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PFM warns council: slower growth, lost ARPA funds and rising fixed costs will complicate FY27 budgeting
Summary
Vienne Leong of PFM told the retreat that national and Virginia economic growth is slowing, one-time ARPA revenue has ended, pensions and collective bargaining reduce spending flexibility, and the city should use multi-pronged strategies rather than one-time funds for recurring services.
Vienne Leong, the city's financial adviser from PFM, told the council that the economic backdrop for the FY27 budget has shifted toward slower growth and ‘‘structural imbalance’’ for local governments. "We all know that economic growth is slowing down," Leong said, and she noted those effects will reduce revenue growth while spending pressures — pensions, health-care funds and costs driven by collective bargaining agreements — continue to rise.
Leong discussed three trends she said will shape the budget process: reduced revenue growth as assessment…
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