Controller and Finance Offer Diverging FY26 Projections as City Reports Strong Reserves

Will Jones, controller's office, presented the quarterly financial report for the period ending Sept. 30, 2025, saying the controller's office projects a general‑fund ending balance of $303,400,000, equal to 11.9% of expenditures excluding debt service and pay‑as‑you‑go items. “Based on our current projections, the fund balance will be approximately $112,800,000 above the city's target,” Jones said.

Jones told the committee his projection is $70.1 million lower than the finance department's estimate because the controller's office is using a lower near‑term revenue projection. He said the office reduced its revenue estimate by $51.3 million compared with the August report, with property‑tax receipts lowered by $52.6 million to reflect the new adopted tax rate and transfers from other funds increased by $1.3 million to account for FEMA Category B reimbursements tied to derecho…