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Finance director recommends delaying tax-supported bond intent until late March amid falling use-tax receipts; council receives update
Summary
City finance staff recommended the council delay formal intent to issue tax-supported debt until late March and adopt an up-to amount for flexibility, citing falling sales/use tax (loss of Samsung-related use tax), capped-property uncapping, and $8.7 million banked reserves to bridge near-term shortfalls.
Taylor’s finance director presented a 2025 debt-schedule update on Jan. 9 and recommended the council delay approval of an intent-to-issue resolution for tax-supported debt until late March and to adopt an “up to” amount rather than a fixed issuance.
Jeff Wood (finance director) told council that sales and use tax receipts are trending lower than budgeted — the city has seen use-tax receipts fall substantially in recent months — and that reduced use tax will push more of the revenue burden onto…
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