Finance Director Sarah Castro told the committee the forecast covers fiscal years 2025 through 2030 and incorporates recent strategic priorities, local economic indicators and assumptions about revenue growth. “In Tracy, we are seeing that the local economy is remaining stable,” Castro said, citing a December 2024 median home price of $652,500 and a local unemployment rate of 4.6 percent.
Castro said the forecast projects short‑term growth for property tax and sales tax (2–3 percent on property tax in the short term; about 2.5 percent sales tax growth in the coming fiscal year). She warned of a…
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