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Controller says city's quarter-3 forecast shows fund balance drawdown, $17M property-tax shortfall
Summary
City Controller George Hargrove told the Board of Estimate and Taxation that the quarter-3 forecast shows the general fund drawing down roughly $67.6 million (now nearer the low $70 millions in recent books), a projected $18 million revenue shortfall driven mainly by a roughly $17 million property-tax variance, and about $3—4 million in higher expenditures largely from public safety and snow-related public-works costs.
City Controller George Hargrove and Deputy Controller Robert Lang presented the city's quarter-3 financial forecast to the Board of Estimate and Taxation on Jan. 28, 2026, emphasizing that the figures are unaudited and will be finalized during the annual audit process.
Hargrove said the city continues to "spend down its fund balances," noting that a summer forecast of roughly $60 million in general-fund drawdown is now about $67.6 million and that more recent accounting shows the figure "now in the 70s." He reported the book value of cash and investments as of Sept. 30 at about $1,186,000,000, an increase versus…
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