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OFM lays out 2026 budget reduction plan, fund-balance policy and $20 million shelter grant
Summary
Office of Finance & Management director outlined a 6% reduction in the department—s 2026 budget driven by reserve requirements, highlighted fund-balance policy targets, and described a $20 million IH-CDA grant for a low-barrier shelter that OFM is administratively holding while real-estate work continues.
Abby (Controller) and Jake McVay (budget director) presented the Office of Finance & Management—s 2026 budget and described OFM—s divisions, staffing and priorities.
OFM comprises budget, financial reporting (grants and debt), revenue recovery, human resources and administrative/real-estate functions and had 74 employees. Jake said the department—s proposed 2026 budget decreases by approximately 6% compared with 2025, reflecting reserves and lower ISA/building-authority chargebacks. The character-1 personnel budget includes a cost-of-living allowance and a 5.6% increase in health-insurance premiums; OFM plans to hold three positions vacant to help fund those costs.
The office highlighted accomplishments: award-winning financial documents, ARPA closeout work, procurement savings and an increase in investment income. Abby described a fund-balance policy target set at 5% above council minimums to help preserve credit ratings while allowing purposeful spend-down of excess balances.
On grants, Jake confirmed a $20 million IH-CDA award intended for a low-barrier shelter; he said OFM is administratively holding the grant in its real-estate division, property closing has occurred, and work continues. Councilors expressed concern about timing and state grant conditions.
Councilors also pressed OFM on revenue-recovery capacity and outstanding debt. OFM said precise totals were not on hand but promised to provide follow-up information and to brief CFOs and agencies about central collection resources. OFM described plans to implement a fleet accident-tracking software and an online vendor-bidding portal to increase XBE vendor access and to centralize some customer-service functions.
