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Bloomington unveils 2025 budget with $10M general-fund gap and plan to study short-term GO bonds
Summary
City officials presented a $145 million proposed 2025 budget that includes a $6 million placeholder for salary-study implementation and a $10 million general-fund shortfall; the administration asked council to include a levy to allow study of short-term general obligation bonds to fund capital without sharply lowering the tax rate.
Deputy Mayor Gretchen Knapp and City Controller Jessica McClellan outlined the City of Bloomington’s proposed 2025 budget, describing it as an investment in the city’s organizational foundation and a plan that anticipates a $10 million gap in the general fund.
"The civil city budget is a $145,000,000 proposal," Controller Jessica McClellan said, noting that the general fund budget totals $68,451,000 while recurring general-fund revenue is projected at $58,497,000, creating a $10,000,000 difference. McClellan said 13 city funds would be balanced in part by dipping into reserves and reminded council of best-practice reserve targets set by the Government Finance Officers Association.
Why it matters: McClellan…
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