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Tempe projects multi-year shortfall after $21 million residential-rental sales-tax loss; staff recommends reserve use and balancing measures
Summary
City finance staff reported a $21 million annual loss tied to residential rental sales-tax changes, proposed no program expansions, recommended preserving reserves to maintain service levels, and outlined contingency options including hiring freezes and re-prioritization.
Lisette Camacho, deputy city manager and chief financial officer, told the council the long-range forecast reflects a $21,000,000 annual loss in residential rental sales tax spread across the General Fund, Transit Fund and Arts & Culture Fund. Camacho said the city has implemented measures over the past two years to preserve fund balance and currently has sufficient reserves to maintain service levels and staffing.
"The measures we've implemented over the 2 years did preserve our fund balance and…
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