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Ithaca Urban Renewal Agency adopts lean 2026 budget as staff warn of revenue shortfalls
Summary
The Ithaca Urban Renewal Agency adopted a 2026 budget that holds expense growth below 1% but projects a substantial operating gap driven by weaker federal and urban-renewal revenues. Staff recommended strategies including a city-IRA MOU, expanded loan activity and targeted urban renewal projects to shore up finances.
The Ithaca Urban Renewal Agency on a meeting in August adopted a 2026 budget that limits expense growth to less than 1% while projecting a multi-year operating shortfall, agency staff said. The board adopted the resolution by voice vote; three members said “aye” and there were no recorded dissenting votes.
Agency staff presented a budget that keeps staffing largely intact — including a 3% salary adjustment to stay competitive — and preserves roughly 3.63 full-time equivalent positions. Nelson, the agency staff presenter, said the adopted expense plan assumes modest spending growth and includes $10,000 for consultant work on Inlet Island.
The nut graf: the fiscal pressure is on the revenue side. Nelson told the board the agency is "assuming that we're still…
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