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Walnut Creek council accepts 10-year financial forecast; staff urges caution on Measure O commitments
Summary
The Walnut Creek City Council on Jan. 21 accepted a staff-produced 10-year financial forecast that models mild and moderate recession scenarios and highlights pension and Measure O timing as key fiscal risks.
The Walnut Creek City Council on Jan. 21 accepted a 10-year financial forecast that models two recession scenarios and reiterates the city’s limited capacity for additional ongoing spending.
The forecast, presented by Administrative Services Director Kirsten Lacasse, projects general-fund trends under a “mild” and a “moderate” recession beginning in fiscal 2027 and includes assumptions about property tax, sales tax, pensions and the November 2018 Measure O revenues. Council voted unanimously to accept the report.
The forecast models a mild recession with a 12‑month downturn and a two‑year recovery and a moderate recession with an 18‑month downturn and three‑year recovery. In the moderate scenario, revenue recovery is modeled to reach about 90% of prior growth at the end of the…
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