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BBMR reports $19.6M Q2 surplus but flags $28.5M expenditure deficit driven by overtime and several agency shortfalls
Summary
The city's Bureau of Budget and Management Research reported a $19.6 million general-fund surplus in the second-quarter forecast, driven by higher income and property tax receipts, but also a projected $28.5 million expenditure deficit largely tied to overtime and recently ratified contracts in public safety departments; committee questioned near-term mitigation steps and data for traffic cameras and tipping fees.
The Budget & Appropriations Committee received its quarterly fiscal update on Feb. 23 from Laura Larson, director of the Bureau of Budget and Management Research, who reported a projected $19.6 million general-fund surplus for fiscal 2026 (the department noted that storm-related costs were not yet incorporated).
Larson said stronger-than-expected income-tax receipts (projected at just under $555 million, roughly $61 million above budget) and improved property-tax projections contributed to the positive revenue outlook. She noted an improved assessed base driven by large developments and utility reassessments. However, BBMR also reported a $28.5 million projected expenditure deficit driven mainly by personnel costs and overtime associated…
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