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Gilroy finance director reports FY26 Q1: sales-tax dip and improved CalPERS returns
Summary
Finance Director Harjo Tsangen told council that updated sales-tax projections reduce FY26 revenues by about $400,000, CalPERS returns lowered the city's UAL from $115M to $101M, and council approved budget adjustments including $60,000 for an economic development assessment and $12,500 for election outreach.
Finance Director Harjo Tsangen presented the city’s first-quarter FY26 budget report and recommended several budget adjustments that the council adopted by a unanimous vote.
Tsangen said updated quarterly sales-tax data reduced the FY26 forecast by roughly $400,000 and that preliminary CalPERS FY25 investment returns improved the…
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